Group 1 - The core viewpoint is that the price of Moutai is experiencing a significant decline, leading to a "demystification" of high-end liquor prices, with the wholesale market price dropping below key psychological thresholds [1][2] - The rapid price drop of Moutai is attributed to long-term inventory accumulation at the channel level, where excessive stockpiling by distributors has created inflated inventory levels [1][3] - The current consumption environment has weakened the demand for high-end consumer goods, leading to a reduction in speculative demand and a rapid evaporation of the "scarcity premium" that supported Moutai's high prices [2][3] Group 2 - The price decline of Moutai is not an isolated incident; the entire high-end liquor industry is undergoing a systemic deleveraging process, with price adjustments observed across various brands [3] - The traditional liquor distribution model, which relied on price arbitrage and layered channel markups, is being reshaped as cash flow margins for companies and distributors shrink [3] - The ongoing price adjustments are expected to create conditions for further expansion of direct sales channels, enhancing price control and increasing retail contributions to profits [2]