白酒行业“保卫战”，重点不应是“保价格”

Core Viewpoint - The high-end liquor industry is experiencing a significant price decline, with major brands like Moutai and Wuliangye facing challenges in maintaining their pricing structures, leading to a broader industry adjustment phase [1][2] Group 1: Price Trends and Market Response - The price of Moutai has dropped below the official guidance price of 1499 yuan, while Wuliangye's price has fallen to 850 yuan, indicating a significant price inversion [1] - Major liquor companies are initiating price protection strategies, with Moutai planning to reduce the allocation of non-standard products and Wuliangye lowering its dealer invoice price to 900 yuan [1][2] - Initial effects of price protection measures have been observed, with Moutai's original box price rising to 1600 yuan and scattered bottle prices reaching 1580 yuan, leading to a temporary rebound in the liquor sector [2] Group 2: Underlying Industry Issues - The liquor industry is facing structural flaws in its distribution system, characterized by a pyramid sales model that leads to inventory accumulation and price distortion [2][3] - The industry is trapped in a "prisoner's dilemma," where companies are reluctant to control production due to fear of losing market share, resulting in chaotic expansion and price pressure [3] - Short-term profit maximization pressures from public companies and local state-owned enterprises exacerbate the industry's focus on immediate results rather than sustainable growth [3] Group 3: Recommendations for Industry Transformation - Companies need to shift their focus from short-term performance to long-term value growth, ensuring that management changes do not alter strategic goals [4] - There is a need to reassess brand positioning and target consumer demographics, adapting to the shift from business banquets to broader consumer markets [4] - A revolutionary change in the distribution system is necessary, moving from a traditional pyramid structure to empowering retailers and enhancing consumer experiences [4] - The current price adjustments represent both a cyclical challenge and an opportunity for the industry to transform its development model towards high-quality growth [4]