2025年进程已过半，白酒行业深度调整期依然持续。此外，5月以来，受"禁酒令"政策的落地叠加白酒 消费淡季影响，白酒市场整体呈现小幅震荡态势。消费场景收缩、库存去化压力、存量竞争加剧，已成 为当前白酒企业跨越周期的核心挑战。 尽管市场短期波动不断，但从投资视角来看，白酒行业的底层价值逻辑依旧稳固。当行业泡沫退去，真 正具备中长期投资价值的酒企将在分化中脱颖而出。 舍得酒业的"全面向C"并非一句口号，而是贯穿产品、品牌、渠道建设全维度的系统性工程，为其构筑 起长远竞争力的品牌护城河。 产品端，面对消费分级趋势，舍得构建起层次分明、定位精准的立体化产品矩阵：以品味舍得稳固次高 端基本盘；以藏品舍得10年培育高端消费群；以沱牌特级T68拓展大众市场；以沱牌韵系列等产品精准 卡位宴席场景……这种布局有效覆盖C端消费者的多元需求，分散市场风险，为舍得酒业在行业波动中 保持稳健经营提供坚实支撑。 行业深度洗牌，白酒企业加速突破 当下白酒行业正经历从量到质提升的深层转变，消费者对白酒的需求更加多样化、个性化，酒企以往依 赖的传统模式难以适应新的市场环境。在消费场景变化与理性回归的双重驱动下，越来越多的酒企逐渐 将重心从渠道 ...

6月30日，2025年APEC工商领导人峰会全球推介会（以下简称"推介会"）在北京举行。在这场聚焦亚太 经济未来的盛会上，五粮液精彩亮相，深度参与推介会、合作签约、主题晚宴等系列活动，正式成为 2025年APEC工商领导人峰会"铂金级赞助商"，这标志着五粮液与这一亚太地区最高级别工商盛事的缘 分迈入第七个年头，双方将继续携手，以源自东方的"和美之酿"架设亚太合作新桥梁。 APEC工商领导人峰会是APEC经济体领导人共商亚太重要事务、推动贸易自由化与经济合作的最高级 别峰会。本次推介会作为10月在韩国庆州召开的2025年APEC峰会的序章，围绕"开放·可持续·创新—— 亚太经济繁荣新引擎"等议题激荡智慧，旨在提升工商界对峰会主题"桥梁·商业·超越"及核心议题的认 知，深化APEC经济体间合作，为峰会预热造势。 五粮液相关负责人表示，七度携手APEC，五粮液将持续以美酒为桥、以文化为媒，深度融入全球产业 链、价值链、创新链，不断探索更多行业可持续发展路径，践行引领中国白酒实现高质量发展的责任， 为助力亚太商业繁荣贡献中国品牌担当，为全球交流互鉴、共赢发展注入更多中国企业智慧。 据悉，今年10月，这份传承逾千年的" ...

Core Viewpoint - The impact of e-commerce promotions on the liquor market, particularly for Moutai, is temporary and has shown signs of recovery in pricing [1] Pricing Trends - On June 26 and 27, the price of 500ml Moutai on various third-party platforms increased by over 200 yuan in a single day, indicating a strong rebound in pricing [2] - Offline prices for Moutai remained stable, generally above 2000 yuan, with specific stores reporting prices of 2048 yuan and 2200 yuan for scattered bottles [2][3] - The online transaction prices during the 618 promotion were influenced by significant subsidies from e-commerce platforms, but actual settlement prices at offline terminals remained stable [3] Consumer Behavior and Market Dynamics - Moutai's stable offline prices reflect its strong demand and supply dynamics, as it is recognized as a high liquidity consumer product [3][5] - The core consumers of Moutai prioritize authenticity over low prices, indicating a strong brand loyalty [5] - Moutai's management has initiated a "three transformations" strategy focusing on new consumer groups, innovative consumption scenarios, and a shift in service approach [5][6] Cultural and Emotional Connection - Moutai aims to transcend its role as a beverage, becoming a medium for emotional connections during significant life events [6] - The brand's recent product launches and market activities have successfully engaged consumers, reinforcing its cultural significance [7][8] Market Resilience and Future Outlook - Moutai's sales have shown stable growth across various channels, indicating strong market resilience [8] - The brand's ability to adapt to consumer needs and innovate its product offerings positions it well for future stability and growth in the high-end liquor market [9]

