KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-12-05 01:36Core 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]. Price Trends - The total price for a package of the top ten white liquor products is 9,145 yuan, down 23 yuan from the previous day [1]. - Most products are primarily declining, but some have stabilized or increased in price, such as Yanghe Dream Blue M6+, which rose by 10 yuan per bottle [1]. - Other notable price changes include Qinghua Fen 20 increasing by 3 yuan, and Crystal Jian Nan Chun rising by 1 yuan, while Xijiu Junpin and Guojiao 1573 both fell by 9 yuan [1][3]. Market Analysis - The valuation of Moutai is a central topic of debate, with its current price-to-earnings (PE) ratio at approximately 20 times, which is below its five-year average of 36.35 times [1]. - Historical data shows that Moutai's lowest PE in the past five years was 19.69 times, indicating that the current valuation is relatively low [1]. - Some analysts argue that the fundamental changes in the white liquor industry's business model may have led to a downward adjustment in Moutai's valuation center, despite its high brand value and pricing power [1].