KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-12-04 17:24Core Viewpoint - The management of Moutai indicates that the liquor industry has entered a "stock competition" era, and adjustments in the industry may continue for some time, making a quick recovery unlikely [1] Group 1: Industry Trends - Moutai's management plans to embrace digitalization and e-commerce platforms, promoting a digital marketing transformation and the integration of online and offline channels [1] - The management acknowledges that digital channel shopping is a major trend, despite challenges to the pricing system and consumer rights protection posed by e-commerce platforms [1] Group 2: Dealer Challenges - Some Moutai dealers are reportedly lowering prices on e-commerce platforms due to survival pressures, with users sharing experiences of purchasing Moutai at lower prices [1] - Dealers express frustration over being labeled as "industry criminals" for selling at lower prices, arguing that they are merely trying to survive in a tough market [3][5] Group 3: Investor Sentiment - Some investors are questioning the authenticity of Moutai sold on e-commerce platforms, claiming that these products are "fake" and accusing dealers of being "criminals" in the industry [1] - A dealer's testimony highlights the disconnect between investors and the realities faced by dealers, emphasizing the financial strain and the pressure to sell at a loss to maintain cash flow [6][7]