黄牛的"滑铁卢" 最近茅台酒的价格像坐上了过山车，跌得让人很是惊讶，天茅台的批发价从年初的2500元一瓶，硬生生跌到6月中旬的2050元，散瓶甚至跌破2000元大关。 更夸张的是，价格还在一天天往下掉，市场上更是一片哀嚎，那些曾经靠囤茅台赚得盆满钵满的黄牛，如今却成了"烫手山芋"的接盘侠。 为何会出现这样的情况呢？被称为"液体黄金"的茅台酒还能恢复到往日的荣光吗？ 前言 就在前几天，我国的名酒"飞天茅台"的价格一跌再跌，到了6月19日，散瓶的飞天茅台已经跌至了1930元/瓶，有的电商更是跌至1840元/瓶，如今还在不断下 跌。 被人们戏称"硬通货"的飞天茅台，价格也是一直在缓慢增长，如今却直线下跌，其实叫苦的并不是酒厂，而是那些囤货的黄牛们，许多黄牛更是声称自己已 经赔了一辆奔了。 文|阅微札记 编辑|阅微札记 年初信心满满囤了一仓库茅台的黄牛，眼睁睁看着茅台价格一直在缩水，当初投资的成百上千万都将会打了水漂。 更有人说到：自己亏的钱都够买一辆奔驰了！更别提那些炒作特殊款的玩家，像公斤茅台、蛇年生肖酒的价格直接腰斩，连官方指导价都守不住。 曾经的"液体黄金"如今成了"烫手山芋"，黄牛群里从前一天几百条消息的热 ...

Group 1 - The price of Moutai has significantly dropped, with the wholesale price of Feitian Moutai falling to 2050 yuan per box and individual bottles dropping below 2000 yuan, leading to substantial losses for speculators [3][4] - Many speculators are facing severe financial distress, with some losing luxury cars or entire apartments due to the plummeting prices, indicating a shift from profit-making to significant losses in the Moutai trading market [3][4] - The market sentiment among dealers has turned pessimistic, with prices fluctuating throughout the day, causing them to be cautious about stockpiling inventory [4][6] Group 2 - In Moutai Town, the production of liquor continues unaffected by the market turmoil, with local distilleries maintaining a steady operation and focusing on quality, suggesting a long-term perspective on the industry [6][8] - The local economy remains robust, with many workers in the liquor industry earning competitive salaries, indicating a strong foundation for the Moutai industry despite external market pressures [8][10] - The shift in market dynamics has led to the emergence of professional teams with substantial capital and logistics capabilities, replacing individual speculators, which reflects a more organized approach to navigating the market [12][13]

Core Viewpoint - The decline in Moutai's wholesale prices is triggering a series of chain reactions in the market, leading to measures aimed at stabilizing prices and limiting supply channels [1][2][3]. Group 1: Price Control Measures - Provincial distributors' associations have reached a consensus to limit supply to e-commerce, wholesale markets, and out-of-province channels to stabilize Moutai prices [1]. - The association plans to enhance market inspections and implement a receiving mechanism, with penalties for violations including suspension of supply and contract cancellations [1][2]. - Previous measures included halting corporate group purchases and limiting direct supply to certified enterprises, indicating ongoing efforts to control pricing [3][4]. Group 2: Market Dynamics - Despite these measures, Moutai's prices have continued to slide, with the wholesale price of 2025 53-degree Moutai reported at around 2000 yuan per bottle, reflecting a decline of 30 yuan [2][6]. - The introduction of new regulations limiting high-end dining and drinking in government settings is expected to further suppress demand for premium liquor, impacting overall consumption [5][9]. - The recent surge in e-commerce promotions has exacerbated price declines, with Moutai being sold at significantly lower prices during sales events [6][8]. Group 3: Financial Implications - The price collapse of Moutai could severely impact distributor profits, as the cost of acquiring Moutai is higher than the selling price [7][8]. - The decline in Moutai prices serves as a psychological anchor for the high-end liquor market, potentially affecting market sentiment and leading to broader price pressures across the industry [9][10].

6月，飞天茅台市场流通价跌破2000元/瓶大关，引发行业震动。这一价格节点不仅标志着茅台价格体系的重大调整，更折射出高端白酒市场在宏观经济、 消费场景、渠道变革等多重因素交织下的深刻变化。 价格波动轨迹：从"硬通货"到"价格筑底" 从需求端看，消费场景的收缩与消费者理性回归是关键。2025年5月，新修订的《党政机关厉行节约反对浪费条例》明确规定，工作餐不得提供高档菜肴 和酒水，直接压缩了高端白酒的公务消费场景。与此同时，年轻消费者对白酒的兴趣下降，聚会中更倾向于选择啤酒、鸡尾酒等低度酒饮。此外，宏观经 济环境的变化也影响了高端消费品的购买力。 渠道端的博弈加剧了价格波动。电商平台通过补贴低价引流，进一步拉低了市场价格。而经销商则面临库存压力与利润压缩的双重困境。一位白酒经销商 表示："现在卖一箱飞天茅台利润也就100元左右，酒价稍微一跌就会亏钱。"部分经销商选择抛售库存，导致价格踩踏。 飞天茅台价格长期呈现"双轨制"特征：官方指导价1499元/瓶，但市场流通价长期高于指导价。2024年，飞天茅台散瓶市场价一度达2850元/瓶，原箱价 2900-2950元/瓶；而2025年6月，散瓶批发价跌至1980元/瓶，原 ...

