KWEICHOW MOUTAI(SH:600519) 21世纪经济报道·2025-09-14 13:38Core Viewpoint - The price of Moutai has reached a new low, with significant declines observed in both wholesale and retail prices, indicating a challenging market environment for the brand [1][3][6]. Price Trends - As of September 14, 2023, the wholesale reference price for 25-year Moutai (53 degrees/500ml) in loose bottles is reported at 1770 RMB, down 10 RMB from the previous day, marking a new low since its launch [1]. - The original box price for the same product remains at 1790 RMB, also a new low, reflecting a decline of over 20% from its initial price of 2255 RMB [1]. - The kilogram Moutai (53 degrees/1L) is priced at 3300 RMB, down 18.92% from its launch price of 3700 RMB earlier this year [3]. Market Dynamics - Despite the general trend of declining prices, the white liquor industry is preparing for the peak consumption season around the National Day and Mid-Autumn Festival, with Moutai launching several new products to stimulate demand [8]. - Moutai has been actively engaging with over 200 distributors across various regions, indicating a strategic effort to strengthen market presence [8]. - Limited edition products, such as the 70th Anniversary Commemorative Moutai, have been well-received, with a stable wholesale price around 10,000 RMB, reflecting strong demand in the collectible and gifting markets [8]. Product Development - Moutai is expanding its product line with creative cultural products, which have seen rapid sales, indicating a successful diversification strategy [8]. - The company is also iterating on its high-end products, with recent upgrades announced for premium offerings, including new packaging and anti-counterfeiting measures [8]. - The kilogram Moutai is emerging as a new core product, with increasing inquiries and purchases noted in the market [9].