2026.01.13 本文字数：518，阅读时长大约1分钟 作者 |第一财经 栾立 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） i茅台"秒空"仍在继续，今日（1月13日）标价4199元的53%vol 500ml陈年贵州茅台酒（15）首日在i茅台 app上线也告秒空。 官方消息显示，2026年1月13日起，陈年贵州茅台酒（15）也正式登录i茅台APP抢购，陈年贵州茅台酒 （15）也是茅台的"塔尖"产品。记者注意到，9点09分刚到，陈年贵州茅台酒（15）已经被抢购一空。 据酒商介绍，陈年贵州茅台酒（15）平时多用于礼赠，需求并不是特别多。其也属于2025年市场价格倒 挂比较严重的产品，近期批发价一般在3900元/瓶左右。尚不清楚i茅台每日的陈年贵州茅台酒（15）供 给量是多少，因此并不好做判断，而且也不排除有个人投机者在其中操作。 根据独立白酒评论员肖竹青介绍，近期茅台刚刚调整过陈年贵州茅台酒（15）的价格，出厂价从5399 元/瓶下调至3409元/瓶，零售价从5999 ...

Group 1: Company Pricing and Sales - Wuliangye's "Pu Wu" retail price has dropped to 949 yuan per bottle, with a wholesale price of 860 yuan per bottle for bulk purchases, indicating a significant price reduction throughout the year [1] - The company is rumored to adjust the "Pu Wu" price to 900 yuan per bottle, but the official stance is that the factory price of 1019 yuan per bottle remains unchanged, with the price drop attributed to subsidy policies [1] - This marks the first price reduction for "Pu Wu" in nearly a decade, with the last decrease occurring during the industry adjustment period in 2014 [1] Group 2: Stock Market Performance - Wuliangye's stock price has been declining, closing at 110.88 yuan per share on December 9, down 2.11% [2] - The company's market capitalization has decreased from a historical peak of 1.34 trillion yuan in February 2021 to approximately 430.39 billion yuan, representing a loss of about 909.6 billion yuan or 67.9% [2] Group 3: Industry Trends - The overall performance of the liquor sector has been weak, with the liquor index down 15.09% this year, and only a few companies, such as Jin Hui Jiu and Lu Zhou Lao Jiao, showing positive growth [3] - Major liquor companies are experiencing significant stock price pressure, with Wuliangye's stock down 17.44% year-to-date [3] - The white liquor production in China has decreased by 11.5% year-on-year, with retail sales of tobacco and liquor products showing slower growth [4] Group 4: Financial Performance - Wuliangye's revenue has declined by 10.26% year-on-year, and net profit has decreased by 14.38% [4] - The third quarter of 2025 saw a sharp decline in Wuliangye's quarterly revenue by 52.66% and net profit by 65.62% [5] - The average inventory turnover days for the liquor industry reached 900 days, with over half of the distributors facing increased inventory issues [5]

Core Viewpoint - The news discusses the potential price adjustment of Wuliangye's core product, with rumors suggesting a decrease in price to 900 yuan per bottle, but the company maintains that the factory price remains unchanged at 1019 yuan per bottle [1][2]. Group 1: Price Adjustment Rumors - There are circulating rumors that Wuliangye's price for its eighth generation product may drop to 900 yuan per bottle, with some industry insiders suggesting that after various fees and rebates, the price could be as low as 800 yuan per bottle [1]. - A Wuliangye distributor indicated that while specific details of the price adjustment are not confirmed, the general sentiment aligns with the idea of a price reduction [1]. Group 2: Pricing Structure - The company clarified that the factory price (referred to as the "payment price") for the eighth generation Wuliangye remains at 1019 yuan per bottle, and any perceived price drop is due to company-supported subsidy policies [2]. - The current market prices for the eighth generation Wuliangye on platforms like Tmall and JD are reported to be between 820 yuan and 850 yuan per bottle, indicating a price discrepancy in the market [2].

Group 1 - The core point of the article is that Wuliangye (000858.SZ) will adjust the pricing strategy for its eighth-generation product starting next year, maintaining the factory price at 1019 yuan per bottle while offering a discount that brings the effective price down to around 900 yuan per bottle, potentially as low as 800 yuan with additional support policies [1][3][4] - The current phenomenon of price inversion is prevalent in the liquor industry, with online prices for the eighth-generation Wuliangye ranging from 820 to 850 yuan per bottle, including platform subsidies [3] - The liquor industry has experienced a price increase trend from the second half of 2023 to the first half of 2024, with several major brands raising their factory prices, including Moutai and Luzhou Laojiao [3][4] Group 2 - Wuliangye's pricing policy is seen as a practical decision to alleviate financial and inventory pressures on distributors, allowing them to focus on enhancing consumer experiences rather than engaging in price manipulation [4] - Analysts suggest that the liquor industry is at a critical juncture, transitioning into a "cycle bottom" phase, with market sentiment shifting from pessimism to a focus on underlying value [4][5] - Forecasts indicate that the second quarter of 2026 may see stabilization in sales, with a potential turning point in the industry's fundamentals by the third quarter [6]

