Core Insights - The price of Feitian Moutai has significantly decreased, with the wholesale price on December 10 reported at 1500 RMB per 500ml bottle, marking a 15 RMB drop from the previous day and a nearly 32% decline from approximately 2200 RMB at the beginning of the year [1][9][10] Price Trends - 2023 has been a pivotal year for Feitian Moutai's pricing, with the wholesale price dropping below key thresholds of 2000 RMB, 1900 RMB, and 1800 RMB in June, and further falling below 1700 RMB and 1600 RMB in November [3][12] - The decline in prices is attributed to both seasonal factors and significant promotional events on e-commerce platforms [12] Market Impact - The reduction in Feitian Moutai's price reflects a broader return to rationality in the liquor market, potentially impacting other high-end liquor brands [5][13] - The price drop is expected to eliminate speculative bubbles and align product pricing with genuine consumer demand, thereby strengthening the brand's long-term value [5][13] Consumer Behavior - The ongoing decline in wholesale prices has influenced consumer perceptions, with retail prices reported as low as 1550 RMB in some stores, compared to around 2400 RMB in June, indicating a 25% decrease [4][13] - The price reduction is seen as a way to lower the consumption threshold, expanding the consumer base and potentially stabilizing Moutai's market demand [5][14] Company Performance - Guizhou Moutai's revenue for the first three quarters of the year reached 130.9 billion RMB, with a net profit of 64.63 billion RMB, both representing the lowest growth rates in nearly 11 years and falling short of the 9% annual growth target [7][16] - In response to price fluctuations, Guizhou Moutai has launched high-priced commemorative products to maintain brand prestige, including a limited edition priced at 7000 RMB and another at 11000 RMB [8][16]