2025.12.10 本文字数：2328，阅读时长大约4分钟 作者 |第一财经魏中原 一瓶散装53度飞天茅台的市场批发价悄然逼近贵州茅台（600519.SH）的市场指导价，与两年前的高点相比跌幅高达40%，同期，贵州茅台股价正在考验 1400元关口的支撑力度。 10日酒价数据显示，53度散飞茅台（散装飞天茅台）参考批发价报1500元/瓶，创下年内新低，同比跌幅约20%，较两年前跌约40%。资本市场同样反应冷 淡，贵州茅台股价持续走低，12月10日，该股盘中跌破1400元整数关口，险些跌破今年2月的年内最低点，午后大盘企稳反弹，贵州茅台股价翻红。截至 收盘，贵州茅台报1402.8元，年内累计下跌6.15%，明显跑输沪深300等主要股指。 市场普遍认为"酒价见底股价才见底"，茅台股价是否已触底，成为投资者关注的焦点。贵州茅台股价的持续下跌反映了市场对传统消费类股票的担忧，也 折射出白酒行业面临的深度调整。公司正通过"三个转型"和"三端变革"积极应对挑战，但市场需要时间来验证这些策略的效果。 飞天茅台价格跌至"心理防线" 资产结构上，贵州茅台依然保持不俗的财务实力。截至9月30日，公司总资产达3047.4亿元，其中 ...

2025.12. 10 本文字数：2328，阅读时长大约4分钟 作者 | 第一财经 魏中原 10日酒价数据显示，53度散飞茅台（散装飞天茅台）参考批发价报1500元/瓶，创下年内新低，同 比跌幅约20%，较两年前跌约40%。资本市场同样反应冷淡，贵州茅台股价持续走低，12月10日， 该股盘中跌破1400元整数关口，险些跌破今年2月的年内最低点，午后大盘企稳反弹，贵州茅台股 价翻红。截至收盘，贵州茅台报1402.8元，年内累计下跌6.15%，明显跑输沪深300等主要股指。 市场普遍认为"酒价见底股价才见底"，茅台股价是否已触底，成为投资者关注的焦点。贵州茅台股 价的持续下跌反映了市场对传统消费类股票的担忧，也折射出白酒行业面临的深度调整。公司正通 过"三个转型"和"三端变革"积极应对挑战，但市场需要时间来验证这些策略的效果。 飞天茅台价格跌至"心理防线" 今年以来，飞天茅台价格连续跌破数道关口，今年6月价格跌破2000元关口，到10月底击穿1700元 防线，部分电商促销价低至1399元/瓶。这也是自2018年1月8日，贵州茅台将市场指导价从1299 元/瓶提升至1499元/瓶以来，单瓶批发价格首次跌至指导价。酒 ...

Core Viewpoint - The adjustment of the price for Wuliangye's core product, the eighth generation of Pu Wu, from 1019 yuan to 900 yuan per bottle, represents a significant move in response to high inventory levels and severe price inversion in the high-end liquor industry [2][3][9] Group 1: Price Adjustment Details - The price reduction of 11.7% is accompanied by various subsidies from the manufacturer, potentially lowering the actual cost for distributors to around 800 yuan per bottle [2][3] - The market price for Pu Wu has been hovering around 850 yuan, with some e-commerce platforms selling it for as low as 750 yuan, indicating a significant price inversion where distributors are losing money on each sale [3][7] Group 2: Industry Context and Performance - The high-end liquor industry has faced a downturn since 2025, with Wuliangye experiencing a 52.66% drop in quarterly revenue to 8.174 billion yuan and a 65.62% decline in net profit to 2.019 billion yuan [3][8] - Wuliangye's market share has been overtaken by Shanxi Fenjiu, raising concerns about its position as the second-largest player in the industry [3][8] Group 3: Challenges and Future Outlook - The price adjustment may not fully resolve the underlying issues, as the new price of 900 yuan remains higher than the current market price of 850 yuan, indicating persistent price inversion [9] - The overall demand for high-end liquor has declined by over 20% since 2025, with key consumption scenarios such as business banquets and gifting shrinking, complicating the recovery of terminal sales [9][10] - The reduction in price may weaken brand premium, posing a challenge for Wuliangye to balance channel relief with brand value maintenance [10]