原创：深眸财经（chutou0325） 2026年元旦，大多数人还在享受假期时，一场无声的抢购战已在"i茅台"APP上激烈上演。 上午9点整，53度500ml飞天贵州茅台酒正式上架，售价1499元，不少消费者点进购买界面，却发现显示访问人数太多，请稍后再试，随即显示库存不 足，而后每隔5分钟的补货也瞬间被抢购一空，不到半小时，当日所有库存就宣告售罄。 作者：胡静婕 （图源：i茅台） 与线上火爆形成鲜明对比的，是那些曾经一次性进很多货，就算在库房里压上三四个月，心里也一点都不慌的茅台经销商们，他们的心态已经发生了变 化。 用某位北京经销商的话说，就是"现在收多少就想着赶紧卖多少，一刻都不敢多留"，因为价格每天都在波动，多存一天就多一分亏损的风险。 "线上抢破头""线下不敢囤"。茅台，这瓶被称为"液体黄金"的国酒，如今究竟怎么了？ 1499元能买正品飞天茅台，这事要是放在几年前，那简直想都不敢想。 曾几何时，"卖茅台的地方买不到茅台"是市场常态，消费者要是想购买，基本上都得通过二三级渠道，才能够买到已经加了几轮价的茅台。 然而，"茅台神话"在2025年彻底破灭，飞天茅台的价格防线经历了全线溃败。 行情好的时候，这 ...

Core Viewpoint - Kweichow Moutai has announced a restructuring of its product matrix and pricing strategy, emphasizing a consumer-centric approach and a commitment to market-oriented transformation [1] Group 1: Market Pricing Alignment - Moutai has adjusted its retail prices to align with actual market transaction prices, ensuring that consumers can purchase authentic products at fair prices [4] - The retail price for the 500ml Flying Moutai is set at 1499 yuan, which is positioned as a "reasonable" price in the consumer's mind [1] - Other products, such as the Snake Year Zodiac Moutai and premium Moutai, have been priced in accordance with market trends, with the 500ml Flying Moutai's market price ranging from 1750 to 1950 yuan [4][5] Group 2: Time Value Matching - The new pricing structure creates a "moat" around the time value of Moutai products, with higher-priced products reflecting their age and quality differences [6] - The pricing for older Moutai products indicates that "the older the Moutai, the better," which is beneficial for the collectible market [6] - The absence of the 2025 production of 500ml Flying Moutai from the current offerings allows for price space for existing products in the sales channels [6]

Core Viewpoint - Moutai is undergoing a comprehensive restructuring of its retail price system, focusing on consumer-centric strategies and market-oriented transformations, with the aim of making its flagship product, the 500ml Flying Moutai, more accessible at a price of 1499 yuan [3][4][12]. Group 1: Market Price Alignment - Moutai has adopted a "pyramid" product structure, adjusting retail prices based on actual market transactions to ensure alignment with market prices [6][15]. - The 2024 market prices for 500ml Flying Moutai range from 1750 to 1950 yuan, while the Zodiac Moutai is priced between 1896 and 1999 yuan, and premium Moutai ranges from 2329 to 2399 yuan [6][15]. - The retail prices on the iMoutai platform are slightly lower than market prices, indicating a strategy based on the 1499 yuan price point for the 500ml Flying Moutai [6][15]. Group 2: Time Value Matching - The new pricing system emphasizes the "time value" of Moutai products, with higher-priced products reflecting their age and quality [9][18]. - Classic Zodiac Moutai is priced 400 yuan above the standard Flying Moutai, while premium versions are 800 yuan higher, and cultural series products are priced 1000 to 1200 yuan above [9][18]. - The introduction of "vintage" Moutai, produced from 2019 to 2024, signals that older Moutai is valued more highly, benefiting collectors [9][18].

Group 1 - The price of various Moutai products, including the "Snake Moutai," has surged significantly, with the wholesale price of Snake Moutai increasing by 230 yuan per bottle, reaching 2000 yuan, marking a 13% rise [1] - Market demand for alcoholic beverages has not changed significantly due to the later timing of the Spring Festival, but the price increase is driven by psychological factors and demand among peers [1] - The upcoming discontinuation of Snake Moutai may also contribute to the price increase, although some industry insiders believe the potential for further price rebounds is limited [1] Group 2 - Other Moutai products have also seen price increases, with the 25-year Flying Moutai rising by 40 yuan to 1600 yuan per bottle, and the 24-year Flying Moutai increasing by 30 yuan to 1630 yuan per bottle [2] - As of December 24, the stock price of Guizhou Moutai was reported at 1400.90 yuan, reflecting a 0.49% decline, with a trading volume of 3.533 billion yuan, indicating a muted market reaction to the price fluctuations [2] - Analysts from CITIC Securities noted that the recent rebound in non-standard Moutai products is likely a seasonal disturbance, lacking support from demand, and raised concerns about the sustainability of price increases [2]

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].