中国商报（记者 周子荑 文/图）近来，飞天茅台的市场流通价不断下挫，能否守住2000元/瓶大关备受关注。6月11日，据第三方平台"今日酒价"数据，散瓶 飞天茅台报价为1990元/瓶，跌破2000元/瓶大关。 飞天茅台跌破2000元/瓶大关 6月11日，"今日酒价"数据显示，散瓶飞天茅台报价为1990元/瓶，较前一日下跌了30元/瓶。6月12日，飞天茅台市场流通价继续下挫，报价为1980元/瓶。 近来，飞天茅台市场流通价不断走低。从事茅台酒生意的"黄牛"李莉（化名）介绍，飞天茅台这一个月来的市场流通价一直不稳，每天落价一点点，整体呈 现价格下降趋势。据"今日酒价"数据，一个月前，飞天茅台市场流通价为2090元/瓶。 今年以来，飞天茅台价格一直走低。白酒渠道商老马（化名）介绍，今年年初，飞天茅台的市场流通价格在2200元/瓶左右，如今价格跌幅约为10%。 飞天茅台市场流通价持续下挫的原因是什么，跌破2000元/瓶大关对贵州茅台而言意味着什么，未来飞天茅台的市场流通价是否会继续下挫？ 而更早之前的2024年，飞天茅台的市场流通价也处于下挫通道。2024年年初，飞天茅台市场流通价曾一度达到2600元—2700元/瓶， ...

Core Viewpoint - The price of 53-degree Feitian Moutai has dropped significantly, nearing the psychological threshold of 2000 yuan per bottle, with a decline of over 10% compared to the same period in 2023 and 2024 [2][6][7]. Price Trends - As of June 10, the wholesale price for 53-degree Feitian Moutai reached 2020 yuan per bottle for loose bottles and 2080 yuan for boxed bottles [2]. - The retail price in some Beijing stores is around 2100-2300 yuan per bottle, with indications that prices may rise slightly after mid-July due to seasonal demand [2]. - The recovery price for loose bottles has fallen below 2000 yuan, reaching 1970 yuan, marking a historical low [6]. Market Dynamics - The decline in prices is attributed to the end of the peak consumption season around the Dragon Boat Festival, leading to a seasonal downturn in white liquor sales [6][7]. - E-commerce promotions, particularly during the "6·18" sales event, have further pressured prices, with some platforms offering Moutai at prices as low as 1499 yuan [7][8]. Supply Chain and Distribution - Moutai has increased the distribution of non-standard products, which has affected the demand for Feitian Moutai, contributing to the price drop [8]. - The company has implemented measures to control supply, including halting direct sales of 500ml Feitian Moutai and freezing a portion of inventory to stabilize prices [8][9]. Strategic Adjustments - Moutai plans to adjust its product structure across various sales channels to enhance consumer reach and improve operational capabilities [9]. - The company aims to adapt to changing consumer behaviors and preferences by exploring new consumption scenarios beyond traditional gifting and dining occasions [9].

有人可能担心：茅台是不是不行了？作为中长线投资者，我得泼盆冷水也得给颗糖。冷水是短期价格承压是真的，尤其现在白酒行业整体都在"去泡沫"，不 光茅台，五粮液、泸州老窖终端价都有松动。但糖是茅台的护城河没变——品牌、工艺、稀缺性还在那儿呢。你看年报，去年净利润800多亿，毛利率还是 90%以上，这在A股有几个公司能做到？ 关键看茅台怎么应对。现在能看到几个动作：一是渠道改革加速，直销占比还要提，以后消费者买茅台可能更方便，价格也更透明；二是产品结构在往上 走，1935、生肖酒这些中高端产品卖得不错，能抵消一部分飞天降价的影响；三是开拓新场景，比如和瑞幸搞联名咖啡，年轻人开始接触茅台了，这是在培 养未来的消费群体。 对咱们投资者来说，得把眼光放长远。短期价格波动很正常，但要盯着两个点：一是茅台直销比例能不能持续提升，这关系到利润能不能留在自己手里；二 是中高端产品的增速，要是1935这些能撑起第二增长曲线，那估值逻辑就不一样了。至于现在要不要抄底？我觉得别急，等价格企稳信号出来，或者看看半 年报有没有机构加仓的迹象。 各位朋友好，我是帮主郑重，专注中长线投资20年的老财经记者。这两天朋友圈都在聊飞天茅台价格这事—— ...