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].