来源：中国企业家杂志 在"i茅台"上发售飞天茅台，意味着茅台将真正回归消费品。 文|《中国企业家》记者 张文静 12月30日晚，这位上任刚刚66天的茅台新帅，放了一个大招——"i茅台"宣布，从2026年1月1日起，53 度500ml飞天茅台将正式在"i茅台"App上架销售。 "i茅台"是茅台的线上自营平台，于2022年5月正式运行。此前，平台一直以申购模式销售生肖、精品等 非标产品，但并不包括飞天茅台这一核心大单品。 飞天茅台上线"i茅台"的消息一出，市场炸开了锅。1月1日9时，数千万人涌进"i茅台"，刚上线的1499 元/瓶的2026年飞天53%vol 500ml贵州茅台酒瞬间被抢购一空。在接下来的半个小时里，平台每5分钟补 货一次，每次均在数秒内被抢光。这样的场景，过去几天，每天都在上演。 《中国企业家》就"i茅台"元旦期间的销售量及这一政策背后的考量、影响等问题联系茅台方面，截至 发稿，尚未有回应。 2个多月前，陈华从贵州省能源局局长任上"空降"茅台。他在充满挑战的时刻接任——此时的白酒业， 步入"存量竞争"阶段，终端动销乏力与渠道库存积压成为行业普遍面临的挑战；飞天的批价，跌破1700 元/瓶关口；公 ...

来源：镁经 "i茅台"上架1499元飞天茅台后，连续4天秒空。消费者在狂欢，茅台经销商却愁眉不展，因为那个"躺 着赚钱"的时代，彻底结束了。 1499元的飞天茅台，还是有很大的吸引力。 2026年1月1日起，贵州茅台（600519.SH）官方app"i茅台"正式上线1499元的飞天茅台，每天9点开售， 每位用户一次可购买12瓶。此后连续3天，"i茅台"上的飞天茅台都是秒空。 在社交媒体上，有网友晒出购买截图，也有网友表示"根本抢不到"，每次一到时间点击"立即购买"按 钮，页面就显示"库存不足"字样。即便平台每5分钟补货一次，每次还是瞬间销售一空，直至显示"已售 罄"。 1月3日晚间，i茅台发布消息称，三天的时间，超10万名用户购买到自己心仪的产品。茅台还宣布，自1 月4日至春节前，每人每日可购买的飞天53%vol 500ml贵州茅台酒（2026）最大数量调整为6瓶。 1月4日，飞天茅台开售后依然遭疯抢，不久后便显示"已售罄"。 当消费者能以1499元从官方平台买到飞天茅台，意味着贵州茅台掌握了其核心大单品的定价权，黄牛、 投机人士将不再有炒作空间。 对于经销商而言，那个只要拿到配额就等于"躺赚"的时代，已经结 ...

跌跌不休的茅台，在2026年第一天，迎来了大结局。 1日，i茅台正式上架飞天53%vol 500ml贵州茅台酒，售价1499元。 本次主要上架的是2026年的新飞天茅台，2019-2024年的次新飞天仍未展开销售。 据《酒业内参》报道，本次投放从9点开始，每五分钟投放一次，每次仅不到30s便被清空。 媒体报道称，每日投放量会综合考虑防止炒作、供需适配和市场稳定确定，当日售完即止。此后，每日上午9时都将准点开售。业内分析认为，此举意味 着茅台营销体系正向市场化转型。 12月31日晚间，i茅台官微发布消息称，2026年1月1日起，53%vol 500ml飞天贵州茅台酒将正式在"i茅台"APP上架销售。 用户每日09:00可进入APP首页或"i购"频道购买，每人每日限购12瓶（两箱）。 "普通人根本抢不到！"社交平台上，许多网友发出遗憾的感慨。 长期以来，贵州茅台一直沿袭着计划经济和短缺经济下的"价格双轨制"模式来定价和销售，官方指导价与实际成交价经常存在价差。 在茅台专卖店，普通消费者很难买到正常价格的茅台酒产品。 而在二手交易平台，往往要花高溢价购买，最多时价差甚至一度高达2000元。这也导致茅台经销商囤货惜售 ...

