金评天下丨茅台：你不该风格漂移

Core Viewpoint - The launch of the official digital marketing platform iMoutai by Guizhou Moutai, offering the 53-degree Flying Moutai at a price of 1499 yuan per bottle, is seen as a strategic move to boost sales amid a declining high-end liquor market [2][3]. Group 1: Pricing Strategy - The price of 1499 yuan per bottle is approximately 200 to 300 yuan lower than typical e-commerce platforms, leading to a surge in demand where the product sold out quickly [2]. - Offline retailers have responded by matching the iMoutai price, indicating a competitive pressure in the high-end liquor market [2]. - The wholesale price of Flying Moutai has dropped significantly from 2100-2200 yuan to around 1490 yuan, reflecting a 33% decrease within a year [3]. Group 2: Market Dynamics - The high-end liquor segment is experiencing a downturn, with sales dropping about 10% during the 2025 Mid-Autumn and National Day holidays, and prices continuing to decline [3]. - The promotional activities by iMoutai may not align with the brand's high-end image, as it risks devaluing the product [4]. - The overall market for high-end liquor is becoming increasingly competitive, with brands facing pressure to maintain their luxury status while adapting to economic fluctuations [4]. Group 3: Brand Positioning - Guizhou Moutai aims to shed its luxury brand image and attract younger consumers, but faces challenges due to a solidified consumer base [4]. - The company is under pressure to maintain its high profit margins, with overall net profit margins exceeding 50% and gross margins for high-end products surpassing 90% [4]. - The luxury goods market, including high-end liquor, is subject to economic cycles, and brands like Moutai must navigate these challenges without compromising their brand integrity [4].