Core Viewpoint - The recent launch of a limited edition Guizhou Moutai liquor priced at 11,000 yuan per bottle sold out quickly, indicating strong market demand despite a general downward trend in Moutai prices [1][5]. Product Launch - On December 8, Guizhou Moutai released a new product (Panama International Exposition Gold Medal 110th Anniversary) at a price of 11,000 yuan per 1.1L bottle, which sold out on the first day [1][3]. - The product will continue to be available for purchase on December 9 and 10 from 9 AM to 10 AM [2]. Price Trends - Moutai's overall pricing has been declining, with the 2025 Flying Moutai (53° 500ml) dropping from 2,255 yuan at the beginning of the year to 1,530 yuan as of December 8, a decrease of over 32% [6]. - Other recent products, such as the "Snake Moutai" and "Shengle Flying," have also experienced significant price drops, with the "Snake Moutai" falling 57.5% from its peak price of 3,800 yuan to 1,615 yuan [5]. Market Dynamics - The market for Moutai products has seen fluctuations, with some products experiencing rapid price increases followed by sharp declines [5][6]. - Retail prices on e-commerce platforms have dropped below official guidance, with some listings as low as 1,399 yuan per bottle [7][9]. - Moutai Group is actively working to stabilize market prices and has reached agreements with major e-commerce platforms to combat unfair competition [9].

Core Viewpoint - The recent launch of a high-priced commemorative liquor by Kweichow Moutai demonstrates the brand's strong appeal in the premium market, yet the overall liquor industry is facing significant adjustments and downward price pressures [1][3]. Group 1: Product Launch and Market Response - Kweichow Moutai's commemorative liquor, priced at 11,000 yuan per bottle, sold out quickly on the "i Moutai" app, reflecting the brand's strong market demand [1]. - The secondary market for the commemorative liquor showed a rational price correction, with initial prices soaring to 13,500 yuan per bottle before dropping to a wholesale reference price of 7,900 yuan, indicating a cooling enthusiasm for high-premium commemorative products [3][4]. Group 2: Industry Challenges - The price of Moutai's core product, "Feitian Moutai," has been declining, with the price dropping to 1,530 yuan per bottle, highlighting the broader challenges faced by the liquor industry [3][4]. - The average inventory turnover days in the liquor industry reached 900 days, a 10% year-on-year increase, indicating growing inventory pressure amid shrinking demand [4]. - The China Alcoholic Drinks Association reported a 20% to 30% year-on-year decline in liquor demand during key festivals, while inventory levels increased by 10% to 20% [4]. Group 3: Strategic Responses and Market Outlook - Liquor companies are taking proactive measures to alleviate channel pressures, such as Wuliangye's introduction of a rebate program for its core product, which effectively lowers the price to stimulate sales [5]. - Despite the current low sentiment in the secondary market, some brokerages believe the liquor sector is nearing a bottom and presents investment opportunities, with a focus on stabilizing Moutai's wholesale prices as a potential market recovery signal [5]. - The liquor market is undergoing a significant destocking and value restructuring process, with future recovery dependent on restoring consumer confidence and rebuilding healthy distribution channels [5].

Group 1 - The new product from Kweichow Moutai, a 53-degree, 1.1L bottle commemorating the 110th anniversary of the Panama International Exposition, sold out instantly on the iMoutai app at a price of 11,000 yuan per bottle [1] - A previous commemorative product, the 70th anniversary of the Five-Star Trademark, was sold at 7,000 yuan per bottle and also sold out in 2 minutes, with its price later peaking at 13,500 yuan before dropping to 7,900 yuan [4] - Overall, Moutai prices have been on a downward trend this year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, recently reported at 1,530 yuan per bottle, down 5 yuan from the previous day [4][5] Group 2 - The Chinese liquor industry is facing increased inventory pressure, with average inventory turnover days reaching 900 days, a 10% year-on-year increase [4] - Demand for liquor has decreased by 20% to 30% during the recent Mid-Autumn and National Day holidays, with inventory levels rising by 10% to 20% [4] - Companies are implementing measures to alleviate channel pressure, such as Wuliangye offering subsidies to distributors, effectively lowering the price of its core product [6] Group 3 - Despite a generally low sentiment in the liquor sector, some brokerages suggest looking for bottoming opportunities, with Guotai Junan Securities highlighting improving sales feedback and a favorable policy environment [6] - Kaiyuan Securities notes that the liquor sector is at a dual bottom in terms of valuation and expectations, indicating potential for strategic investment [7]

