Core Insights - The autumn sugar hotel exhibition in Nanjing highlights the urgent need for distributors to find profitable products amid the current market challenges in the liquor industry [2][4] - The bottled liquor market is projected to exceed 200 billion yuan by 2025, attracting numerous companies and intensifying competition [4] Company Overview - Jin Yu Wan Liquor Industry has emerged as a leading brand in Anhui's simplified liquor sector, competing against national brands and new entrants by focusing on quality, channels, innovation, aesthetics, and reputation [5] - The company showcased its main products, including the premium series, Jin Yu Gan Yun, and Jin Yu Fu Xiang, at the autumn sugar exhibition, seizing the opportunity presented by the event's location [5] Product Highlights - The premium series is the main sales driver for Jin Yu Wan, catering to market demands for enjoyable, low-alcohol, and affordable options, and has been a bestseller in Anhui for over a decade [5] - Jin Yu Gan Yun, a key online product, has quickly become a million-level bestseller within a year of its launch, leveraging e-commerce and innovative marketing strategies [7] - Jin Yu Fu Xiang, a unique fragrant liquor, combines four basic aroma types, earning accolades such as the Long Triangle Excellent Food and Anhui Province's Top 100 Online Goods [10] Market Trends - The concept of "aged liquor" is gaining traction, with consumers increasingly valuing the quality associated with older products, which aligns with the industry's shift towards rational consumption [11][14] - Jin Yu Wan is one of the few simplified liquor companies that openly markets aged liquor, setting it apart in a competitive landscape [11] Business Development - The exhibition has led to numerous discussions and potential partnerships with distributors, indicating strong interest in Jin Yu Wan's offerings [14] - Industry experts suggest that the future of bottled liquor lies in high-quality, competitively priced products, which Jin Yu Wan is well-positioned to deliver [14]

Core Viewpoint - The price of Moutai, once considered a "myth of only rising," has experienced a significant decline, leading to substantial losses for investors and a panic sell-off in the market [1][3]. Price Movement - On July 15, 2023, the price of 2025 Flying Moutai dropped from 1940 yuan to 1930 yuan, while the price of scattered bottles fell from 1880 yuan to 1870 yuan. The 2024 Flying Moutai also saw a decline, with original box prices dropping from 1960 yuan to 1950 yuan and scattered bottle prices falling below 1850 yuan [1][8]. - The price of Moutai 1935 plummeted to 590 yuan per bottle on e-commerce platforms, only 30% of the official guide price. Compared to the peak price of over 4000 yuan in 2021, Moutai prices have shrunk by more than 30% [1][3]. Market Dynamics - The decline in Moutai prices is attributed to three main factors: the implementation of the strictest "ban on alcohol," a downturn in the real estate sector affecting business banquets, and an oversupply in the market with social inventory reaching 120 million bottles [3][4]. - The demand for Moutai in business settings has significantly decreased, leading to a loss of a crucial consumer base [4]. Inventory Pressure - The total inventory, including Moutai's own stock, amounts to 560 million bottles, indicating an average of nearly 2 bottles per Chinese household. Approximately 60% of unopened Moutai is being liquidated by speculators, exacerbating the market's downward pressure [4][5]. Channel Transformation - The rise of e-commerce platforms like Pinduoduo has driven down the price of Flying Moutai to the range of 1700-1800 yuan, below many distributors' costs. Moutai is also increasing its direct sales through the iMoutai app, raising the direct sales ratio to 45% [5][6]. Industry Impact - Moutai's price collapse has affected the entire liquor industry, with the price range of 1000 yuan being breached. Other liquor companies, such as Wuliangye, are also under pressure to maintain their price points [6][7]. Consumer Trends - The consumption of liquor has been declining, with the industry experiencing an 8-year consecutive drop in production. The younger generation shows a decreasing interest in liquor, with only 9% of Gen Z consuming it, and 73% reducing their alcohol intake for health reasons [7][10]. - Moutai's attempts to attract younger consumers through new products have not yielded positive results, indicating a struggle to connect with this demographic [10].