茅台，跌破指导价！

Core Viewpoint - The price of the 2025 edition of 53-degree 500ml Flying Moutai has dropped below the official guidance price, indicating a significant decline in the market value of this premium liquor [2][4]. Price Trends - As of December 12, the wholesale reference price for the 2025 edition of 53-degree 500ml Flying Moutai is reported at 1495 yuan per bottle for original boxes and 1485 yuan for loose bottles, both down by 15 yuan from the previous day [2][3]. - The price has fallen below the official guidance price of 1499 yuan per bottle, which was set by Guizhou Moutai in December 2017 [3][4]. - Throughout 2023, the price of Flying Moutai has shown a downward trend, with the original box price dropping from over 2000 yuan to near the guidance price [4]. Performance Metrics - The original box price of the 2025 edition has seen a decline of 28% over the past six months, while the loose bottle price has decreased by 25% [5]. - For the first three quarters of the year, Guizhou Moutai reported revenue of 1309.04 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 646.27 billion yuan, up 6.25% year-on-year [5]. - However, the growth rates for revenue and net profit in the third quarter were only 0.56% and 0.48%, respectively, marking the lowest growth rates in nearly a decade [5]. Stock Performance - As of the latest report, Guizhou Moutai's stock price is 1418.39 yuan, with a decline of over 2.5% in the past month, and the company's market capitalization is approximately 1.78 trillion yuan [6][7].