新京报记者 秦胜南 编辑 唐峥 校对 柳宝庆 今年"双11"大促期间，贵州茅台、五粮液、水井坊、舍得酒业、贵州习酒、国台酒业等至少8家头部酒 企以及地方酒企发布告知书与声明，公布官方授权店铺的同时点名部分非授权店铺。一方面，酒企在声 明中直指部分打着"百亿补贴"幌子低价售卖假冒、侵权产品的乱象，提醒消费者通过正规授权渠道购 买；另一方面，此举也被解读为酒企线上的"渠道保卫战"，旨在通过管控渠道秩序实现稳定价格体系。 白酒新一轮周期，库存高企、价格倒挂成为普遍现象，一些酒商低价抛货以缓解现金流紧张，扰乱了市 场价格体系。尽管近两年酒企采取控货稳价措施，却仍难改变价格倒挂趋势。业内人士认为，此举反映 了头部酒企对渠道现状的充分认知，对其核心产品的量价策略也在逐步向控量挺价的方向转变。 半个月至少8家酒企发布渠道声明 尽管此前"双11""618"大促期间，部分酒企发布声明提醒消费者谨慎购买低价产品，但今年的"双11"酒 企集体发声尚属首次。自10月14日茅台公布线上线下销售渠道查询途径以来，据记者不完全统计，截至 11月1日，至少有8家酒企发布了关于渠道店铺的授权情况。 其中，五粮液已连续发布四封消费者告知书。此前 ...

Core Insights - The white liquor market is experiencing significant price fluctuations and promotional activities as the Mid-Autumn Festival and National Day approach, leading to a general decline in product prices [2][3][18] - High-end liquor prices are mostly decreasing, with many products seeing their average retail prices drop, while some products maintain stable pricing [5][8][13] Price Trends - In Guangzhou, over half of the products have seen average prices decline, including high-end brands like Wuliangye and Moutai, with price drops ranging from a few to several dozen yuan [3][6] - The average retail price of Moutai remains stable at around 2,299 yuan in some channels, while other platforms offer it for as low as 1,799 yuan, indicating significant price variation across different sales channels [5][6] - In Shenzhen, the average retail price of Moutai has dropped to 2,038.6 yuan, with some channels reporting prices below 2,000 yuan [8][11] Promotional Activities - Various sales channels are implementing promotional activities to boost sales, leading to price reductions across multiple products, particularly in the high-end segment [10][15] - The increase in sales volume is noted, especially for products in the thousand yuan price range, as consumers purchase for gifting and gatherings [10][18] Regional Variations - In Dongguan, the average price of Moutai has decreased by approximately 74 yuan to around 2,180 yuan, driven by promotional activities [18][20] - In Foshan, while some products like Moutai have seen slight price increases, most products in the market are experiencing price declines due to promotional efforts [13][15] Overall Market Dynamics - The white liquor market is characterized by a dual nature, with some products experiencing price stability while others face significant declines, reflecting the competitive landscape and inventory management strategies among distributors [22][25] - The overall trend indicates a downward pressure on prices as the industry seeks to stimulate demand during the festive season [2][10][22]

Group 1 - Shandong is a major province for the production and sales of Chinese liquor, with a market size of approximately 55 billion yuan in 2024, making it a competitive battleground for brands [1] - Langjiu Group's chairman, Wang Junlin, is leading efforts to strengthen the company's presence in Shandong over the next three years, despite facing challenges such as high inventory and price inversion in the industry [1] - The white liquor market is currently undergoing a deep adjustment period, with continuous price declines observed in the first half of 2025 [1] Group 2 - Langjiu's product matrix includes key items such as Qinghua Lang, Honghua Lang, and Hongyun Lang, with a focus on premium and high-end products [3] - The pricing structure of Langjiu's flagship product, Qinghua Lang, has shown significant weakness, with a price drop of 21.79% over the past five years [4] - The overall trend in the white liquor market indicates a decline in prices, with Moutai's price dropping by 36.15% since 2022, reflecting changes in consumer behavior and market dynamics [3][4] Group 3 - The competitive landscape in Shandong shows that the majority of consumers prefer strong aroma liquor, with over 70% of low-alcohol consumption in certain regions, posing a challenge for Langjiu's primarily sauce-flavored product lineup [11] - Langjiu's market position in Shandong is relatively weak compared to other brands, with a need to surpass the 1 billion yuan threshold to compete effectively [13] - The market is dominated by established brands like Moutai and Wuliangye, creating a challenging environment for new entrants like Langjiu [13][15]

