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 "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 - During this year's "Double 11" shopping festival, at least eight major liquor companies issued statements regarding authorized stores, highlighting the prevalence of counterfeit products sold at low prices under the guise of "billion-dollar subsidies" and emphasizing the need for consumers to purchase through authorized channels [1][2][3] Group 1: Industry Response to Counterfeit Products - Major liquor companies, including Moutai and Wuliangye, have collectively issued warnings about unauthorized stores, marking a significant shift in their approach during promotional events [2][3] - Wuliangye reported that 12% of products purchased online were counterfeit, with a significant portion sourced from large e-commerce platforms [2][3] - The industry is increasingly recognizing the risks associated with unauthorized sales channels, which lack product control and traceability, leading to potential quality issues for consumers [3][4] Group 2: Price and Inventory Challenges - The liquor industry is facing high inventory levels and widespread price inversion, with the average inventory turnover days reaching 900 days, a 10% increase year-on-year [6] - Moutai's price has dropped significantly, with a total decline of 36.15% since 2022, reflecting changes in consumer behavior and market conditions [6][7] - The trend of low-priced promotions has exacerbated price inversion issues, forcing liquor companies to reassess their pricing strategies to maintain market stability [7][8] Group 3: Strategic Shift in Pricing Management - Liquor companies are increasingly focusing on controlling prices and stabilizing their pricing systems in response to market pressures [5][8] - Recent financial reports indicate that only a few companies, like Moutai, have seen revenue growth, while most have abandoned annual growth targets to prioritize channel health and price stability [8] - The ongoing losses faced by many distributors are prompting upstream liquor companies to reconsider their volume and pricing strategies to protect their interests [8]

Group 1 - Major liquor companies, including Kweichow Moutai and Wuliangye, have issued statements during this year's "Double 11" sales event to address unauthorized sales channels and counterfeit products [1][2][3] - The industry is experiencing high inventory levels and price inversion, leading to some distributors selling products at lower prices to alleviate cash flow issues, which disrupts the market price system [1][5][9] - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with 60% of companies experiencing price inversion [6][9] Group 2 - Wuliangye has issued multiple consumer notices, revealing that 12% of products tested were counterfeit, with a significant portion sourced from unauthorized channels [2][3] - The price of Moutai has dropped significantly, with a total decline of 36.15% since 2022, reflecting changes in consumer behavior and market conditions [6][7] - The third-quarter financial reports of 20 listed liquor companies show that only Kweichow Moutai and Jiu Gui Jiu achieved revenue growth, indicating a broader trend of declining performance across the industry [9]

Core Viewpoint - The Chinese liquor industry is facing a severe downturn, characterized by plummeting sales, rising inventory, and a significant shift in consumer behavior, leading to widespread closures of traditional liquor stores and a crisis among liquor companies [1][3][5]. Industry Overview - The number of liquor stores in China is projected to decrease by 17% to 22% in 2025, with some regions experiencing closure rates exceeding 30% [3]. - The average inventory turnover days for the liquor industry reached 900 days in the first half of 2025, a 10% increase from the previous year, indicating a severe liquidity issue for distributors [3]. - Price inversion is prevalent across all price segments, with 32% of high-end liquor priced below cost, leading to minimal profit margins for retailers [3]. Sales and Revenue Trends - In June 2025, sales dropped by 70% due to new alcohol restrictions, with traditional stores struggling to maintain revenue during peak seasons [5]. - Over 90% of liquor companies reported revenue declines in the third quarter of 2025, with notable drops in companies like Shede and Yingjia, which saw revenue decreases of 17% and 18.09% respectively [5][7]. - The overall revenue of 20 listed liquor companies in A-shares fell by 0.86% in the first half of 2025, marking a significant shift in the industry [5]. Consumer Behavior Changes - The proportion of drinkers in China has decreased from 38% in 2016 to 29% in 2024, with a notable decline in the core consumer group of men aged 30-60 [8]. - Younger consumers are increasingly turning to alternatives like beer and cocktails, with white liquor's market share among young people dropping to 31.8% [8][10]. - Traditional consumption scenarios, such as government and business events, have drastically reduced, leading to a shift towards more casual drinking occasions [8][10]. Market Dynamics - The liquor industry is experiencing a crisis of overcapacity, with production declining from a peak of 13.58 million kiloliters in 2016 to 4.145 million kiloliters in 2024 [7]. - The stock market for liquor has also suffered, with the China Securities White Liquor Index halving over four years, and significant drops in stock prices for major companies like Yanghe and Jiu Gui [7]. Strategic Responses - The Ministry of Industry and Information Technology's reclassification of liquor as a historical classic industry aims to provide policy support, but the industry faces challenges from high inventory and changing consumer preferences [10][11]. - There is a debate within the industry about whether to adapt to younger consumers by introducing lower-alcohol products or to maintain traditional practices and cultural heritage [11].

