来源：酒业内参 | 青花汾20 | 371/瓶 | -1元 | | --- | --- | --- | | 53度/500ml | | | | 国窖1573 | 897/瓶 | -5元▼ | | 52度/500ml | | | | 并河梦之蓝M6+ | 578/瓶 | 175- | | 52度/550ml | | | | 古井贡古20 | 507/瓶 | 3元- | | 52度/500ml | | | | 习酒君品 | 654/瓶 | -15元▼ | | 53度/500ml | | | | 青花郎 | 726/瓶 | 1元- | | 53度/500ml | | | | 水晶剑南春 | 392/瓶 | 持不 | | 52度/500ml | | | 【点击进入酒价内参，查看真实酒价】 白酒行业的市场分析方面，华创食饮团队研报指出，26年农历春节相对较晚，元旦开始正式步入春节动 销的观测窗口期，华创密集跟踪多地核心渠道，总结出白酒业元旦需求弱复苏，批价持续低迷，但大众 消费韧性较强的特点。做出春节前景的三个研判：渠道去库，下滑收窄，供需矛盾有望减轻。 【点击进入酒价内参，查看真实酒价】 新浪财经"酒价内参"过去24 ...

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 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月5日结 束连续回调，整体价格迎来小幅反弹。如果十大单品各取一瓶整体打包售卖，今日总售价为9081元，较 昨日回升3元，在连续创出新低后初现企稳迹象。市场悲观情绪略有缓解，整体价格中枢在低位获得支 撑。 今日市场呈现涨多跌少的修复格局。上涨产品中，青花郎表现强势，环比上涨10元/瓶，领涨市场。国 窖1573价格上涨4元/瓶，已实现连续五日上涨。青花汾20与五粮液普五八代价格均上涨2元/瓶。洋河梦 之蓝M6+价格微涨1元/瓶。古井贡古20与水晶剑南春价格则与昨日持平。下跌产品方面，精品茅台价格 回调幅度居前，下跌8元/瓶。习酒君品价格下跌5元/瓶。飞天茅台价格下跌3元/瓶。市场出现结构性回 暖，前期部分超跌品种价格获得修复。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交 终端零售价格，力求为社会各界提供一份关于知名白酒市场价格的 ...

| S | 洋河梦之蓝M6+ 52度/550ml | 570/瓶 | 持不 | | --- | --- | --- | --- | | | 古井贡古20 52度/500ml | 505/瓶 | -2元 | | 2 | 习酒君品 53度/500ml | 662/瓶 | -1元 | | 我 | 青花郎 53度/500ml | 698/瓶 | -7元 | | | 水晶剑南春 52度/500ml | 388/瓶 | 7元 | 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据:过去24个小时中各点位经手的真实成交终端零售价 sina 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina Finance Mobile Version 新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月4日延续 弱势整理，整体价格继续小幅下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9078元，较昨日 回落5元，连续第四个交易日创下近期新低。市场整体情绪依然谨慎，价格中枢在低位持续且缓慢下移。 今日市场格局分 ...

Group 1 - The core viewpoint of the news is that the retail prices of major Chinese liquor brands have rebounded after a period of decline, indicating a recovery in market sentiment [1] - The average retail price of the top ten liquor products increased to 9096 yuan, up by 4 yuan from the previous day, marking a stabilization in the market [1] - Among the top ten products, six saw price increases while four experienced declines, with Qinghua Lang showing the most significant rise of 10 yuan per bottle [1][4] Group 2 - Moutai ranked 214th in the 2025 World Brand 500 list, an increase of three positions from the previous year, reflecting its growing brand influence [2] - Moutai was also recognized as the third oldest brand in the "Oldest Brands Top 10" list, highlighting its historical significance and longevity in the market [2] - The assessment of Moutai's brand influence is based on market share, brand loyalty, and global leadership, indicating strong performance across these dimensions [2]

Group 1 - The core viewpoint of the articles indicates that the white liquor market is showing signs of stabilization and slight price increases after the Double Eleven shopping festival, with the average retail price of the top ten products rising marginally [1] - The total price for a bundled sale of one bottle from each of the top ten products is 9154 yuan, reflecting a slight increase of 2 yuan from the previous day [1] - The data collected for price analysis comes from approximately 200 sampling points across various regions, ensuring a comprehensive and objective representation of the market [1] Group 2 - The performance of specific products shows significant price movements, with Crystal Jian Nan Chun increasing by 10 yuan per bottle, and other notable increases from products like Wuliangye and Guojiao 1573 [2] - Conversely, some products like Gu Qing Gong Gu 20 and Xijiu Junpin experienced notable price declines, indicating a mixed market response [2] - The analysis emphasizes that understanding the underlying business dynamics, such as production capacity and inventory levels, is more critical than merely predicting price fluctuations [3]

Core Insights - The overall price of liquor, particularly baijiu, remains stable despite the ongoing "Double Eleven" promotions, with only the high-end segment showing significant fluctuations [2][3] - The latest data from the "Greater Bay Area Liquor Price" report indicates that the average price of certain popular baijiu brands has seen minor changes, with some brands experiencing price drops [5][6] Price Trends - The price of Feitian Moutai has decreased after a brief rise during the National Day and Mid-Autumn Festival, with the latest average selling price at 1957.6 yuan per bottle, down from 2043 yuan on JD.com [3][6] - The price of Guojiao 1573 has shown slight fluctuations, with the latest average price at 931 yuan per bottle, while some retail channels report prices between 800 and 900 yuan [4][6] - Overall, among the 13 baijiu brands tracked, 5 saw price declines, 5 saw price increases, and 3 remained stable [5] Promotional Impact - During the initial phase of the "Double Eleven" promotions, some online channels have experienced varying price changes, with certain brands like Xijiu and Honghualang seeing both increases and decreases in their prices [4][5] - The report highlights that while most baijiu prices remained stable, specific online promotions have led to price adjustments in certain brands [4][5] Sales Channel Guidance - Guizhou Moutai has issued reminders for consumers to purchase from official and legitimate sales channels, emphasizing the importance of avoiding counterfeit products [7][9] - The company has listed various authorized online platforms for purchasing, notably excluding Pinduoduo, which has raised concerns about counterfeit sales [9]

