■ I L II W I V FESTING @ 版 g 202 网 14 市方都非報 東一网Oeeee.com 8 春节临近，白酒市场再现价格异动。 酒商："年前冲2000元的节奏" 公开数据显示，受春节旺季需求向好等因素影响，茅台批价有所回升。据了解，部分茅台经销商已到货 的飞天茅台（53度/500ml）1月和2月的配额已售罄，甚至有经销商称"目前，飞天茅台需求较旺，货不 够卖"，春节前飞天茅台市场短期供应或偏紧。 《西南酒价》数据显示，飞天茅台（500ml/53度）1月30日线上零售均价为1799.5元/瓶，线下零售均价 为1887.25元/瓶，市场零售均价为1843.38元/瓶。 一位成都的酒商表示，其门店1月30日飞天茅台（500ml/53度）的零售价为1850元/瓶，相较于12月低点 1600元/瓶的报价涨了250元/瓶，"连续多次涨价了，年前要冲2000元的节奏"。 对此，酒业分析师肖竹青对南都湾财社记者强调，这轮上涨更多是企业短期控量的市场反应，"只是企 稳，而非趋势性上涨"，他表示，"节前需求驱动+茅台公司市场化调控发货节奏"叠加效应催化茅台酒价 格上行的行情。此次价格上涨更多是由于茅台主动 ...

Core Viewpoint - Moutai has implemented a quantity control policy, leading to a significant price increase for its products, particularly the 2025 Flying Moutai, which has seen prices rise sharply in a short period [2][3][4]. Group 1: Price Changes - The wholesale price of the 2025 Flying Moutai increased from approximately 1499 yuan per bottle on December 12 to 1600 yuan by December 14, marking a near 100 yuan increase within two days [2]. - As of December 14, the retail price for the 2025 Flying Moutai ranged from 1600 to 1680 yuan per bottle, reflecting a general upward trend across various retailers [3]. - The wholesale reference price for the 2025 Flying Moutai on December 14 was reported at 1570 yuan per bottle, up 70 yuan from the previous day, indicating a consistent price increase [3]. Group 2: Sales and Market Dynamics - Sales volume for Moutai products has reportedly doubled in the days following the price increase, as consumers rush to purchase amid fears of further price hikes [2]. - A liquor store owner noted a 30% increase in sales compared to the previous week, driven by the recent price surge [3]. Group 3: Policy and Structural Changes - Moutai's recent policy includes a temporary halt on product distribution to dealers until January 1, 2026, aimed at alleviating financial pressure on dealers and preventing panic selling [4]. - In the long term, Moutai plans to significantly reduce the quotas for non-standard products, including a 30% cut for 15-year quotas and a 50% cut for zodiac Moutai, to tighten supply and enhance profitability [5]. Group 4: Market Outlook - Analysts suggest that the current price rebound is a result of tightened supply and improved market expectations, with a focus on the limited growth in Moutai's base liquor production from 2021 to 2024 [5]. - The sustainability of the price increase will depend on three key factors: inventory reduction progress, the release schedule of core products in 2026, and actual consumer demand recovery [5].

Group 1 - Guizhou Moutai has implemented a series of price control strategies after the wholesale price of Flying Moutai fell below 1499 yuan, including stopping the distribution of all Moutai products to distributors by the end of the year and significantly reducing the quotas for non-standard products in the coming year [2][3] - The company plans to focus on three core products: Moutai 1935, Flying Moutai, and Boutique Moutai, targeting price bands of 600 yuan, 1500 yuan, and 2000 yuan respectively, while adjusting the supply of non-standard products based on market demand [2][3] - Following the price drop to 1485 yuan per bottle, the price of Flying Moutai rebounded to 1570 yuan, indicating a 70 yuan increase, as the company held a temporary meeting with distributors to discuss price stabilization measures [3] Group 2 - The price control strategy may help stabilize the price of Flying Moutai in the short term, but the overall demand for liquor has not significantly improved, making a return to previous high premium levels unlikely [4] - In the first three quarters of the year, the company's revenue was 130.9 billion yuan, with a year-on-year growth of 6.32%, and net profit attributable to shareholders was 64.63 billion yuan, with a growth of 6.25%, both marking the lowest growth rates in nearly 11 years [6] - To boost market confidence, the company announced a substantial interim dividend of over 30 billion yuan, with a distribution of 23.957 yuan per share (including tax) [7]