散瓶批发参考价跌至1485元/瓶，原箱产品报价1495元，较年初价格累计跌幅超30%，曾经一瓶难求的飞天茅台正经历价格"跳水"。 12月12日，第三方平台"今日酒价"数据显示，2025年53度500ml飞天茅台散瓶批发参考价已跌至1485元/瓶，原箱产品报价为1495元，均较前一日下跌15元， 创历史新低。 飞天茅台价格跌破1499元指导价，这一事件具有强烈的象征意义。 2025年6月11日，飞天茅台散瓶批发价首次跌破2000元心理关口，随后在6月25日跌破1800元，10月底跌破1700元，11月末跌破1600元，最终在12月12日跌破 1499元指导价。 2025年年初，2025年飞天茅台散瓶及原箱的批发参考价均超过2200元/瓶。与年初价格相比，最新批价每瓶已跌去超700元，跌幅高达三成以上。 02 市场反应 飞天茅台价格"跌跌不休"在市场上引起了广泛关注。有网友调侃称"去掉金融属性，飞天茅台也飞不了天了"。 广州黄埔区一家烟酒行老板表示："价格跌得太离谱了，很多客人转买中端酒了。"他介绍，12月本是白酒销售旺季，但今年飞天茅台单瓶价比去年同期低了 几百元。 线上渠道的价格战更为激烈。11月初，随着各大 ...

Core Viewpoint - The price of Feitian Moutai has officially fallen below the psychological threshold of 1499 yuan, indicating a significant shift in the market dynamics for high-end liquor [1][11]. Price Trends - As of December 12, 2023, the wholesale reference price for Feitian Moutai (53 degrees/500ml) has dropped to 1485 yuan per bottle and 1495 yuan per box, down from around 2200 yuan at the beginning of the year [1][11]. - The price has seen a continuous decline, breaking key thresholds: 2000 yuan in June, 1900 yuan in July, 1800 yuan in August, 1700 yuan in October, and 1600 yuan in November [1][11]. Market Impact - The breach of the 1499 yuan price point is seen as a critical market psychological barrier, affecting not only Moutai but the entire liquor market [3][13]. - The decline in price may lead to a vicious cycle of price drops and forced sales by distributors, potentially harming the brand's value and business model [4][13]. Industry Response - Moutai has a lower sales expense ratio of 3.5% compared to competitors like Wuliangye (10.8%) and Luzhou Laojiao (10.5%), providing it with a buffer to manage the current market challenges [6][15]. - The company has reduced market supply to stabilize prices, with a 22% decrease in contract liabilities year-on-year as of Q3 2023 [6][15]. Demand Challenges - The real challenge for Moutai lies in weak consumer demand, as the previous speculative buying behavior has led to increased inventory without actual consumption [7][16]. - Analysts suggest that Moutai needs to shift focus from being an investment and gift item to a product for genuine consumption to attract real buyers [7][16]. Future Outlook - The adjustment in the liquor industry is expected to continue, with Moutai's new chairman indicating that a quick recovery is unlikely [8][17]. - Moutai's revenue for the first three quarters of 2023 was 1309.04 billion yuan, with a net profit of 646.27 billion yuan, both marking the lowest growth rates since 2015 [8][17].

