马年茅台上市，线下市场反应平淡。第一财经记者走访深圳多家酒行发现，多位商家未进货或不愿售卖 马年茅台，有商家直接表示"不好卖、不想卖"。酒行销售人员对记者表示，今年马年茅台刚上市的售价 约2550元/瓶，较往年三四千元的炒作价格明显回落，预计后续还会掉价。专家认为，在消费者更加务 实理性的背景下，未来生肖酒将回归产品本质。更现场、更财经，一探究竟！ ...

Core Viewpoint - The launch of the 2026 Year of the Horse Zodiac Maotai liquor has generated significant demand, selling out immediately upon release, indicating strong market interest and potential for price appreciation in the collectible liquor segment [1][5]. Pricing and Sales Dynamics - The retail price for the 53% vol 500ml Year of the Horse Maotai is set at ¥1899, with additional variants priced at ¥2499 and ¥3789 for the rare and gift box editions respectively [3][5]. - Following the launch, secondary market prices surged, with the classic version reaching a resale price of ¥2499, a 32% premium, while the rare version saw a staggering 176% increase, reaching up to ¥6899 [5]. - The gift box edition, originally priced at ¥3789, has been reported to reach up to ¥5899, although no transactions have been confirmed at this price yet [5]. Market Activity and Trends - The iMaotai app has shown consistent demand, with the classic version selling out within seconds on multiple occasions [1][6]. - The market for Maotai liquor is experiencing speculative activity, with resellers (often referred to as "黄牛") actively participating, driving prices above retail [5]. - The trading volume for Maotai shares on the stock market was reported at 42.34 billion yuan, with a slight decline in share price to ¥1423.36 as of January 7 [7][8]. Expert Insights - Industry experts suggest a cautious approach to the pricing trends of Zodiac Maotai, indicating that while it holds collectible value, the market may stabilize as more competitors enter the Zodiac liquor space [10].

Core Viewpoint - The launch of the "Year of the Horse" Moutai liquor marks the beginning of a new twelve-year cycle for Moutai's zodiac series, introducing a consignment model for the first time, which has led to immediate sell-outs and significant price premiums in the secondary market [1]. Group 1: Product Launch and Market Response - The "Year of the Horse" Moutai liquor was officially launched on January 6, with immediate sell-outs reported on the Moutai app, indicating high demand [1]. - The classic version of the "Year of the Horse" Moutai has seen its price rise from ¥1899 to ¥2499, reflecting a 32% premium, while the premium version surged from ¥2499 to ¥6899, a staggering 4400% increase, equating to a 176% premium [1]. - The Moutai app experienced high traffic, causing issues with purchasing options for products with selectable production dates [1]. Group 2: Secondary Market Dynamics - The secondary market has shown significant price inflation, with resellers offering the classic version at prices as high as ¥3000, indicating a strong speculative interest [18]. - Historical data shows that the 2014 "Year of the Horse" Moutai has appreciated nearly 14 times its original price, reaching ¥12735, with an annual growth rate exceeding 100% [14]. - The rarity of zodiac Moutai products is a key factor driving their value, as they are limited edition releases that carry cultural significance, enhancing their appeal as alternative assets [19]. Group 3: Industry Trends and Market Size - The zodiac liquor market is rapidly expanding, with the China Alcoholic Drinks Association reporting a market size of ¥200 billion, growing at over 30% annually [21]. - Despite industry adjustments, the market for zodiac liquor remains robust due to its combination of quality, cultural heritage, and artistic value [21]. - Other liquor companies have also launched their zodiac products, indicating a competitive landscape where brand strength, history, and cultural significance are increasingly important [21].

