（图片系AI生成） "卖茅台低于市场价将被罚""关停全部茅台未授权店铺""所有售卖1935的商家，立即下架商品"等系列传闻发酵后，抖音近日发布了酒水专项治理数据：今年 已封禁高仿茅台、低价导流黑产账号60万个；近三个月下架违规商品超2000件、清退商家690家。 目前，抖音电商平台一度泛滥的1499元/瓶国内版53度500ml飞天茅台已难觅踪影，取而代之的是茅台官方旗舰及授权店铺1700元以上的稳价陈列。 这场突如其来的"抖音风暴"，只是今年酒企与电商平台 共同"拆弹"低价、假货、逃税三大顽疾的缩影。"双11"前酒厂密集发布黑白名单、10月1日《互联网 平台企业涉税信息报税规定》落地、京东上线"名酒鉴真"……酒业电商生态正被重塑。 从时间线来看，11月10日，抖音平台率先发布《关于酒水版本专项治理公告》，内容直指部分售卖"海外版"酒水的创作者存在恶意营销行为，引发大量消费 者投诉，为后续治理奠定基调。 同日，"卖茅台低于市场价将被罚，达人补贴也不行"的传闻甚嚣尘上，且引发市场对茅台市场价判断标准以及平台如何界定惩罚标准的探讨。不过，对此消 息，抖音电商负责人对外回应称"相关传言不实，属于误读"，但也指出平台发 ...

Core Insights - The white liquor industry is experiencing a significant downturn, with major companies reporting substantial declines in revenue and profit, marking the worst performance in a decade [3][5][24] - The decline is attributed to various factors, including changes in consumer behavior, economic pressures, and a shift in demand dynamics, leading to an inventory crisis across the industry [19][21][23] Industry Performance - In Q3 2025, 20 listed liquor companies in A-shares saw a total revenue decline of 18.42% year-on-year, with net profits dropping by 22.03% [3][24] - Major brands like Wuliangye and Moutai reported drastic revenue drops, with Wuliangye's revenue halving and profits plummeting by 65% [5][28] - Moutai's wholesale price fell below 1700 yuan, a historic low, representing a decline of over 50% from its peak in 2022 [2][3] Inventory Crisis - The average inventory turnover days in the industry reached 900 days, indicating a severe backlog where new products may take over two years to reach consumers [19] - Nearly 60% of distributors reported increasing inventory levels, leading to a cash flow crisis and forcing many to resort to drastic price cuts to survive [19][20] Market Dynamics - The industry is facing a fundamental shift in supply and demand, exacerbated by policies like the "ban on alcohol" which have reduced business-related consumption [21][22] - The once lucrative mid-range price segment (800-1500 yuan) has become a "death zone" for many brands, with 60% of companies experiencing price declines [13][19] Strategic Responses - Companies are urged to restructure their relationships with distributors, focusing on mutual survival rather than aggressive sales targets [29] - A shift towards optimizing product lines and focusing on core products is necessary for regaining market strength [30] - Long-term strategies must include rebranding efforts to appeal to younger consumers, moving away from outdated narratives [32][34]

Core Viewpoint - The price of Feitian Moutai has significantly dropped during the 2025 Double Eleven shopping festival, with prices reaching as low as 1499 yuan per bottle, indicating a major shift in the high-end liquor market and consumer behavior [2][4][12]. Price Trends - In 2024, the price of Feitian Moutai was around 2000 yuan, but by 2025, it fell to 1499 yuan due to aggressive discounting strategies by e-commerce platforms [2][10]. - The price of Feitian Moutai on various platforms during the 2025 Double Eleven included 1640 yuan on Taobao, 1664.9 yuan on JD, and 1499 yuan on Pinduoduo, with some reports of prices as low as 1399 yuan [3][6][10]. Market Dynamics - The prolonged promotional period leading up to Double Eleven has resulted in a continuous decline in prices, with reports of daily price changes and significant drops in wholesale prices [4][5][8]. - The price of Feitian Moutai has been on a downward trend for over a year and a half, with a notable decline starting in April 2024, influenced by various market factors including increased supply and changing consumer preferences [9][10]. Consumer Behavior - The perception of Moutai as a luxury item has diminished, with consumers expressing dissatisfaction over the price drops, indicating a shift in the market dynamics and consumer sentiment [4][11]. - Younger consumers are moving away from traditional drinking cultures, impacting the demand for high-end liquors like Moutai [11][15]. Industry Impact - The decline in Moutai prices is reflective of broader challenges in the liquor industry, with other brands like Wuliangye and Guojiao 1573 also experiencing significant price drops [13][14]. - The traditional inventory management practices in the liquor industry, characterized by "stock pressure-control price-repressure," are being challenged as prices continue to fall, leading to potential long-term implications for the market [14][15].