Group 1 - The core viewpoint of the news is that the price of various Moutai products, particularly the Snake Year Zodiac Moutai, has seen a significant increase, with the wholesale price rising by 230 yuan per bottle, marking a 13% increase from 1770 yuan to 2000 yuan [1] - The increase in Moutai prices is attributed to market demand driven by psychological factors among traders, despite the overall market demand remaining stable due to the later timing of the Spring Festival this year [1] - The Snake Year Zodiac Moutai, officially named "Guizhou Moutai Snake Year Zodiac Wine (乙巳蛇年)," is the 12th in the Zodiac series, indicating a cyclical pattern in Moutai's Zodiac offerings [1] Group 2 - As of December 24, Guizhou Moutai's stock price closed at 1400.90 yuan, reflecting a 0.49% decline, with a trading volume of 3.533 billion yuan, indicating a muted market reaction to the price fluctuations of Moutai products [2] - The report from CITIC Securities' food and beverage team suggests that the recent rebound in non-standard Moutai products is a seasonal disturbance lacking demand support, raising doubts about the sustainability of price increases [2] - The Shanghai Liquor Circulation Industry Association has issued a risk warning, urging distributors to stock rationally and consumers to purchase based on need, while also committing to crack down on price gouging and hoarding to maintain market order [2]

Core Viewpoint - The article discusses the significant decline of the Moutai brand and the broader challenges facing the Chinese liquor industry, highlighting a structural transformation driven by changing consumer preferences and economic pressures [5][14]. Group 1: Moutai's Price Decline - Moutai's price has plummeted from over 2000 yuan to below 1700 yuan, with a record low of 1640 yuan per bottle reported in November [5][6]. - The decline in Moutai's price has triggered a ripple effect across the industry, leading to negative growth for major brands like Wuliangye and Luzhou Laojiao, with 18 A-share liquor companies reporting collective performance declines [5][8]. Group 2: Dealer Challenges - Dealers are facing severe financial pressure, with many halting purchases due to price volatility and losses on inventory [6][8]. - The bundling purchase requirement for Moutai forces dealers to buy less popular products, exacerbating their financial strain as these products often sell at a loss [6][7]. Group 3: Inventory and Cash Flow Issues - The liquor industry is experiencing a significant increase in inventory, with stock levels rising by 63% since 2021, leading to a cash flow crisis for many dealers [10][12]. - The average inventory turnover period has extended to 1424 days, indicating a severe slowdown in sales and a growing backlog of unsold products [12]. Group 4: Changing Consumer Preferences - The younger generation is moving away from traditional liquor consumption, favoring low-alcohol beverages and cocktails, which is reshaping market dynamics [14][15]. - The shift in consumer behavior is compounded by a decline in demand for high-end liquor during traditional festive seasons, with a reported 20% to 30% drop in overall demand [10][14]. Group 5: Industry Response and Future Outlook - Liquor companies are attempting to innovate by introducing lower-alcohol products and diversifying into cocktails to attract younger consumers [15][16]. - However, the effectiveness of these strategies remains uncertain, as the industry grapples with overcapacity and a potential long-term downturn [15][17].

