2025年12月5日，一则消息在白酒圈炸开：五粮液将从2026年起对核心产品第八代五粮液实施"变相官降"。 在维持1019元/瓶打款价不变的基础上，经销商可获得119元/瓶的折扣，实际开票价降至900元/瓶。 若叠加厂家补贴，最终拿货成本甚至能压到800多元区间。这是五粮液自2014年以来首次主动下调价格体系， 距离上一次官方降价已整整十年。 五粮液官方随后回应称"出厂价未调整"，强调这只是渠道支持政策的落地。但多位行业人士直言，对于经销商 而言，这就是实打实的降价。一场围绕行业标杆产品的价格风暴，正撕开白酒市场繁荣表象下的裂痕。 压力直接传导至业绩端。2025年三季报显示，五粮液前三季度营收609.45亿元，同比下降10.26%；净利润 215.11亿元，同比下降13.72%，这是公司自2015年以来首次出现营收、净利润双降。 第三季度数据更为惨烈：营收暴跌52.66%至81.74亿元，净利润下滑65.62%至20.19亿元，单季营收被山西汾酒 反超，利润落后于泸州老窖和汾酒，行业排名跌至第四。 根据市场流传的细则，五粮液此次价格调整并未触碰1019元/瓶的"打款价"（即出厂价），而是通过折扣直接 降低"开 ...

Core Viewpoint - The Chinese liquor industry is experiencing significant price fluctuations and a shift in consumer behavior, leading to a fierce battle between liquor companies and e-commerce platforms over pricing and market control [1][3][16]. Group 1: Price Anomalies and Market Polarization - During this year's Double 11 shopping festival, the price of 53-degree 500ml Flying Moutai has dropped to 1499 yuan per bottle on major e-commerce platforms, aligning with the official guidance price [3][5]. - Other premium liquors, such as Junpin Xijiu and Jinsha, have also seen drastic price reductions, with some dropping below 400 yuan [5]. - The price disparity among different brands indicates a profound transformation in the liquor market, with online subsidies clashing with manufacturers' pricing strategies [5][16]. Group 2: Liquor Companies' Countermeasures - In response to the aggressive pricing strategies of e-commerce platforms, major liquor companies have adopted a more assertive stance, publicly disclosing authorized sales channels and naming unauthorized sellers [7][10]. - The collective action from at least eight liquor manufacturers, including Moutai and Wuliangye, reflects a significant shift towards reclaiming control over distribution channels [7][10]. - Maintaining price stability is crucial for liquor companies, as the chaos in pricing can undermine brand positioning and market confidence [10][16]. Group 3: E-commerce Platforms' Strategies - E-commerce platforms have adjusted their subsidy strategies, continuing to offer significant discounts on top-tier products like Moutai to attract high-end consumers [8][10]. - However, the overall subsidy for liquor has decreased as platforms redirect resources to other categories, indicating a shift in focus [10][11]. - The normalization of subsidies has diminished the effectiveness of promotional events, leading to a decline in sales compared to previous campaigns [10][11]. Group 4: Changing Consumer Behavior - The demographic of liquor consumers is shifting, with a significant portion of new customers being young individuals aged 18-29, who now make up 30% of the market [11][13]. - Young consumers are moving away from traditional bulk purchasing habits, opting instead for immediate consumption facilitated by rapid delivery services [13][16]. - This generational change is impacting the demand for high-end liquor, as traditional drinking cultures are being rejected by younger consumers [13][16]. Group 5: Channel Transformation and Distributor Challenges - Traditional distributors are facing significant challenges due to the aggressive pricing from online platforms, leading to reduced profit margins and some exiting the industry [15][16]. - Liquor companies are caught in a dilemma between maintaining price stability and assisting distributors in clearing inventory [15][16]. - The rise of instant retail is accelerating changes in distribution channels, prompting liquor companies to explore new sales models [15][16].

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 "Double 11" shopping festival has seen a continuation of low prices for liquor, but some premium products have reached a price stabilization point, indicating a shift in market dynamics and strategies from liquor companies [1][2][4]. Price Trends - Many liquor products have experienced price drops during the "Double 11" event, with notable examples including: - Junpin Xijiu dropping to a minimum of 589 yuan per bottle from a thousand yuan price range [2]. - Jinsha Zhai's price falling below 400 yuan, reaching as low as 358 yuan per bottle [2]. - Dream Blue M6+ prices ranging from 560 to 650 yuan, with a new low of 499 yuan on e-commerce platforms [2][3]. - However, some products, such as Wuliangye and Guojiao 1573, have shown price stability compared to the "618" event, indicating a reluctance to further reduce prices [3][6]. Subsidy Dynamics - The subsidy levels for liquor during "Double 11" have not significantly increased compared to previous events, with more subsidies directed towards other categories like beauty and electronics [4][5]. - The ongoing presence of subsidies has led to a decrease in consumer demand for liquor, as initial excitement has waned [4][5]. Company Strategies - Liquor companies are adopting a strong stance on price maintenance, emphasizing authorized sales channels and penalizing unauthorized distributors [5][7]. - This approach aims to protect the interests of distributors and maintain product value amidst a challenging market environment [6][7]. Market Conditions - The liquor industry is currently undergoing a deep adjustment phase, with companies focusing on inventory clearance and price stability to support distributors [6][7]. - The overall market sentiment suggests that if prices continue to decline, it could further damage distributor confidence and industry stability [6][7]. Future Outlook - The industry will continue to monitor the impact of "Double 11" on liquor prices, assessing whether they will stabilize or decline further in the coming months [8].

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].

