Group 1 - The wholesale reference price for 2025 Feitian Moutai (53 degrees/500ml) has dropped to 1770 RMB per bottle, marking a new low since its launch, down 20.27% from the initial price of 2220 RMB per bottle [1] - The price for a case of Feitian Moutai remains stable at 1790 RMB per bottle, also a new low, down over 20% from the original price of 2255 RMB per bottle [1] - The price of Feitian Moutai has reached as low as 1700 RMB, with some stores on Pinduoduo selling it at 3400 RMB for two bottles, equivalent to 1700 RMB per bottle [1] Group 2 - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival holidays, despite the third quarter typically being a slow consumption period [1] - Moutai has launched several new products this quarter, including a limited edition commemorative liquor for the 70th anniversary of the five-star trademark, priced at 7000 RMB, with a current wholesale price stabilizing at 10,000 RMB [1] - Moutai's cultural and creative products continue to expand, with the "Huang Xiaoxi Dinner" series selling out quickly after its launch [1] Group 3 - The ultra-high-end products above Feitian are also being iterated, with the announcement of upgraded packaging and new anti-counterfeiting measures for Guizhou Moutai (premium) at the Guizhou Wine Expo [2] - The recent launch of Moutai 1935 exclusive version has introduced a new channel model [3] Group 4 - The core product supporting Moutai's performance remains the Moutai liquor, with the kilogram Moutai emerging as a new core product, currently priced above 3300 RMB in wholesale [4]