KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-12 10:18Core Viewpoint - The price of Moutai 1935 has been significantly reduced, reflecting a strategic adjustment by the company in response to market conditions and to stabilize sales and channel profits [1][5]. Group 1: Pricing and Sales Performance - Moutai 1935's factory price has been lowered to 668 yuan per bottle, with a contract price of 798 yuan per bottle set for 2025, indicating a price drop of 130 yuan [1]. - The product's market price has fluctuated dramatically, initially reaching over 1800 yuan per bottle at launch, but has since fallen below 600 yuan on e-commerce platforms, with some prices as low as 519 yuan, representing a 56.31% decrease from the retail guide price of 1188 yuan [3]. - Moutai 1935 achieved sales of over 50 billion yuan in its first year, with projections of 110 billion yuan in 2023 and approximately 120 billion yuan in 2024, contributing nearly 50% to the revenue of Moutai's series of liquors [3]. Group 2: Market Dynamics and Company Strategy - The growth rate of the Moutai sauce-flavored liquor segment has slowed, with a revenue of 137.63 billion yuan in the first half of 2025, reflecting only a 4.69% increase, significantly lower than the previous years' growth rates of over 25% [4]. - In response to declining prices, the company attempted to stabilize prices by suspending shipments of Moutai 1935 in July 2024, which temporarily raised wholesale prices to 850 yuan per bottle before they fell again [3]. - The introduction of a "high-end version" of Moutai 1935 at a pre-sale price of 998 yuan per bottle is seen as a strategy to anchor the product within the sub-thousand yuan price range [3].