Core Viewpoint - The launch of Guizhou Moutai's Year of the Horse zodiac wine has generated significant market interest, with products selling out rapidly and commanding high premiums in the secondary market [1][2]. Group 1: Product Launch and Market Response - On January 6, Guizhou Moutai's Year of the Horse zodiac wine was launched and sold out in less than a minute, with very few return orders observed [1][2]. - The classic version of the zodiac wine, originally priced at 1899 yuan per bottle, is now trading at a premium of over 100 yuan in the secondary market [1][2]. - The rare "珍享版" (Premium Edition) is seeing the highest price increases, originally priced at 2499 yuan per bottle, now requiring an additional 500 yuan to 1000 yuan [1][2]. Group 2: Product Details - The 53% vol 500ml Guizhou Moutai Year of the Horse wine is available in three versions: classic, gift box, and premium, featuring the traditional color "齐紫" for 2026 [1][2]. - The classic and gift box versions are crafted from nearly 200 different base liquors, while the premium version uses over 200 distinct base liquors for blending [1][2]. - The official prices for the three versions are as follows: classic version at 1899 yuan, premium version at 2499 yuan, and gift box version at 3789 yuan [1][2].

Industry Environment - The liquor industry is undergoing a channel transformation, with traditional inventory strategies failing and instant retail emerging as a new opportunity. Leading companies like Moutai and Luzhou Laojiao are exploring online channels and new models such as "live streaming + instant fulfillment" [3] - The scattered liquor market is expected to grow from 80 billion yuan in 2024 to over 100 billion yuan in 2025, driven by companies like Gujing Gongjiu and Kuozi Jiao, which are targeting young consumers with experiential and diverse product offerings [5] - The competition in the liquor industry is shifting towards "value deepening," with companies focusing on product reconstruction and cultural resonance to meet the demands of younger and female consumers [6] Market Trends - The trend of low-alcohol liquor is gaining traction, with major brands like Wuliangye and Gujing Gongjiu launching new products to cater to younger consumers' preferences for lower alcohol content. The low-alcohol market is projected to reach 57 billion yuan by 2025 [7] - The white liquor market is experiencing a shift from "face consumption" to "substance consumption," with a focus on quality and experience rather than just brand prestige [9][14] - The scattered liquor market is becoming a new growth area, with brands leveraging community consumption and flexible pricing strategies to attract consumers [20][21] Sales and Marketing Strategies - Companies are increasingly focusing on enhancing bottle opening rates to address high inventory levels and declining consumption. Some brands have reported significant increases in opening rates through targeted marketing strategies [15] - The concept of "user co-creation" is emerging as a key strategy for brands to engage consumers and enhance brand loyalty, with companies like Wuliangye and Fenjiu exploring new ways to connect with their audience [16][17] - The wedding market is seeing a resurgence, with a 30% increase in wedding events in certain regions, although overall liquor consumption at these events is declining due to economic pressures [19] Brand Dynamics - Moutai is facing challenges with declining prices and inventory buildup, prompting the company to optimize its product structure and marketing strategies to attract younger consumers [12][14] - The introduction of new products and collaborations, such as the partnership between Water Well and actor Tony Leung, is aimed at enhancing brand image and connecting with consumers on an emotional level [26][34] - The rise of health-oriented products, particularly in the health liquor segment, is attracting younger female consumers, with brands like Jinjiu successfully tapping into this demographic [36] Future Outlook - The liquor industry is expected to continue evolving, with a focus on digital transformation and the integration of AI technologies to enhance operational efficiency and consumer engagement [37] - The scattered liquor market is projected to exceed 100 billion yuan, indicating a significant shift in consumer preferences towards more affordable and accessible options [20][21] - The industry is likely to see a continued emphasis on quality and value, as brands adapt to changing consumer demands and market conditions [22][29]

Core Points - The company has launched a date selection service for the Year of the Snake commemorative liquor starting from October 20, allowing consumers to choose specific production dates for their purchases [1] - This service offers two options: purchasing products with production dates from January 1, 2025, onwards, or pre-ordering products with production dates from the current date to the end of the next month [1] - The commemorative liquor has been popular in both the collectible and gift markets, and the new service provides more options for consumers who value the significance of the date [1] - Previous limited edition products, such as the 70th anniversary commemorative liquor, saw significant price increases in the secondary market due to their limited availability [1]