Core Viewpoint - Moutai remains the only mental benchmark for high-end liquor, with irreplaceable brand value, and is likely to rebound above the retail price of 1499 yuan, but may struggle to reach previous highs above 3000 yuan [7][8]. Pricing Dynamics - Moutai has multiple price points: factory price at 1169 yuan, suggested retail price at 1499 yuan, and market prices often exceeding 2500 yuan, previously peaking above 3000 yuan [10][18]. - The product's value can be broken down into functional value, emotional value, and asset value, with the latter significantly influencing its market price [10][18]. Value Components - Functional value is tied to cultural practices, where drinking Moutai signifies loyalty and respect in social settings [11]. - Emotional value is associated with demonstrating importance through expensive gifts, with Moutai serving as a status symbol [12][13]. - Asset value positions Moutai as a form of investment, often viewed as a hard currency that retains value better than cash or other assets [15][16]. Market Trends - Moutai's production has increased significantly over the years, with output projected to reach 56,300 tons by 2024, while the actual consumption rate remains low, indicating a stockpiling trend among distributors and collectors [20][21]. - The fear of price drops could trigger a sell-off among investors, potentially leading to a downward spiral in prices, undermining the asset value perception [22][24]. Future Outlook - While Moutai is recognized as a premium liquor, the recent price drop raises questions about its future as an investment asset, with functional and emotional values likely to persist, but asset value may struggle to recover [26]. - A new narrative may be needed to reinvigorate interest and confidence in Moutai's pricing structure [27].