2025.12.12 本文字数：1059，阅读时长大约2分钟 记者了解到，当前压力主要传导至茅台经销商和酒厂自身。虽然经销商从茅台提货价为1169元/瓶，但经销商配额中还包含公斤茅台、生肖茅台及系列酒 等产品。今年以来，其他茅台酒产品市场表现平平，部分甚至出现价格倒挂，导致经销商的综合成本并不低。考虑到茅台经销权的稀缺性，经销商大多选 择与酒厂共渡难关，但也因此面临更大的资金压力。与此同时，批发价持续下跌也在考验茅台管理层，是否要采取进一步控货措施。 白酒分析师蔡学飞告诉记者，飞天茅台批发价回落是市场回归理性的重要标志。从积极角度看，价格回落有利于挤出投机泡沫，推动产品回归真实消费需 求。对经销商而言，短期价差红利消失将倒逼其从"坐商"转向"行商"，通过提升服务与创新营销来构建新的竞争力。 酒业独立评论员肖竹青也认为，飞天茅台批发价持续下行意味着其金融属性正加速消退，黄牛与炒家将陆续离场，短期内价格仍有一定惯性下跌空间。 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专用邮箱：bianjibu@yicai.com 作者 |第一财经栾立 飞天茅台价格下 ...

对于飞天茅台价格的持续下滑，知趣营销总经理、白酒行业专家蔡学飞此前接受21财经·南财快讯记者 采访时表示，飞天茅台价格的下探客观上降低了消费门槛，打开了更加广泛的消费人群。随着消费人群 的扩大与消费场景的拓展，茅台的市场需求会进一步放大，从而带来需求量增加，反向带动茅台价格的 企稳。 （文章来源：21世纪经济报道） 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。这一价格也是首次跌破1499元的官方 指导价，较两款产品上线时的2220元、2255元累计跌幅均已超过30%。 ...

【点击进入酒价内参，查看真实酒价】 白酒业的上市公司新闻方面，两大白酒龙头贵州茅台与五粮液近日相继发布了2025年中期权益分派方 案，合计将向股东派发约400亿元的现金红利。其中贵州茅台拟每股派现23.957元，合计300.01亿元；五 粮液拟每10股派现25.78元，合计100.07亿元。以12月10日贵州茅台收盘价1402.80元计算，该股分红率 为1.71%；五粮液收盘价为111.62元，分红率为2.31%。 新浪财经"酒价内参"过去24小时中收集的数据显示，白酒市场十大单品的终端零售均价周四整体继续小 幅回调。如果十大单品各取一瓶整体打包售价为9138元，较昨日回落10元，创下本月来新低。 "酒价内参"的每日数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于酒企的指定经 销商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成 交终端零售价格，确保为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的 数据。 今日市场跌多涨少，结构性分化持续。值得关注的是，五粮液普五八代在昨日因渠道开票价调整消息显 著下跌后，今日价格环比大幅反弹10元 ...

Core Viewpoint - The price of Moutai's 53-degree 500ml flying Moutai has reached a historical low of 1500 yuan per bottle, reflecting a significant decline of over 30% from its initial launch prices of 2220 yuan and 2255 yuan [1][2]. Price Trends - The retail price of flying Moutai has shown a consistent downward trend since June 2025, with the wholesale price first dropping below 2000 yuan on June 11, followed by further declines to below 1900 yuan, 1800 yuan, and eventually breaking the 1700 yuan mark by the end of October [2][3]. - As of December 10, 2025, the wholesale price for scattered bottles is 1500 yuan, down from 1515 yuan the previous day, while the original box product remains stable at 1520 yuan [1][2]. E-commerce Impact - E-commerce platforms have played a significant role in the price decline, with promotional activities leading to prices dropping below 1600 yuan per bottle, and some platforms offering prices as low as 1399 yuan [3]. - Notable investors have expressed confusion over these low prices, suggesting they may be subsidized by the platforms as a marketing strategy [3]. Market Dynamics - The price drop has lowered the consumption threshold for flying Moutai, potentially expanding the consumer base and increasing market demand, which could stabilize prices in the long run [3]. - Despite the price decline, the product's status as a gift and necessity for banquets remains unchanged, indicating that its social value persists [3]. Industry Challenges - The white liquor industry is currently facing challenges of high inventory and weak demand, with distributors experiencing financial pressure and low willingness to purchase [4]. - However, the current market adjustment has reflected pessimistic expectations in stock prices, suggesting that valuations are at historical lows, presenting long-term investment opportunities [4]. Company Measures - Moutai Group is actively taking steps to stabilize the market, including collaborating with major e-commerce platforms to integrate into its distribution ecosystem and combat unfair competition [4].

