飞天茅台首次跌破1600元

Core Viewpoint - The price of Feitian Moutai has significantly declined, reaching a historical low of 1590 yuan per bottle, marking a drop of over 20% from its initial price [1][3]. Price Trends - Since June 2025, the retail price of Feitian Moutai has shown a consistent downward trend, with the wholesale price falling below 2000 yuan for the first time on June 11, followed by further declines to 1900 yuan, 1800 yuan, and eventually reaching 1590 yuan by late November [3]. - E-commerce platforms have played a crucial role in this price decline, with some prices dropping below the market wholesale price due to promotional activities [3]. Industry Challenges - The continuous price drop reflects severe challenges faced by the entire liquor industry, with the latest financial report from Kweichow Moutai showing a mere 0.56% year-on-year increase in revenue for Q3 2025, the lowest profit growth in nearly a decade [4]. - The overall liquor industry is experiencing a downturn, with a reported decrease in the number of large-scale enterprises and a 5.8% decline in production volume during the first half of 2025 [4]. Market Stabilization Efforts - In response to the ongoing price pressures, Kweichow Moutai is actively implementing measures to stabilize the market, including collaboration with major e-commerce platforms to combat unfair competition [4]. - The company is also working with regulatory authorities to establish a green channel for handling counterfeit and infringement information [4]. Future Outlook - According to China Galaxy Securities, the liquor industry is expected to remain in an adjustment phase in 2026, but signs of stabilization may emerge as the decline in sales and prices begins to narrow [5].