Core Viewpoint - The appointment of Chen Hua as the new Party Secretary of Moutai Group highlights the urgent need to address the persistent price disparity between the market price and the official price of Moutai liquor, which has significant implications for both government policy and market dynamics [1][4]. Group 1: Price Disparity Issues - The market price of Moutai has exceeded 3000 yuan, while the official price remains at 1499 yuan, creating a significant price gap that needs resolution [1]. - The dual pricing system reflects a conflict between Moutai's status as a state-owned enterprise, which must maintain a political price, and its perception in the capital market as a high-yield financial product [4][10]. - The supply-demand imbalance is evident, with Moutai's production capacity limited to approximately 56,000 tons of base liquor, translating to less than 100 million bottles available for sale, against a backdrop of high demand from middle-class families and financial speculation [4][5]. Group 2: Channel and Distribution Challenges - The existing distribution system, established during the Yuan Renguo era, continues to contribute to price instability, with remaining distributors engaging in practices that inflate prices [5]. - Despite the implementation of an RFID traceability system, issues such as price discrepancies of 200-300 yuan per bottle between regions persist, leading to the emergence of a "scalper" market [6]. Group 3: Potential Solutions and Strategies - Chen Hua's experience in the coal industry may provide innovative approaches to enhance Moutai's production efficiency and address pricing issues, including the adoption of IoT monitoring and a price-controlled distribution system [8]. - Historical attempts at price control have varied in effectiveness, with past management strategies leading to either channel chaos or market disruption, indicating the need for a balanced approach to reform [9]. Group 4: Key Questions for Future Management - Chen Hua faces critical questions regarding the adaptation of coal mining management practices to the liquor industry, the mobilization of government resources to combat market speculation, and the balance between price control and brand value [10]. - The valuation of Moutai, with a market capitalization of 2.1 trillion yuan and a price-to-earnings ratio of 35, underscores the complexity of enforcing price reductions without risking capital flight [10]. Group 5: Broader Industry Implications - The ongoing price reform at Moutai serves as a test case for the pricing elasticity of state-owned luxury goods, with potential implications for the broader high-end consumer goods market in China [11].

Core Viewpoint - The recent decline in the market price of Feitian Moutai below 2000 yuan has raised concerns about the performance of Kweichow Moutai (600519), with its stock price down 6.24% this year to around 1400 yuan per share, underperforming the market [1][3] Price Dual-Track System and Channel Reform - The price dual-track system refers to the significant difference between the factory price and the market price of Feitian Moutai, with the factory price remaining at 969 yuan per bottle while market prices soared above 3000 yuan per bottle from 2018 to November 2023 [3] - Kweichow Moutai has initiated channel reforms since 2020, reducing the number of distributors by 346, which is a rare occurrence in the company's history [3] - In November 2023, the factory price of Feitian Moutai was raised to 1169 yuan per bottle to capture more profit [3] Direct Sales and Revenue Growth - The proportion of direct sales in Kweichow Moutai's revenue has significantly increased, with direct sales revenue rising from 72.49 billion yuan in 2019 to 749 billion yuan in 2024, accounting for 43% of total revenue [4] - The company has successfully transformed its marketing strategy and increased factory prices over five years [4] Impact on Distribution and Other Products - The "allocation" business, where distributors are required to purchase other products alongside Feitian Moutai, has been significantly impacted by the price drop [5] - The market price of other products like the premium Moutai has also weakened, with prices dropping below the factory price, leading to losses for distributors [6] Financial Performance and Valuation - Despite challenges, Kweichow Moutai reported a revenue of 514 billion yuan in Q1, a year-on-year increase of 10.67%, and a net profit of 268 billion yuan, up 11.56% [7] - The company's price-to-earnings ratio has fallen to 10.2, below 75% of the historical levels over the past decade, indicating a low valuation [7] Market Reactions and Future Outlook - Market reactions to the price drop are polarized, with some investors worried about long-term performance while others view the price correction as a normalization [8] - Kweichow Moutai is conducting market research to stabilize confidence, emphasizing the need to adapt to changing consumer trends and enhance brand trust [8] - There are differing opinions on when the price of Feitian Moutai will stabilize, with some analysts predicting a rebound during traditional consumption peaks, while others foresee continued low prices due to economic pressures [9]

