格隆汇11月25日｜据酒价内参，白酒市场十大单品终端零售均价周二延续升势。如果十大单品各取一瓶 整体打包售卖，今日售价达到9291元，较昨日上涨8元，实现四连涨。多数品牌延续涨势，洋河梦之蓝 M6+表现强劲，单日涨幅达8元/瓶。国窖1573价格上涨6元/瓶。青花郎价格再度上涨5元/瓶，实现连续 五日上涨，领跑全场。水晶剑南春与习酒君品价格分别上涨3元/瓶和2元/瓶，走势稳健。青花汾20价格 上涨2元/瓶。五粮液普五八代价格亦上涨2元/瓶。下跌产品中，精品茅台与古井贡古20价格跌幅稍重， 分别下跌9元/瓶和7元/瓶。飞天茅台价格下跌4元/瓶。 ...

新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品终端零售均价周一延续强劲表现，呈普涨 格局。如果十大单品各取一瓶整体打包售卖，今日售价达到9283元，较昨日大幅提升21元，创近期单日涨幅新 高，市场整体表现积极。青花郎以5元/瓶的涨幅领跑市场，实现连续第五日上涨，表现尤为亮眼。习酒君品与 五粮液普五八代紧随其后，价格均上涨4元/瓶，呈现稳健上升势头。第三梯队为洋河梦之蓝M6+与古井贡古 20，价格均上涨3元/瓶。多数产品价格保持稳定或小幅上行，精品茅台价格结束近期跌势，环比上涨1元/瓶。 飞天茅台价格与昨日持平。青花汾20以及水晶剑南春价格均上涨1元/瓶。下跌产品仅有国窖1573，价格环比微 跌1元/瓶。 | 品名/规格 | | 今日价格(元) | 较昨日(元) | | --- | --- | --- | --- | | | 贵州茅台酒(飞天) 53度/500ml | 1835/瓶 | 学本 | | | 贵州茅台酒(精品) 53度/500ml | 2378/瓶 | 1元 | | | 五粮液普五八代 52度/500ml | 866/瓶 | 470 | | | 青花汾20 53度/500ml | ...

Core Insights - The retail prices of major Chinese liquor brands have shown a slight decline, indicating a market adjustment phase following the Double Eleven shopping festival and platform governance changes [1][6] - The overall average price for a packaged set of ten major liquor products is 9,246 yuan, down by 8 yuan from the previous day [1] - Notable price movements include an increase in the price of Qinghua Lang by 3 yuan per bottle, while Guizhou Moutai and other brands experienced minor declines [1][3] Price Movements - Guizhou Moutai (Feitian) price is 1,839 yuan per bottle, down by 1 yuan [3] - Guizhou Moutai (Jingpin) price is 2,384 yuan per bottle, down by 3 yuan [3] - Wuliangye (Pu 58) price is 861 yuan per bottle, up by 1 yuan [3] - Qinghua Fen 20 price is 393 yuan per bottle, up by 2 yuan [3] - Gujing Gong (Gu 20) price is 510 yuan per bottle, down by 5 yuan [4] - Xijiu Junpin price is 666 yuan per bottle, down by 570 yuan [4] - Qinghua Lang price is 710 yuan per bottle, up by 3 yuan [4] - Shuijing Jian Nan Chun price is 412 yuan per bottle, up by 2 yuan [4] Market Trends - The market is currently in a narrow consolidation phase, reflecting adjustments in supply and demand dynamics [1] - The data collection for liquor prices is sourced from approximately 200 points across major regions, ensuring a comprehensive representation of market conditions [6][7] - The price table aims to provide an objective and traceable overview of the Chinese liquor market, promoting sustainable industry development [6]

Core Viewpoint - Recent reports indicated that some liquor merchants received notifications from Douyin platform regarding penalties for selling Moutai below market price, which sparked market discussions. However, Douyin later clarified that these reports were misinterpretations [1] Group 1: Douyin's Actions - Douyin is conducting a special campaign against false advertising in the liquor category, targeting two types of violations: "false low price" marketing tactics and suspiciously low prices that may indicate counterfeit risks [1] - The platform's actions are not aimed at all below-market price sales but specifically at those that could mislead consumers or involve counterfeit products [1] Group 2: Market Reactions - During the "Double Eleven" shopping festival, Moutai has become a popular item for attracting customers, with prices in live streams significantly lower than offline retail prices [3] - Some live streamers have priced the 500ml Moutai at 1499 yuan, matching the official suggested retail price, while others set prices around 1640 yuan, which aligns with wholesale prices [3] Group 3: Industry Concerns - The issue of low-priced counterfeit products is not limited to Moutai; other liquor companies like Wuliangye and Xijiu are also facing similar challenges, prompting them to update their official sales channels [4] - Wuliangye specifically named 46 unauthorized online stores selling counterfeit products at low prices, highlighting the broader impact on the liquor industry's pricing structure and the confidence of offline distributors [4]

