KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-05 10:52Core Viewpoint - The Chinese liquor industry is undergoing a fundamental transformation in 2025, marked by a mix of pain and rebirth, as major players adjust strategies amidst changing consumer preferences and regulatory pressures [1]. Group 1: Key Events in the Liquor Industry - Moutai launched its Flying Moutai on its app at an official price of 1499 yuan, aiming to break market speculation and regain pricing power [2]. - At the beginning of 2025, major liquor companies like Wuliangye and Yanghe paused shipments to alleviate inventory pressure [2]. - Major brands are introducing affordable bottled liquor to capture a large consumer market worth over 200 billion yuan [3]. - New low-alcohol products were launched by companies like Gujing Gongjiu and Wuliangye to appeal to younger consumers [2][3]. - Instant retail platforms entered the market with significant subsidies, disrupting traditional distribution channels [2]. - Douyin e-commerce initiated a crackdown on false liquor marketing, shutting down unauthorized Moutai stores [2]. Group 2: Industry Challenges and Changes - A leadership change wave occurred in the industry, with over ten companies, including China Resources Beer and Moutai, replacing their executives [3]. - The first three quarters of 2025 saw a 5.9% decline in revenue and a 6.93% drop in net profit for 20 listed liquor companies, marking the worst quarterly results in a decade [3]. - A strict ban on alcohol at official dining events was implemented, negatively impacting the liquor market and causing stock declines [3]. - The liquor industry was officially recognized as a "historical classic industry," alongside silk and porcelain, marking a positive development [3]. Group 3: Future Outlook - The narrative of the liquor industry is being rewritten, with a focus on embracing youth and returning to value, fostering new hope for the sector [4].