白酒龙头率先打响“稳价保卫战”

Core Viewpoint - The high-end liquor sector is experiencing price declines and high inventory levels, prompting leading companies like Kweichow Moutai and Wuliangye to implement strategies to stabilize prices and restore market confidence [1][3]. Group 1: Market Dynamics - As of December 12, the price of Feitian Moutai fell to 1485 RMB per bottle, below its market guidance price of 1499 RMB [1]. - The price of Wuliangye's 500ml 52-degree product is 850 RMB per bottle, which is lower than its factory price of 1019 RMB, indicating a price inversion [1]. - A meeting among Kweichow Moutai's provincial distributors discussed strategies for 2026, focusing on core products while reducing non-standard offerings to stabilize the market [2]. Group 2: Company Strategies - Kweichow Moutai's price for Feitian Moutai rebounded to 1550 RMB per bottle following the announcement of quantity control measures [2]. - Wuliangye has introduced channel support policies, allowing distributors to purchase at a reduced price of 900 RMB per bottle, with potential costs as low as 800 RMB after rebates [2][3]. - The head companies' price stabilization efforts reflect deeper pressures within the liquor industry, as evidenced by a 11.5% year-on-year decline in liquor production from January to October [3]. Group 3: Industry Challenges - The online retail sector is impacting traditional distributors by offering lower prices, exacerbating inventory pressures and threatening the survival of traditional channels [3]. - Non-authorized channels disrupt pricing and brand reputation, prompting leading companies to take corrective actions to protect legitimate distributors [4]. - Despite challenges, positive signals are emerging, with government initiatives aimed at boosting consumption and supporting the liquor market [4]. Group 4: Investment Perspective - Analysts suggest that the liquor sector is currently undervalued, presenting strong bottom-fishing opportunities for investors [5].