Core Viewpoint - The market for Moutai liquor is experiencing a significant downturn, with prices dropping sharply and consumers losing interest in purchasing and reselling the product [1][10][12]. Group 1: Price Decline - The price of Feitian Moutai has fallen from 2500 to 1800, nearing the official price of 1499 [1]. - The current buyback price for Feitian is 1750, while retail is only 1900, making it unprofitable for sellers [3]. - Moutai 1935 is now priced lower than the official price, indicating a broader decline across the Moutai product line [10]. Group 2: Market Dynamics - The scarcity that once drove up prices has dissipated, with Moutai now readily available for purchase, leading to a chaotic market [12]. - Consumers who previously viewed Moutai as a status symbol are now treating it as a regular consumer product, reducing the incentive to hoard [14]. - The absence of scalpers and the decline in interest in Moutai have led to a significant shift in consumer behavior, with many opting to invest in experiences rather than liquor [14]. Group 3: Industry Impact - The decline of Moutai is affecting the entire high-end liquor market, potentially allowing competitors like Wuliangye and Fenjiu to gain market share [14]. - The market for old liquor is not yet developed, leaving buyback merchants struggling to adapt [14]. - There is uncertainty regarding potential price controls from the company, as inventory continues to accumulate without sales [14].

Core Viewpoint - The price of Feitian Moutai has significantly dropped, indicating a downward trend in the high-end liquor market, with potential implications for other brands like Wuliangye [2][6][15]. Price Trends - On June 25, the wholesale reference price for 25-year Feitian Moutai was reported at 1830 RMB per bottle, down 85 RMB from the previous day; the price for the 24-year version was 1890 RMB, down 60 RMB [2]. - The price of 43-degree Feitian Moutai and other products has also seen a decline, with kilogram Moutai dropping nearly 5% over two days [3]. - The prices for various Moutai products have consistently decreased, with the 25-year bottle previously selling for 3800 RMB now at 2230 RMB, marking a decline of over 41% [8]. Market Reactions - E-commerce prices have also fallen, with some platforms listing 25-year Feitian Moutai at 1800 RMB per bottle [10]. - Many second-hand gift recovery businesses have paused Moutai purchases due to the significant price drop, with recovery prices now between 1700-1800 RMB [10]. Impact on Competitors - The decline in Moutai prices is expected to exert pressure on other high-end liquor brands, particularly Wuliangye, leading to potential price competition and demand shifts [15][16]. - Analysts suggest that Moutai's price drop could trigger panic selling among distributors, further affecting the sales outlook for Wuliangye and similar brands [16]. Company Actions - Moutai Group's General Manager Wang Li has been actively visiting major e-commerce platforms to stabilize online prices and maintain distributor confidence [17]. - Recent actions by Wang Li may aim to leverage partnerships for expanding Moutai's market presence, particularly in Southeast Asia [18].

Core Viewpoint - The prices of Feitian Moutai have significantly declined, with various vintages experiencing substantial drops, indicating a potential shift in market dynamics for high-end liquor [1][3][4]. Price Trends - As of June 22, 2023, the wholesale price of 25-year Feitian Moutai (original box) is reported at 1935 yuan per bottle, down 10 yuan from the previous day, while the price for loose bottles is 1870 yuan, down 30 yuan [1][2]. - The 24-year Feitian Moutai (original box) has seen a drastic drop to 1450 yuan, down 510 yuan, and the loose bottle price is now 1900 yuan, down 30 yuan [1][2]. - The 23-year Feitian Moutai (original box) is priced at 2100 yuan, down 50 yuan, and the loose bottle price is 2030 yuan, also down 50 yuan [1][2]. Market Dynamics - Following a historic drop below the psychological price of 2000 yuan per bottle for 25-year Feitian Moutai, the market appears to be in a downward trend, with multiple vintages experiencing price drops [3]. - The price of the Zodiac Snake edition, which was 3800 yuan at the beginning of the year, has fallen to 2230 yuan, marking a decline of over 41% from its peak [3]. - The newly released Shengle Feitian is now priced at 2300 yuan, down from 3400 yuan, reflecting a decrease of over 32% [3]. E-commerce Impact - On e-commerce platforms, the retail price of Feitian Moutai has also dropped, with some listings showing prices as low as 1820 yuan per bottle [4]. - The price for a double bottle set of Feitian Moutai is reported at 3600 yuan, averaging 1800 yuan per bottle, with guarantees against counterfeit products [4]. Competitive Pressure - The decline in Feitian Moutai prices is expected to exert pressure on other premium liquor brands, particularly Wuliangye, which has also seen price reductions [4][7]. - Wuliangye's 52-degree version is now priced at 905 yuan per bottle, down from 950 yuan at the beginning of the year, indicating a 4.74% decrease [4]. - The ongoing price drop of Feitian Moutai may lead to panic selling in distribution channels, further impacting the sales expectations for other high-end liquor brands [7].

Group 1 - The core viewpoint of the article highlights a significant price drop in high-end liquor during the "618" shopping festival, with major e-commerce platforms offering substantial discounts and subsidies on brands like Moutai and Wuliangye [1][2] - Moutai's price can drop to as low as 1840 yuan per bottle with promotional subsidies, compared to last year's price range of approximately 2300 to 2500 yuan [2] - Other high-end liquors, such as Wuliangye and Guojiao 1573, also see promotional prices below their wholesale prices, indicating a broader trend of price reductions across the industry [2] Group 2 - The liquor industry is facing increased pressure from counterfeit products, prompting companies like Wuliangye to enhance their anti-counterfeiting measures on e-commerce platforms [3] - Wuliangye reported the removal of 261 counterfeit stores and the takedown of 6431 infringing links, with 16.65% of the products verified as counterfeit among those tested [3] - The overall stock prices of liquor companies have declined significantly, with all 20 liquor stocks in the A-share market dropping, leading to a total market value loss of 340 billion yuan this year [4] Group 3 - The liquor industry is entering a traditional off-season in Q2 2025, compounded by inventory pressures and the impact of the "618" sales event, resulting in widespread price declines [4] - Industry experts warn of the dual pressures from social consumption and industry cycles, indicating a challenging short-term outlook for the sector as it transitions from growth to a more saturated market [4]