Core Viewpoint - Guizhou Moutai's stock price has underperformed the market this year, with a decline of 6.24% while the Shanghai Composite Index has risen by 2.16% [1] Price Dynamics - The market price of the core product, Feitian Moutai, has dropped below 2000 yuan per bottle, with the factory price now at 1169 yuan per bottle [1] - The price disparity between the factory price and market price has created a "dual-track" pricing system, benefiting distributors significantly [2] - The factory price of Feitian Moutai was previously 969 yuan per bottle from 2018 to 2023, with market prices peaking over 3000 yuan per bottle in 2021 [2] Channel Reform - Guizhou Moutai is undergoing a channel reform to reduce reliance on distributors, having cut the number of distributors by 346 in 2020 [2][3] - The company has shifted focus to direct sales, with direct sales revenue increasing from 72.49 billion yuan in 2019 to 749 billion yuan in 2024, representing a significant rise in total revenue share [3] Impact of Price Decline - The decline in Feitian Moutai prices has also affected the sales of other products like Moutai 1935, which has seen its market price drop to 650 yuan per bottle, below its factory price of 798 yuan [7] - The overall sales of Moutai 1935 reached nearly 10 billion yuan in 2023, indicating its emergence as a market hit despite the price drop [6] Valuation Metrics - Following the stock price decline, Guizhou Moutai's valuation has reached the lower end of its 10-year valuation range, currently at a price-to-earnings ratio of 10.2, compared to a historical average of 15 [8] - In the first quarter of this year, Guizhou Moutai reported revenue of 514 billion yuan, a year-on-year increase of 10.67%, and a net profit of 268 billion yuan, up 11.56% [9]

以下文章来源于一个人的八卦 ，作者木精灵zjs 一个人的八卦 . 闲来无事聊八卦，忙时有事稍后看。你若亦有八卦事，欢迎随时来分享。 文 | 木精灵zjs 来源 | 一个人的八卦 编辑 | 杨兰 审核 | 浦电路交易员 倒爷一词，出现于上世纪80年代，流行于上世 纪80年代中后期至90年代初期。 在从计划经济转向市场经济的过程中，尤其是在价格双轨制时代，一些人利用计划内商品和计划外商品的价格差，在市 场上倒卖有关商品进行盈利，被人们戏称为倒爷。 倒爷的本质就是倒卖价格差，利用信息差和渠道差，最终实现价格差。这其实也是所有贸易的本质。我觉得倒爷两字， 能很形象地形容贸易商，所以今天就拿来借用一下，来形容一下我们铁矿贸易商。 从我2009年加入铁矿行业至今，已经15个年头。这期间，伴随着铁矿市场的巨大波动，以及铁矿市场交易模式的慢慢 走向成熟，铁矿市场格局的改变，倒爷们也经历了从风光无限到彷徨迷茫到步入困境的发展历程。 01 风光时刻 在矿圈，根据实力的强弱，倒爷总体可以分为两类。 第一类有很强的经济实力，能自己从国外进口铁矿或者请代理商进口铁矿，或者能从进口方先把铁矿自己买下来囤在手 里，等价格合适时机再出货。这 ...

Core Viewpoint - The article discusses the evolution of the iron ore trading market in China, highlighting the transition from a profitable environment for traders to a challenging landscape due to increased market transparency and competition. Group 1: Historical Context - The term "倒爷" (trader) emerged in the 1980s, referring to individuals profiting from price differences in a transitioning economy [1] - The iron ore trading market has seen significant fluctuations and changes in trading models over the past 15 years, impacting traders' fortunes [1][2] Group 2: Trading Dynamics - Traders can be categorized into two groups: strong traders with significant capital who import directly, and weaker traders who rely on small amounts of capital and short-term contracts [2] - The port of Rizhao is a key hub for iron ore trading, with its strategic location allowing easy access to various steel mills [2][3] Group 3: Market Conditions Pre-2013 - Before 2013, the iron ore market was characterized by a lack of transparency, allowing traders to profit significantly from information asymmetry [8][9] - Traders could easily mark up prices, often earning substantial profits of 20-30 RMB per ton [10][11] Group 4: Impact of Futures Market - The listing of iron ore futures on the Dalian Commodity Exchange in October 2013 marked a turning point, leading to increased market transparency and changing pricing dynamics [14][15] - Post-listing, the pricing of iron ore became more volatile, with effective quotes often lasting only minutes [16] Group 5: Market Downturn - From 2014 to 2015, the iron ore market faced a severe downturn, with prices dropping nearly 70% due to oversupply and declining steel demand [17][19] - The Platts 62% iron ore index fell from 117 USD to a low of 38.6 USD, leading to significant losses for many traders [19][25] Group 6: Current Market Challenges - The iron ore trading environment has become increasingly difficult, with profits shrinking and competition intensifying [30][32] - The market is now characterized by a higher concentration of players, with only a few large companies remaining in the trading space [33][34] Group 7: Future Outlook - The industry is expected to transition from a high-profit era to a low-profit environment, with increasing supply and decreasing demand for iron ore [35][36]