Core Viewpoint - The recent controversy surrounding the pricing of Moutai and other liquor brands on Douyin highlights the challenges faced by the liquor industry regarding low-price sales and counterfeit products, prompting companies to take action to protect their brand integrity and pricing structure [1][2][5]. Group 1: Douyin's Actions and Market Reactions - Douyin has initiated a special campaign to combat false advertising in liquor sales, specifically targeting "false low-price" promotions and suspiciously low prices that may indicate counterfeit products [2][4]. - Following the announcement of potential penalties for selling Moutai below market price, Douyin clarified that the rumors were misinterpreted, but acknowledged ongoing efforts to regulate liquor sales [2][4]. - During the "Double Eleven" shopping festival, Moutai has become a popular item for attracting customers, with prices in live streams often matching or undercutting official retail prices [4][5]. Group 2: Pricing Issues and Industry Impact - The price fluctuations of Moutai have sparked significant market discussion, with some live streamers offering prices as low as 1499 yuan, which is below the actual market price [4][5]. - The prevalence of low-priced counterfeit products threatens to disrupt the existing pricing structure and undermine the confidence of offline distributors, which is particularly concerning for the liquor industry currently undergoing significant adjustments [5]. - Other liquor companies, including Wuliangye and Xijiu, have also responded by updating their official sales channels and distancing themselves from unauthorized low-priced products [7].

Core Viewpoint - Guizhou Moutai acknowledges the challenges faced by the liquor industry during a cyclical adjustment period, emphasizing the need for innovation and transformation to adapt to market demands and achieve high-quality development [1][2]. Group 1: Industry Challenges - The liquor industry is experiencing a significant slowdown, with increased inventory pressure and a shift towards a stock competition era, driven by changes in consumer habits and business models [1]. - The current industry adjustment is attributed to both external environmental changes and internal misalignments within the industry [1]. Group 2: Company Strategy - Guizhou Moutai plans to leverage the current market recovery by implementing targeted market policies to enhance consumer engagement in both business and lifestyle scenarios [2]. - The company aims to maintain market stability and order in the fourth quarter, focusing on optimizing product distribution based on actual sales performance [2]. Group 3: Inventory and Pricing - Moutai has established a sales-driven product distribution system since April 2025, ensuring a healthy inventory turnover ratio for its products [3]. - The company is actively addressing channel pressures and has reported improvements in the inventory levels of its series products, including Moutai 1935 [3]. Group 4: Market Value Management - Moutai is transitioning from a phase of rapid growth to one of high-quality development, with a focus on enhancing market value through a comprehensive management system that includes cash dividends, share buybacks, and improved investor communication [3]. - The company will continue to allocate funds to statutory surplus reserves to strengthen its financial foundation and resilience against industry fluctuations [3].

Core Viewpoint - The declining promotional prices in e-commerce are becoming a potential threat to the price stability of Moutai liquor, as evidenced by recent price drops during major sales events like "Double Eleven" [3][4]. Group 1: E-commerce Impact on Moutai Pricing - E-commerce platforms have been offering significant discounts on Moutai and other famous liquors since the "618" event in 2024, with prices dropping below 1600 yuan per bottle during the "Double Eleven" promotions [3]. - Moutai's management has issued multiple statements urging consumers to purchase from official channels and has established a green disposal channel for counterfeit information in collaboration with market regulators [3][5]. - Despite a notification from Moutai to maintain a minimum selling price of 1700 yuan per bottle, many e-commerce platforms still list prices around 1640 yuan, which is below the market wholesale price [4]. Group 2: Supply Chain and Pricing Control - The traditional supply chain control by liquor companies has been disrupted, leading to a surge of low-priced products in the market as e-commerce platforms bypassed the established rules [5]. - Moutai's management stated that since April, they have implemented a scientific distribution system driven by terminal sales, achieving a healthy channel inventory ratio for their products [5].

