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 Movements - Among the top ten products, seven saw price declines while three experienced increases. The notable price increases include: - Qinghua Lang rose by 9 yuan per bottle - Yanghe Dream Blue M6+ increased by 7 yuan per bottle, marking five consecutive days of price growth due to pre-festival consumption and channel replenishment support - Wuliangye Pu 58th generation saw a minor increase of 1 yuan per bottle [1][7] - Conversely, the price declines included: - Feitian Moutai decreased by 9 yuan per bottle - Premium Moutai fell by 4 yuan per bottle after a period of strong price increases - Guojiao 1573 and Qinghua Fen 20 both dropped by 3 yuan per bottle - Ancient Well Tribute 20 decreased by 2 yuan per bottle - Xijiu Junpin and Crystal Jian Nan Chun both saw minor declines of 1 yuan per bottle [1][7]. Data Collection Methodology - The daily data for liquor prices is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets. The aim is to provide an objective, real, and scientifically traceable dataset regarding well-known liquor market prices [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 market retail prices. The iMoutai platform started selling Feitian Moutai at 1499 yuan per bottle and Premium Moutai at 2299 yuan per bottle, which has contributed to price adjustments [2][7]. - Bernstein's recent report highlights a positive outlook on Moutai's RTM (Route to Market) channel reform, indicating a shift from passive pricing to active value chain control. Moutai has implemented dynamic contracts to replace fixed quotas, allowing for flexible price and volume adjustments [8]. Profitability and Inventory Management - Moutai's wholesale price has stabilized and rebounded, with the 500ml Feitian Moutai now priced approximately 28% higher than traditional wholesale channels, enhancing profit margins. The company has reduced the supply of high-end variants by 30%-50%, leading to a significant recovery in wholesale prices [8]. - The expected inventory of aged liquor by 2027 is projected to reach 64,000 tons, providing a solid foundation for price management. Currently, the channel profit margin for Feitian Moutai stands at 25%, significantly higher than competitors, ensuring channel loyalty and price system resilience [8].