KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing Zi Xun·2026-01-26 06:40Core Viewpoint - The market for the misprinted Maotai zodiac liquor has cooled down quickly after an initial surge, with prices stabilizing and showing no significant differentiation from the corrected version [2][3]. Group 1: Market Reaction - The misprinted Maotai, which had a packaging error with the character "昴" mistakenly printed as "昂", initially saw prices rise to between 2500 and 3000 yuan per bottle after the incident [2]. - However, the excitement was short-lived, as the market response was not as strong as expected, with the price stabilizing around 2300 yuan per bottle shortly after the initial spike [2]. - Currently, the resale prices for both the misprinted and corrected versions are similar, indicating a lack of sustained demand for the misprinted version [2]. Group 2: Price Trends - Compared to previous years, the price of the Maotai zodiac liquor is not as robust, with the current market showing a long-term downward trend [3]. - The average recovery price for regular Maotai has been maintained between 1450 and 1500 yuan per bottle, with the Maotai zodiac liquor achieving a premium of only 300 to 400 yuan, which is considered modest [3]. - The likelihood of price inversion for the Maotai zodiac liquor remains low, despite the potential for further declines in the short term [3]. Group 3: Consumer Behavior - The attitude towards zodiac Maotai is becoming more rational, with consumers moving away from speculative buying and focusing on realistic investment and collection perspectives [4]. - The overall white liquor consumption has seen a decline in response to changing economic conditions, contributing to a more cautious market environment [4]. - This year, several liquor companies have launched zodiac products, but the promotional efforts have been notably subdued compared to previous years [3].