Core Viewpoint - The price of Feitian Moutai has experienced a significant decline, reversing previous gains, indicating volatility in the market for this premium liquor [1][3]. Price Movement - On November 20, the wholesale price of boxed Feitian Moutai dropped to 1640 yuan per bottle, down over 50 yuan from the peak price of 1695 yuan on November 19 [3]. - The wholesale price of bulk Feitian Moutai also fell to 1630 yuan per bottle, compared to a high of 1670 yuan on November 19 [3]. Market Behavior - Some large-scale resellers, referred to as "huangniu," have ceased purchasing due to expectations of further price declines, indicating a cautious market sentiment [3]. - On November 21, there were attempts to stabilize prices, with some resellers quoting high prices of 1670 yuan per bottle, but no transactions occurred [4]. Supply Dynamics - The recent price increase prior to the decline was attributed to a lack of new stock from distributors, as some had sold out their old inventory [4]. - Starting November 20, new products began arriving from distributors, leading to increased supply and downward pressure on prices [4]. Other Products - In addition to Feitian Moutai, other Moutai products such as Moutai Jingpin and Moutai 15-year also saw price declines, with Moutai Jingpin dropping approximately 50 yuan to around 2100 yuan per bottle [4].

Core Viewpoint - The article discusses the recent price trends of Moutai liquor, highlighting a recovery in prices post "Double Eleven" sales, while also noting the ongoing normalization of promotional activities on e-commerce platforms [3][4]. Price Recovery of Moutai - After the "Double Eleven" sales, the price of 53-degree 500ml Moutai has increased, with online prices on platforms like Taobao and Pinduoduo rising to 1670 yuan per bottle, up by 30 yuan from previous days and nearly 80 yuan from the lowest during the sales [5][6]. - Offline, the retail price of Moutai is around 1700 yuan per bottle across various regions, with some authorized stores charging slightly more. The market demand remains stable, and price adjustments are primarily market-driven [5][6]. Profit Margins and Market Dynamics - Despite the price recovery, profit margins for various stakeholders in the Moutai supply chain are shrinking. Current buyback prices for Moutai are around 1600 yuan per bottle, with minimal profit margins for resellers [9]. - The article notes that the e-commerce price pressures are affecting offline sales channels, leading to a complex pricing environment [9]. E-commerce Trends - E-commerce promotions for Moutai have become a regular occurrence, with prices on some platforms remaining lower than offline wholesale prices even after the "Double Eleven" event [9][10]. - Analysts suggest that the low pricing strategies on e-commerce platforms are part of a broader inventory management strategy rather than a sustainable market trend [10]. Industry Shifts - The article indicates a shift in the white liquor industry from a high-volume growth model to a focus on quality and consumer attributes, necessitating adjustments from both liquor companies and e-commerce platforms [10]. - The increasing reliance on e-commerce for sales is evident, with some companies reporting that online sales have grown from 10% to 40% of their revenue, indicating a significant trend towards digital sales channels [10].

Core Insights - The recent price increase of Moutai reflects a shift in the market dynamics, with e-commerce promotions normalizing and a potential oversupply situation in the liquor industry [1][4] Price Trends - After the "Double Eleven" sales event, the price of Moutai has rebounded, with online prices for 53-degree 500ml Moutai reaching approximately 1670 yuan per bottle, an increase of 30 yuan compared to previous days and nearly 80 yuan higher than the lowest price during the sales [2] - Offline retail prices for Moutai are also around 1700 yuan per bottle, with some wholesalers reporting a price increase to 1695 yuan per bottle, reflecting a rise of about 45 yuan [2][3] Supply and Demand Dynamics - The overall market demand for Moutai has not significantly changed, but the retail prices are adjusting based on market conditions [2][3] - The current cost price for distributors is around 1700 yuan per bottle, despite the factory price being 1169 yuan, indicating that additional costs are incurred through various product offerings [3] E-commerce Impact - E-commerce platforms have established a trend of regular promotions for Moutai, which has led to reduced profit margins for various stakeholders in the supply chain [4] - Despite the price recovery, the profit margins for resellers remain low, with some resellers only marking up prices by 10 to 20 yuan per bottle [4] Industry Trends - The liquor industry is experiencing a shift from a high-volume growth model to a focus on quality, with companies needing to adapt to changing consumer behaviors and market conditions [8] - The trend towards e-commerce in the liquor sector is becoming increasingly prominent, with online sales accounting for a growing percentage of revenue for traditional liquor companies [8]

