Xin Lang Cai Jing·2026-02-10 01:24Core Viewpoint - The Chinese liquor market is experiencing a slight decline in retail prices for the top ten products, indicating a structural differentiation while maintaining a high-level consolidation trend [1][6]. Price Changes - The overall retail price for the top ten liquor products is 9,215 yuan, down 6 yuan from the previous day [1][6]. - Among the top ten products, seven saw price declines while three experienced increases [1][7]. - The price increases were led by Qinghua Lang, which rose by 9 yuan per bottle, and Yanghe Dream Blue M6+, which increased by 7 yuan per bottle, marking five consecutive days of price growth [1][7]. - Conversely, Feitian Moutai dropped by 9 yuan per bottle, and the premium Moutai decreased by 4 yuan per bottle, following a period of strong price increases [1][7]. Data Collection Methodology - The price data is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide an objective and traceable overview of the liquor market [2][7]. Market Dynamics - The introduction of new sales channels for Feitian Moutai and premium Moutai has begun to show a magnetic influence on their retail prices [2][8]. - Bernstein's report highlights the successful channel reform of Kweichow Moutai, transitioning from passive pricing to active value chain control, which has led to a stabilization and rebound in wholesale prices [8]. - The implementation of dynamic contracts instead of fixed quotas allows for flexible price and volume adjustments, contributing to a significant increase in profit margins [8]. Future Outlook - The expected inventory of aged liquor by 2027 is projected to reach 64,000 tons, providing a solid foundation for price management [8]. - The profit margin for Feitian Moutai is currently at 25%, significantly higher than competitors, ensuring channel loyalty and resilience in the pricing system [8].