Core Viewpoint - The recent price adjustments of high-end liquor brands, particularly Moutai and Wuliangye, indicate a significant shift in the Chinese liquor industry, reflecting broader market pressures and consumer behavior changes [1][4][13]. Price Trends - The wholesale reference price for 25-year Moutai has dropped to 1500 yuan per bottle, just 1 yuan above the official guidance price of 1499 yuan, marking a new historical low [1][5]. - Moutai's price has seen a continuous decline throughout the year, previously exceeding 2200 yuan per bottle at the beginning of the year [5]. - Wuliangye plans to reduce its dealer invoice price from 1019 yuan to 900 yuan starting in 2026, although the factory price remains unchanged [3][7]. Market Dynamics - The price adjustments by Moutai and Wuliangye are viewed as indicators of a potential industry-wide price correction, with analysts suggesting that high-end liquor prices may continue to decline [4][14]. - The current market environment is characterized by high inventory levels and a rational consumer approach, leading to downward pressure on prices [4][10][14]. - The industry is experiencing a "de-financialization" phase, with speculation diminishing as the price gap narrows [6]. Future Outlook - Analysts predict that the high-end liquor market may see a structural reshaping, with a potential recovery in prices expected around the second quarter of 2026, contingent on economic recovery and genuine consumer demand [4][14]. - The industry is currently in a cautious phase, with companies focusing on reducing channel pressure and adjusting product strategies to maintain profitability [14]. Stock Performance - As of December 10, Moutai's stock closed at 1402.80 yuan per share, with a market capitalization of 1.76 trillion yuan, while Wuliangye's stock closed at 111.62 yuan per share, with a market capitalization of 433.3 billion yuan [15].

Core Viewpoint - Both Wuliangye and Kweichow Moutai announced their mid-term dividend distribution plans for 2025, totaling over 40 billion yuan to be distributed to shareholders next week [1][2]. Group 1: Dividend Distribution - Kweichow Moutai will distribute a cash dividend of 239.57 yuan (including tax) for every 10 shares, amounting to a total cash dividend of 30 billion yuan (including tax) [1]. - Wuliangye will distribute a cash dividend of 25.78 yuan (including tax) for every 10 shares, totaling a cash dividend of 10 billion yuan (including tax) [2]. - The record date for Kweichow Moutai is December 18, 2025, and the ex-dividend date is December 19, 2025 [1]. The record date for Wuliangye is December 17, 2025, with the ex-dividend date on December 18, 2025 [2]. Group 2: Financial Performance - Kweichow Moutai's third-quarter revenue growth was nearly stagnant, with a year-on-year increase of only 0.56%, and net profit attributable to shareholders grew by 0.48%, marking the lowest growth rate in nearly a decade [4]. - Wuliangye experienced a more significant decline, with third-quarter revenue down by 52.66% and net profit attributable to shareholders down by 65.62% [5]. - The price of Kweichow Moutai's core product, Feitian Moutai, has been decreasing, with the market price dropping to 1,500 yuan per bottle, approaching the official guidance price of 1,499 yuan [5]. Group 3: Market Sentiment and Cash Flow - The market performance reflects investor concerns, with both Kweichow Moutai and Wuliangye's stock prices declining throughout the year, and Wuliangye hitting a new low [5]. - Industry insiders believe that the high dividend payouts from both companies signal confidence in their financial health and emphasize shareholder returns amid operational pressures during the industry adjustment period [9]. - As of the end of the third quarter of 2025, Kweichow Moutai had cash and cash equivalents of 51.75 billion yuan and 135.40 billion yuan in other funds, while Wuliangye had cash and cash equivalents of 136.31 billion yuan [9].

Core Viewpoint - Guizhou Moutai announced a mid-term dividend of 23.96 yuan per share, totaling 30 billion yuan, marking a significant milestone in the A-share market for dividend distribution [2][6][9]. Company Summary - Guizhou Moutai's mid-term dividend of 23.96 yuan per share is a record high for the company and sets a new benchmark for mid-year dividends in the A-share market [9]. - The company has a total share capital of 1.252 billion shares, leading to a total dividend payout of 30.001 billion yuan (including tax) [7]. - Moutai's stock price closed at 1402.8 yuan, with a total market capitalization of 1.76 trillion yuan [3]. - Despite the substantial dividend, Moutai's stock price has declined over 6% this year due to challenges in the white liquor industry [4]. Industry Summary - The white liquor industry is experiencing a downturn, with Moutai's performance slowing down. In Q3, Moutai reported revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, and a net profit of 19.224 billion yuan, up 0.48% [12]. - For the first three quarters, Moutai's revenue reached 128.454 billion yuan, growing by 6.36%, while net profit was 64.627 billion yuan, up 6.25% [12]. - The overall performance of 19 listed white liquor companies showed a decline, with total revenue of 320.1 billion yuan and net profit of 12.25 billion yuan, both down year-on-year [12]. - The industry faces challenges such as insufficient sales, high channel inventory, and changing consumer demand, leading to increased operational pressure on companies [12][13]. - Despite the current challenges, some analysts remain optimistic about the white liquor sector, citing potential recovery and improved sales dynamics [14].

