白酒行业“保卫战” 重点不应是“保价格”

Core Viewpoint - The high-end liquor industry is facing a significant price decline, particularly affecting leading brands like Moutai and Wuliangye, which has led to a price defense battle among top liquor companies [1] Group 1: Price Trends and Market Response - The price of Moutai's loose bottles fell below the official guidance price of 1499 yuan per bottle, while Wuliangye's price dropped to 850 yuan per bottle, significantly below its factory price of 1019 yuan [1] - In response to the price crisis, leading companies like Moutai and Wuliangye have initiated measures to stabilize prices, resulting in a temporary recovery of Moutai's original box price to 1600 yuan per bottle and loose bottle prices reaching 1580 yuan [1] - Despite these short-term adjustments, the underlying issues of weak terminal sales and high channel inventory remain unresolved [1] Group 2: Structural Issues in the Industry - The liquor industry suffers from structural flaws in its channel system, characterized by a traditional pyramid sales model that leads to inventory accumulation and price distortion [2] - There is a prevalent "prisoner's dilemma" in the industry, where companies are reluctant to control production due to fears of losing market share, resulting in chaotic production expansion that negatively impacts prices [2] - Short-term profit maximization pressures from market capitalization and dividend expectations further exacerbate the industry's focus on immediate results rather than sustainable growth [2] Group 3: Recommendations for Long-term Solutions - The industry must shift its focus from short-term financial targets to long-term stable growth, ensuring that management changes do not alter this objective [3] - Companies need to reassess their brand positioning and target consumer demographics, adapting to the shift from business banquets to broader consumer markets and younger demographics [3] - A revolutionary change in the channel system is necessary, moving away from the traditional pyramid structure to empower retailers and enhance consumer experiences, thereby transitioning from "channel inventory" to "terminal sales" [3] - The current price adjustments represent both a cyclical challenge and an opportunity for the industry to transform its development model towards high-quality growth [3]