Core Viewpoint - The article discusses the ongoing price protection battle among major liquor companies in response to aggressive discounting on e-commerce platforms ahead of the "Double 11" shopping festival, highlighting the need for a new cooperative model between liquor companies and e-commerce platforms [1][6]. Group 1: Industry Actions - Major liquor companies, including Guizhou Moutai, Wuliangye, and Shui Jing Fang, have issued lists of authorized sales channels and identified unauthorized sellers in a bid to protect their pricing structures [1][2]. - Guizhou Moutai initiated the campaign by releasing a list of official online and offline sales channels, including its own app and major e-commerce platforms like Tmall and JD [2]. - Following Moutai, other companies like Guizhou Xijiu and Wuliangye have also published their authorized channel lists, with Xijiu listing 215 authorized stores [2][3]. Group 2: Market Dynamics - The aggressive pricing strategies employed by e-commerce platforms have led to lower transaction prices for liquor online compared to offline markets, creating pressure on traditional distributors [6]. - The price war initiated by e-commerce platforms has resulted in significant profit erosion for liquor companies, leading to concerns over product quality and service standards [6][4]. Group 3: Consumer Protection and Brand Integrity - The publication of authorized and unauthorized seller lists aims to protect consumers from counterfeit products while stabilizing price expectations among distributors [7]. - The actions taken by these leading liquor companies are seen as necessary to maintain brand reputation and ensure a fair competitive environment in the market [7]. Group 4: Future Strategies - The ultimate goal for liquor companies is to establish a balanced ecosystem that benefits brands, channels, and consumers, integrating supply chain resources effectively [8]. - The rise of instant retail is viewed as a key strategy for liquor companies to enhance consumer engagement and streamline inventory sales [9].

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]

Core Insights - The launch of Moutai 1935 in early 2022 was highly anticipated, aiming to capture the high-end market segment priced around 1,000 yuan, competing with brands like Wuliangye and Guojiao 1573 [1][4] - However, the market performance of Moutai 1935 has been disappointing, with its price dropping from nearly 2,000 yuan to just over 1,000 yuan, reflecting a significant decline [3][4] - The revenue for the Moutai sauce-flavored liquor segment, including Moutai 1935, was only 13.763 billion yuan, with a growth rate of 4.69%, far below the previous years' growth rates of over 25% [3][4] Market Dynamics - The initial hype around Moutai 1935 saw its price soar due to high demand, but this was not sustainable as the market shifted towards a more rational consumption pattern [4][5] - The supply-demand dynamics have reversed, with increased production capacity leading to greater market supply, while demand for high-end liquor has contracted due to macroeconomic factors [5][9] - Competitors like Wuliangye and Guojiao 1573 have established strong market positions, with Wuliangye's high-end products generating over 60 billion yuan in revenue in 2023, and Guojiao 1573 crossing 20 billion yuan [6][7] Competitive Landscape - Wuliangye's strong brand presence and mature distribution network give it a competitive edge in the high-end liquor market [6] - Guojiao 1573 has successfully utilized targeted marketing strategies to strengthen its position, while Qinghualang leverages its technical expertise in sauce-flavored liquor [6][7] - Junpin Xijiu has rapidly grown by focusing on quality and cost-effectiveness, achieving over 20 billion yuan in revenue in 2023 [7] Consumer Trends - The purchasing motivations of younger consumers are shifting from gift-giving to personal consumption and social drinking, impacting the demand for high-end liquor [7][9] - Moutai 1935 lacks a distinct taste profile and situational adaptability compared to competitors, making it less appealing to consumers [7][9] Strategic Recommendations - Moutai needs to redefine Moutai 1935's product value beyond being a cheaper alternative to Feitian, focusing on unique product positioning and consumer engagement [10][11] - Strengthening channel management and price control is essential to avoid price wars and maintain brand integrity [11] - Moutai should enhance its brand appeal among younger consumers through innovative marketing strategies and community engagement [11][12] Conclusion - The challenges faced by Moutai 1935 reflect a broader trend in the high-end liquor market, where brand prestige alone is insufficient for success [12] - To thrive in the competitive 1,000 yuan segment, Moutai must enhance product quality, clarify brand positioning, and develop a robust distribution ecosystem [12]

