i茅台越火，五粮液越惨

Core Viewpoint - The article highlights the contrasting fortunes of Kweichow Moutai and Wuliangye in the Chinese liquor industry, emphasizing Moutai's successful pricing strategy through the iMoutai app, while Wuliangye struggles with pricing chaos and declining performance [2][3][7]. Group 1: Moutai's Strategy - Moutai's use of the iMoutai app has effectively stabilized prices and increased direct sales, benefiting its financial performance while undermining competitors like Wuliangye [3][6]. - The app serves as a "price stabilizer" and "profit harvester," allowing Moutai to control pricing and combat scalpers, making the product more accessible to genuine consumers [2][3]. Group 2: Wuliangye's Challenges - Wuliangye is facing unprecedented difficulties, including price discrepancies, a significant drop in performance, and a chaotic distribution channel [2][7]. - The launch of Wuliangye's new retail platform in 2022 has not resolved its issues; instead, it has led to confusion among consumers due to inconsistent pricing across different sales channels [4][5]. - In Q3 2025, Wuliangye reported a revenue of 8.174 billion yuan, a year-on-year decline of 52.66%, marking its first revenue drop since 2015 [7]. - Wuliangye's reliance on its flagship product, the "Pu Wu," which accounts for over 50% of its revenue, has become a liability as it faces intense competition from brands like Moutai and others in the market [8][9]. Group 3: Competitive Landscape - Moutai's growth contrasts sharply with Wuliangye's decline, as Moutai's revenue and net profit showed slight increases, while competitors like Shanxi Fenjiu have surpassed Wuliangye in both revenue and profit [7][9]. - Wuliangye's struggle to maintain its "second place" status is compounded by the aggressive strategies of competitors, leading to a potential loss of market position if it fails to address its pricing and distribution issues [9].