再创新低！飞天茅台批发价格跌破1600元

Core Viewpoint - The price of Feitian Moutai has significantly declined, reaching a historical low, reflecting broader challenges in the liquor industry [2][3]. Price Trends - As of November 27, 2025, the wholesale price of 53-degree 500ml Feitian Moutai has dropped to 1590 yuan, marking a decrease of 10 yuan from the previous day and falling below the 1600 yuan threshold for the first time [2]. - The price has decreased over 20% from its initial listing prices of 2220 yuan and 2255 yuan [2]. - The retail price has shown a consistent downward trend since June 2025, with significant drops occurring throughout the year, including a fall below 2000 yuan in June and reaching 1590 yuan by late November [2]. E-commerce Impact - E-commerce platforms have played a crucial role in the price decline, with some prices dropping below the market wholesale price due to promotional activities [2]. - A specific e-commerce platform's group purchase price approached the official guidance price of 1499 yuan per bottle [2]. Regulatory Response - The price drop has prompted regulatory actions, including a notice from Douyin to address low-priced Moutai sales, labeling them as potentially counterfeit [3]. - Although Douyin later clarified that the notice was a rumor, it acknowledged ongoing efforts to combat misleading low-price promotions [3]. Industry Challenges - The continuous price decline reflects severe challenges faced by the entire liquor industry, as indicated by the latest financial results from Kweichow Moutai [3]. - Kweichow Moutai reported a third-quarter revenue of 39.064 billion yuan, a year-on-year increase of only 0.56%, with net profit growth at 19.224 billion yuan, marking the lowest growth rate in nearly a decade [3]. Overall Industry Data - The China Alcoholic Drinks Association reported a decline in the number of large-scale liquor enterprises and a 5.8% decrease in production volume for the first half of 2025 [3]. - Sales revenue showed a slight increase of 0.19%, while profits fell by 10.93% [3]. Company Measures - In response to the price pressures, Kweichow Moutai is actively working to stabilize the market by collaborating with major e-commerce platforms to combat unfair competition [3][4]. - The company is also establishing channels for addressing counterfeit and infringement issues in cooperation with market regulatory authorities [4]. Future Outlook - According to China Galaxy Securities, the liquor industry is expected to remain in an adjustment phase in 2026, gradually approaching a bottoming stage [4]. - The report suggests that while there may be a slight recovery in valuations, significant upward movement will depend on signs of improved sales and pricing [4].