Group 1 - The core viewpoint of the article highlights the ongoing price war in the Chinese liquor market during the "Double Eleven" shopping festival, with a notable decline in promotional intensity compared to previous years [2][3][9] - Major liquor brands such as Moutai, Wuliangye, and Xijiu have adopted a more aggressive stance, emphasizing authorized sales channels to combat unauthorized sales and protect their pricing strategies [3][9][11] - The overall performance of the liquor industry has been declining, with third-quarter reports showing collective downturns for most brands, prompting companies to take action to stabilize prices and support their distributors [3][10][11] Group 2 - E-commerce platforms have shown varied promotional strategies for liquor during "Double Eleven," with Tmall maintaining significant investment while other platforms like Meituan have reduced their promotional efforts [5][6] - The price of major liquor products has increased on some platforms compared to previous promotional periods, indicating a shift in pricing strategies and a reduction in aggressive discounting [5][6][9] - The decline in consumer interest in liquor, as evidenced by lower search interest on platforms like Baidu, has contributed to the downward pressure on prices and the need for brands to reinforce their pricing integrity [9][10][11]

Core Viewpoint - The "Double Eleven" shopping festival has seen a subtle shift in the white liquor price war, with prices continuing to decline and promotional efforts from e-commerce platforms being notably subdued compared to previous years [1][2]. Group 1: Price Trends and Promotions - White liquor prices have reached new lows on various e-commerce platforms, with many well-known brands experiencing a decline in sales performance during the third quarter [1][2]. - Compared to the "618" shopping festival, the promotional efforts during "Double Eleven" have been less aggressive, with reduced subsidies and a shift in focus towards other product categories [1][4]. - Major liquor companies like Moutai and Wuliangye have adopted a more aggressive stance, emphasizing authorized sales channels and warning against unauthorized purchases [1][10]. Group 2: E-commerce Strategies - E-commerce platforms such as Meituan have significantly reduced their promotional efforts for liquor categories during "Double Eleven," shifting their focus to a broader range of products [6][7]. - The promotional strategies have changed, with platforms moving from aggressive low-price tactics to a combination of discounts and coupon packages, effectively raising the threshold for subsidies [6][7]. - The overall subsidy strategy has been reassessed by several instant retail platforms following a previous round of aggressive discounting, leading to a decrease in the availability of low-priced liquor [7][9]. Group 3: Market Dynamics and Consumer Behavior - The ongoing decline in white liquor prices is attributed to a lack of strong demand and a decrease in consumer interest in high-end brands [9][10]. - Many liquor companies are now focusing on maintaining a stable pricing structure to protect their distribution channels and ensure reasonable profits for their partners [10][11]. - The transparency of pricing in the white liquor market has led to a shift in consumer behavior, with some returning to authorized channels for assurance of product authenticity [11].

Core Viewpoint - The "Double Eleven" shopping festival has begun, but the white liquor price war appears to be particularly subtle this year, with prices continuing to decline and promotional efforts from e-commerce platforms being notably subdued compared to previous years [2][4]. Group 1: Price Trends and Promotions - Since the second half of the year, white liquor prices have continued to drop, with many well-known brands reaching new lows on e-commerce platforms [2]. - The promotional efforts for white liquor during this year's "Double Eleven" are less aggressive than in previous years, with lower subsidy levels compared to the "618" shopping festival [2][4]. - Major liquor brands like Moutai and Wuliangye have adopted a more aggressive stance, emphasizing authorized sales channels to combat unauthorized sales and protect their pricing strategies [4][10]. Group 2: E-commerce Platform Strategies - E-commerce platforms have shown a mixed approach to promotions, with Tmall maintaining investment in liquor categories, achieving over 50% growth in white liquor sales compared to last year [5]. - Instant retail platforms like Meituan have reduced their promotional efforts for liquor, shifting focus to other categories and raising the threshold for subsidies [6][7]. - The price of major liquor products on platforms like Meituan is higher than the recent wholesale prices, indicating a shift in strategy post-618 [6][11]. Group 3: Market Dynamics and Consumer Behavior - The overall demand for white liquor has weakened, leading to a further decline in prices, with many brands struggling to maintain their market value [9][12]. - Consumer interest in major liquor brands has decreased, as indicated by a drop in search interest on platforms like Baidu compared to last year [9]. - Liquor companies are increasingly emphasizing the importance of authorized channels to ensure product authenticity and maintain price stability, which has led some consumers to return to official sales channels [12].

Core Insights - The annual Double Eleven shopping festival has begun, but the liquor industry is experiencing a "cooling period" with mixed price movements across online and offline channels [2][12] - High-end liquor prices have remained stable despite promotional activities, while some mid-to-high-end products are seeing slight price declines [2][12] Price Trends - In the Greater Bay Area, online platforms are using subsidies to lower high-end liquor prices, while offline channels are mostly observing the market [2][12] - In Guangzhou, over half of the sampled products saw price increases, with high-end products like Wuliangye and Guojiao 1573 experiencing minor price hikes [3][4] - Conversely, some products, including Moutai, saw price reductions due to adjustments by instant retail platforms [4][6] Regional Variations - In Shenzhen, liquor prices showed stability, with some products like Moutai and Guojiao 1573 experiencing slight declines, while others like Wuliangye saw price increases [5][6] - In Foshan, liquor prices remained stable, with Moutai showing a slight increase, while other products experienced minor fluctuations [8][9] - Dongguan reported significant price drops for Moutai, with online channels driving the decline, while mid-range products displayed mixed price movements [10][11] Market Dynamics - The Double Eleven promotions have intensified price competition among high-end liquors, with leading brands like Moutai facing downward pressure on prices [12] - The cautious attitude of distributors towards seasonal sales is reflected in the limited follow-up promotions in offline channels [12] - Despite overall pressure, some brands like Fenjiu and Xijiu have shown resilience with slight price increases, indicating consumer demand for specific products [12]