记者丨李益文 编辑丨叶映橙 12月12日，第三方平台"今日酒价"数据显示，2025年53度500ml飞天茅台散瓶批发参考价已跌 至1485元/瓶，原箱产品报价为1495元，均较前一日下跌15元，创历史新低。 这一价格也是首次跌破1499元的官方指导价，较两款产品上线时的2220元、2255元累计跌幅 均已超过30%。 | MOUTAI | 茅台飞天 | | 2025年12月12日 (公众号: 今日酒价) | | | --- | --- | --- | --- | --- | | 品名 | | 规格 | 昨日行情 | 今日行情 | | ② 25年で天(原) | | 53度/500ml | 1510 | 1495 ↓ | | ぴ 25年で天(散) | | 53度/500ml | 1500 | 1485 ↓ | 蔡学飞认为，飞天茅台作为礼品与宴席刚需的产品属性没有变化，其社交价值也依然坚挺，从 宏观角度来看，茅台的价格已经企稳，短期内的价格震荡只是个别平台与商户的营销造势罢 了。但蔡学飞也强调，飞天茅台价格的下探也必然压缩整个中国高端白酒的市场空间，从而挤 压其他高端白酒。 事实上，面对价格下行压力，茅台集团正采取 ...

Core Viewpoint - The market price of Feitian Moutai has dropped below 2000 yuan/bottle, indicating a significant adjustment in the pricing system and reflecting profound changes in the high-end liquor market due to various macroeconomic factors, consumption scenarios, and channel transformations [1] Price Fluctuation Trajectory - Feitian Moutai has historically exhibited a "dual-track" pricing feature, with an official guide price of 1499 yuan/bottle, while market prices have been consistently higher. In 2024, the market price reached 2850 yuan/bottle, but by June 2025, it fell to 1980 yuan/bottle, marking a decline of 10% from the beginning of the year [2] - The price drop is significant compared to previous years, with 2023 prices at 2820 yuan/bottle and 2024 prices at 2485 yuan/bottle [2] Market Driving Factors - The decline in Feitian Moutai's price is attributed to structural adjustments in supply and demand. On the supply side, Moutai has adopted a strategy of "increased volume + non-standard product launches," leading to a higher distribution ratio in traditional sales channels [4] - On the demand side, the contraction of consumption scenarios and a rational return of consumers are critical factors. New regulations limiting high-end liquor consumption in government settings have reduced demand [6] Channel Ecology Adjustment - The price drop has compressed profit margins for Moutai distributors, leading to decreased enthusiasm for promoting other Moutai products. The decline in Feitian Moutai's price has resulted in reduced profits, affecting the marketing of other products [11] - Distributors face inventory pressure and profit compression, with some opting to sell off stock, exacerbating price declines [7] Industry Landscape Restructuring - The drop in Feitian Moutai's price has implications for other mid-to-high-end liquor brands, as Moutai's pricing adjustments often trigger a chain reaction in the industry. Brands like Wuliangye and Guojiao 1573 may face downward price pressure [12][14] - The overall price level in the industry may decline, impacting profit margins for various companies [14] Short-term Volatility and Long-term Value Recovery - In the short term, Feitian Moutai's price may continue to face downward pressure due to seasonal demand fluctuations and ongoing inventory issues [15] - However, the brand's value and scarcity attributes provide long-term price support, with potential recovery in demand as the economy improves [17]