Core Viewpoint - The Chinese liquor market is experiencing a significant shift, with online sales surging while traditional sales are declining, leading to a competitive struggle among major liquor brands to protect their pricing and market share [1][2][22]. Group 1: Market Trends - Sales of liquor have decreased by 20-25% year-on-year during the "Double Festival" period, while online platforms like Meituan and Yima have seen white liquor sales increase by approximately 800% [1]. - The rise of unauthorized online sales is threatening traditional distributors and forcing liquor companies to take action against price undercutting [2][16]. Group 2: Company Responses - Xiaohutuxian has proactively engaged in consumer interaction and brand promotion, leading to its rise in the market, surpassing other popular brands [4][6]. - Major brands like Xijiu, Wuliangye, and Guotai are responding to the pricing crisis by launching consumer notices and new products to stabilize their market positions [12][18]. - Wuliangye has publicly named and targeted unauthorized online platforms to protect its brand integrity and consumer interests [18][22]. Group 3: Competitive Dynamics - The competition among Xiaohutuxian, Xijiu, Wuliangye, and Guotai is intensifying as they all seek to combat online price disruptions, indicating a broader industry trend that may involve other leading brands like Moutai [22][23]. - The ongoing price war and brand protection efforts are expected to be a long-term battle, with potential implications for the entire liquor industry [23].

Core Viewpoint - The price of Feitian Moutai is approaching the psychological barrier of 2000 yuan per bottle, with current prices at 2020 yuan for loose bottles and 2080 yuan for boxed bottles, reflecting a decline of 9.01% and 10.15% respectively since the beginning of the year [1][5] Price Trends - As of June 10, 2023, the price of 53-degree Feitian Moutai has dropped significantly compared to the same period in 2023 and 2024, with loose bottle prices down 28.37% and 18.71%, and boxed prices down 29.61% and 23.25% respectively [5] - The price decline has been observed since the beginning of the year, where prices were 2220 yuan for loose bottles and 2315 yuan for boxed bottles on January 1 [1] External Factors - The end of the Dragon Boat Festival has marked the beginning of the off-peak season for liquor consumption, contributing to the price drop of Feitian Moutai [7][8] - E-commerce promotions during the "6.18" sales event have further pressured prices, with some platforms offering Moutai at prices below 2000 yuan [8][9] Internal Factors - Increased supply and the introduction of non-standard products have also contributed to the price decline, with Moutai's distribution in traditional sales channels reaching 13% of the annual total by March 2025, significantly higher than previous years [9] - The introduction of non-standard products has affected market demand for Feitian Moutai, leading to lower retail prices [9] Price Defense Strategies - In response to the declining prices, Moutai has implemented measures such as halting supplies of 500ml Feitian Moutai and controlling inventory to stabilize prices [10][11] - The company aims to establish a more scientific seasonal adjustment mechanism to manage supply and demand effectively [10] Future Considerations - Moutai plans to enhance its channel management and adjust product structures to improve consumer reach and maintain price stability [11][12] - The company is also focusing on adapting to changing consumer behaviors and exploring new consumption scenarios to drive demand [12]