Core Viewpoint - The recent rumors regarding Douyin's punishment for selling Moutai below market price have been clarified as a misunderstanding, with the platform focusing on combating false advertising and suspiciously low prices in the liquor category, particularly for Moutai [2] Group 1: Douyin's Actions - Douyin has initiated a special action to combat false advertising and suspiciously low prices in the liquor category, specifically targeting two behaviors: misleading low prices for traffic and sales of potentially counterfeit products [2] - The platform has already banned over 100 abnormal low-priced products and restricted 52 merchants from operating [2] Group 2: Industry Response - Major liquor companies have launched a concentrated effort to clean up their sales channels, announcing official authorized sales channels and naming non-authorized stores [3][4] - Companies like Guizhou Moutai and Wuliangye have publicly listed non-authorized stores, including well-known platforms like Meituan and 1919 [4] Group 3: Market Dynamics - The liquor industry is facing a unique market environment with offline sales under pressure while online sales are experiencing explosive growth [5] - During the recent Mid-Autumn and National Day holidays, liquor sales saw a year-on-year decline of approximately 20%, despite some price recovery [5] - In contrast, online platforms reported significant sales increases, with Moutai sales up nearly 10 times and Wuliangye sales up nearly 3 times during the holiday period [5] Group 4: E-commerce Challenges - The rapid growth of liquor e-commerce has led to aggressive price cuts during promotional events like Double Eleven, with Moutai's subsidized price dropping to 1499 yuan per bottle [6] - The shift in supply chain dynamics, moving from direct manufacturer supply to distributor supply, has resulted in significant price discrepancies across platforms [6] - A notable percentage of products purchased from e-commerce platforms have been identified as counterfeit, with Wuliangye reporting that 16.65% of tested products were fake [6] Group 5: Strategic Shifts - Liquor companies are not only focusing on channel cleanup but are also restructuring their channel models to regain control over their brand presence in e-commerce [7] - Collaborations with e-commerce platforms are being explored to enhance brand integrity and sales efficiency [9] - The rapid development of e-commerce presents both opportunities for growth and challenges related to unauthorized sales and price control [9]

Core Viewpoint - The price of Feitian Moutai has experienced a significant decline, with prices dropping below 2000 yuan during the 2025 "Double 11" shopping festival, marking a dramatic shift in consumer sentiment and market dynamics [1][20]. Price Trends - During the 2024 "Double 11," Feitian Moutai was priced at approximately 2036 yuan on Taobao, 2061 yuan on Pinduoduo, and 2499 yuan on JD [1][18]. - In 2025, prices fell further, with Taobao listing it at 1640 yuan, Pinduoduo at 1499 yuan, and JD at 1664.9 yuan [2][7]. - The price of loose Feitian Moutai continued to decline, reaching 1590 yuan on Pinduoduo and 1499 yuan during promotional events [7][12]. Market Dynamics - The prolonged promotional period leading up to "Double 11" has resulted in a continuous price drop, with prices fluctuating daily [6][17]. - The price drop is attributed to various factors, including increased supply, changes in consumer behavior, and aggressive discounting strategies by e-commerce platforms [24][41]. Consumer Sentiment - Consumers have expressed mixed feelings, with some stating that the "Moutai myth" has fallen as prices drop significantly [2][12]. - The decline in prices has led to a shift in purchasing behavior, with consumers focusing more on value rather than brand prestige [24][41]. Industry Impact - The price decline of Feitian Moutai is part of a broader trend affecting the high-end liquor market, with other brands like Wuliangye and Guojiao 1573 also experiencing significant price drops [25][30]. - The industry is facing deep adjustments, with traditional sales strategies being challenged by changing consumer preferences and economic conditions [24][41].