Core Insights - The white liquor market has experienced a collective price decline since 2025, affecting both high-end and mid-range products due to a cooling consumption environment and high inventory pressures [1][15][16] - The South China region, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, has shown significant price differentiation and a notable decline in retail prices for various white liquor products [1][2][3] Market Performance - More than half of the monitored products have seen a price drop since the beginning of the year, with high-end products being the most affected [2][15] - Among 21 monitored products, 15 experienced a decline in average retail prices, with only 4 showing slight increases and 2 remaining stable [2][3] - The most significant price drop was observed in Feitian Moutai, which fell from approximately 2624 CNY to 2368 CNY, a decrease of 256 CNY [2][3] Price Trends by Product - Feitian Moutai's market price has dropped significantly, with current prices ranging from 2100 to 2400 CNY per bottle, marking a decline of over 15% from its peak [3][15] - Other products in the thousand CNY price range, such as the eighth generation Wuliangye and Guojiao 1573, also saw price reductions, with the eighth generation Wuliangye dropping by 110 CNY [10][15] - Mid-range products like Yanghe Dream Blue M6+ and Guotai Guobiao also experienced price declines, although to a lesser extent compared to high-end products [4][10] Regional Price Dynamics - In Guangzhou, 17 out of 21 products saw price declines, with Feitian Moutai dropping from 2648 CNY to 2305 CNY [7][8] - Shenzhen's market showed a downward trend in retail prices, although some products had inflated prices due to high-end retail channels [9][10] - Dongguan's market exhibited significant price fluctuations influenced by seasonal demand and promotional activities, with Feitian Moutai's price dropping to 2299 CNY during peak sales periods [12][13] Inventory and Market Conditions - The white liquor industry is currently in a deep adjustment phase, with high inventory levels leading to price pressures across all product categories [15][16] - Approximately 60% of companies are facing price inversion, particularly in the 800 to 1500 CNY price range, which is experiencing the most significant downward pressure [15][16] - The average inventory turnover days have increased to 900 days, indicating a challenging market environment for producers [15][16] Future Outlook - The market is expected to continue facing challenges as companies balance between maintaining prices and expanding market share [17][18] - The introduction of new statistical methods and the inclusion of additional cities like Foshan in price monitoring may provide a clearer picture of market dynamics moving forward [20][21]

Core Viewpoint - The launch of the Yangshao Color Pottery Workshop's "Tianshi 20" marks a significant event in China's high-end liquor market, completing the "20-day group" product matrix, which includes Fenjiu Qinghua 20 and Gujing Gonggu 20, reflecting a shift from price competition to value competition in the industry [1][4]. Group 1: Market Dynamics - The "20-day group" represents a collective push from regional liquor brands into the national high-end market, showcasing a new competitive logic based on "region + culture + quality" during a period of deep industry adjustment [1][4]. - The successful pricing strategies of Fenjiu Qinghua 20 and Gujing Gonggu 20 have set a replicable market breakthrough model for other regional brands, with Fenjiu achieving annual sales of 1 billion yuan in Henan and Gujing Gonggu becoming the first local liquor to stabilize at the 500 yuan price point in Anhui [3][4]. Group 2: Industry Trends - The Chinese liquor industry is experiencing a "quantity decline, profit increase" phenomenon, with a reported 1.8% decrease in production but a 7.8% increase in total profits, indicating a transition to a stock game era [4]. - The 300-500 yuan price range is becoming a battleground for brands, as it avoids the dominance of top brands like Moutai and Wuliangye while providing strategic opportunities for regional brands [7][8]. Group 3: Cultural and Marketing Strategies - The Tianshi 20 product utilizes a unique "Nine Grains and Six Pottery" process, integrating traditional pottery into its production, which distinguishes it in a market with severe flavor homogeneity [8][11]. - The cultural narratives embedded in the "20-day group" products enhance their market appeal, with each brand leveraging its historical and cultural significance to connect with consumers [11][15]. Group 4: Distribution and Sales Strategies - Traditional deep distribution models are facing challenges, with average inventory turnover days reaching 900, prompting the "20-day group" to adopt new marketing strategies [14]. - For instance, Fenjiu has managed to keep its provincial market turnover days at around 57, significantly lower than the industry average, while Yangshao is exploring a "culture + media enterprise" marketing ecosystem to enhance brand value and sales conversion [14][18]. Group 5: Future Outlook - The introduction of Tianshi 20 is expected to elevate Yangshao's brand value and profit structure, marking a critical phase in the revitalization of Henan liquor [18]. - The "20-day group" phenomenon suggests a deeper transformation in the post-pandemic consumer market, where consumers prioritize unique value expressions over brand loyalty, and competition shifts towards cultural, technological, and supply chain strengths [18][21].

Core Viewpoint - The high-end liquor market is facing significant challenges due to the implementation of strict anti-waste regulations and price declines driven by promotional activities, leading to a transformation in consumption patterns towards more casual settings [2][6][7]. Group 1: Policy Impact - The recently issued "anti-waste regulations" have imposed strict limitations on alcohol consumption in government settings, significantly affecting high-end liquor sales [3][4]. - Although the impact on government consumption is minimal, the indirect effects on business receptions are notable, with a decrease in the frequency of such events [5][6]. Group 2: Price Decline - High-end liquor prices have dropped significantly, with products like Feitian Moutai priced around 2000 yuan, and other brands like Wuliangye and Guojiao 1573 also seeing substantial price reductions [2][5][8]. - The online sales channels have experienced the most pronounced price declines, particularly during promotional events like the "618" sales [5][8]. Group 3: Changing Consumption Patterns - High-end liquor is shifting from business receptions to more personal consumption scenarios such as family gatherings and casual drinking, driven by both policy changes and price adjustments [7][9]. - The demand for high-end liquor remains resilient among high-net-worth individuals, but the overall consumption landscape is evolving towards a more mainstream market [9][11]. Group 4: Industry Response - Companies are adapting by exploring new consumption scenarios and marketing strategies, such as promoting high-end liquor as part of lifestyle experiences and engaging with younger consumers through innovative marketing [10][11]. - The industry is transitioning from a focus on enterprise-led sales to a consumer-driven approach, emphasizing product quality and emotional connections with consumers [11].