Core Viewpoint - The declining promotional prices in e-commerce are becoming a potential threat to the price stability of Moutai liquor, as evidenced by recent price drops during major sales events like "Double Eleven" [3][4]. Group 1: E-commerce Impact on Moutai Pricing - E-commerce platforms have been offering significant discounts on Moutai and other famous liquors since the "618" event in 2024, with prices dropping below 1600 yuan per bottle during the "Double Eleven" promotions [3]. - Moutai's management has issued multiple statements urging consumers to purchase from official channels and has established a green disposal channel for counterfeit information in collaboration with market regulators [3][5]. - Despite a notification from Moutai to maintain a minimum selling price of 1700 yuan per bottle, many e-commerce platforms still list prices around 1640 yuan, which is below the market wholesale price [4]. Group 2: Supply Chain and Pricing Control - The traditional supply chain control by liquor companies has been disrupted, leading to a surge of low-priced products in the market as e-commerce platforms bypassed the established rules [5]. - Moutai's management stated that since April, they have implemented a scientific distribution system driven by terminal sales, achieving a healthy channel inventory ratio for their products [5].

Core Viewpoint - The declining promotional prices in e-commerce are becoming a potential threat to the price stability of Moutai liquor, with the company not directly addressing investor concerns during the third-quarter earnings call [1] Group 1: E-commerce Pricing and Promotions - Starting from the 2024 "618" event, domestic e-commerce platforms have been using promotions on Moutai and other famous liquors to attract customers, leading to a drop in prices, with e-commerce prices falling below 1600 yuan per bottle during this year's "Double Eleven" sales [1] - Moutai management has issued statements and consumer reminders regarding the importance of purchasing from official channels, including authorized third-party e-commerce platforms [1][2] - Despite a notification from Moutai to retailers to not sell Flying Moutai below 1700 yuan per bottle, many e-commerce platforms are still selling it at 1640 yuan per bottle, which is below the market wholesale price [2] Group 2: Company Response and Market Dynamics - Moutai management has established a scientific distribution system driven by terminal sales since April, achieving a healthy channel inventory ratio for Flying Moutai and maintaining reasonable levels for other premium Moutai products [2] - The chaos in traditional distribution channels has led to a surplus of low-priced products, with e-commerce platforms circumventing the company's control by independently managing promotions [2]