Core Viewpoint - The price of Feitian Moutai has significantly declined during the 2024 and 2025 Double Eleven shopping festivals, driven by aggressive discounting strategies from e-commerce platforms, leading to a perception that the "Moutai myth" has fallen apart [1][2][12]. Price Trends - During the 2024 Double Eleven, Feitian Moutai was priced at approximately 2036 yuan on Taobao, 2061 yuan on Pinduoduo, and 2499 yuan on JD [1][18]. - In 2025, prices dropped further, with Taobao listing it at 1640 yuan and Pinduoduo at 1499 yuan, marking a significant decline from previous years [2][7]. - The price of loose Feitian Moutai has shown a downward trend, with reports of prices falling below 1600 yuan during the promotional period [5][6]. Market Dynamics - The extended promotional period for Double Eleven has led to a "price drop" phenomenon, with prices fluctuating daily and reaching new lows [5][6]. - The price of loose Feitian Moutai fell to 1715 yuan by October 27, 2024, and continued to decline, breaking the psychological barrier of 1700 yuan shortly after [6][12]. - E-commerce platforms are engaged in a fierce subsidy war, further driving prices down and impacting the profit margins of offline distributors [12][13]. Consumer Sentiment - Consumer reactions indicate a divide, with some expressing disappointment over the falling prices, suggesting that the prestige associated with Moutai is diminishing [2][12]. - The perception of Moutai as a high-value product is being challenged as prices approach cost levels, leading to concerns about the brand's market position [12][22]. Industry Context - The decline in Moutai prices is part of a broader trend affecting the high-end liquor market, with other brands like Wuliangye and Guojiao 1573 also experiencing significant price drops [22][26]. - The overall market for high-end liquor is under pressure due to changing consumer preferences, economic conditions, and stricter drinking policies [21][22]. Future Outlook - Analysts predict that the price of Moutai may continue to align closer to the official guidance price of 1499 yuan, reflecting ongoing market adjustments [21][22]. - The white liquor industry is expected to undergo a prolonged period of adjustment, with inventory issues and pricing pressures becoming the norm [48][49].

Core Viewpoint - The article discusses the significant price fluctuations of premium liquor brands like Moutai and Wuliangye during the recent "Double 11" shopping festival, highlighting the impact of e-commerce promotions on the liquor market and the responses from liquor companies to regulate pricing and sales channels [2][8][9]. Price Trends and Promotions - During the "Double 11" period, the price of 53-degree/500ml Moutai dropped below 1700 yuan, reaching as low as 1399 yuan in some promotions, while Wuliangye's price fell to 759 yuan [3][9]. - In comparison, last year's "Double 11" saw Moutai prices around 2000 yuan and Wuliangye prices above 850 yuan [5][7]. Regulatory Actions and Market Responses - E-commerce platforms like Douyin have initiated actions against sellers offering Moutai at prices below market value, responding to consumer complaints about false advertising and potential health risks [2][8]. - Liquor companies, including Moutai and Wuliangye, are actively working to establish official sales channels and combat counterfeit products, with Moutai's management emphasizing the importance of purchasing from recognized sources [16][17]. Industry Challenges - The liquor industry is currently facing significant challenges, including inventory clearance, price discrepancies, and pressure on distribution channels, leading to some companies reporting their worst quarterly performance in a decade [8][19]. - Analysts suggest that the aggressive discounting strategies employed during e-commerce events could undermine long-term brand value and disrupt established pricing structures [7][19]. Market Outlook - The industry is undergoing a deep adjustment phase, with expectations of a gradual recovery as companies manage inventory and pricing strategies more effectively [19][20]. - Recent data indicates that Moutai's wholesale prices have been consistently declining, reflecting broader market trends and pressures [18][19].

Core Viewpoint - The "Double 11" shopping festival has been extended to 36 days, coinciding with a significant crackdown on counterfeit products in the liquor industry, particularly targeting unauthorized sales channels [2][3][4]. Group 1: E-commerce Promotions - Major e-commerce platforms are adopting straightforward discount strategies, with JD.com offering discounts as low as 10% and Douyin providing at least 15% off, while Tmall is distributing 50 billion yuan in consumer vouchers [3]. - JD.com reported a significant increase in sales, with over 5.2 million brands seeing a year-on-year growth of over 300%, particularly in liquor categories, where aged liquor sales surged by 150% [3]. Group 2: Crackdown on Counterfeit Products - Leading liquor companies like Kweichow Moutai and Wuliangye have released official lists of authorized sales channels, while also naming unauthorized sellers, including major platforms like Douyin and Pinduoduo [4][5]. - The crackdown is a response to the aggressive price cuts and the proliferation of counterfeit products, with Moutai's price dropping below 1700 yuan and Wuliangye's below 800 yuan on some platforms [5][6]. Group 3: Industry Dynamics - The liquor industry's recent anti-counterfeit actions are not new, as major brands have previously targeted unauthorized sellers during major sales events [5]. - Industry analysts suggest that the crackdown aims to stabilize pricing, protect consumers from counterfeit products, and encourage e-commerce platforms to establish authorized sales mechanisms [5][9]. Group 4: Market Challenges - The ongoing low-price promotions threaten the survival of offline distributors and disrupt the established pricing structure of the liquor industry [7]. - There are concerns about counterfeit products, with a significant percentage of products tested being fake, highlighting the risks associated with low-price sales [7]. Group 5: Online Sales Growth - Despite challenges, online sales of liquor have seen substantial growth, with platforms like Meituan reporting an eightfold increase in sales and JD.com experiencing a 109% increase during the recent shopping festival [8][9]. - The liquor industry is navigating a complex landscape where online sales are becoming increasingly important, prompting companies to redefine their sales strategies [9].

