KWEICHOW MOUTAI(SH:600519) Zheng Quan Shi Bao Wang·2025-12-12 10:29Group 1 - The wholesale reference price for 2025 Feitian Moutai has decreased by 15 yuan, now priced at 1495 yuan per bottle for original boxes and 1485 yuan for loose bottles, significantly down from a peak of 3400 yuan per bottle [1] - Some e-commerce platforms are offering promotional prices as low as 1399 yuan per bottle, indicating a shift in consumer perception and demand for traditional products like liquor [3] - The younger generation's declining preference for traditional consumables such as liquor and cigarettes is identified as a core reason for the weakening demand for Moutai [3] Group 2 - The weak market prices have impacted the capital market, with Guizhou Moutai's stock price falling over 8% last year and nearly 5% year-to-date despite a 6 billion yuan share buyback [3] - At one point during the year, the stock price of Guizhou Moutai was surpassed by that of Han's Laser Technology [3]