这场从年中延续至今的价格下行潮，在购物节的催化下愈演愈烈，正在改写高端白酒的市场规则。 双十一茅台价格大跳水 11月4日，各大电商平台的白酒促销战进入白热化阶段，53度500ml飞天茅台的价格成为最大焦点。 中国基金报记者在拼多多平台看到，这款核心单品经过"百亿补贴"后，价格直接降至1590元/瓶，单瓶补贴金额高达397元。 更具吸引力的是双瓶装规格，补贴后总价跌至3150元，折算下来单瓶仅1575元，创下近期市场成交价的新低。 不过并非所有平台都跟进了这场低价竞赛，淘系平台的飞天茅台售价仍维持在1640元/瓶，未参与大规模补贴，京东自营店的价格则更高，保持在 1899元/瓶的水平，与拼多多的价差超过300元。 2025年"双十一"大促正酣，高端白酒市场却传来震动性消息，53度飞天茅台价格再度下探，部分电商平台补贴后单价跌破1600元大关。 作为白酒行业的"风向标"，飞天茅台的价格波动从来都不只是单一商品的行情变化，背后牵动着电商平台的流量博弈、线下酒商的生存焦虑以及整 个白酒行业的渠道变革。 值得注意的是，电商的低价已形成"价格倒挂"，11月4日酱酒平台"不二酱"的数据显示，2025年飞天茅台散瓶的酒商调货 ...

Group 1 - Shanxi Fenjiu's stock price reached 186.80 yuan as of August 12, 2025, with a slight increase of 0.10% from the previous trading day [1] - The company operates in the liquor industry, primarily producing and selling Fenjiu and Zhuyeqing liquor, with well-known brands such as "Xinghuacun" and "Zhuyeqing" [1] - Recent changes in the liquor industry channels have attracted market attention, with several liquor companies collaborating with emerging retail channels like Sam's Club, Hema, and Pang Donglai to launch customized products [1] Group 2 - The product "Jiu Gui · Free Love," developed in collaboration with Pang Donglai, has seen a supply shortage after its launch [1] - Hema partnered with Sichuan Liquor Group to introduce three types of light bottle liquor, with the lowest price set at 27.9 yuan [1] - Sam's Club has attracted consumers through tasting events and exclusive products, offering over 80 SKUs of liquor [1] Group 3 - As of August 12, 2025, the net outflow of main funds for Shanxi Fenjiu was 11.6154 million yuan, accounting for 0.01% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 360.8638 million yuan, representing 0.16% of the circulating market value [1]

Core Viewpoint - Kweichow Moutai plans to establish joint venture companies in various provinces to stabilize market prices and develop customized cultural products, but the initiative has reportedly been paused, raising concerns among stakeholders [1][2]. Group 1: Joint Venture Plans - Kweichow Moutai aims to set up joint venture companies with registered capital ranging from 50 million to 100 million yuan, led by provincial distributors [1]. - The joint venture initiative is intended to support price stability for Moutai liquor and promote the development of local cultural products [3]. - The plan was expected to be launched in the fourth quarter of 2025, but reports indicate that it has been temporarily halted, with reasons still unclear [2]. Group 2: Market Context and Challenges - The liquor industry is facing multiple pressures, including policy adjustments, changes in consumer structure, and intensified competition, necessitating proactive responses from companies [3]. - Kweichow Moutai has set a performance growth target of 9% for 2025, which is a slowdown compared to the 15% target for 2024, reflecting the overall deceleration in the industry [4]. - The company is focusing on maintaining price control and enhancing operational efficiency through the establishment of joint ventures, similar to actions taken by other major players like Wuliangye [4]. Group 3: Online Sales Channels - Kweichow Moutai's online sales platform, "i Moutai," has become a significant driver of growth, with sales revenue reaching 22.374 billion yuan in 2023, a year-on-year increase of 88.29% [8]. - The company is actively engaging with e-commerce platforms to stabilize pricing and enhance sales, as evidenced by recent visits to major platforms like JD.com and Alibaba [12]. - The online channel has transitioned from a supplementary sales avenue to a key growth engine for the industry, with many companies increasing their direct sales proportions [8].

Industry Dynamics - In the first five months, the retail sales of tobacco and alcohol reached 278.7 billion yuan, with a year-on-year growth of 6.7% [4] - In May, China's beer export volume increased by 52.9% year-on-year, totaling 78.41 million liters, while the export value rose by 59.6% to 406.94 million yuan [4] - During the "618" shopping festival, Meituan's flash purchase platform reported a more than tenfold increase in white liquor sales compared to the same period last year [5] - The 2025 Sichuan International Wine Expo opened, featuring over 100 renowned wine companies from more than 10 countries [5] - Three companies, including Wuliangye, Shede, and Budweiser, were selected as advanced intelligent factories in Sichuan for 2025 [5] - Chengdu's ecological environment bureau issued "15 measures" to support the high-quality development of the liquor industry [6] Company Dynamics - Kweichow Moutai won the "Investor Relations Management Tianma Award" for its outstanding practices and shareholder returns [7] - Wuliangye issued a consumer notice clarifying that it has never sold a product called "Light Bottle Eighth Generation Wuliangye," which violates food safety laws [7] - Wuliangye's new smart packaging project is expected to enter trial production by the end of this year, with an estimated annual sales of over 3 billion yuan [8] - Jian Nan Chun's second phase of the Grand Tang National Liquor Ecological Park began production, adding 30,000 tons of quality raw liquor capacity and creating 3,000 jobs [9] - Zhujiang Beer announced a leadership change, with Huang Wensheng appointed as the new chairman [9] - Zhangyu Cabernet N188 won the highest award at the Decanter World Wine Awards, marking a significant achievement for Chinese wine [9]