Core Viewpoint - The price of Feitian Moutai has been experiencing fluctuations, with recent increases in wholesale prices, indicating a potential market adjustment and the company's intervention to stabilize prices [1][5][10]. Price Trends - As of June 28, 2025, the wholesale price for 25-year Feitian Moutai (53 degrees/500ml) is reported at 1920 RMB per bottle, an increase of 50 RMB from the previous day [1][2]. - The prices for various Moutai products have shown a general upward trend, with 24-year Feitian Moutai (original box) at 1920 RMB, and 23-year Feitian Moutai (original box) at 2010 RMB, both reflecting slight increases [1][2]. - However, some products, such as Xunfeng Feitian, have seen price declines, indicating a mixed market response [3]. Market Dynamics - The price adjustments are attributed to a combination of factors, including pressure on consumption, high inventory levels among distributors, and a shift in consumer preferences towards healthier options [8][10]. - The company has been proactive in managing supply, aiming for a 9% growth target while addressing market imbalances caused by seasonal demand fluctuations [10][11]. Company Strategy - Moutai has engaged in discussions with major e-commerce platforms like JD and Alibaba to enhance brand presence and manage pricing strategies effectively [6][10]. - The company is focusing on maintaining market order by limiting supply to certain channels and increasing market surveillance to prevent price violations [5][10]. Future Outlook - Analysts suggest that the current price adjustments may reshape the liquor consumption landscape, influenced by broader economic and demographic trends [8][10]. - Moutai's strategic measures, including inventory management and targeted marketing, are expected to support its market position and potentially lead to further share expansion [11].

Core Viewpoint - The price of Feitian Moutai has been declining, leading to a corresponding drop in the stock price of Kweichow Moutai (600519.SH), which is approaching the 1400 yuan mark [1][2]. Price Movement - As of June 16, Kweichow Moutai's stock price reached a low of 1401.18 yuan per share, marking a significant drop from over 1600 yuan just a month prior, resulting in a market value loss exceeding 250 billion yuan [1][2]. - The price of Feitian Moutai has decreased by over 100 yuan within the month, with the retail price for a 500ml bottle dropping from 2170 yuan to 1960 yuan, reflecting a decline of 10.71% [4][6]. Market Dynamics - The decline in Moutai prices is attributed to the seasonal drop in liquor consumption post-Spring Festival, which typically affects premium liquor prices [10]. - E-commerce promotions, particularly around the "6·18" mid-year sales, have further pressured the prices of Feitian Moutai, as aggressive discounting strategies impact the market [10]. Consumer Behavior - Changes in consumer demographics, particularly the rise of younger consumers, are influencing the demand for high-end liquor, leading to a natural price correction for Moutai [11]. Dealer Strategies - Moutai distributors are actively seeking to stabilize prices through measures such as limiting supply to certain channels and increasing market surveillance to enforce compliance [8]. Analyst Outlook - Despite the recent price declines, analysts remain optimistic about Kweichow Moutai, with multiple brokerages maintaining "buy" or "strong buy" ratings and setting target prices significantly above the current market price, indicating potential upside [12][13].

随着飞天茅台价格的走低，贵州茅台（600519.SH）的股价也随之调整，即将跌破1400元的关口。 6月16日，贵州茅台低开，盘中最低报1401.18元/股，上次触及该价还是今年的2月6日，当时最低价为 1400.01元。 对于酒价的持续的下跌，茅台酒的经销商也在想方设法稳价。 据智通财经，多位渠道人士表示，近日茅台部分省区经销商联谊会就茅台酒"稳市稳价"事项进行沟通， 并达成一致意见，主要内容包括：限制向电商、批发市场、省外等部分渠道供货；经销商联谊会将加大 市场巡查，对于违反相关规定的，将视情况给予包括停货、上报乃至取消合同的处理。 茅台酒价为何下跌？ 据北京商报报道，白酒从业者指出，过了春节假期后便进入白酒消费淡季，在这期间，名优白酒也会出 现价格下降的情况。对于贵州茅台而言，其金融价值、投资价值支撑使其淡季价格不会下跌那么多，但 当下伴随着稳价等手段，使得飞天茅台在淡季也出现批发价较大回落的情况。 值得一提的是，1个月前贵州茅台的股价超1600元，如今跌幅已超10%，蒸发的市值则超2500亿元。 茅台酒价格月内跌百元 据酒业数据平台今日酒价的报价，5月16日，25年飞天茅台（53度/500ml，下同） ...

Core Viewpoint - The wholesale prices of Moutai have significantly decreased, with key products breaking the psychological price barrier of 2000 yuan per bottle, indicating a potential shift in market dynamics and consumer behavior [1][2][4]. Group 1: Price Trends - As of June 15, the wholesale price of 25-year Moutai is 1960 yuan per bottle, remaining stable, while the original box price is 1990 yuan, down by 10 yuan from the previous day [1]. - The 24-year Moutai has seen a drop in price, with the wholesale price for the original box at 2075 yuan, unchanged, and the scattered bottle price at 1990 yuan, down by 20 yuan [1]. - The price of the "Snake Moutai" has dropped to 2300 yuan per bottle, marking a decline of over 39% from its peak price of 3800 yuan [1]. - The recently launched Shengle Moutai is priced at 2350 yuan per bottle, down 100 yuan, reflecting a 30% decrease from its high of 3400 yuan [1]. Group 2: Market Dynamics - The retail prices of Moutai are also declining, with some online platforms offering prices as low as 1840 yuan per bottle, indicating a significant drop in consumer demand during the off-peak season [2]. - The upcoming "6·18" sales event is expected to further pressure Moutai prices, with reports of promotional offers significantly undercutting traditional pricing [2]. - The increase in non-standard product offerings and continuous market supply are internal factors contributing to the decline in Moutai's wholesale prices [3]. Group 3: Consumer Behavior - Analysts suggest that the changing age demographics of consumers are influencing Moutai's pricing, as younger consumers exhibit lower demand for high-end liquor, prompting a price adjustment to align with market realities [4]. - The overall market position of Moutai remains strong, but the price adjustments reflect a necessary response to evolving consumer preferences and behaviors [4].