Core Viewpoint - The price of 2025 53-degree 500ml Feitian Moutai has reached a record low, indicating a significant decline in the market for Moutai products, which is impacting the company's stock performance and raising concerns among investors [1][2]. Price Trends - On September 14, the wholesale reference price for 2025 53-degree 500ml Feitian Moutai dropped to 1770 yuan, a decrease of 10 yuan from the previous day, marking the lowest price since its launch [1] - The original box price remained at 1790 yuan, also a historical low, with both prices showing a cumulative decline of over 20% compared to their initial prices of 2220 yuan and 2255 yuan [1] - The wholesale price for the 1L "Kilo Moutai" is reported at 3300 yuan, down 18.92% year-to-date from the initial price of 3700 yuan, indicating a significant market adjustment [2] Stock Performance - Guizhou Moutai's stock price has been under pressure, with a slight decline of 0.49% on September 12, closing at 1516 yuan per share [2] - The stock has experienced a downward trend since the wholesale price first fell below 2000 yuan on June 11, with a series of price drops occurring over the following months [2] Retail Market Dynamics - Retail prices are showing aggressive trends, with some platforms listing the 2025 Feitian Moutai double bottle at 3400 yuan, equating to 1700 yuan per bottle, while "overseas versions" are priced as low as 1490 yuan [2] - Despite some listings above 2000 yuan, there is a noticeable increase in bargaining space for consumers [2] Company Response - During a performance briefing on September 12, an investor questioned the company's ability to accept prices below 1800 yuan ahead of the Mid-Autumn Festival and inquired about potential adjustments to the previously announced 9% growth target [3] - The company's deputy general manager, Wang Li, stated that they are addressing market challenges through precise distribution strategies and maintaining a healthy channel inventory, expressing cautious optimism about future market conditions [3]