Group 1 - The price of Feitian Moutai has decreased due to e-commerce subsidies, with some platforms offering it for as low as 1650 yuan after discounts [1][3] - E-commerce platforms are actively providing discounts on high-end liquors like Moutai and Wuliangye to attract customers and compete, leading to a significant increase in online sales [3] - The online retail channel for liquor has seen rapid growth, with a reported 8-fold increase in sales during the last weekend before the National Day holiday [3] Group 2 - The overall liquor industry is experiencing a downturn, with Moutai setting a modest growth target of 9% for the year [4] - Moutai's revenue for the first half of the year was 91.094 billion yuan, reflecting a year-on-year growth of 9.16%, while net profit grew by 8.89% [4] - There has been a significant decline in contract liabilities, indicating reduced willingness from distributors to stock products, with pre-receivable payments dropping from 9.592 billion yuan to 5.507 billion yuan [4]

Core Insights - The offline channels are gradually recovering ahead of the Mid-Autumn Festival and National Day, while online instant retail channels are emerging as a new battleground for growth in the liquor industry [1][6] - The challenge for liquor companies is to deeply explore consumer scenarios to further activate both online and offline markets as the peak consumption season approaches [1] Offline Market Recovery - A cautious replenishment strategy is observed among offline distributors, with a slight recovery in consumer activity compared to the previous off-season, although overall consumption remains weak [4] - The China Alcoholic Drinks Association reported that the average inventory turnover days in the industry reached 900 days in the first half of 2025, a 10% year-on-year increase, with inventory levels rising by 25% [4] - Guizhou Moutai's 53-degree 500ml Feitian Moutai saw a price increase, with the price rising by 25 yuan per bottle to 1765 yuan on September 23, indicating some recovery in premium liquor segments [4] Online Instant Retail Growth - Online channels, particularly instant retail, are becoming a significant growth point for liquor sales, contrasting with the slow recovery in offline markets [6][12] - Major platforms like Meituan are offering rapid delivery services for liquor, with a diverse range of products available [11] - The collaboration between liquor brands and instant retail platforms is enhancing consumer experience and addressing inventory issues, with significant sales growth reported during promotional events [12][13] Evolving Consumer Scenarios - The liquor industry is shifting from traditional high-end consumption scenarios to more accessible and casual settings, such as home gatherings and outdoor activities [14][15] - The demand for smaller, portable packaging is increasing, with a notable rise in the consumption of low-alcohol products in outdoor settings [15] - Companies are adapting their marketing strategies to align with these new consumer scenarios, integrating online and offline channels to create a cohesive market approach [15][16]