每经记者｜温梦华 每经编辑｜程鹏 肖芮冬 一年一度的"双11"购物狂欢之际，西南地区一家烟酒终端店老板李牧，却在这个时候主动下线即时零售平台。 几个月前，面对行业疲软和即时零售爆火，他陆续上线了两个平台。"卖了半个多月，虽说有些订单，却没赚到什么利润，还得和顾客扯皮售后问 题……"谈及这段经历，李牧满是失落。 反观今年的平台战报，却是火爆异常。"双11"促销期间，美团闪购茅台、五粮液、剑南春交易额年增长分别为612%、487%、556%；"双11"开门红首日白 酒交易额更是同比增长562%。天猫酒水行业，壹玖壹玖旗舰店闪购订单环比涨了20倍。 一组组惊人数据不断刷新公众对即时零售的期待，而行业内外也为袭来的风口摩拳擦掌。 近期，《每日经济新闻·将进酒》记者对多家酒类终端店进行走访调查，发现酒类即时零售成新消费风口已是行业共识，但商家却更多持谨慎和观望态 度。而像李牧这样尝试之后选择放弃的，也并非个例。 正如硬币的两面：一边是即时零售千亿级赛道的爆发式增长，一边是经销商终端店"只赚吆喝不赚钱"的尴尬，酒类即时零售似乎正陷入"平台热、渠道 冷"的新博弈。 风口之上，平台、酒企、经销商该何去何从？《每日经济新闻·将 ...

Core Viewpoint - The price of various brands of baijiu has been declining significantly this year, with some prices dropping by as much as 30% or nearly halved, leading to increased consumer attention and discussion about baijiu pricing [1][3] Price Discrepancies Across Channels - A recent survey conducted by the Haibao Laboratory revealed substantial price differences for the same type of baijiu across different purchasing channels, with official flagship stores generally having the highest prices and platforms like Pinduoduo offering the lowest prices, sometimes differing by over 40% [1][10][11] - For example, the price of 500ml Feitian Moutai varied from 1499 yuan (requiring reservation) to 1980 yuan (immediate purchase) on Tmall, while Pinduoduo offered it for 1640 yuan, showcasing a price difference of 32.1% [6][7][9] Specific Brand Price Comparisons - The survey included six well-known brands: Moutai, Wuliangye, Langjiu, Yanghe, Fenjiu, and Luzhou Laojiao, with findings indicating that the official flagship store prices were consistently higher than those on discount platforms [10][11] - For instance, the price of Wuliangye's 500ml product varied from 990 yuan on its official store to 769 yuan on Pinduoduo, reflecting a maximum difference of 28.7% [12] - Langjiu's 500ml Qinghua Lang had a price range from 900 yuan to 636 yuan across different platforms, resulting in a price difference of 41.5% [14] Reasons for Price Differences - Industry insiders suggest that the official prices set by liquor companies serve as a retail benchmark and are typically about 20% higher than prices found in other channels [18] - The rise of e-commerce has led to increased competition, with platforms often using baijiu as a loss leader to attract customers, resulting in lower prices compared to traditional retail [18][20] - Concerns about counterfeit products have also been raised, as some online sellers may mix genuine and fake products, particularly when prices are significantly lower than offline [20]

Core Viewpoint - The article discusses the contrasting investment outlooks for two leading companies in the consumer sector: Moutai and Pop Mart, highlighting the ongoing debate among investors regarding which company presents a better investment opportunity [1]. Group 1: Moutai Investment Outlook - Moutai's stock has been under pressure due to long-term impacts from government policies affecting the liquor industry, leading some investors to reconsider their positions [7]. - A significant portion of investors (56%) still favor Moutai, citing its historical resilience and potential for recovery if the price drops below a certain earnings multiple [4][5]. - Despite current challenges, Moutai is expected to maintain a dividend yield of approximately 3.6% in 2024, with projected net profit growth of 10% over the next 25 years, making it a potential long-term hold [10]. Group 2: Pop Mart Investment Outlook - Pop Mart has seen a surge in its stock price, reflecting a shift in consumer preferences towards cultural and collectible products, positioning itself as a leader in the new consumption trend [11][12]. - The company is recognized for its innovative approach, combining IP industrialization and data-driven strategies, which has redefined the perception of "Made in China" as a cultural output rather than just low-cost goods [14]. - Challenges remain for Pop Mart, including reliance on single IPs and balancing global and local market strategies, but its brand strength and market positioning suggest significant growth potential [15]. Group 3: Other Perspectives - Some investors express skepticism about heavily discussed stocks, suggesting that widely researched stocks may have limited speculative upside due to efficient pricing [17][18]. - The article also notes the potential for creative marketing strategies, such as collaborations with popular brands, to enhance product appeal and address inventory issues in the liquor sector [20].