Core Viewpoint - Despite the stable performance of Kweichow Moutai in the secondary market, the market price of its core product, Feitian Moutai, continues to decline, contrary to expectations for the traditional sales peak during the Mid-Autumn and National Day holidays [2][5]. Group 1: Price Trends - As of September 9, 2023, the wholesale price of 2025 Feitian Moutai has dropped to 1790 yuan per bottle, falling below the critical 1800 yuan mark [5]. - In March 2023, the price of Feitian Moutai reached an annual high of approximately 2300 yuan per bottle for a full box and 2200 yuan for a single bottle, but prices have steadily decreased since then [5]. - The current retail prices for 2025 and 2024 Feitian Moutai are reported at 1880 yuan and 1920 yuan respectively, with some stores not stocking the 2025 vintage due to price volatility [3][5]. Group 2: Market Dynamics - The continuous price decline has led to significant losses for some distributors, with monthly losses reaching tens of thousands of yuan due to the volatile pricing environment [6]. - The high-end liquor market is facing multiple pressures, including weakened demand during the off-season and a noticeable trend of "de-financialization" in the industry, leading to reduced speculative enthusiasm among investors [6]. - The current market transaction volume has significantly shrunk, prompting distributors to adopt a wait-and-see approach and halt inventory accumulation, reflecting a deep adjustment in the high-end liquor market [6].