Core Viewpoint - The ongoing "618 War" in e-commerce has significantly impacted the pricing and sales strategies of traditional liquor distributors, particularly for premium brands like Moutai, with online prices dropping below wholesale levels [1][3][6]. E-commerce Competition - JD.com and Meituan have initiated aggressive pricing strategies for premium liquor, with Moutai priced at 1998 RMB on Meituan and 1990 RMB on Pinduoduo, both below the wholesale price of 2130 RMB [2][3]. - The competition has led to a situation where traditional distributors are struggling to maintain margins, with some describing their situation as "naked running" due to the transparency and aggressive pricing of e-commerce platforms [2][6]. Impact on Traditional Distributors - Traditional liquor distributors are facing severe challenges, with predictions that at least 50% may not survive due to the aggressive pricing strategies of e-commerce platforms [6][7]. - The industry is experiencing a significant shift, with many distributors needing to adapt to the new e-commerce landscape or risk obsolescence [9][12]. Consumer Behavior - The low prices during the "618 War" have attracted consumers, with reports of individuals purchasing multiple bottles to take advantage of the deals [4][5]. - Consumers are increasingly favoring online platforms for their convenience and pricing, which may lead to a long-term shift in purchasing habits [11][12]. Industry Response - Experts suggest that the liquor industry must view e-commerce as a long-term strategy rather than a short-term channel, advocating for a shift in mindset towards integrating e-commerce into core business strategies [9][12]. - The industry is also seeing a call for collaboration between traditional and online sales channels to optimize market reach and consumer engagement [11][12].

Core Viewpoint - The white liquor market is experiencing a slight price decline ahead of the Dragon Boat Festival, with various products showing different degrees of price drops [1][2]. Price Trends - High-end liquor prices have seen notable changes, with Feitian Moutai's average selling price dropping from 2269 CNY/bottle to 2230.4 CNY/bottle, a decrease of 38.8 CNY/bottle [1]. - The price of Feitian Moutai in retail channels decreased from 2300 CNY/bottle to 2250 CNY/bottle, while prices in the billion subsidy channel fell from 2040 CNY/bottle to 1990 CNY/bottle [1]. - Guojiao 1573's latest average selling price is 946.89 CNY/bottle, down by 29.22 CNY/bottle, primarily due to online channel influences [1][2]. Market Dynamics - In the next tier of pricing, the average selling price of Shui Jing Fang Zhen Niang No. 8 decreased from 357.44 CNY/bottle to 345.22 CNY/bottle, influenced by online sales [2]. - Conversely, the average price of Jin Zhi Xi Jiu increased from 205.56 CNY/bottle to 218.63 CNY/bottle, with significant price hikes observed on platforms like JD and Tmall [2]. - Overall, among 13 popular liquor products surveyed, 9 showed a price decline, while 2 increased and 2 remained stable [2]. Seasonal Trends - May is traditionally a slow sales season for the liquor market, yet it serves as a critical marketing period for brands [4]. - Seven liquor brands launched new products in May, including collaborations and new high-end offerings [4][5]. Product Innovations - Moutai 1935 has expanded its product line, introducing a new 1.935L variant aimed at high-end gifting scenarios [5]. - Other brands, such as Luzhou Laojiao and Jiu Gui Jiu, have also released new products, focusing on cultural attributes and mid-to-high-end market segments [5].