飞天茅台首破1499元指导价

Core Viewpoint - The price of Feitian Moutai has significantly declined, with wholesale prices dropping below the official guidance price for the first time since 2018, raising concerns about the brand's market position and the overall health of the liquor industry [1][3]. Group 1: Price Decline - As of December 12, the wholesale price of 53-degree 500ml Feitian Moutai fell to 1485 yuan per bottle, down 15 yuan from the previous day, marking a decline of over 30% from around 2200 yuan at the beginning of the year [1]. - The price has consistently dropped throughout the year, with significant breaches of key price thresholds, including 2000 yuan, 1900 yuan, 1800 yuan, and recently 1700 yuan and 1600 yuan [4]. Group 2: Market Challenges - The liquor industry is facing multiple challenges, including cyclical adjustments, policy impacts, and weak consumer demand, contributing to the downward price trend of Feitian Moutai [3]. - The recent price drops have been exacerbated by promotional activities during major e-commerce events, such as "Double Eleven," where prices fell below the official guidance price [5][6]. Group 3: Company Performance - In the first three quarters of the year, the company reported revenue of 130.9 billion yuan, a year-on-year increase of 6.32%, and a net profit of 64.63 billion yuan, also up 6.25%, marking the lowest growth rates in nearly 11 years and falling short of the 9% annual growth target [6]. Group 4: Strategic Responses - To boost investor confidence, the company has initiated share buybacks, announcing a plan to spend 1.5 billion to 3 billion yuan on repurchasing shares, and declared a mid-term dividend exceeding 30 billion yuan, with a payout of 23.957 yuan per share [8]. - Industry experts suggest that the price decline may help eliminate speculative bubbles and lower consumption barriers, potentially expanding the consumer base for Moutai [8].