Core Insights - The retail prices of the top ten liquor products in the white liquor market showed slight stabilization, with an overall price level remaining unchanged from the previous day, indicating a potential market stabilization after a period of decline [1][5][6] - The total price for a package of one bottle from each of the top ten products is 9,073 yuan, reflecting the current market conditions [1][5] - The data collected by "Wine Price Reference" comes from approximately 200 sampling points across various regions, ensuring a comprehensive and objective representation of the market [1][5] Price Movements - Among the products that saw price increases, Xijiu Junpin rose by 6 yuan per bottle, Qinghua Lang increased by 4 yuan, and Qinghua Fen 20 went up by 3 yuan [1][6] - The prices of Feitian Moutai and Wuliangye Pu Wu 8th generation both increased by 2 yuan per bottle [1][6] - Conversely, Guojiao 1573 experienced a significant drop of 7 yuan per bottle, while Yanghe Dream Blue M6+ and Gujing Gong Gu 20 fell by 4 yuan and 3 yuan respectively [1][6] Industry Developments - Recent meetings among Moutai's provincial distributors discussed the channel strategy for 2026, focusing on three core products: Moutai 1935, Feitian Moutai, and Boutique Moutai, with targeted price segments of over 600 yuan, 1500 yuan, and 2000 yuan respectively [1][6] - Non-standard Moutai products, such as zodiac and kilogram Moutai, may see a reduction in quantity, with specific adjustments yet to be determined [1][6] - The market operation of non-standard Moutai products will be based on demand, and the release of unfulfilled quotas for 2025 will be halted to stabilize the market [1][6]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 网传茅台批价下跌引发市场关注。据报道，2025年飞天茅台（散瓶）已低于1499元的官方指导价。 | 2 | 习酒君品 53度/500ml | 664/瓶 | -6元▼ | | --- | --- | --- | --- | | 旅 | 青花郎 53度/500ml | 746/瓶 | -8元▼ | | (2) | 水晶剑南春 52度/500ml | 406/瓶 | -14元▼ | 对于该情况，《酒业内参》询问了多地酒商及相关渠道，多人表示，"1499元以下根本拿不到货"，目前 2025年飞天茅台（散瓶）的最新批价约为1530元。 还有酒商强调："行情没有那么低。北京地区目前的批发价稳定在1600元—1700元区间。" 根据《酒价内参》过去24小时中收集的数据显示，飞天茅台的终端零售价下跌4元/瓶，为1806元/瓶。 白酒市场十大单品的终端零售均价整体显著回调，跌势较前日有所扩大。 | 中国知名白酒大早品 | 市场真实成交终端价 | | | --- | --- | --- | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) ...

Core Viewpoint - The Chinese liquor market is experiencing a decline in retail prices for major products, ending a brief stabilization period, with the average price of the top ten products dropping to 9148 yuan, a decrease of 12 yuan from the previous day, marking a new low in five days [1]. Price Trends - The market shows significant structural differentiation, with some high-end brands experiencing notable price adjustments. For instance, the price of Wuliangye's Pu Wuliangye 58th generation dropped by 26 yuan per bottle, falling from 1019 yuan to 900 yuan, marking the first decline in ten years [2]. - Other brands such as Guojiao 1573 and Moutai also saw price decreases of 10 yuan and 7 yuan per bottle, respectively. Conversely, Qinghualang's price increased by 14 yuan per bottle, indicating a strong performance [2]. Market Sentiment - Despite a 3.6% decline in the food and beverage sector index since December, which underperformed the CSI 300 index by approximately 5 percentage points, institutional investors remain optimistic. In December, 49 institutions conducted 222 "buy" ratings, covering 185 stocks, with a net inflow of 12.09 billion yuan into the food and beverage sector [2].

