Core Viewpoint - The price of 53-degree Feitian Moutai has dropped significantly, nearing the psychological threshold of 2000 yuan per bottle, with a decline of over 10% compared to the same period in 2023 and 2024 [2][6][7]. Price Trends - As of June 10, the wholesale price for 53-degree Feitian Moutai reached 2020 yuan per bottle for loose bottles and 2080 yuan for boxed bottles [2]. - The retail price in some Beijing stores is around 2100-2300 yuan per bottle, with indications that prices may rise slightly after mid-July due to seasonal demand [2]. - The recovery price for loose bottles has fallen below 2000 yuan, reaching 1970 yuan, marking a historical low [6]. Market Dynamics - The decline in prices is attributed to the end of the peak consumption season around the Dragon Boat Festival, leading to a seasonal downturn in white liquor sales [6][7]. - E-commerce promotions, particularly during the "6·18" sales event, have further pressured prices, with some platforms offering Moutai at prices as low as 1499 yuan [7][8]. Supply Chain and Distribution - Moutai has increased the distribution of non-standard products, which has affected the demand for Feitian Moutai, contributing to the price drop [8]. - The company has implemented measures to control supply, including halting direct sales of 500ml Feitian Moutai and freezing a portion of inventory to stabilize prices [8][9]. Strategic Adjustments - Moutai plans to adjust its product structure across various sales channels to enhance consumer reach and improve operational capabilities [9]. - The company aims to adapt to changing consumer behaviors and preferences by exploring new consumption scenarios beyond traditional gifting and dining occasions [9].

一个非典型"高端"美妆的生存法则。 作者 | 贺哲馨 编辑 | 乔芊 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 4月1日，毛戈平在交流会上这样回答投资者的关于品牌定位的疑问。去年年底，毛戈平顶着"国货高端第一股"登陆香港，前不久发布了收入盈利大增的 首份财报后，最终收盘113港元，也创下上市以来股价的最高点，比上市首日大涨了117%。 不过，一路上扬的股价也为这只消费牛股惹来不少争议。 有资深财经观察人士向36氪表示，部分投资者对毛戈平的质疑包括："公司个体的高增长与美 妆市场平价当道的现状有脱节，其次是我们会怀疑毛戈平本身的高端市场定位是不是能立得住。" 因此，本文试图探讨两个问题： 毛戈平所言的"高端"定位究竟该如何理解，它重要吗？以及，疯狂的股价上涨背后， 市场到底在为何买单？ 但毛戈平显然不属于此列。 一是它主攻的底妆品类价格高，但相较于护肤品类溢价空间更小，价格上限低； 二是与珀莱雅主打线上渠道不同，毛戈平一 直重点布局百货，这是一个没那么快看到成绩的渠道。 百货以中高收入人群为目标，对价格敏感度低，但渠道会收取较高的扣点（25%-40%为主），部分高 ...