Core Viewpoint - The recent price fluctuations of Moutai products, particularly the significant increase in the price of the Snake Year Moutai, have raised concerns about the short-term pricing logic in the market [1][4]. Price Trends - Moutai products began to see price increases starting from the evening of December 23, with the 25-Year Flying Moutai rising by 40 yuan per bottle to reach 1600 yuan per bottle [4]. - The Snake Year Moutai experienced a notable price surge, jumping from 1770 yuan per bottle to 2000 yuan per bottle, marking a daily increase of over 13% [4]. Market Demand and Speculation - Despite the price increases, a senior liquor dealer indicated that market demand has not changed significantly, attributing the price rise to psychological factors and inter-dealer demand rather than actual consumption [5]. - There are rumors regarding the potential discontinuation of the Snake Year Moutai, which could enhance its scarcity and attract investors or collectors [5]. Upcoming Events Impacting Prices - The upcoming Moutai dealer conference on December 28 is anticipated to influence short-term price trends, with speculation that new product strategies may be announced [6]. - The market is particularly focused on the potential reduction of non-standard products, which could tighten supply in certain segments and support prices [6]. Industry Sentiment - Most industry insiders maintain a rational perspective on the recent price movements, suggesting that the psychological-driven price increases lack long-term support [6]. - The future market trajectory will depend on the recovery of demand and the policies released by Moutai during the dealer conference [6].

2025.12. 24 本文字数：877，阅读时长大约1.5分钟 作者 | 第一财经 栾立 在平静数日后，茅台价格再次发生较大波动。第三方平台显示，今天（24日）多个茅台品种的价格 大涨，其中最为夸张的是蛇年茅台，一日暴涨230元/瓶，让酒商惊呼"黄牛疯了"。 "黄牛们疯了。"有江苏酒商告诉第一财经记者，今年春节较晚，因此近期酒水市场需求并没有太大的 变化，茅台价格大涨后，他也曾和其他酒商互相确认了市场情况，认为此次上涨主要还是同行间要货 和心理因素在驱动。此外，也有受访酒商认为，蛇茅上涨或与其即将停产有关，但其认为后续反弹的 空间并不大。 值得注意的是，随着蛇年即将结束，茅台是否会推出新一轮生肖酒的消息也备受行业关注，已有酒商 晒出新一轮马年生肖酒的包装，但今日记者向茅台官方求证，截至发稿时未获回应。 另一方面，在业内看来，这一系列价格变化或也与12月28日即将举行的茅台经销商大会有关，此前 有消息称茅台将在会上新的产品和经营策略，其中也包括外界关注的非标产品减量等。 2026阿驴「躺赢日历」限量发售中 多位受访酒商表示，目前市场需求并未发生变化，驱动市场价格波动的更多是心理因素。 记者了解到，从23日晚， ...

Core Viewpoint - The price of Moutai has experienced significant fluctuations recently, driven primarily by psychological factors rather than changes in market demand [1][2]. Group 1: Price Movements - On the 24th, various Moutai products saw substantial price increases, with the most notable being the "Snake Year" Moutai, which surged by 230 yuan per bottle [1]. - The 25-Year Flying Moutai's price rose by 40 yuan per bottle, reaching 1600 yuan per bottle, while other variants like the "Scattered Flower" Flying Moutai and "Sheng Le" Flying Moutai increased by 100 yuan and 170 yuan per bottle, respectively [2]. - The wholesale price of the Snake Year Moutai increased from 1770 yuan to 2000 yuan per bottle after previously stabilizing around 2499 yuan [2]. Group 2: Market Dynamics - Market demand for Moutai has not changed significantly, and the recent price increases are attributed to psychological factors among traders [2]. - Some industry insiders suggest that the price increase of Snake Year Moutai may be linked to its impending discontinuation, although they believe the potential for further price increases is limited [2]. - The upcoming Moutai distributor conference on December 28 is anticipated to influence pricing strategies and product offerings, including potential reductions in non-standard products [3].