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 今日市场结构性分化显著，核心高端酒品走势不一。上涨产品中，国窖1573价格环比上涨10元/瓶，涨 幅领先。贵州茅台飞天价格环比回升9元/瓶，展现出较强韧性。洋河梦之蓝M6+价格上涨8元/瓶。青花 郎与水晶剑南春价格则与昨日持平。下跌产品中，古井贡古20价格下跌12元/瓶，调整幅度较大。精品 茅台价格回落5元/瓶。习酒君品与五粮液普五八代价格均下跌4元/瓶。青花汾20价格微跌2元/瓶。 【点击进入酒价内参，查看真实酒价】 白酒业的重要新闻方面，"酒价内参"的姊妹栏目酒业内参报道，正值各白酒企业探讨如何年轻化时，著 名唱作人邓紫棋已经给五粮液调上酒了。网络近日流传的一段视频显示，邓紫棋利用五粮液·一见倾心 调至出了一杯特饮。"生活中的每一个倾心瞬间，都藏着一段未完待续的旋律，我把这份心动旋律，调 制成一杯可以品尝的歌"，邓紫棋说。 今年8月，29°五粮液·一见倾心正式推出，官宣由邓紫棋担任产品全球代言人。五粮液相关负责人表 示，29°五粮液·一见倾心作为品牌年轻化、低度化战略新突破的开创性产品，是五粮液面向年轻消费群 体打造的高端低度白酒，主打"自我犒赏" ...

Summary of the Conference Call on the Baijiu Industry Industry Overview - The Baijiu market in 2025 is facing challenges such as declining sales and inventory buildup, with high-end brands like Moutai and Wuliangye experiencing price adjustments and increased inventory pressure [2][18] - The overall sales in the Henan region decreased by approximately 20% compared to 2024, with some manufacturers issuing reduction directives due to unfulfilled sales tasks [7][18] Key Points and Arguments Sales Performance - Moutai's sales have been stable, with all goods delivered by November 2025 and a 10% increase in December. However, online platforms have reported prices as low as 1,300 RMB, below cost [4][18] - Wuliangye expects a 10% sales growth in 2026, driven by new leadership and compensation for reduced output in 2025, but faces challenges with margins and potential negative profits [2][6][20] - Fenjiu has shown relative stability in Shandong, with a planned 10% growth for 2026, although it has faced historical low prices and reliance on rebates for profits [2][10] - The Jiangsu market has seen a 25%-30% decline in high-end Baijiu demand, with increased inventory levels and reduced enthusiasm from distributors [2][18] Inventory and Pricing - Moutai's current inventory is approximately 40 days, while Wuliangye's is about 10 days, with some stores facing up to two months of inventory due to wholesale restrictions [4][18] - Fenjiu's pricing has dropped to historical lows, with some products priced at around 350 RMB, impacting distributor profits [4][10] - The overall inventory levels in the Shandong region are high, with significant pressure on brands like Water Well and Shede, which have seen declines of 10% and 15% respectively [11][12] Future Outlook - Wuliangye's growth expectations for 2026 are contingent on pricing and subsidy negotiations, with no specific plans communicated yet [8][20] - Fenjiu has adjusted its product structure, increasing high-end offerings while facing challenges in profit generation due to low prices [10][20] - The overall sentiment in the Baijiu market indicates a cautious outlook, with expectations for improvement in 2026 if economic conditions stabilize and inventory is effectively managed [23][24] Additional Important Insights - Consumer behavior has shifted towards immediate consumption rather than stockpiling, leading to stable but non-explosive sales growth [3][18] - The competitive landscape shows that while high-end brands are under pressure, some mid-tier brands like Yanghe and Jinshiyuan are also struggling with high inventory and low prices [22][23] - The overall market dynamics suggest that brands need to adapt to changing consumer preferences and economic conditions to navigate the current challenges effectively [24][46]

| 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1816/瓶 | 持本 | | 贵州茅台酒(精品) 53度/500ml | 2325/瓶 | -570 | | 五粮液普五八代 52度/500ml | 837/瓶 | -470 | | 青花汾20 53度/500ml | 385/瓶 | | | 国窖1573 | 871/瓶 | -9元 | | 52度/500ml | | | | 2 | 52度/550ml | 571/瓶 | 10元 | | --- | --- | --- | --- | | | 古井贡古20 | 508/瓶 | -5元 | | | 52度/500ml | | | | 2) | 习酒君品 | 661/瓶 | -9元 | | | 53度/500ml | | | | | 青花郎 | 765/瓶 | -570 | | | 53度/500ml | | | | | 水晶剑南春 52度/500ml | 406/瓶 | 1 T | 新浪财经"酒价内参"过去2 ...

