KWEICHOW MOUTAI(SH:600519) Nan Fang Du Shi Bao·2025-12-14 13:31Core Viewpoint - The price of Feitian Moutai has experienced significant fluctuations as year-end demand for liquor increases, with recent reports indicating a rise in wholesale prices due to a new supply control policy from Guizhou Moutai [2][3]. Price Fluctuations - On December 13 and 14, the wholesale price of Feitian Moutai saw a notable increase, with prices ranging from 1570 RMB to 1600 RMB per bottle, and some areas reaching up to 1630 RMB per bottle, indicating a substantial recovery compared to previous periods [2][3]. - Retail prices have also adjusted in response to the rising wholesale prices, with platforms and stores increasing prices by tens to hundreds of RMB. For instance, a retail store in Guangzhou raised its price from 1650 RMB to 1715 RMB per bottle [3]. Retail Price Stability - Despite the volatility in wholesale prices, the average retail price of Feitian Moutai in major consumption cities remains stable, with an average of 1884.1 RMB per bottle across cities like Guangzhou, Shenzhen, Foshan, and Dongguan [4]. - Specific retail prices in these cities include Guangzhou at 1904.39 RMB, Shenzhen at 1874.25 RMB, Foshan at 1928.21 RMB, and Dongguan at 1849.83 RMB, indicating a concentration of prices between 1800 RMB and 2000 RMB [4]. Market Demand and Consumption Trends - The market is witnessing a shift in consumption behavior, with a decline in speculative buying and an increase in genuine consumption needs. Retailers report that sales have been strong since May, driven by more attractive pricing [4][6]. - The willingness to purchase and open bottles has increased, particularly for high-end events such as weddings and birthdays, indicating a growing acceptance of Feitian Moutai for everyday consumption [5][6]. Industry Outlook - The demand for white liquor is currently in a "bottoming" phase, but there is a gradual increase in demand as the year-end approaches, influenced by promotional events like "Double 11" and "Double 12" [6]. - Guizhou Moutai is adapting to market changes by implementing a supply control policy and focusing on maintaining brand value and market stability, which includes a combination of short-term and long-term measures [3][6].