Core Insights - The 2025 "618 Shopping Festival" started on May 13 and will last until June 18, marking the longest duration in its history, aimed at stimulating consumer spending [1] - Despite a pessimistic outlook for the liquor market in 2023, data from e-commerce platforms during the 618 period shows strong sales momentum for alcoholic beverages [1][2] - The sales of liquor products on platforms like Tmall and Meituan have seen significant year-on-year growth, with Tmall's core liquor brands increasing by 72% in the first phase of the event [1][2] E-commerce Performance - From May 13 to May 26, Tmall's liquor sales saw a 72% increase compared to the same period last year, with domestic liquor, wine, and yellow wine all achieving double-digit growth [1] - Meituan's flash sales reported a nearly 19-fold increase in liquor sales, with over 50 categories of products, including liquor, experiencing over 100% growth compared to last year [1][2] - Live streaming has significantly boosted liquor sales, with Tmall's liquor live streaming sales increasing by 20% year-on-year, and wine live streaming sales soaring by 108% [1] Pricing Strategies - The competitive pricing during the 618 event has contributed to the strong sales, with notable discounts on premium liquor brands [2][4] - For instance, Moutai 1935 was priced below 800 yuan on various platforms, while Guojiao 1573 was available for as low as 773 yuan per bottle, making them attractive to consumers [2] - Despite the discounts, liquor companies are managing their pricing strategies to avoid disrupting the overall pricing system for distributors [4][5] Market Dynamics - The liquor industry is facing challenges with price inversions, where retail prices are lower than distributor prices, affecting profitability for offline retailers [5][6] - In 2025, liquor companies have adopted a "control inventory and maintain prices" strategy, with several brands issuing stop-sale notices to stabilize prices [5][8] - The offline retail market has not been significantly impacted by the online promotions, as many stores did not engage in similar discounting activities [6][7] Industry Outlook - Major liquor companies, including Moutai and Wuliangye, have adjusted their revenue growth targets downward, indicating a cautious outlook for the industry [8] - The ongoing competition from online channels continues to pressure traditional retail margins, as consumers have more options and price comparison capabilities [6][8]