Core Viewpoint - The price of Moutai has fallen below 1499 yuan, challenging the long-held belief in its price stability and raising concerns about the potential end of the "Moutai myth" [1][9]. Group 1: Factors Behind Price Decline - The decline in Moutai's price is attributed to multiple factors, including a stabilization in consumption and a decrease in demand due to the slow recovery of banquet and business consumption [7]. - The impact of e-commerce channels has disrupted the traditional pricing system, with platforms like Tmall and JD.com offering significant discounts, leading to transactions at the 1499 yuan price point [7]. - Increased supply from private stockpiles has emerged as individuals and scalpers begin to sell off their Moutai reserves, further pressuring prices [7][8]. Group 2: Implications for the Industry - The decline in Moutai's price has raised concerns about the broader implications for the high-end liquor market, as Moutai has historically served as a "value lighthouse" for other premium brands [13]. - As Moutai's price structure faces challenges, the premium pricing ability of other high-end brands is also under pressure, leading to a potential decline in their market performance [13]. - The industry may experience a structural rebalancing, with high-end liquor prices returning to rational levels and brand strength becoming a more critical competitive factor than price [14]. Group 3: Future Outlook - Moutai is expected to stabilize its market position through limited releases, optimized channel management, and the expansion of products targeting younger consumers [14]. - The brand's value may become more stable as it transitions from being viewed solely as an investment to being recognized as a consumable product that consumers are willing to buy and enjoy [14].