解码茅台1935：白酒没有“闪电战”

Core Viewpoint - The article discusses the rise and challenges of Moutai 1935, a strategic product from Kweichow Moutai Group, highlighting its rapid growth to a billion-dollar sales figure and subsequent issues with inventory and market demand [1][4][9]. Group 1: Moutai 1935's Growth and Challenges - Moutai 1935 achieved a sales milestone of nearly 100 billion within two years of its launch, but faced a significant decline in terminal sales and inventory issues by its third year [1][9][10]. - The product was initially positioned as a more affordable alternative to the flagship Moutai, targeting consumers who could not afford the higher-priced options [20][22]. - Despite its rapid growth, the actual sales rate at the terminal level was reported to be only 20%-30%, indicating a disconnect between supply and demand [1][18]. Group 2: Strategic Goals and Market Positioning - Kweichow Moutai Group set ambitious revenue targets during its 14th Five-Year Plan, aiming to double its revenue from 100 billion to 200 billion, with Moutai 1935 expected to fill the gap left by the separation of Xijiu [4][5][42]. - The company’s strategy included leveraging Moutai 1935 as a key product in the mid-range price segment, competing with other brands like Wuliangye and Luzhou Laojiao [20][22]. Group 3: Market Dynamics and Consumer Behavior - The high-end liquor market in China is heavily influenced by social and business gifting practices, where brand recognition and perceived value play crucial roles [23][26]. - Moutai 1935 struggled to establish a strong brand identity and consumer recognition compared to established products like Wuliangye's Pu Wu and Luzhou Laojiao's Guojiao 1573, which limited its appeal in the competitive market [22][23][43]. - The article emphasizes that the disconnect between Moutai 1935's pricing and consumer expectations, particularly in the business gifting context, has hindered its market penetration [22][26][28]. Group 4: Future Strategies and Adjustments - In response to declining sales and inventory issues, Kweichow Moutai Group has begun to adjust its strategy for Moutai 1935, including expanding product offerings and targeting specific markets like weddings [30][32]. - The company aims to enhance consumer engagement and improve sales performance by diversifying product sizes and types, although challenges remain in gaining market acceptance [30][40].