在平静数日后，茅台价格再次发生较大波动。第三方平台显示，今天（24日）多个茅台品种的价格大 涨，其中最为夸张的是蛇年茅台，一日暴涨230元/瓶，让酒商惊呼"黄牛疯了"。 多位受访酒商表示，目前市场需求并未发生变化，驱动市场价格波动的更多是心理因素。 另一方面，在业内看来，这一系列价格变化或也与12月28日即将举行的茅台经销商大会有关，此前有消 息称茅台将在会上新的产品和经营策略，其中也包括外界关注的非标产品减量等。 （文章来源：第一财经） 但价格涨幅最为夸张的还是蛇年茅台，作为茅台第一轮生肖酒的最后一款产品，蛇茅上市后受到市场的 追捧，批发价一度突破5000元/瓶，随后价格一路回落，曾一度稳定在2499元/瓶左右，但下半年价格持 续走低，最低一度跌至1750元/瓶左右。但今日批发价格从1770元上升至2000元/瓶。 "黄牛们疯了。"有江苏酒商告诉第一财经记者，今年春节较晚，因此近期酒水市场需求并没有太大的变 化，茅台价格大涨后，他也曾和其他酒商互相确认了市场情况，认为此次上涨主要还是同行间要货和心 理因素在驱动。此外，也有受访酒商认为，蛇茅上涨或与其即将停产有关，但其认为后续反弹的空间并 不大。 值得注意的 ...

Core Insights - Guizhou Moutai launched a new product priced at 11,000 yuan per bottle, which sold out quickly on the iMoutai app, indicating strong demand for premium products [1] - The overall trend for Moutai products shows a decline in prices, with significant drops observed in various product lines throughout the year [4][5] Product Launch and Sales - The new Guizhou Moutai product (Panama International Exposition Gold Medal 110th Anniversary) was released on December 8 and sold out on the first day [1] - Previous limited edition products, such as the 70th Anniversary of the Five-Star Trademark, sold out in 2 minutes at a price of 7,000 yuan per bottle [4] Price Trends - The wholesale price of the 70th Anniversary product peaked at 13,500 yuan per bottle shortly after its release but has since fallen to 7,900 yuan [4] - Other products like the "Snake Moutai" and "Shengle Feitian" have also seen significant price drops, with declines of 57.5% and 51.76% from their peak prices, respectively [4] - The price of the 2025 Feitian Moutai has dropped below 1,600 yuan, marking a decline of over 32% from its initial price of 2,255 yuan [4] Market Dynamics - Retail prices on e-commerce platforms have fallen below the official guidance price, with some listings as low as 1,399 yuan per bottle [5] - Moutai Group is actively working to stabilize market prices and has engaged with major e-commerce platforms to combat unfair competition [7]

Core Viewpoint - The recent launch of a limited edition Guizhou Moutai liquor priced at 11,000 yuan per bottle sold out quickly, indicating strong market demand despite a general downward trend in Moutai prices [1][5]. Product Launch - On December 8, Guizhou Moutai released a new product (Panama International Exposition Gold Medal 110th Anniversary) at a price of 11,000 yuan per 1.1L bottle, which sold out on the first day [1][3]. - The product will continue to be available for purchase on December 9 and 10 from 9 AM to 10 AM [2]. Price Trends - Moutai's overall pricing has been declining, with the 2025 Flying Moutai (53° 500ml) dropping from 2,255 yuan at the beginning of the year to 1,530 yuan as of December 8, a decrease of over 32% [6]. - Other recent products, such as the "Snake Moutai" and "Shengle Flying," have also experienced significant price drops, with the "Snake Moutai" falling 57.5% from its peak price of 3,800 yuan to 1,615 yuan [5]. Market Dynamics - The market for Moutai products has seen fluctuations, with some products experiencing rapid price increases followed by sharp declines [5][6]. - Retail prices on e-commerce platforms have dropped below official guidance, with some listings as low as 1,399 yuan per bottle [7][9]. - Moutai Group is actively working to stabilize market prices and has reached agreements with major e-commerce platforms to combat unfair competition [9].

