酒商对于线上白酒大促"只有更低，没有最低"的担忧正成为现实，"双12"临近，线上名酒价格继续下 行，53度飞天茅台补贴后价格已下探至1499元官方指导价甚至更低。 在业内人士看来，市场供大于求的局面下，改变这一现状难度很大。 在部分电商平台，53度飞天茅台补贴后价格已降至1499元/瓶，个别平台甚至推出1399元/瓶的三人团的 团购价。 高企的库存对酒企和经销商的资金链均构成严峻挑战。《2025中国白酒市场中期研究报告》显示，行业 平均存货周转天数已达900天，较上年同期进一步延长10%。 随着终端动销放缓，渠道库存压力已逐渐传导至价格体系。多地经销商反映，部分白酒品牌出现价 格"倒挂"现象，即批发价低于出厂价，经销商为回笼资金不得不低价抛售甩卖。这种局面进一步侵蚀了 渠道利润，打击经销商信心，形成负向循环。 在贵州茅台2025临时股东大会上，茅台集团党委书记、董事长，贵州茅台党委书记、候任董事陈华带领 管理层现身，详细回应了投资者关心的话题。"初步判断，白酒行业的调整可能还会持续一段时间，短 期内难以迅速好转。"陈华说。 陈华表示："酒企普遍面临渠道库存高企、产品价格倒挂、指标增速放缓等现实问题，行业已经全 ...

Core Viewpoint - The online liquor market is experiencing significant price declines, with major brands like Moutai seeing prices drop below official guidance, raising concerns among traditional liquor retailers about the sustainability of their business models [1][2]. Group 1: Market Trends - The online price of Moutai has fallen to 1499 yuan after subsidies, indicating a trend of continuous price reductions in the lead-up to the "Double 12" shopping festival [1]. - The liquor e-commerce sector is projected to reach a GMV of approximately 150 billion yuan in 2024, with a year-on-year growth exceeding 20%, suggesting substantial growth potential despite current low online penetration rates of less than 15% [1]. - The white liquor industry is undergoing a "value refinement," transitioning from a reliance on channel inventory to a focus on brand alignment with actual consumer demand [2]. Group 2: Industry Challenges - Many liquor companies, except for a few like Moutai and Shanxi Fenjiu, are facing declines in both revenue and net profit, with some companies experiencing net profit drops exceeding 100% year-on-year [2]. - High inventory levels pose severe challenges to the cash flow of liquor companies and distributors, with the average inventory turnover days reaching 900 days, a 10% increase from the previous year [2]. - The phenomenon of price "inversion," where wholesale prices fall below factory prices, is emerging, forcing distributors to sell at lower prices to recover funds, which further erodes channel profits and undermines distributor confidence [2][3].