Core Viewpoint - The "Double Eleven" shopping festival has seen a subtle shift in the white liquor price war, with prices continuing to decline and promotional efforts from e-commerce platforms being notably subdued compared to previous years [1][2]. Group 1: Price Trends and Promotions - White liquor prices have reached new lows on various e-commerce platforms, with many well-known brands experiencing a decline in sales performance during the third quarter [1][2]. - Compared to the "618" shopping festival, the promotional efforts during "Double Eleven" have been less aggressive, with reduced subsidies and a shift in focus towards other product categories [1][4]. - Major liquor companies like Moutai and Wuliangye have adopted a more aggressive stance, emphasizing authorized sales channels and warning against unauthorized purchases [1][10]. Group 2: E-commerce Strategies - E-commerce platforms such as Meituan have significantly reduced their promotional efforts for liquor categories during "Double Eleven," shifting their focus to a broader range of products [6][7]. - The promotional strategies have changed, with platforms moving from aggressive low-price tactics to a combination of discounts and coupon packages, effectively raising the threshold for subsidies [6][7]. - The overall subsidy strategy has been reassessed by several instant retail platforms following a previous round of aggressive discounting, leading to a decrease in the availability of low-priced liquor [7][9]. Group 3: Market Dynamics and Consumer Behavior - The ongoing decline in white liquor prices is attributed to a lack of strong demand and a decrease in consumer interest in high-end brands [9][10]. - Many liquor companies are now focusing on maintaining a stable pricing structure to protect their distribution channels and ensure reasonable profits for their partners [10][11]. - The transparency of pricing in the white liquor market has led to a shift in consumer behavior, with some returning to authorized channels for assurance of product authenticity [11].

Core Viewpoint - The "Double Eleven" shopping festival has begun, but the white liquor price war appears to be particularly subtle this year, with prices continuing to decline and promotional efforts from e-commerce platforms being notably subdued compared to previous years [2][4]. Group 1: Price Trends and Promotions - Since the second half of the year, white liquor prices have continued to drop, with many well-known brands reaching new lows on e-commerce platforms [2]. - The promotional efforts for white liquor during this year's "Double Eleven" are less aggressive than in previous years, with lower subsidy levels compared to the "618" shopping festival [2][4]. - Major liquor brands like Moutai and Wuliangye have adopted a more aggressive stance, emphasizing authorized sales channels to combat unauthorized sales and protect their pricing strategies [4][10]. Group 2: E-commerce Platform Strategies - E-commerce platforms have shown a mixed approach to promotions, with Tmall maintaining investment in liquor categories, achieving over 50% growth in white liquor sales compared to last year [5]. - Instant retail platforms like Meituan have reduced their promotional efforts for liquor, shifting focus to other categories and raising the threshold for subsidies [6][7]. - The price of major liquor products on platforms like Meituan is higher than the recent wholesale prices, indicating a shift in strategy post-618 [6][11]. Group 3: Market Dynamics and Consumer Behavior - The overall demand for white liquor has weakened, leading to a further decline in prices, with many brands struggling to maintain their market value [9][12]. - Consumer interest in major liquor brands has decreased, as indicated by a drop in search interest on platforms like Baidu compared to last year [9]. - Liquor companies are increasingly emphasizing the importance of authorized channels to ensure product authenticity and maintain price stability, which has led some consumers to return to official sales channels [12].

Core Viewpoint - The 618 shopping festival has led to significant price reductions in the Chinese liquor market, particularly for high-end baijiu brands, as manufacturers aim to alleviate inventory pressure during a seasonal consumption lull [1][22]. Price Trends in Major Cities - In Guangzhou, 17 out of 21 sampled baijiu products saw a decline in average retail prices, with notable drops in high-end brands like Moutai and Wuliangye [1][2]. - The average retail price of Moutai in Guangzhou is approximately 2404 RMB, down over 100 RMB from the previous period [2]. - In Shenzhen, most products remained stable, but Moutai was largely unavailable, leading to price fluctuations [6][7]. - In Dongguan, Moutai's price increased significantly due to supply instability, rising from 2299 RMB to 2800 RMB [11][12]. Price Changes by Product - High-end products like the Eighth Generation Wuliangye and Guojiao 1573 also experienced price drops, with Guojiao 1573 decreasing from 1075 RMB to 1004 RMB [12][13]. - The average price of the high-end product Junpin Xijiu fell to around 845 RMB in Guangzhou, with significant reductions noted across various retail channels [2][3]. - The price of Qinghualang in Dongguan dropped from 1055 RMB to 965 RMB, reflecting a broader trend of price reductions in the market [12][13]. E-commerce Impact - E-commerce platforms have seen more pronounced price reductions, with many baijiu brands offering discounts and promotional activities during the 618 festival [16][20]. - On Tmall, the price of Hong Xifeng dropped from 1157 RMB to 1056 RMB, while Guojiao 1573 and Gujing Gongjiu also saw minor declines [19]. - The overall sales volume for liquor on Tmall surged by 72% year-on-year during the promotional period, indicating a positive response to lower prices [19][22]. Market Dynamics - The current price declines are attributed to a structural transformation in the baijiu industry, exacerbated by seasonal consumption patterns and increased competition from online channels [22]. - The price index for national baijiu showed a slight decrease of 0.35% in May, reflecting ongoing challenges in maintaining price stability amid aggressive promotional strategies [22]. - Manufacturers are facing pressure to manage inventory while navigating the complexities of pricing strategies in a competitive market environment [22].