Core Viewpoint - Moutai is redefining the relationship between liquor and consumers by emphasizing a return to its roots, focusing on respecting, connecting, and serving consumers in the evolving landscape of spiritual consumption [1][3][12] Group 1: Event Overview - The 14th China (Guizhou) International Wine Expo was successfully held from September 9 to 13, showcasing Moutai's entire product line and narrating the complete journey of liquor from raw materials to the glass [1] - Moutai's exhibition featured three main areas: "Birth, Growth, and Bloom," highlighting the quality and cultural heritage of Chinese national brands [1][4] Group 2: Cultural and Strategic Shift - Moutai's chairman, Zhang Deqin, emphasized two key points: returning to the essence of Chinese liquor culture and accelerating the shift from selling liquor to selling a lifestyle [3][12] - The liquor industry faces the challenge of reconstructing its value as younger generations drift away from traditional liquor culture, prompting Moutai to adopt a strategy focused on cultural value and consumer experience [4][5] Group 3: Experience and Engagement - Moutai's approach includes creating immersive, experiential, and cultural environments through four dimensions: liquor + ecology, liquor + culture, liquor + technology, and liquor + tourism [6][7] - The exhibition showcased Moutai's commitment to integrating traditional brewing wisdom with modern technology, enhancing consumer trust and engagement [6][7][10] Group 4: Consumer-Centric Practices - Moutai aims to respect, connect, and serve consumers by establishing quality recognition, cultural IPs, and community engagement initiatives [10][11] - The company is expanding its product matrix to meet diverse consumer needs and enhancing its service systems to create fulfilling experiences [10][11] Group 5: Future Vision - Moutai's initiatives reflect a broader industry trend towards cultural-driven strategic transformation, with a focus on emotional and cultural consumption [9][12] - The launch of the 2025 "Chinese Liquor Culture Month" and the "14th Five-Year Plan" for new cultural development indicates a commitment to redefining the core values of liquor culture [12][13]

Core Viewpoint - Guizhou Moutai (600519.SH) reported a net profit growth slowdown in the first half of 2025, with a net profit of 45.403 billion yuan, reflecting a year-on-year increase of 8.89%, amidst industry challenges such as channel price inversion and inventory accumulation [3][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year growth of 9.16%, marking the first single-digit growth since 2015 [4]. - The company completed its annual revenue growth target of 9% despite the slowdown, demonstrating resilience as an industry leader [4]. - Revenue from Moutai liquor reached 75.589 billion yuan, up 10.24% year-on-year, while series liquor revenue was 13.763 billion yuan, growing 4.69% [4]. Channel and Sales Dynamics - In the first half of 2025, revenue from wholesale channels exceeded 49.343 billion yuan, an increase of 2.83%, while direct sales revenue reached 40.009 billion yuan, up 18.63% [5]. - The number of domestic distributors increased to 2,280, with a net addition of 137, the highest in recent years [5]. - International sales reached 2.893 billion yuan, reflecting a year-on-year growth of 31.29% [5]. Market Challenges - The industry is experiencing a "three-phase overlap" with policy adjustments, consumption structure transformation, and deep adjustments in stock competition [6]. - Price inversion has affected 60% of enterprises, indicating a supply-demand imbalance and increasing channel pressure [7]. - The price of Moutai liquor has dropped significantly, with a cumulative decline of 36.15% since 2022, and current prices have fallen below 2,000 yuan [7]. Strategic Adjustments - To alleviate market pressure, Guizhou Moutai has implemented strategies such as controlling supply, adjusting product specifications, and launching new products [9]. - The company has reformed its direct sales system and introduced new product specifications to cater to diverse consumer needs [9][10]. - New product launches include various limited editions and special commemorative items, enhancing market engagement [10].