Core Insights - Kweichow Moutai has launched an "instant delivery" service through its iMoutai app, allowing consumers to receive products from authorized stores within a 10-kilometer radius in as fast as 30 minutes [1][2] - The company reported a significant increase in sales, with terminal sales doubling month-on-month and growing over 20% year-on-year since September [2] - The introduction of instant delivery is part of Moutai's strategy to enhance direct consumer engagement and adapt to changing market dynamics, as traditional sales methods are being challenged by new consumer habits [1][3] Group 1: Instant Delivery Service - The iMoutai app now supports instant delivery for products like kilogram Moutai and premium Moutai, with no delivery fees currently charged [1] - This service leverages a network of thousands of offline retail channels, marking a shift from previous purchasing methods that required in-store pickup or standard delivery [2][3] Group 2: Market Dynamics - The instant delivery trend is gaining traction in the alcohol sector, with a long-standing demand for immediate consumption options [2] - Moutai's unique market position, characterized by high consumer demand for authenticity and availability, has driven the need for its platform to evolve from an "official purchase platform" to a more comprehensive retail solution [3]

Core Viewpoint - The introduction of "instant delivery" service by Moutai through the iMoutai app aims to enhance consumer connection and improve sales efficiency during the long holiday period [1][3]. Group 1: Instant Delivery Service - Starting from September 30, the iMoutai app launched an "instant delivery" service for products like kilogram Moutai and boutique Moutai, allowing consumers to receive their orders quickly from nearby authorized stores [1][2]. - The service utilizes a network of over a thousand offline terminal channels, enabling delivery within a 10-kilometer radius, with the fastest delivery time being 30 minutes [3]. Group 2: Market Dynamics - Moutai's management has emphasized the need for channel transformation to better connect with consumers, as the basic demand for Moutai remains unchanged [3]. - Since September, Moutai's terminal sales have reportedly increased by approximately 100% month-on-month and over 20% year-on-year [4]. Group 3: Competitive Landscape - The instant delivery trend is gaining traction in the alcohol sector, with other platforms like 1919 and JiuXian.com having previously offered rapid delivery services [4]. - Moutai's unique market position, characterized by significant price differences and consumer demand for authenticity, has led to a growing reliance on the iMoutai platform for purchasing [5]. Group 4: Future Expansion - The iMoutai platform plans to expand the range of products available for instant delivery, aiming to enhance convenience for consumers [5].

Core Insights - Moutai has launched an "instant delivery" service via the iMoutai app, allowing consumers to receive products from authorized stores within a 10-kilometer radius, with delivery times as fast as 30 minutes [1][2] Group 1: Company Strategy - The introduction of instant delivery is part of Moutai's strategy to enhance direct consumer engagement and adapt to changing market demands [2][3] - Moutai's management has emphasized the need for channel transformation to better connect with consumers who have a demand for Moutai products [2] Group 2: Market Context - The instant delivery service comes as major e-commerce platforms are investing heavily in instant retail, fostering new consumer habits in the alcohol sector [2] - Historically, the demand for immediate alcohol consumption has existed, with competitors like 1919 and JiuXianNet offering rapid delivery services for over a decade [2][3] Group 3: Competitive Landscape - Moutai's move into instant delivery is relatively unique among liquor companies, as many rely on third-party distributors and lack their own delivery systems [3] - The demand for Moutai products has been driven by consumer concerns over product availability and authenticity, particularly given the historical price discrepancies [3][4] Group 4: Future Plans - Moutai plans to expand the range of products available for instant delivery, aiming to enhance convenience for consumers [4]

Group 1 - The wholesale reference price for 2025 Feitian Moutai (53 degrees/500ml) has dropped to 1770 RMB per bottle, marking a new low since its launch, down 20.27% from the initial price of 2220 RMB per bottle [1] - The price for a case of Feitian Moutai remains stable at 1790 RMB per bottle, also a new low, down over 20% from the original price of 2255 RMB per bottle [1] - The price of Feitian Moutai has reached as low as 1700 RMB, with some stores on Pinduoduo selling it at 3400 RMB for two bottles, equivalent to 1700 RMB per bottle [1] Group 2 - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival holidays, despite the third quarter typically being a slow consumption period [1] - Moutai has launched several new products this quarter, including a limited edition commemorative liquor for the 70th anniversary of the five-star trademark, priced at 7000 RMB, with a current wholesale price stabilizing at 10,000 RMB [1] - Moutai's cultural and creative products continue to expand, with the "Huang Xiaoxi Dinner" series selling out quickly after its launch [1] Group 3 - The ultra-high-end products above Feitian are also being iterated, with the announcement of upgraded packaging and new anti-counterfeiting measures for Guizhou Moutai (premium) at the Guizhou Wine Expo [2] - The recent launch of Moutai 1935 exclusive version has introduced a new channel model [3] Group 4 - The core product supporting Moutai's performance remains the Moutai liquor, with the kilogram Moutai emerging as a new core product, currently priced above 3300 RMB in wholesale [4]