Core Viewpoint - Two leading liquor companies, Kweichow Moutai and Wuliangye, announced their mid-term profit distribution plans for 2025, totaling a cash distribution of 40 billion yuan [1] Group 1: Profit Distribution Plans - Kweichow Moutai will distribute a cash dividend of 23.957 yuan per share, totaling 300.01 billion yuan, with the record date on December 18, 2025, and the payment date on December 19, 2025 [1] - Wuliangye plans to distribute 25.78 yuan for every 10 shares, amounting to 100.07 billion yuan, with the record date on December 17, 2025, and the payment date on December 18, 2025 [1] Group 2: Financial Performance - Kweichow Moutai reported a revenue of 1284.54 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.36%, and a net profit of 646.27 billion yuan, up 6.25% [2] - Wuliangye's revenue for the same period was 609.45 billion yuan, a decline of 10.26%, with a net profit of 215.11 billion yuan, down 13.72% [2] - In the third quarter, Kweichow Moutai's revenue was 390.64 billion yuan, growing only 0.56%, while Wuliangye's revenue fell sharply by 52.66% to 81.74 billion yuan [2] Group 3: Stock Performance - Kweichow Moutai's stock closed at 1402.80 yuan, with a total market capitalization of 1.76 trillion yuan, reflecting a year-to-date decline of 6.25% [3] - Wuliangye's stock reached a new low, closing at 111.62 yuan, with a market capitalization of 433.3 billion yuan, showing a year-to-date decline of 16.89% [6]

Core Viewpoint - The two leading liquor companies, Kweichow Moutai and Wuliangye, announced their mid-term profit distribution plans for 2025, totaling 40 billion yuan in cash dividends, despite facing challenges in the current market environment [1][2]. Group 1: Dividend Distribution Plans - Kweichow Moutai plans to distribute a cash dividend of 23.957 yuan per share, totaling 300.01 billion yuan, with the record date on December 18, 2025 [1]. - Wuliangye's board has approved a cash dividend of 25.78 yuan for every 10 shares, amounting to 100.07 billion yuan, with the record date on December 17, 2025 [1]. Group 2: Financial Performance - Kweichow Moutai reported a revenue of 1284.54 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.36%, while net profit was 646.27 billion yuan, up 6.25% [2]. - Wuliangye experienced a revenue decline of 10.26% year-on-year, with a total of 609.45 billion yuan and a net profit decrease of 13.72%, marking the first decline in nearly a decade [2]. Group 3: Stock Performance - Kweichow Moutai's stock closed at 1402.80 yuan, with a total market capitalization of 1.76 trillion yuan, reflecting a year-to-date decline of 6.25% [3]. - Wuliangye's stock reached a new low at 111.62 yuan, with a market capitalization of 433.3 billion yuan, showing a year-to-date drop of 16.89% [3][5].