Group 1 - The new product from Moutai, a commemorative edition of Guizhou Moutai liquor, sold out instantly on the iMoutai app, priced at 11,000 yuan per bottle [2] - The sales period for this product was from December 8 to December 10, with a limit of one bottle per registered user each day [2] - In August, another commemorative Moutai product was sold at 7,000 yuan per bottle and sold out in 2 minutes, later peaking at 13,500 yuan before declining [5] Group 2 - Moutai's overall pricing trend has been downward this year, with the 2025 vintage of 53-degree 500ml Moutai dropping below key price points [5] - As of December 8, the price of the 2025 vintage Moutai was reported at 1,530 yuan per bottle, down 5 yuan from the previous day [6] - The average inventory turnover days for the liquor industry reached 900 days, a 10% increase year-on-year, indicating growing inventory pressure [5] Group 3 - White liquor companies are implementing measures to alleviate channel pressure, such as Wuliangye's subsidy program for its core product [7] - Despite a generally low sentiment in the white liquor sector, some analysts suggest looking for bottoming opportunities, with expectations of improved sales performance [7] - Current market conditions are seen as a potential window for policy support, with a focus on Moutai's price stabilization signals [7]

Core Viewpoint - The launch of a new commemorative Guizhou Moutai liquor priced at 11,000 yuan per bottle sold out quickly, indicating strong demand despite a general decline in Moutai prices this year [1][4]. Group 1: Product Launch - The iMoutai app officially launched a new 1.1L Guizhou Moutai liquor (Panama International Exposition Gold Medal 110th Anniversary) on December 8, priced at 11,000 yuan per bottle, which sold out immediately [1]. - From December 8 to December 10, registered users could purchase one bottle per day during the specified time, with sales being first-come, first-served until sold out [1]. Group 2: Price Trends - In August, another commemorative Moutai liquor was sold for 7,000 yuan per bottle and sold out in 2 minutes, later reaching a peak price of 13,500 yuan before declining [4]. - Moutai prices have shown an overall downward trend this year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, including 2,000 yuan, 1,900 yuan, and 1,800 yuan [4]. - As of December 8, the price of the 2025 vintage Moutai was reported at 1,530 yuan per bottle, down 5 yuan from the previous day [4][5]. Group 3: Market Conditions - The white liquor market is experiencing a contraction in demand, with inventory pressure increasing. The average inventory turnover days reached 900 days, a 10% year-on-year increase [4]. - During the 2025 Mid-Autumn and National Day holidays, demand for the white liquor industry decreased by 20% to 30%, with inventory increasing by 10% to 20% [4]. Group 4: Industry Response - White liquor companies are implementing various measures to alleviate channel operating pressures, such as Wuliangye offering rebates to distributors while maintaining the ex-factory price [6]. - Despite a generally low sentiment in the white liquor sector, some brokerages suggest looking for bottoming opportunities, with expectations of improved sales performance [6][7].

Core Viewpoint - The article highlights the rapid sell-out of a new product from Moutai, indicating strong consumer demand despite a general decline in the liquor market prices and sales [2][6]. Product Launch and Sales Performance - Moutai's new product, a 1.1L bottle of 53-degree Guizhou Moutai liquor, was launched on December 8 at a price of 11,000 yuan per bottle and sold out instantly [2]. - A previous Moutai commemorative product was sold at 7,000 yuan and sold out in 2 minutes, later peaking at 13,500 yuan before dropping to 7,900 yuan [6]. Market Trends and Pricing - The overall price trend for Moutai products has been declining throughout the year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, currently priced at 1,530 yuan per bottle [6][7]. - The average inventory turnover days in the liquor industry reached 900 days, a 10% increase year-on-year, indicating growing inventory pressure [6]. Industry Challenges and Responses - The liquor industry is facing a demand contraction, with reports indicating a 20% to 30% decline in demand during the Mid-Autumn and National Day holidays, alongside a 10% to 20% increase in inventory [6][8]. - Companies like Wuliangye are implementing measures to alleviate channel pressures, such as offering rebates to distributors, effectively lowering the price of their products [8]. Market Sentiment and Investment Outlook - Despite a generally low sentiment in the liquor sector, some analysts suggest that there are bottoming opportunities, with expectations of improved sales performance and a favorable policy environment [9]. - Analysts from Guojin Securities and Kaiyuan Securities express optimism about the liquor sector's valuation and potential for recovery, particularly focusing on Moutai's price stabilization signals [9].

Core Insights - The launch of the "date liquor" by Kweichow Moutai in 2025 is a significant marketing strategy aimed at enhancing its market influence and financial appeal [1][19] - The limited release of 25,568 bottles of the commemorative liquor has generated substantial consumer interest, leading to a rapid sell-out and a revenue of approximately 179 million yuan within two minutes [3][19] - The introduction of the "date liquor" concept allows consumers to purchase specific dates, marking a shift in Moutai's sales strategy [1][4] Sales Performance - The official price of the new liquor is set at 7,000 yuan per bottle, which initially sparked debate over its affordability, yet it sold out quickly, indicating strong demand despite the high price [3][19] - The sales of the new "snake year" liquor, priced at 2,499 yuan per bottle, have not met expectations, with reports of limited consumer enthusiasm and inventory issues [4][14] - The overall market for Moutai products has shown signs of cooling, with the price of the flagship "Feitian Moutai" dropping significantly over the past year [19][20] Market Dynamics - The introduction of the "date liquor" for the snake year is seen as a response to sluggish sales and excess inventory, reflecting Moutai's ongoing struggle to stimulate market interest [14][19] - The company's direct sales platform, "i Moutai," has experienced a decline in revenue, with a reported drop of 10.51% year-on-year in 2024, indicating challenges in maintaining consumer engagement [20] - Despite Moutai's efforts to create scarcity and excitement around its products, the market is showing signs of rationality, with prices for previously high-demand items returning to more stable levels [19][20]

