KWEICHOW MOUTAI(SH:600519) 21世纪经济报道·2025-07-14 09:06Core Viewpoint - The price of Moutai 1935 has significantly dropped from its peak, with current market prices falling below 600 yuan per bottle, indicating a substantial decline in demand and market positioning [1][5][9]. Pricing Trends - Initially launched at a retail price of 1188 yuan per bottle, Moutai 1935 saw its price soar to 1899 yuan shortly after its release, but has since plummeted by 68.93% to around 590-681 yuan on platforms like JD.com [1][5]. - On other e-commerce platforms, prices for Moutai 1935 remain above 600 yuan, with some listings on Pinduoduo and Tmall still exceeding 700 yuan [3][5]. Sales Performance - Moutai 1935 achieved sales of 50 billion yuan in its first year (2022) and is projected to reach 110 billion yuan in 2023, with a target of 120 billion yuan in 2024. However, the growth rate is expected to decline sharply, with a projected increase of less than 10% in 2024 compared to 2023 [5][8]. Market Positioning - Moutai 1935 is positioned as a "premium tasting product" within the thousand-yuan price range, which is a critical segment in the domestic liquor market [4][5]. - The decline in Moutai 1935's price has relieved pressure on competing brands, such as Wuliangye, which has managed to maintain its market position and pricing strategy [7][8]. Industry Dynamics - The drop in Moutai 1935's price is attributed to various factors, including changes in consumer behavior and a return to rational pricing as speculative demand diminishes [9]. - Moutai's management emphasizes a collaborative approach with other liquor brands to foster healthy market development and explore differentiated growth strategies [8].