Core Insights - The retail prices of the top ten liquor products in the white liquor market have shown a slight increase, reaching a total price of 9198 yuan, which is the highest in the past week, indicating a consolidation phase after a series of rebounds [1] - There is a wide divergence in price movements among different liquor products, with some experiencing significant increases while others have seen declines [1] Price Movements - Gujing Gongjiu 20 saw a notable price rebound of 11 yuan per bottle [1][3] - Qinghua Lang experienced a price increase of 10 yuan per bottle, marking its fourth consecutive rise [1][3] - Yanghe Dream Blue M6+ rose by 7 yuan per bottle [1][3] - Shuijing Jian'nan Chun increased by 6 yuan per bottle, achieving three consecutive increases [1][3] - Qinghua Fen 20 had a minor increase of 2 yuan per bottle [1][3] - In contrast, Wuliangye Pu 58th generation and Xijiu Junpin both saw price declines, with Wuliangye dropping by 10 yuan per bottle [2][3]

Core Insights - The article discusses the recent launch of "Wine Price Reference" by Sina Finance, which provides real-time data on the retail prices of major Chinese liquor brands, indicating a slight adjustment in prices after a period of increase [1] Price Summary - The overall retail price for a package of ten major liquor products is 9262 yuan, showing a minor decrease of 2 yuan from the previous day [1] - Specific price changes include: - Guizhou Moutai (Flying Fairy) 53°/500ml: 1835 yuan, down 2 yuan - Guizhou Moutai (Premium): 2377 yuan, down 4 yuan - Wuliangye (Pu Wu Eight Generation) 52°/500ml: 862 yuan, down 1 yuan - Qinghua Fen 20: 393 yuan, down 5 yuan - Guojiao 1573 52°/500ml: 890 yuan, unchanged - Yanghe Dream Blue M6+: 589 yuan, down 1 yuan - Gujing Gong 20: 510 yuan, up 5 yuan - Xijiu Junpin 53°/500ml: 669 yuan, up 2 yuan - Qinghua Lang: 720 yuan, up 3 yuan - Shuijing Jian Nan Chun: 417 yuan, up 1 yuan [2][5] Industry Developments - Wuliangye Group recently held a meeting focused on intellectual property protection, involving multiple local government departments [6] - The company reported progress in combating counterfeit products and enhancing brand protection through a collaborative framework [6] - Wuliangye aims to strengthen its brand protection measures by improving regulatory mechanisms and enhancing law enforcement efforts against counterfeit liquor [7] - "Wine Price Reference" is the first comprehensive market price reference for major Chinese liquor brands, launched on November 10, 2023, to provide accurate and traceable pricing data [7]

Investment Rating - The report maintains a strong buy rating for key companies such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, while recommending an increase in holdings for companies like Yingjia Grape Wine and Kuaijie Wine [8][33]. Core Insights - The demand gap remains significant, with a 20% year-on-year decline in sales during the Mid-Autumn Festival and National Day holidays, despite a month-on-month improvement [2][11]. - The report highlights a continued "Matthew Effect," where leading brands like Moutai and Wuliangye are gaining market share at the expense of lower-tier competitors [2][8]. - The recovery of high-end liquor sales is slow, with a notable increase in demand for mid-range and low-end products, particularly in banquet settings [3][12]. Summary by Sections 1. Sales Feedback for the Holiday Season - Sales performance during the Mid-Autumn Festival and National Day was generally flat, with a 20% decline compared to the previous year, although there was a month-on-month improvement [2][11]. - Mid-range and low-end liquor sales outperformed high-end products, with brands like Moutai and Wuliangye gradually capturing market share from competitors due to price declines [2][12]. 2. Company Tracking - Guizhou Moutai's sales are on track, with a completion rate of approximately 75% for the year, and inventory levels are stable at 0.5-1 month [26][31]. - Wuliangye's sales completion rate is around 70%, with inventory levels between 1-2 months, and recent promotional efforts have improved dealer confidence [26][31]. - Shanxi Fenjiu maintains a completion rate of 75%-80%, with stable inventory levels and a strong market presence for its products [27][31]. 3. Investment Recommendations - The report suggests focusing on companies that are showing resilience and potential for recovery, particularly those that have adjusted their strategies ahead of the market, such as Shanxi Fenjiu and Guizhou Moutai [32][33]. - The anticipated recovery in demand for white liquor is expected to be supported by a positive price index in 2026, which may lead to inflation and increased profitability for companies in the sector [4][32].