Group 1 - Guizhou Moutai has discontinued the old version of the colorful glaze premium liquor due to its susceptibility to counterfeiting, introducing a new version with upgraded anti-counterfeiting technology [1] - The new colorful glaze premium liquor features a red cap, making it significantly more difficult to counterfeit [1] - Distributors have already received samples of the new colorful glaze premium liquor [1] Group 2 - In late 2021, Guizhou Moutai launched the colorful glaze premium liquor, priced at 4,599 yuan per bottle, marking its first upgrade in four years [3] - The company has been actively introducing new products and making upgrades, including the launch of the 70th anniversary commemorative liquor and the "Huang Xiaoxi Dinner" cultural products [3] - Guizhou Moutai has also introduced a new packaging format for its 500ml Flying Moutai liquor, changing from 6-bottle and 12-bottle boxes to a 4-bottle box [3] - The company has revamped its long-used paper bags, using FSC-certified paper, water-based ink, and biodegradable paper strings for a more environmentally friendly design [3]

Core Viewpoint - The market for Moutai's old liquor, particularly the 70th anniversary of the Five-Star trademark, is experiencing significant demand and price increases, contrasting with the struggles faced by the Moutai Collectors Association, which has ceased operations due to financial pressures and market fluctuations [3][7][9]. Group 1: Market Dynamics - The Moutai liquor (Five-Star trademark 70th anniversary) has seen terminal transaction prices ranging from 10,000 to 100,000 yuan, indicating a high premium in the secondary market [3]. - The overall price trend for the Moutai liquor (Five-Star trademark 70th anniversary) is on the rise, with a notable contrast to the declining prices of the 53-degree 500ml Flying Moutai [3][5]. - The Moutai old liquor market is estimated to be worth approximately 850 billion yuan, with an annual trading volume of about 110 billion yuan, accounting for over 85% of the total trading volume in the liquor industry [8]. Group 2: Challenges and Changes - The Moutai Collectors Association has ceased operations due to unclear policies and high operational costs, which have made it unsustainable [7]. - The auction market for Moutai old liquor has seen a significant drop in success rates, with a 91.67% failure rate in a recent auction, highlighting the volatility in the old liquor market [7]. - The lack of an official valuation standard for Moutai old liquor has led to inflated prices and concerns over long-term value management [8]. Group 3: Future Outlook - The cessation of the Moutai Collectors Association may lead to a more regulated market, potentially benefiting the development of the Moutai old liquor sector [9]. - The successful launch of the Moutai liquor (Five-Star trademark 70th anniversary) demonstrates a new development model that leverages scarcity, cultural significance, and exclusivity to attract consumers [9].

Core Viewpoint - The recent launch of Guizhou Moutai's 70th Anniversary commemorative liquor has seen overwhelming demand, with prices skyrocketing in the secondary market, indicating strong market appeal and nostalgia for the brand [1][3]. Pricing Dynamics - The initial official price of the 70th Anniversary Moutai was 7,000 yuan, but it has surged to between 10,000 and 100,000 yuan in the secondary market, reflecting an increase of approximately 42.86% to 1328.57% within just six days of launch [3]. - The current wholesale price for the 70th Anniversary Moutai is reported at 8,800 yuan per bottle, representing a 25.71% premium over the official price [3]. Market Trends - The 1983 vintage of the old five-star Moutai is currently priced at 39,500 yuan, while the 1984 vintage is at 26,500 yuan, showcasing the rising value of older Moutai products in the market [4]. - The Moutai Collectors' Association has ceased operations, returning deposits to its members, indicating a shift in the management of the old liquor market [5]. Market Challenges - A significant drop in auction success rates for Moutai products has been noted, with a 91.67% failure rate in a recent auction, suggesting a potential decline in long-term value expectations for Moutai as a collectible [6]. - The operational challenges faced by Moutai Collectors' Association highlight the need for a clearer business model and profitability strategy in the old liquor market [5][6]. Future Outlook - The Moutai old liquor market is estimated to be worth around 850 billion yuan, with an annual transaction volume of approximately 110 billion yuan, indicating substantial market potential despite existing challenges [7]. - The establishment of a new Moutai Collectors' Association could help standardize pricing and improve consumer trust in the old liquor market [7][9]. - The success of the 70th Anniversary product may serve as a model for future Moutai products, emphasizing scarcity, cultural significance, and exclusivity [9][10].