KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing·2025-12-05 11:28Group 1 - The online price drop of premium liquor, particularly Moutai, is causing concern among traditional liquor retailers, as prices have fallen to 1499 yuan per bottle, with some platforms offering group purchase prices as low as 1399 yuan [1] - The continuous low pricing in e-commerce is leading to dissatisfaction among offline retailers, who face challenges due to consumers comparing online prices, resulting in a decline in sales [1][2] - The market for premium liquor is currently characterized by oversupply, with prices for Moutai and other brands entering a downward trend, indicating that the price situation has not yet reached its bottom [3] Group 2 - The Chinese liquor market is experiencing a downturn, with the liquor market prosperity index for the first three quarters of 2025 recorded at 44.85, indicating a relatively unprosperous state [2] - The growth of liquor e-commerce is accelerating, with an expected GMV of approximately 150 billion yuan in 2024, reflecting a year-on-year growth of over 20%, suggesting significant potential for expansion [2] - The China Alcoholic Drinks Association is advocating for a shift in focus for liquor companies from "traffic grabbing" to "user operation," emphasizing the need for digital management of supply chains and pricing systems to adapt to market changes [2]