Core Viewpoint - The "Moutai myth" is collapsing, with the price of Feitian Moutai experiencing a significant decline, leading to widespread losses among investors and industry players [5][6][10]. Price Decline and Market Impact - Feitian Moutai's price fell from over 2000 yuan to 1640 yuan per bottle, marking a historic low [5][6]. - The price drop has triggered a chain reaction in the industry, with major brands like Wuliangye and Luzhou Laojiao also reporting negative growth for the first time in a decade [5][6][10]. - The overall white liquor industry is facing a downturn, with 18 A-share listed companies reporting collective performance declines [5][10]. Dealer and Distributor Challenges - Distributors are facing severe financial pressure, with many halting purchases due to unsold inventory and price declines [6][8]. - The profit margins for distributors have been squeezed, as they are forced to bundle high-priced products with Moutai to secure inventory [6][7]. - A significant number of distributors are reporting losses, with some predicting losses exceeding 30 million yuan this year [7][10]. Inventory and Cash Flow Issues - The white liquor industry is experiencing a "money shortage," with inventory levels rising significantly [9][12]. - As of Q3 2025, the inventory turnover days have increased to an average of 1424 days, indicating a severe liquidity crisis [12][13]. - Over 58% of distributors reported increased inventory, and more than 40% are facing cash flow pressures [8][12]. Changing Consumer Preferences - The decline in demand is attributed to a generational shift in consumer preferences, with younger consumers showing less interest in traditional high-end liquor [15][16]. - Younger consumers prefer low-alcohol beverages and are increasingly opting for alternatives like fruit wines and non-alcoholic drinks [15][16]. - The traditional "drinking culture" is being challenged, leading to a significant shift in market dynamics [15][16]. Industry Response and Future Outlook - In response to the downturn, companies are innovating products to appeal to younger consumers, including lower-alcohol and flavored options [16][17]. - However, the effectiveness of these strategies remains uncertain, as the entrenched perceptions of traditional liquor may hinder acceptance [17]. - The industry is expected to remain in a turbulent phase for the next 2-3 years, with ongoing challenges in attracting younger consumers and managing inventory [17][18].

Core Viewpoint - Moutai is transitioning from selling liquor to selling a lifestyle, enhancing market services to meet consumer demands for quality and cultural experiences [1] Group 1: Sales and Market Trends - Sales at Moutai specialty stores have seen a significant recovery as the Mid-Autumn Festival and National Day approach, with notable growth in terminal sales since the end of August [5][21] - Popular products include not only the regular Flying Moutai but also zodiac-themed, 1L Flying Moutai, and premium Moutai, catering to diverse consumer preferences [9][26] Group 2: Service Enhancements - Moutai specialty stores have implemented five convenience measures to create a comprehensive service system, including online reservations and offline pickups [12] - The "instant retail" service addresses urgent customer needs by providing quick delivery for emergency situations [16] - A tasting area allows consumers to sample different types of Moutai and sauce-flavored liquors for free [20] Group 3: Consumer-Centric Approach - Product recommendations are tailored based on consumer usage scenarios, emphasizing a consumer-centric service philosophy [22][26] - Moutai is actively promoting the transformation from selling liquor to selling a lifestyle, focusing on market orientation and precise customer engagement [32] Group 4: Cultural Strategy - Moutai is enhancing the cultural connotation of its products, as highlighted by the launch of the second China Wine Culture Conference, emphasizing the importance of culture in the development of Chinese liquor [27] - Modern consumers are increasingly interested in the quality of ingredients, authenticity of craftsmanship, and the cultural stories behind the products [31] Group 5: Marketing and Community Engagement - Moutai's marketing activities integrate its corporate values into various market events, targeting specific consumer groups such as industry elites and the Z generation [36] - The company aims to improve service quality and create emotional connections with consumers through personalized and professional service [39]

Core Viewpoint - The market for Moutai is showing significant improvement with stable prices, increased sales volume, and strong demand as the Mid-Autumn Festival and National Day approach [1][3] Group 1: Market Performance - Moutai's terminal sales have seen a notable increase since late August, with a reported month-on-month growth of approximately 15% to 35% in August [1] - The sales of flagship products like Feitian Moutai and premium Moutai are driving the core sales volume, with Feitian Moutai's recent sales showing significant growth [1] - The stable price range for Feitian Moutai, maintained between 1960-1980 RMB, reflects a healthy market without significant fluctuations [1] Group 2: Consumer Behavior - The demand for Moutai is being driven by both personal and corporate clients, with a clear recovery in business and self-consumption scenarios [1][3] - Consumers are increasingly valuing the quality and cultural significance of Moutai, leading to a deeper recognition and stable purchasing behavior [4] - The shift from "price chasing" to "value chasing" among consumers has strengthened the price resilience of Moutai [3][5] Group 3: Strategic Initiatives - Moutai's long-term strategy includes transforming customer demographics, consumption scenarios, and service models, contributing to the current market stability [3] - The company has successfully engaged with local businesses, adding over ten new corporate clients in six months, which has stabilized sales without stockpiling [3] - The alignment of Moutai products with specific consumption scenarios has led to a more precise matching of demand, further solidifying its market position [4]