KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-22 05:09Core Viewpoint - The white liquor consumption market is experiencing significant growth as the New Year approaches, with consumers favoring high-quality products driven by genuine demand rather than speculative stockpiling [1][2]. Group 1: Market Dynamics - Online and offline order volumes have increased significantly compared to the previous month, with consumers showing a preference for products with rich flavors and cultural significance [1]. - The sales of high-end products like Feitian Moutai are flowing smoothly, with both first-tier cities and regional markets seeing an increase in purchase frequency [1][2]. - A Guangdong distributor noted that since December, the sales rhythm of Feitian Moutai has become more efficient, with higher transaction rates due to confirmed demand [2]. Group 2: Pricing Trends - As of December 22, the average transaction price for Feitian Moutai was reported at 1822 yuan per bottle, indicating a return to genuine consumer-driven pricing [2]. - Regional price variations exist, with prices around 1700 yuan in eastern markets like Jiangsu and Zhejiang, while southern cities like Guangzhou and Shenzhen see prices above 1880 yuan [4]. - In northern and central markets, prices hover around 1730 yuan, benefiting from local banquet demands and pre-holiday stocking [4]. Group 3: Supply Chain Adjustments - Guizhou Moutai has emphasized a consumer-centric approach, optimizing channel structures and adjusting product supply based on terminal sales performance [6]. - Core products like 500ml Feitian Moutai maintain stable supply, while non-standard products face quota reductions of 30%-50%, leading to increased prices for scarce items [6]. - The market for certain non-standard products has seen significant price increases, with some items rising by 100-120 yuan per bottle due to supply adjustments [6]. Group 4: Brand Recognition and Market Confidence - Guizhou Moutai's stock price has stabilized and is supported by strong dividend payouts, with a mid-term cash dividend exceeding 30 billion yuan [7]. - The brand has been recognized internationally, ranking 214th in the 2025 World Brand 500 and maintaining its position as the top brand in the Chinese food industry with a brand value of 1.9 trillion yuan [7][9]. - Industry observers note that the combination of product and channel strategies is likely to enhance market performance as the year ends [9].