Core Viewpoint - The white liquor industry is experiencing a slight recovery in prices ahead of the Mid-Autumn Festival and National Day, but overall sales are expected to decline due to insufficient consumer confidence and changing demand patterns [2][7][8]. Price Trends - Some premium liquor prices have shown a slight increase, with Feitian Moutai's box price rising above 1800 yuan per bottle, and the eighth generation Wuliangye increasing by 80 yuan per box [2][3]. - The prices of high-end liquors like Guojiao 1573 and Junpin Xijiu have also rebounded slightly, with Guojiao 1573 priced at around 999 yuan per bottle in some retail channels [3][4]. Market Dynamics - Despite the price increases, many distributors remain cautious about stocking up due to high existing inventory and the risk of price fluctuations [4][7]. - The overall market sentiment is cautious, with many distributors focusing on maintaining cash flow rather than aggressive inventory purchases [4][6]. Consumer Behavior - The demand for liquor is being affected by a decrease in business gift-giving and a more rational consumer approach, leading to expectations of a slight decline in overall sales during the holiday season [2][5][7]. - The traditional demand for gifting during festivals still exists, but the overall market activity is lower than in previous years [4][7]. Promotional Activities - Various regions have introduced consumption promotion policies, such as issuing consumption vouchers and subsidies for banquet consumption, which may stimulate demand for liquor during the holidays [5][6]. - Liquor companies are focusing on terminal sales promotions, including discounts and promotional events to boost sales [5][6]. Sales Performance - Some companies, like Guizhou Moutai, have reported significant increases in terminal sales, with a growth rate of about 100% month-on-month and over 20% year-on-year [6]. - However, the overall performance of listed liquor companies remains weak, with many experiencing declines in revenue, indicating a challenging market environment [7][8].

Core Viewpoint - The white wine industry is experiencing a significant downturn, with prices collapsing and inventory piling up, indicating a major market correction and a shift in consumer behavior [11][49][50]. Group 1: Market Conditions - The wholesale market for white wine is facing severe challenges, with merchants reporting late opening hours and insufficient logistics to meet demand [6][7]. - High-end wines like Moutai and Wuliangye have seen drastic price drops, with Moutai's price falling below 2000 yuan and Wuliangye's "Pu Wu" dropping below 800 yuan per bottle [9][10]. - The overall white wine market, valued at 700 billion yuan, is undergoing a "multi-layer collapse," affecting both high-end and mass-market products [10][11]. Group 2: Inventory and Sales Challenges - Merchants are struggling with unsold inventory, with some reporting losses of up to 30,000 yuan daily due to stagnant sales [14][18]. - The impact of previous alcohol bans and regulations has led to a significant reliance on non-market consumption, which is now being challenged [20]. - Many distributors are facing pressure to return unsold stock as online prices undercut offline sales, leading to widespread losses [45]. Group 3: Historical Context and Industry Evolution - The white wine industry previously thrived on a "spiral of income and consumption," with consistent price increases and high demand, but this has changed dramatically post-pandemic [22][26]. - The influx of new players during the industry's boom years has led to overproduction and excessive inventory, creating a precarious situation for many distributors [23][25]. - The pandemic has exacerbated existing issues, with a decline in production and increasing inventory levels among listed companies [28]. Group 4: Consumer Behavior and Future Outlook - There is a perception that younger consumers are moving away from traditional white wine, but this may be a misunderstanding of their preferences for quality over quantity [52][56]. - The aging management of wine companies is failing to adapt to changing market dynamics, leading to outdated marketing strategies [60][62]. - The industry is witnessing a shift from speculative buying to genuine consumption, indicating a potential return to more sustainable market practices [49][50].

Core Viewpoint - Guizhou Moutai held a performance briefing for 2024 and Q1 2025, highlighting the focus on Moutai 1935 and its future development strategy, emphasizing collaboration within the industry to foster rational consumption and explore differentiated development paths [1][4]. Group 1: Moutai 1935 Sales Performance - Moutai 1935 achieved sales of 5 billion yuan in its first year of 2022, increased to 11 billion yuan in 2023, and is projected to reach 12 billion yuan in 2024, maintaining its status as a rapidly growing product in the liquor industry [1]. - Despite the impressive sales growth, Moutai 1935's market price has significantly declined, with the market transaction price dropping from 1,200 yuan to around 700 yuan per bottle as of 2024 [2][4]. Group 2: Price Dynamics and Market Challenges - Moutai 1935's official retail price was set at 1,188 yuan, but the market price has fallen below the factory price of 798 yuan, indicating a serious price inversion issue [2][4]. - The decline in price is attributed to various factors, including structural adjustments in the macroeconomic environment, reduced demand for high-end liquor due to changes in consumption patterns, and increased competition in the market [8][10][13]. Group 3: Strategic Responses and Future Plans - Moutai is focusing on enhancing the brand's core value by improving consumer engagement, optimizing channels, and upgrading product quality to stabilize sales and market presence [7][14]. - The company has established an independent Moutai 1935 division to enhance brand management and market responsiveness, indicating a shift towards a more structured approach to brand development [14][18]. - Moutai plans to expand its product line and improve market coverage through new specifications and partnerships with various platforms, aiming to strengthen its market position and address the supply-demand imbalance [16][18].