Core Viewpoint - The launch of the 70th Anniversary Kweichow Moutai has sparked a buying frenzy, with prices skyrocketing from an initial retail price of 7,000 yuan to over 23,000 yuan in just a few days, indicating a significant market demand and speculative trading behavior [2][4][6]. Pricing Dynamics - The initial price of the 70th Anniversary Kweichow Moutai was set at 7,000 yuan, with a limited release of 25,568 bottles [3]. - Within 5 minutes of its launch, the product sold out, but some orders were later canceled, leading to fluctuating prices [3]. - By the weekend, the recovery price rose to between 7,500 and 9,000 yuan, with some special codes fetching even higher prices [4]. - On Monday, the recovery price surged to over 10,000 yuan, with reports of specific codes being sought after for as much as 60,000 yuan [4][6]. - By Wednesday, the recovery price stabilized between 14,000 and 18,000 yuan, with selling prices reaching 18,000 to 20,000 yuan, and some merchants quoting as high as 23,000 yuan [6][8]. Market Behavior - The rapid price increase has led to a phenomenon termed "pigeon tide," where buyers are canceling orders rather than fulfilling them, causing disputes among merchants and buyers [7]. - Some merchants expressed regret over their participation in the buying frenzy, as many orders could not be fulfilled at the agreed prices [7]. - The market sentiment has been described as exceptionally high, reminiscent of previous speculative bubbles in the Moutai market [4][6]. Industry Context - The release of the 70th Anniversary Kweichow Moutai has been characterized as a "textbook case" of a successful product launch, especially during a period of adjustment in the liquor industry [8][9]. - The product's direct sales through the iMoutai platform have eliminated traditional distributors' profit margins, allowing for better data collection on high-net-worth customers [9]. - Kweichow Moutai's strong brand trust, built over 70 years, has led consumers to view its products as valuable assets, a sentiment that is difficult for other brands to replicate [9]. Financial Performance - Kweichow Moutai reported a revenue of 91.094 billion yuan for the first half of the year, a year-on-year increase of 9.16%, with net profit reaching 45.403 billion yuan, up 8.89% [9].