炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 ：中国酒业杂志 官方辟谣1169元飞天直采的背后，是茅台渠道改革深水区中传统经销商体系与新兴直销模式的激烈碰 撞。 岁末年终，飞天茅台价格日渐亲民背景下，"1169元飞天直供全国开放"——近期线上平台出现的这类招 商信息让不少行业人士将信将疑。然而，贵州茅台1月4日晚在官方公众号发布《关于防范虚假招商的提 示》，明确表示此类信息纯属虚假，公司从未授权或委托任何主体发布此类招商内容。 这已是茅台近一个月来第N次辟谣。 "1169招商" 谣言考验渠道管控力 尽管茅台在《声明》中指出，近期线上平台出现的"1169元飞天直采"、"1169茅台申购"等招商信息均不 属实，并表示"将积极配合有关部门调查处理，依法追究有关责任主体法律责任，切实维护市场秩序和 消费者权益"。然而值得注意的是，1169元/瓶的价格并非随意编出的数字，恰恰是此前茅台给经销商的 53度500ml飞天茅台出厂价。可见当下，该出厂价与1499元/瓶的直销价之间存在的330元差价，已经成 为各方争抢的焦点。 在酒通社、《中国酒业》看来，虚假招商背后映射出的，是茅台渠道改革初 ...

Core Viewpoint - The recent price drop of Feitian Moutai reflects a shift in supply and demand dynamics, as well as changes in the company's marketing strategy, leading to a more accessible pricing structure for consumers [1][3]. Group 1: Supply and Demand Dynamics - The wholesale price of Feitian Moutai has fallen below 2000 yuan, with retail prices around 2100 to 2200 yuan, indicating a significant change in market conditions [3]. - The demand for Moutai has decreased due to fewer business banquets and a reduction in speculative buying, resulting in excess inventory at retailers [3]. - The supply side has remained stable, with the company continuing to supply products despite the price drop, contrasting with previous practices of limiting supply to maintain prices [3]. Group 2: Company Strategy Changes - Moutai has shifted from a "hunger marketing" strategy to a "volume expansion" approach, increasing direct sales from 20% to over 30% through platforms like iMoutai [3]. - The introduction of the "Xunfeng Digital World" initiative allows consumers to purchase directly from the factory, reducing the role of middlemen and leading to price reductions [3]. - Plans for increased production of base liquor are expected to further enhance supply, putting additional pressure on prices [3]. Group 3: Financial Performance and Future Outlook - Despite short-term price pressures, Moutai's brand strength, craftsmanship, and scarcity remain intact, with a reported net profit of over 80 billion yuan and a gross margin exceeding 90% [4]. - The company is focusing on channel reforms and increasing the proportion of direct sales, which could lead to more transparent pricing and improved profit retention [4]. - Moutai is also expanding its product range with high-end offerings like 1935 and zodiac wines, which may help mitigate the impact of price declines on Feitian Moutai [4]. Group 4: Investment Considerations - Investors are advised to monitor the sustainability of the increase in direct sales and the growth of high-end products, as these factors will influence future valuation [4][5]. - The current price fluctuations are seen as a normal part of market behavior, and a long-term perspective is encouraged for assessing Moutai's position in the industry [5].