Core Viewpoint - The declining promotional prices in e-commerce are becoming a potential threat to the price stability of Moutai liquor, with the company not directly addressing investor concerns during the third-quarter earnings call [1] Group 1: E-commerce Pricing and Promotions - Starting from the 2024 "618" event, domestic e-commerce platforms have been using promotions on Moutai and other famous liquors to attract customers, leading to a drop in prices, with e-commerce prices falling below 1600 yuan per bottle during this year's "Double Eleven" sales [1] - Moutai management has issued statements and consumer reminders regarding the importance of purchasing from official channels, including authorized third-party e-commerce platforms [1][2] - Despite a notification from Moutai to retailers to not sell Flying Moutai below 1700 yuan per bottle, many e-commerce platforms are still selling it at 1640 yuan per bottle, which is below the market wholesale price [2] Group 2: Company Response and Market Dynamics - Moutai management has established a scientific distribution system driven by terminal sales since April, achieving a healthy channel inventory ratio for Flying Moutai and maintaining reasonable levels for other premium Moutai products [2] - The chaos in traditional distribution channels has led to a surplus of low-priced products, with e-commerce platforms circumventing the company's control by independently managing promotions [2]

Core Insights - The Chinese liquor industry is experiencing a significant downturn, with a collective revenue of 317.78 billion yuan for 20 listed liquor companies in the first three quarters of 2025, representing a year-on-year decline of 5.90% [2][4] - Shanxi Fenjiu has surpassed Wuliangye to become the second-largest player in the industry, with a revenue of 8.96 billion yuan in Q3 2025, compared to Wuliangye's 8.17 billion yuan [2][7] - The industry is undergoing structural changes, with a general slowdown in revenue growth and profitability across most companies [4][5] Industry Performance - The overall revenue growth rate for the liquor industry has dropped to a five-year low, with only eight companies achieving double-digit profit growth, while many others reported single-digit or negative growth [4] - Moutai remains the leader with a revenue of 128.45 billion yuan in Q3, but its growth rate has slowed to 6.36% [4] - Wuliangye reported a revenue of 60.95 billion yuan with a decline of 10.26%, while Fenjiu's revenue growth of 5% is notable [4][5] Challenges Faced - The industry is facing several challenges, including rising raw material costs, increased promotional expenses, and deteriorating cash flow due to higher inventory levels among distributors [5] - The cumulative production of liquor from January to September 2025 was 2.655 million kiloliters, a year-on-year decrease of 9.9%, indicating weak market demand [5] - Wuliangye's performance has been particularly affected by an imbalanced product structure and intensified competition in the mid-range market [8][9] Competitive Landscape - The competition is shifting from scale expansion to quality differentiation, with Fenjiu's rise posing a potential threat to Wuliangye's long-standing position [10][11] - Fenjiu's growth is attributed to the revival of clear aroma liquor, appealing to younger consumers [11][12] - Wuliangye's traditional distribution model is under pressure, leading to increased inventory and financial strain on distributors [8][9] Future Outlook - The liquor industry is expected to undergo a cleansing process, with a potential recovery starting in 2026 as macroeconomic conditions improve [13][14] - The "Matthew Effect" will continue to intensify, favoring leading companies with strong brand power and national distribution [14][15] - Companies that can blend traditional brewing wisdom with modern consumer insights are likely to emerge as winners post-adjustment [15]

Core Viewpoint - Guizhou Moutai's Q3 financial report shows the lowest revenue and net profit growth since 2015, indicating a significant slowdown in performance and potential challenges in meeting annual targets [2] Financial Performance - In the first three quarters, Guizhou Moutai's revenue growth was 6.3%, requiring approximately 590 billion yuan in Q4 to achieve a 9% annual growth target, which translates to over 17% year-on-year growth [2] - The company's revenue accounts for 22% of the overall sales in the Chinese liquor industry, reflecting the broader pressure on the sector [2] Market Dynamics - The slowdown has shifted the Moutai ecosystem from a "lying down to earn" model to a "survival" mode for distributors, with the pawn price of Feitian Moutai dropping below 1,000 yuan [2][4] - The demand for Moutai among traditional high-end clients, such as construction and real estate companies, has decreased due to reduced business activities and tighter fiscal policies [3] Leadership Changes - Guizhou Moutai has undergone its fourth leadership change in five years, with the appointment of Chen Hua as the new chairman, raising concerns about potential market strategy shifts and continuity [2][3] Sales and Distribution Challenges - Moutai's series liquor revenue fell by 7.78% in the first three quarters, with the proportion of series liquor in total revenue declining to 13.89% [10] - Distributors are facing inventory buildup and cash flow issues, with some resorting to selling other products to maintain revenue [10][12] Collectors and Pawn Market - The financial appeal of Moutai has diminished, with pawn shops offering significantly lower prices than before, indicating a loss of confidence in Moutai's value as an investment [5][6] - The restructuring of Moutai's collectors' associations has led to a decline in sales prices for collectible Moutai, with many collectors facing financial losses [8] Stock Market Reaction - Moutai's stock price has been stagnant, with a decline of approximately 0.93% since the beginning of the year, reflecting investor sentiment amid the company's performance challenges [13]