Core Viewpoint - The article discusses the transformation of the liquor industry, particularly focusing on the price fluctuations of Feitian Moutai, which serves as an industry benchmark. Despite changes in terminal prices, the stability of core consumption scenarios and brand resilience support a stable market tone, indicating a shift from "volume and price increase" to "value reconstruction" in the industry [1]. Price Fluctuations: Rational Return Amid Channel Differentiation - Current terminal prices for 53-degree Feitian Moutai show significant channel differentiation, with prices in various regions like Beijing, Henan, and Guangdong ranging from 2100 to 2150 RMB. This represents a decline of about 30% from the peak in 2021, reflecting a rational correction of the market's investment attributes [4][6]. - Online platforms such as JD, Taobao, and Meituan have prices between 2099 and 2200 RMB, while supermarkets strictly adhere to the factory's guidance price of 1499 RMB. The scarcity of 1499 RMB Feitian Moutai is evident, with demand remaining strong compared to the previous year [5][6]. Market Confidence: Brand Resilience and Value Construction - Some e-commerce platforms have recently offered low-priced 53-degree Feitian Moutai, causing market concern. However, industry insiders believe that these promotions primarily affect consumer price expectations rather than actual sales [8][9]. - The brand's value and seasonal demand, such as during the Mid-Autumn Festival, are seen as core supports for price stabilization. Moutai's strategy of transitioning from selling liquor to selling a lifestyle is enhancing user engagement and cultural value [9][12]. Consumption Structure: Scenario Iteration and Demographic Expansion - The consumption scenarios for Moutai are undergoing significant structural changes, with dining, self-consumption, and business gifts becoming mainstream, while the investment and collection attributes are diminishing [11][12]. - Moutai is shifting from being viewed as an "investment hard currency" back to a daily consumer product, reflecting rational consumer behavior. The company aims to capture new opportunities through youth and internationalization strategies [12]. Industry Insights: "Change" and "Stability" During Adjustment Period - The liquor industry is transitioning from "volume and price increase" to "value reconstruction," with Feitian Moutai's price fluctuations being a natural result of this shift from investment-driven to consumption-driven dynamics. While short-term price drops and channel differentiation may cause discomfort, this adjustment is expected to eliminate speculative demand and solidify the consumption foundation [14]. - Moutai's strategies, including multi-channel price control, scenario innovation, and international expansion, serve as a model for the industry. The company's approach to maintaining dynamic balance through transformations in customer base, scenarios, and services is reshaping competitive logic [14].