Core Viewpoint - The Chinese liquor market is experiencing a significant shift, with online sales surging while traditional sales are declining, leading to a competitive struggle among major liquor brands to protect their pricing and market share [1][2][22]. Group 1: Market Trends - Sales of liquor have decreased by 20-25% year-on-year during the "Double Festival" period, while online platforms like Meituan and Yima have seen white liquor sales increase by approximately 800% [1]. - The rise of unauthorized online sales is threatening traditional distributors and forcing liquor companies to take action against price undercutting [2][16]. Group 2: Company Responses - Xiaohutuxian has proactively engaged in consumer interaction and brand promotion, leading to its rise in the market, surpassing other popular brands [4][6]. - Major brands like Xijiu, Wuliangye, and Guotai are responding to the pricing crisis by launching consumer notices and new products to stabilize their market positions [12][18]. - Wuliangye has publicly named and targeted unauthorized online platforms to protect its brand integrity and consumer interests [18][22]. Group 3: Competitive Dynamics - The competition among Xiaohutuxian, Xijiu, Wuliangye, and Guotai is intensifying as they all seek to combat online price disruptions, indicating a broader industry trend that may involve other leading brands like Moutai [22][23]. - The ongoing price war and brand protection efforts are expected to be a long-term battle, with potential implications for the entire liquor industry [23].

Core Insights - Guizhou Xijiu held its 2026 Production and Quality Conference to enhance production quality and set new goals for the upcoming year [1][2] - The company aims to transition from quantity accumulation to quality enhancement, focusing on strategic layout, brand building, product quality, and organizational efficiency [2][7] - Xijiu's brand value reached 3090.86 billion, ranking 7th in China's liquor industry, showcasing its growth despite industry adjustments [2] Group 1: Quality Management and Cultural Initiatives - Xijiu emphasizes a strict quality management standard, with "quality is life" as a guiding principle throughout all processes [3][4] - The company promotes quality culture through various activities, including forums and training sessions, to enhance quality awareness among employees [4][8] - Xijiu has implemented a comprehensive quality management system, ensuring stable procurement, continuous improvement in process quality, and effective service quality [3][5] Group 2: Resource Development and Innovation - The company is strengthening its supply chain by expanding local raw material bases and ensuring stable grain supply [5][6] - Xijiu is enhancing its talent pool through a three-year development plan and collaboration with experts and educational institutions [5][6] - The company is investing in research and development, focusing on new technologies and processes to improve product quality and meet consumer demands [6][7] Group 3: Future Goals and Strategic Vision - Xijiu aims to achieve high-quality development and modernization, with 2025 marking the planning year for the "15th Five-Year Plan" [10] - The company is committed to maintaining its quality standards while balancing production and market demands, ensuring a sustainable growth trajectory [7][10] - Xijiu plans to leverage its cultural heritage and innovative practices to contribute significantly to the prosperity of the Chinese liquor industry [10]