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 retail 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 experiencing price declines, although some have stabilized or increased slightly [1]. - Notable price movements include: - Yanghe Dream Blue M6+ increased by 10 yuan per bottle - Qinghua Fen 20 rose by 3 yuan per bottle - Crystal Jian Nan Chun saw a minor increase of 1 yuan per bottle - Prices for Xijiu Junpin and Guojiao 1573 fell by 9 yuan per bottle each - Qinghua Lang decreased by 5 yuan per bottle - Gujing Gong Gu 20 and Premium Moutai both dropped by 5 yuan per bottle - Wuliangye Pu 58 generation decreased by 4 yuan per bottle [1][3]. Valuation Analysis - The current price-to-earnings (PE) ratio for Moutai is approximately 20 times, 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 [1]. - Some analysts argue that the fundamental changes in the white liquor industry's business model may have led to a downward shift in Moutai's valuation center, despite its current PE being higher than historical lows of around 10 times [1]. - Conversely, many believe that Moutai, as a high-end consumer brand, should maintain a valuation premium due to its brand strength and pricing power [1].