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].

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].