Core Viewpoint - Guizhou Moutai's stock price continues to decline, falling below the 1400 yuan mark, with a total market value of 1.75 trillion yuan, ranking 7th in the A-share market [2] Group 1: Stock Performance - As of December 10, Guizhou Moutai's stock price is reported at 1394.35 yuan per share, marking a significant drop [2] - The stock price has been under pressure due to the continuous decline in Moutai liquor prices [2] Group 2: Liquor Pricing - The wholesale reference price for the 2025 53-degree 500ml Moutai has dropped to 1500 yuan per bottle, a decrease of 15 yuan from the previous day, reaching a historical low [2][3] - The original box product price remains at 1520 yuan, unchanged from the previous day [3] - The current price is approaching the official guide price of 1499 yuan, with a cumulative decline of over 30% from the initial prices of 2220 yuan and 2255 yuan [2] Group 3: Market Analysis - Multiple brokerages maintain a cautious short-term outlook while suggesting a gradual recovery in the medium to long term [4] - Guojin Securities notes that the decline in prices is due to strict control over distribution and poor market reception, but further price drops may be limited [4] - China Galaxy Securities indicates that the white liquor industry is still in an adjustment phase but is gradually entering a bottoming stage [4] - Zhongyin Securities highlights that despite the pressure on demand and prices, Moutai's brand scarcity and operational resilience remain strong, with a focus on long-term value and quality [4]

Core Viewpoint - Wuliangye is reportedly adjusting its pricing strategy for the eighth generation of its product, with a new invoice price set at 900 yuan per bottle, which includes a discount of 119 yuan from the unchanged payment price of 1019 yuan per bottle. This move is aimed at supporting distribution channels and stimulating sales amid a challenging market environment [1][2]. Company Summary - Wuliangye's recent pricing adjustments are part of a broader strategy to enhance channel support and reduce burdens on distributors, especially in light of significant price discrepancies in the market [2]. - The last formal price adjustment for the eighth generation of Wuliangye occurred in 2014, when the price was reduced from 729 yuan to 609 yuan per bottle. The price was subsequently raised to over 1000 yuan in February 2024 [1]. Financial Performance - For the first three quarters of the year, Wuliangye reported revenues of 609.45 billion yuan, a year-on-year decline of 10.26%, and a net profit of 215.11 billion yuan, down 13.72%. This marks the first revenue decline since 2015 and the lowest net profit growth rate since 2016 [2]. - In the third quarter alone, Wuliangye's revenue fell to 81.74 billion yuan, a decrease of 52.66%, with net profit dropping to 20.19 billion yuan, down 65.62% year-on-year. The company attributed these declines to a deep adjustment in the liquor industry and insufficient recovery in effective demand [2]. Market Context - The liquor sector, particularly Wuliangye, has been experiencing a continuous market adjustment, with the company's stock price falling over 11% in the past three months as of December 5 [2].

走下神坛，走向大众 封面 I 请回答1988 作者I 李东阳 报道 I 李东阳朋友圈 谁是中国人心中最顶级的奢侈品，最通用的社交货币？ 答案各有千秋，但茅台一定是绕不开的选项。 有言道"万顷明珠一瓮收，君王到此也低头"，千百年来茅台在历史的长河中肆意流淌，其身份标签早已 不再是一款普通的酒，而是人情世故的浓缩，金融产品的内核。 但很长一段时间，"价格下跌"成了悬在茅台头顶的一朵疑云。 图源：Pdd截图 这一幕让经销商流泪，黄牛心碎，茅台囤积爱好者直接崩溃。 号称能理财、能抗通胀、永不下跌的神话市场第一硬通货茅台，价格还是崩盘了。 茅台作为消费品，其价格波动本质上是由供需关系决定。正因如此，茅台渐渐成为了反映经济现象的一 面镜子，其价格变化是消费者信心、居民收入、供给侧等多个因素的真实体现。 有媒体曾分析，茅台的开瓶率约在50%左右，多数购买者实则是看中其升值潜力，等待价格上扬。 确实，茅台以往的表现很少让人失望，年均10%～12%的收益率，让不少理财产品相形见绌。 然而，一旦消费品被赋予金融属性，便难免伴随泡沫，而泡沫终有破裂的一天。 在过去，投资茅台一度被视为稳赚不赔的买卖，很多人抢购不是为了喝，而是当作理 ...