"双11"大促来临之际，茅台、五粮液等多家白酒企业"喊话"消费者，要选择正规渠道购酒。 近日，宜宾五粮液股份有限公司（五粮液，000858.SZ）在五粮液集团官网发布《致五粮液消费者的告 知书（四）》（下称"告知书"）。这是自2024年11月以来，五粮液第四次发布致消费者告知书，同时， 五粮液还公布了最新电商销售授权渠道。在去年的"双11"，以及今年的"618"促销期间，五粮液也发布 了类似告知书。 而不同于前三次，此次五粮液直接点名46家非官方授权店铺，涉及六大平台，其中抖音有17家、京东4 家、快手9家、美团3家、拼多多8家、天猫淘宝5家。具体来看，包括抖音超市、名优白酒京东严选旗舰 店、美团名酒行、歪马送酒、1919 酒类直供、天猫淘宝百亿补贴官方频道等。根据声明，五粮液电商 销售授权渠道包括在多个电商平台的官方自营店铺，以及京东、天猫、抖音、快手等多个平台店铺。 不仅是五粮液，茅台日前也发布了消费提示，同时公示了贵州茅台酒线上和线下销售渠道。 那么，"双11"来临之际，头部酒企集中规范销售渠道，这一举动该如何看待？ 酒类分析师蔡学飞对智通财经记者表示，在目前行业整体承压情况下，头部酒企在"双11"前集 ...

Core Viewpoint - The Chinese liquor industry, particularly high-end liquor, is experiencing significant challenges, with prices declining and consumer preferences shifting towards lower-priced options [3][5][6]. Group 1: Market Trends - During the 2023 618 shopping festival, high-end liquor prices fell sharply, with Moutai's price dropping to as low as 1840 yuan per bottle, a significant decrease compared to the previous year [3][10]. - The sales volume of high-end liquor has remained stable, but the average transaction price has plummeted by nearly 60%, indicating a shift in consumer preferences towards products priced between 300-600 yuan [4][10]. - The overall market value of the liquor industry is being diluted due to prolonged economic slowdown and industry adjustments, leading to a collapse of the price defense line for high-end liquor [7][9]. Group 2: Inventory and Supply Issues - The liquor industry is facing a severe inventory crisis, with total inventory across 20 listed companies reaching 153.6 billion yuan, a 12.41% increase year-on-year [17][19]. - The average inventory turnover days have risen to 868 days, indicating that products are taking nearly two and a half years to sell [17][19]. - The total social inventory is estimated to exceed 300 billion yuan, with 396.12 million tons of inventory liquor valued at approximately 760.9 billion yuan, pushing the entire industry's inventory scale beyond one trillion yuan [19][20]. Group 3: Consumer Behavior Changes - The primary consumer demographic for liquor is shifting, with younger generations (born between 1985-1994) becoming the new main consumers, accounting for 34% of the market [35][36]. - Younger consumers prioritize taste and flavor over brand recognition and price, indicating a significant change in consumption patterns [36][37]. - The trend of "drinking less but drinking better" is leading to a decline in consumption frequency among older generations, further impacting the high-end liquor market [25][26]. Group 4: Industry Dynamics - The liquor industry is undergoing a structural transformation, with a shift from a focus on brand prestige to a more realistic valuation based on actual consumption [32][33]. - High-end liquor brands are struggling to maintain their market positions as they face increased competition and price pressures, leading to a potential loss of profitability [15][31]. - The industry's pricing structure is under severe strain, with many brands resorting to price cuts and promotional strategies to maintain sales, which may not be sustainable in the long term [28][29].