Core Viewpoint - The recent launch of a limited edition Guizhou Moutai liquor priced at 11,000 yuan per bottle sold out quickly, indicating strong market demand despite a general downward trend in Moutai prices [1][5]. Product Launch - On December 8, Guizhou Moutai released a new product (Panama International Exposition Gold Medal 110th Anniversary) at a price of 11,000 yuan per 1.1L bottle, which sold out on the first day [1][3]. - The product will continue to be available for purchase on December 9 and 10 from 9 AM to 10 AM [2]. Price Trends - Moutai's overall pricing has been declining, with the 2025 Flying Moutai (53° 500ml) dropping from 2,255 yuan at the beginning of the year to 1,530 yuan as of December 8, a decrease of over 32% [6]. - Other recent products, such as the "Snake Moutai" and "Shengle Flying," have also experienced significant price drops, with the "Snake Moutai" falling 57.5% from its peak price of 3,800 yuan to 1,615 yuan [5]. Market Dynamics - The market for Moutai products has seen fluctuations, with some products experiencing rapid price increases followed by sharp declines [5][6]. - Retail prices on e-commerce platforms have dropped below official guidance, with some listings as low as 1,399 yuan per bottle [7][9]. - Moutai Group is actively working to stabilize market prices and has reached agreements with major e-commerce platforms to combat unfair competition [9].

Core Viewpoint - The prices of various vintages of Moutai have experienced a simultaneous decline, indicating a shift in market dynamics and supply-demand pressures, which may lead to increased trading activity in the short term [1][3][7]. Price Movements - The price of 24-year Moutai dropped by 30 yuan to 1630 yuan per bottle for original boxes and 1600 yuan for loose bottles [1][2]. - The 23-year Moutai saw a decrease of 40 yuan to 1860 yuan for original boxes and 20 yuan to 1720 yuan for loose bottles [1][2]. - The 25-year Moutai prices were reported at 1550 yuan for original boxes and 1545 yuan for loose bottles, showing a slight decline [2]. Market Reactions - Distributors are responding in two ways: some are quickly selling off inventory to avoid storage pressure, while others are maintaining their positions, leading to price discrepancies across different regions [5][6]. - The market is experiencing increased short-term trading activity, with sellers willing to accept lower prices for cash flow, while buyers are cautious about potential further declines [7][8]. Consumer Impact - The decline in loose bottle prices may dampen consumer purchasing impulses, while the drop in original box prices affects those buying for gifts or long-term collection [6][7]. - The simultaneous price drop across different vintages suggests a broader market consensus on weakening expectations [3][8]. Future Outlook - The recent price adjustments are expected to serve as a new reference point for market participants, with ongoing observation of transaction volumes and regional price differences [8].

Core Insights - The overall retail price of the top ten liquor products in the white liquor market has decreased, ending a period of high price stabilization, with a total price of 9168 yuan, down 30 yuan from the previous day [1][6] Price Trends - Among the top ten products, most have seen price declines, with Qinghua Lang increasing by 10 yuan per bottle, continuing a five-day upward trend [2][7] - Guojiao 1573 and Xijiu Junpin prices rose by 9 yuan and 7 yuan per bottle, respectively, while Wuliangye Pu 58 saw a slight increase of 1 yuan [2][7] - Significant price drops were observed for Yanghe Dream Blue M6+ at 24 yuan, Jian Nan Chun at 12 yuan, and Qinghua Fen 20 at 8 yuan [2][7] Company News - Guizhou Moutai recently held a temporary shareholders' meeting, where new chairman Chen Hua emphasized "high-quality development and sustainable value creation" [2][7] - The brokerage firm Shenwan Hongyuan maintains a positive outlook on Moutai, citing its strong brand barrier and excellent business model, which ensures stable profitability and high cash flow quality [2][7] - Moutai's cash dividend plan for 2024-2026 indicates a minimum annual cash dividend of 75% of the net profit, with an implied dividend yield of 3.6% for 2025, suggesting medium to long-term investment value [2][7]

