KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-12-04 15:58Core Viewpoint - The price of Feitian Moutai has continued to decline, with significant drops observed in recent weeks, indicating a bearish trend in the market for this premium liquor [1][6]. Price Trends - As of December 4, 2025, the wholesale reference prices for Feitian Moutai are as follows: - 2025 original box price decreased by 10 yuan to 1550 yuan per bottle - 2025 scattered bottle price decreased by 5 yuan to 1545 yuan per bottle - 2024 original box price decreased by 30 yuan to 1630 yuan per bottle - 2024 scattered bottle price decreased by 30 yuan to 1600 yuan per bottle - 2023 original box price decreased by 40 yuan to 1860 yuan per bottle - 2023 scattered bottle price decreased by 20 yuan to 1720 yuan per bottle [1][6][7]. - The cumulative decline in the price of scattered bottles has exceeded 30% from its peak earlier in the year [2][8]. Market Dynamics - The retail price of Feitian Moutai has shown a consistent downward trend since June 2025, with the price dropping below 2000 yuan for the first time on June 11, followed by further declines throughout the year [3][8]. - On December 3, 2025, a promotional price of 1399 yuan per bottle was observed on the Pinduoduo platform, indicating aggressive discounting strategies in the market [9][11]. Company Response - In response to the ongoing price decline, Moutai Group is actively implementing measures to stabilize the market, including collaborations with major e-commerce platforms like JD and Alibaba to enhance brand visibility and operational strategies [5][11].