Xin Lang Cai Jing·2025-12-05 01:12Core Viewpoint - The white liquor market is experiencing a downward trend in retail prices, with the average price of the top ten products decreasing for the second consecutive day, indicating a weak adjustment in the market [1][4]. Price Trends - The total price for a package of the top ten products is 9145 yuan, down 23 yuan from the previous day [1][4]. - Most products are seeing price declines, but some have stabilized or increased, such as: - Yanghe Dream Blue M6+ increased by 10 yuan per bottle - Qinghua Fen 20 rose by 3 yuan per bottle - Shuijing Jian Nan Chun increased by 1 yuan per bottle - Feitian Moutai remained unchanged [1][5]. - Declining products include: - Xijiu Junpin and Guojiao 1573, each down by 9 yuan per bottle - Qinghua Lang down by 5 yuan per bottle - Gujing Gonggu 20 and Jingpin Moutai down by 5 yuan per bottle - Wuliangye Pu 58 down by 4 yuan per bottle [1][5]. Market Analysis - The current valuation of Moutai is approximately 20 times its earnings, which is below its five-year average of 36.35 times and its ten-year average of over 33 times, indicating a relatively low valuation [2][5]. - Some analysts argue that Moutai's valuation may have shifted downward due to fundamental changes in the white liquor industry's business model, despite its high brand equity and pricing power justifying a premium valuation [2][5].