Group 1 - The core point of the article highlights the emergence of kilogram Maotai as a new core product in the Maotai liquor segment, alongside the traditional 500ml and zodiac Maotai [1] - According to Goldman Sachs' latest report on the Chinese liquor industry, the price of 1000ml Guizhou Maotai has recently increased, with a rise of 25 yuan per bottle over the past two weeks [1] - Current wholesale prices for kilogram Maotai are reported to be above 3300 yuan, indicating a strong market demand [1] Group 2 - There has been a noticeable increase in inquiries and purchases for the core product, flying Maotai, particularly in the Chongqing local market over the past week [1]

Core Viewpoint - The white liquor market is experiencing a slight price decline ahead of the Dragon Boat Festival, with various products showing different degrees of price drops [1][2]. Price Trends - High-end liquor prices have seen notable changes, with Feitian Moutai's average selling price dropping from 2269 CNY/bottle to 2230.4 CNY/bottle, a decrease of 38.8 CNY/bottle [1]. - The price of Feitian Moutai in retail channels decreased from 2300 CNY/bottle to 2250 CNY/bottle, while prices in the billion subsidy channel fell from 2040 CNY/bottle to 1990 CNY/bottle [1]. - Guojiao 1573's latest average selling price is 946.89 CNY/bottle, down by 29.22 CNY/bottle, primarily due to online channel influences [1][2]. Market Dynamics - In the next tier of pricing, the average selling price of Shui Jing Fang Zhen Niang No. 8 decreased from 357.44 CNY/bottle to 345.22 CNY/bottle, influenced by online sales [2]. - Conversely, the average price of Jin Zhi Xi Jiu increased from 205.56 CNY/bottle to 218.63 CNY/bottle, with significant price hikes observed on platforms like JD and Tmall [2]. - Overall, among 13 popular liquor products surveyed, 9 showed a price decline, while 2 increased and 2 remained stable [2]. Seasonal Trends - May is traditionally a slow sales season for the liquor market, yet it serves as a critical marketing period for brands [4]. - Seven liquor brands launched new products in May, including collaborations and new high-end offerings [4][5]. Product Innovations - Moutai 1935 has expanded its product line, introducing a new 1.935L variant aimed at high-end gifting scenarios [5]. - Other brands, such as Luzhou Laojiao and Jiu Gui Jiu, have also released new products, focusing on cultural attributes and mid-to-high-end market segments [5].

Summary of the Conference Call Industry Overview - The overall trend in the liquor industry is declining, with a two-digit percentage drop observed in April 2025. However, Moutai has shown strong performance amidst this downturn, particularly with its Feitian series maintaining reasonable inventory levels. This indicates effective demand release through price adjustments and marketing strategy changes [11][12][59]. Key Points on Moutai - Moutai is balancing revenue and market prices by adjusting product structure and enhancing channel management. The Feitian Moutai remains stable, while the Rooster Moutai has increased supply quotas and relaxed reporting restrictions for distributors [1][3]. - In 2025, Moutai's distribution channels progressed rapidly, completing approximately 50% of the total Feitian volume from January to April, with a contract plan reaching 48%. This is a 10 percentage point increase compared to the previous year [5]. - Moutai's pricing is expected to fluctuate between 2,100 and 2,200 yuan in the second quarter of 2025, with a low probability of dropping below 2,000 yuan [2][13]. - Moutai has successfully attracted new customer groups, particularly for non-business consumption, which has helped maintain its market position despite overall industry weakness [7][8]. Competitor Analysis - **Wuliangye**: The batch price remains stable at 915-920 yuan, but slow sales due to insufficient market demand have led to significant inventory pressure. The company has committed to not letting distributors incur losses, but the market's trust has diminished [4][21]. - **Guojiao 1573**: The batch price for high-alcohol liquor is 860 yuan and for low-alcohol liquor is 610 yuan. The low-alcohol segment is performing better in the Shandong market, with a strong sales strategy involving annual volume agreements with distributors [22][23]. Market Dynamics - The overall liquor market's shipment pace has increased in 2025, yet prices remain stable due to controlled shipment volumes and effective communication with distributors [6]. - The demand for liquor during the May Day holiday was not ideal, with Moutai's box price ranging from 2,100 to 2,170 yuan, reflecting weak market demand [14][15]. - Predictions for upcoming holidays like Dragon Boat Festival and Mid-Autumn Festival are cautious, with expectations of low gifting demand due to weak business activities [16]. Inventory and Sales Strategies - Moutai's inventory levels are low, typically less than a month for distributors, indicating tight supply management [31]. - Wuliangye's inventory situation is concerning, with many distributors facing financial losses and a lack of trust in the brand leading to slow sales [21][18]. - Guojiao 1573 has a relatively high inventory level, with low-alcohol products dominating the market [22]. Conclusion - The liquor industry is facing significant challenges, with Moutai managing to navigate these through strategic adjustments and effective channel management. Competitors like Wuliangye and Guojiao 1573 are struggling with inventory and market trust issues, highlighting the competitive pressures within the industry.