Core Viewpoint - The white liquor market has shown signs of stabilization and rebound after a period of price decline, with the average retail price of the top ten products increasing slightly [1] Price Trends - The total price for a package of one bottle from each of the top ten products is 9,152 yuan, which is an increase of 19 yuan from the previous day, ending a four-day decline [1] - Most liquor products have stabilized and rebounded in price, with Yanghe Dream Blue M6+ and Crystal Jian Nan Chun leading the increase, rising by 8 yuan per bottle [1] - Qinghua Lang's price increased by 6 yuan per bottle, continuing its upward trend [1] - Xijiu Junpin's price rose by 5 yuan per bottle, marking two consecutive days of price increases [1] - Qinghua Fen 20 and Gujing Gong Gu 20 saw price increases of 5 yuan and 3 yuan per bottle, respectively, with the latter continuing its strong performance [1] Price Declines - Among the products that experienced price declines, the premium Moutai saw a larger drop of 8 yuan per bottle [1] - Feitian Moutai and Wuliangye Pu 58th generation prices fell by 3 yuan and 4 yuan per bottle, respectively [1] - Guojiao 1573's price saw a slight decrease of 1 yuan per bottle [1]

Core Insights - The article focuses on the price dynamics of popular liquor, particularly in Guangdong, during the "Double Eleven" shopping festival, highlighting the importance of this consumer event for the liquor market [1] Price Trends - The overall price trend for liquor remains stable, with only high-end liquor experiencing some fluctuations. For instance, the average selling price of Feitian Moutai is reported at 1957.6 yuan per bottle, showing a decline from previous peaks [3][4] - The price of Feitian Moutai dropped from 2043 yuan to 1940 yuan on JD's official self-operated store, indicating a decrease of nearly 100 yuan [3] - Other high-end liquor, such as Guojiao 1573, has an average selling price of 931 yuan per bottle, with some channels showing minor price fluctuations [4] Consumer Behavior - Consumers are advised to be cautious about purchasing channels, as many liquor companies, including Moutai and Wuliangye, have issued warnings about counterfeit products and unauthorized sellers, particularly during major shopping events [5][6] - Retailers are adopting cautious strategies in response to price declines, with some reducing stock levels to mitigate potential losses [4] E-commerce Impact - E-commerce platforms have become significant sales channels for liquor, but they also pose challenges such as the prevalence of counterfeit products, which companies must address [6] - The article notes that liquor companies are increasingly emphasizing the importance of purchasing through official and authorized channels to protect consumers [5]

Core Insights - The liquor market in the Greater Bay Area is experiencing price fluctuations, particularly in high-end products, as the Mid-Autumn Festival and National Day approach, leading to increased promotional activities by distributors [3][4][12] - High-end liquor prices have generally decreased, while low-end products remain stable, indicating a shift in consumer demand and pricing strategies [4][10][12] Price Trends - In Guangzhou, 15 high-end liquor products saw price declines, including notable brands like Moutai and Wuliangye, with Moutai's average price dropping to approximately 2065 yuan, a decrease of about 40 yuan [4][5] - Shenzhen's liquor prices have stabilized, with Moutai averaging 2102.91 yuan, reflecting a recovery in sales as the festive season approaches [6][8] - In Foshan, Moutai's average price is around 2131 yuan, with other products like Wuliangye and Qinghualang also experiencing slight declines [9][10] Market Dynamics - Distributors are implementing various promotional strategies, such as discounts and bundled offers, to boost sales and reduce inventory ahead of the festive season [5][12] - There is a noticeable increase in sales of high-end products, while low-alcohol beverages are gaining popularity, suggesting a diversification in consumer preferences [3][12] Regional Variations - In Dongguan, the market shows a downward trend in mid-to-high-end liquor prices, with significant drops in products like the金沙摘要, which fell by 8.81% [11][12] - The overall performance of the liquor market in the Greater Bay Area indicates a growing demand for high-end products, despite the general price decline, as distributors adapt to changing consumer behaviors [12]