Core Viewpoint - Kweichow Moutai has delivered a mid-year financial report that reflects both stability and pressure amid a challenging macroeconomic environment and industry adjustments [1] Financial Performance - In the first half of the year, total revenue reached 91.094 billion yuan, a year-on-year increase of 9.16%, while net profit attributable to shareholders was 45.403 billion yuan, up 8.89% [2] - In the second quarter, revenue was 38.788 billion yuan, showing a year-on-year growth of 7.28%, and net profit attributable to shareholders was 18.555 billion yuan, increasing by 5.25% [2] - Moutai's revenue from liquor sales was 75.6 billion yuan, reflecting a year-on-year growth of 10.4% [7] Market Environment - The macroeconomic and cyclical pressures in the liquor industry remain unchanged, particularly during the traditional off-season in the second quarter [3] - The company adopted a strategy of controlling volume and stabilizing prices, facing challenges from high inventory and cash flow pressures in the distribution channels [3][4] Sales and Distribution - The total contract liabilities decreased significantly from 10 billion yuan last year to 5.5 billion yuan, representing a year-on-year decline of 45% [3] - Actual sales revenue in the second quarter saw a year-on-year decline of 3.1%, aligning with a 4.6% drop in sales cash receipts [3] - The company is focusing on stabilizing the pricing strategy for its flagship product, Feitian Moutai, while optimizing channel and product structures to explore new growth opportunities [5] Product Strategy - Moutai has increased the market supply of 1L products and introduced new offerings such as the Snake Year Zodiac Moutai and the Shengle Feitian series to cater to diverse consumer demands [5][8] - The introduction of non-standard products and the sale of kilogram-packaged Feitian Moutai have partially mitigated the impact of volume control on the 500ml Feitian Moutai [6] Cash Flow and Financial Health - The company's operating cash flow net amount dropped significantly by 64.2%, from 36.6 billion yuan last year to 13.1 billion yuan [11] - This decline is attributed to reduced deposits from group member units and increased statutory reserves and non-withdrawable interbank deposits [12] Distribution Channels - Revenue from direct sales channels grew by 18.62% to 40 billion yuan, with iMoutai contributing 10.8 billion yuan, a year-on-year increase of 5% [9] - The number of domestic distributors reached 2,280, with a net increase of 137, marking a recent high [10]

Core Insights - Guizhou Moutai released its first half report for 2025, showing a total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [2] - The company has adjusted its annual revenue growth target from 15% to 9% due to a general slowdown in the liquor industry, marking the first time in nearly a decade that Moutai's revenue growth rate for the first half has fallen to single digits [2] - Moutai's strategic initiatives this year focus on addressing supply-demand mismatches, increasing consumer reach, and exploring new growth points [2] Revenue Performance - Moutai's revenue from Moutai liquor reached 75.59 billion yuan in the first half, a year-on-year increase of 10.24%, with the second quarter showing a revenue of 32.033 billion yuan, up 10.99% [3] - The company has significantly enhanced its market operations for its main products during the reporting period [3] Product Strategy - Moutai has launched several new products this year, including zodiac-themed liquor and special editions, to increase market penetration and address supply-demand issues [3] - The company has increased the distribution of 1L 53-degree Moutai liquor through self-operated channels, including the "i Moutai" platform [3] Channel Strategy - Direct sales channels have seen a notable increase, with revenue from wholesale and agency channels surpassing 49.343 billion yuan, a growth of 2.83%, while direct sales revenue reached 40.01 billion yuan, up 18.63% [4] - The "i Moutai" platform generated a non-tax revenue of 10.76 billion yuan, reflecting a year-on-year increase of 4.98% [4] Series Liquor Performance - Moutai's series liquor achieved a revenue of 13.763 billion yuan in the first half, a year-on-year increase of 4.69%, significantly lower than the recent annual growth rate of around 30% [7] - In the second quarter, series liquor revenue declined by 6.52% to 6.741 billion yuan [7] Future Outlook - Moutai is focusing on transforming and deepening its presence in the consumer market, with initiatives such as introducing new product specifications and recruiting distributors [7] - The company is also cleaning up problematic e-commerce channels and leveraging live streaming to drive traffic to offline stores [7] - The "New Business" concept aims to enhance product opening rates and target business consumption, which is expected to be a continuous growth point despite short-term pressures [7] Fund Activity - In the second quarter, several funds significantly increased their holdings in Guizhou Moutai, including Huatai-PB CSI 300 ETF and others, indicating positive market sentiment [8]