智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 2026年1月1日上午，大量消费者聚集在了i茅台APP上，他们想以每瓶1499元的价格购买53°飞天茅台酒。 智通财经记者观察到，9点整，平台进行了第一波产品投放，开售不足一分钟即宣告售罄。页面提示称，9：05会进行第一次补货，之后每隔5分钟进行一次 产品投放。 9:25分页面显示"已售罄"。平台并未公布每次投放的产品数量。市场一度传闻i茅台每日供应100吨飞天茅台酒，但随即被证实为不实消息。 i茅台APP2026飞天茅台自1月1日9点开始每隔5分钟补货一次，均快速售罄/图片来源：i茅台APP 2025年12月31日晚21点，贵州茅台通过官方公众号发布消息称，1月1日上午9时，飞天53%vol 500ml贵州茅台酒（2026）将通过i茅台APP正式发售，每位用 户每日最多可购买12瓶。 每日投放量会综合考虑防止炒作、供需适配和市场稳定确定，当日售完即止。之后，每日上午9时准点开售。 "到底是谁买到了茅台酒？点进去就售罄了。" 茅台爱好者王子明在社交媒体上分享了自己抢购失败的感受。他连续多年申购生肖茅台酒收藏、礼赠，日常 生活中也会购买茅台酒饮用。 | 60 ...

2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 2025年白酒市场多次掀起关于价格的讨论，尤其进入下半年，该行业变得更加多变，其中粤港澳大湾区 白酒的零售价激烈变动，便可见端倪。 这半年时间内，南都湾财社-酒水新消费指数课题组（下称"课题组"）密切关注作为酒水消费高地的粤 港澳大湾区的白酒零售均价走势，并通过价格指数产品《湾区酒价》关注白酒市场热点事件与趋势变 化，探究行业新风向。 课题组从今年下半年的《湾区酒价》数据监测与统计结果发现，大湾区白酒消费热情仍在，但是名酒频 频破价销售，行业在调整期中陷入深度博弈。在消费趋冷与行业调整的双重周期叠加下，市场通过持 ...

Core Viewpoint - The high-end liquor market, particularly the price of 53-degree Feitian Moutai, is experiencing significant downward pressure, with prices dropping below 1600 yuan due to aggressive e-commerce subsidies, indicating a shift in market dynamics and channel transformations within the industry [2][3][14]. Price Trends - On November 4, 2025, the price of 53-degree 500ml Feitian Moutai on platforms like Pinduoduo fell to 1590 yuan per bottle after a "100 billion subsidy," with a single bottle subsidy amounting to 397 yuan [3]. - The two-bottle package price dropped to 3150 yuan, averaging 1575 yuan per bottle, marking a new low in recent market transactions [3]. - The price of Feitian Moutai has seen a significant decline from 2290 yuan during the Spring Festival to below 1700 yuan in late October, representing a drop of over 24% from the beginning of the year [5][14]. Impact on Distributors - The low pricing strategy has created a "price inversion," where the retail price on e-commerce platforms is lower than the wholesale price for distributors, causing significant distress among offline liquor merchants [5][6]. - Distributors are now hesitant to stock up due to the drastic price cuts, leading to disrupted sales rhythms and reduced profit margins [6][8]. - Some distributors are forced to sell at a loss or turn to e-commerce platforms as third-party suppliers to survive in the current market [8][10]. E-commerce Dynamics - The current e-commerce landscape is characterized by a "low-price vortex," where major brands like Moutai and Wuliangye are sold at a loss primarily for customer acquisition rather than profit [10][12]. - New entrants like Meituan and Douyin have intensified competition, leading to increased subsidies and further price reductions [12]. - The traditional distribution model is being challenged as e-commerce gains access to low-cost inventory, diminishing the control that liquor companies previously had over pricing [12][14]. Future Outlook - The ongoing price war is expected to lead to a complete overhaul of the liquor industry's distribution channels, with potential regulatory interventions to curb "involutionary" competition [14]. - The price trajectory of Feitian Moutai will serve as a critical indicator for assessing the overall health of the liquor industry moving forward [14].

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]