Core Viewpoint - The price of Moutai has reached a new low, with significant declines observed in both wholesale and retail prices, indicating a challenging market environment for the brand [1][3][6]. Price Trends - As of September 14, 2023, the wholesale reference price for 25-year Moutai (53 degrees/500ml) in loose bottles is reported at 1770 RMB, down 10 RMB from the previous day, marking a new low since its launch [1]. - The original box price for the same product remains at 1790 RMB, also a new low, reflecting a decline of over 20% from its initial price of 2255 RMB [1]. - The kilogram Moutai (53 degrees/1L) is priced at 3300 RMB, down 18.92% from its launch price of 3700 RMB earlier this year [3]. Market Dynamics - Despite the general trend of declining prices, the white liquor industry is preparing for the peak consumption season around the National Day and Mid-Autumn Festival, with Moutai launching several new products to stimulate demand [8]. - Moutai has been actively engaging with over 200 distributors across various regions, indicating a strategic effort to strengthen market presence [8]. - Limited edition products, such as the 70th Anniversary Commemorative Moutai, have been well-received, with a stable wholesale price around 10,000 RMB, reflecting strong demand in the collectible and gifting markets [8]. Product Development - Moutai is expanding its product line with creative cultural products, which have seen rapid sales, indicating a successful diversification strategy [8]. - The company is also iterating on its high-end products, with recent upgrades announced for premium offerings, including new packaging and anti-counterfeiting measures [8]. - The kilogram Moutai is emerging as a new core product, with increasing inquiries and purchases noted in the market [9].

Core Insights - The wholesale price of 25-year Flying Moutai has reached a new low of 1770 RMB per bottle, down 20.27% from its initial price of 2220 RMB when the platform launched [1] - The original box price for 25-year Flying Moutai remains at 1790 RMB, also a new low, down over 20% from its launch price of 2255 RMB [1] - The kilogram Moutai has also hit a new low of 3300 RMB, down 18.92% from its price of 3700 RMB at the beginning of the year [1] Pricing Trends - The price of 25-year Flying Moutai (53 degrees/500ml) has decreased to 1770 RMB for loose bottles and remained stable at 1790 RMB for original boxes [2] - The kilogram Moutai (53 degrees/1L) has seen a slight decrease to 3300 RMB [2] - The price of 25-year Flying Moutai has been observed as low as 1700 RMB on platforms like Pinduoduo, indicating a competitive pricing environment [6] Market Dynamics - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival, with Moutai Group conducting market research among over 200 distributors [6] - Moutai has launched several new products this quarter, enhancing its market appeal and addressing new consumer demands [6] - Limited edition products, such as the 70th Anniversary Commemorative Moutai, are targeting the collectible and gifting market, with a stable wholesale price around 10,000 RMB [6] Product Development - Moutai is iterating on its high-end products, with upgrades announced for its premium offerings and new anti-counterfeiting measures [7] - The kilogram Moutai is emerging as a new core product alongside traditional offerings like Flying Moutai and Zodiac Moutai [7] - Increased inquiries and purchases for Flying Moutai have been noted in local channels, indicating a potential uptick in demand [8]

Group 1 - The core point of the article highlights the emergence of kilogram Maotai as a new core product in the Maotai liquor segment, alongside the traditional 500ml and zodiac Maotai [1] - According to Goldman Sachs' latest report on the Chinese liquor industry, the price of 1000ml Guizhou Maotai has recently increased, with a rise of 25 yuan per bottle over the past two weeks [1] - Current wholesale prices for kilogram Maotai are reported to be above 3300 yuan, indicating a strong market demand [1] Group 2 - There has been a noticeable increase in inquiries and purchases for the core product, flying Maotai, particularly in the Chongqing local market over the past week [1]