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].

Core Insights - Guizhou Moutai's new product, commemorating the 70th anniversary of the Five-Star trademark, was launched on August 8 at a price of 7,000 yuan per bottle, with a limited release of 25,568 bottles [1] - The product sold out within 2 minutes of its launch, indicating strong demand [1] - Resale prices on various social media platforms range from 9,000 to 15,000 yuan per bottle, with some special date-coded bottles being sold for as high as 100,000 yuan, representing an increase of over 1,300% from the original price [1] Market Dynamics - A wine dealer noted that the high resale prices are more of a market test rather than actual sales, suggesting that ordinary consumers are unlikely to pay a premium for coded bottles [1] - The current speculation around the commemorative wine mirrors past trends, such as the 2017 zodiac Moutai, which peaked at 8,000 yuan but later fell to 2,500 yuan [1]

Core Viewpoint - The launch of Guizhou Moutai (70th Anniversary of the Five-Star Trademark) has seen immediate sell-out and significant speculation in the secondary market, highlighting its strong market appeal and the rising prices of Moutai products [1][4][5]. Pricing Dynamics - The initial official price of the commemorative Moutai was 7,000 yuan, but it has surged to transaction prices between 10,000 and 100,000 yuan within six days, reflecting an increase of approximately 42.86% to 1328.57% [4][5]. - The current batch price for the commemorative Moutai is reported at 8,800 yuan per bottle, which is a 25.71% increase from the official price [4]. Market Trends - The popularity of the commemorative Moutai is attributed to its limited release and the historical reputation of the old five-star Moutai in the secondary market, which has driven prices higher [5][12]. - The old five-star Moutai from 1983 is currently priced at 39,500 yuan, while the 1984 version is at 26,500 yuan, indicating a trend of increasing prices with age [7]. Changes in Collectors' Associations - The Moutai Collectors' Association has ceased operations, returning deposits to its members, and a new association may be formed to regulate the old liquor market [8][10]. - The previous association's failure is attributed to unclear policies and a lack of profitability, leading to operational challenges [10]. Market Size and Challenges - The Moutai old liquor market is estimated to be worth approximately 850 billion yuan, with an annual transaction volume of about 110 billion yuan, accounting for 85% of the total market for aged liquor [12]. - There is a lack of official valuation standards for old Moutai, leading to price instability and affecting market trust [12][13]. Future Outlook - The success of the commemorative Moutai may signal new development models for the old liquor market, emphasizing the importance of scarcity, cultural significance, and exclusivity [13]. - The potential establishment of a new collectors' association could help standardize pricing and enhance consumer trust in the old liquor market [12][13].

Core Viewpoint - Guizhou Moutai (600519.SH) reported a net profit growth slowdown in the first half of 2025, with a net profit of 45.403 billion yuan, reflecting a year-on-year increase of 8.89%, amidst industry challenges such as channel price inversion and inventory accumulation [3][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year growth of 9.16%, marking the first single-digit growth since 2015 [4]. - The company completed its annual revenue growth target of 9% despite the slowdown, demonstrating resilience as an industry leader [4]. - Revenue from Moutai liquor reached 75.589 billion yuan, up 10.24% year-on-year, while series liquor revenue was 13.763 billion yuan, growing 4.69% [4]. Channel and Sales Dynamics - In the first half of 2025, revenue from wholesale channels exceeded 49.343 billion yuan, an increase of 2.83%, while direct sales revenue reached 40.009 billion yuan, up 18.63% [5]. - The number of domestic distributors increased to 2,280, with a net addition of 137, the highest in recent years [5]. - International sales reached 2.893 billion yuan, reflecting a year-on-year growth of 31.29% [5]. Market Challenges - The industry is experiencing a "three-phase overlap" with policy adjustments, consumption structure transformation, and deep adjustments in stock competition [6]. - Price inversion has affected 60% of enterprises, indicating a supply-demand imbalance and increasing channel pressure [7]. - The price of Moutai liquor has dropped significantly, with a cumulative decline of 36.15% since 2022, and current prices have fallen below 2,000 yuan [7]. Strategic Adjustments - To alleviate market pressure, Guizhou Moutai has implemented strategies such as controlling supply, adjusting product specifications, and launching new products [9]. - The company has reformed its direct sales system and introduced new product specifications to cater to diverse consumer needs [9][10]. - New product launches include various limited editions and special commemorative items, enhancing market engagement [10].

Core Viewpoint - The recent launch of the Guizhou Moutai (70th Anniversary of the Five-Star Trademark) has led to a significant price increase, with market prices generally exceeding 10,000 yuan per bottle, indicating strong demand and potential for future price appreciation [1][6]. Group 1: Product Launch and Sales - The new product was officially launched on August 8, priced at 7,000 yuan per bottle, and sold out within approximately 2 minutes, generating an estimated revenue of 179 million yuan [1][4]. - Each bottle features a unique identity code, with a total of 25,568 bottles available, symbolizing the 25,568 days over the past 70 years, enhancing its exclusivity [1][4]. Group 2: Market Dynamics - Some retailers are reporting offers as high as 60,000 yuan per bottle for specific date-coded bottles, indicating a strong secondary market and potential for price speculation [1][6]. - It is anticipated that as time progresses, the market price of the Moutai 70th Anniversary edition may establish a "one code, one price" scenario, particularly for auspicious numbers, which could see significant premium pricing [6]. Group 3: Trademark Registration - Guizhou Moutai has applied for the registration of several trademarks, including "Five-Star Moutai" and "Flying Moutai," across various international classifications related to alcoholic beverages and advertising, with most registrations already successful [10].

Core Viewpoint - The recent launch of the Guizhou Moutai (70th Anniversary of the Five-Star Trademark) has led to a significant price increase, with market prices generally exceeding 10,000 yuan per bottle, indicating strong demand and potential for future price appreciation [3][6]. Group 1: Product Launch and Pricing - The new product was officially launched on August 8, priced at 7,000 yuan per bottle, and sold out within approximately 2 minutes, generating an estimated revenue of 1.79 billion yuan [3][5]. - Each bottle features a unique identity code, with a total of 25,568 bottles available, symbolizing the 25,568 days over the past 70 years, enhancing its collectible value [3][5]. - The product's design pays homage to the original Moutai bottle from 1954, utilizing high-quality glass and craftsmanship [3]. Group 2: Market Trends and Future Outlook - Analysts predict that as time progresses, the market price of the 70th Anniversary Moutai will likely establish a "one code, one price" scenario, with certain auspicious numbers commanding higher premiums [6]. - The company has registered multiple trademarks related to Moutai, indicating a strategic focus on brand expansion and protection in various categories, including alcoholic beverages and advertising [9].

7000元/瓶的贵州茅台酒新品上市后不久，二手市场价格迅速攀升。 业内人士指出，凭借着独特的"一瓶一码"概念，这款纪念酒有着"生日茅台"的个性化属性，茅台正在尝 试探索情绪消费市场，但需要注意，二手市场或有部分经销商在借机炒作，由此带来的泡沫风险也需警 惕。 茅台酒新品受热捧 8月8日上午，贵州茅台通过其官方直销平台"i茅台"APP发售了"贵州茅台酒（五星商标上市70周年纪 念）"新品，单瓶售价为7000元，限量25568瓶。发售开始后，市场反响远超预期，全部库存仅用时2分 钟便宣告售罄，粗略估算此次发售为贵州茅台带来了约1.79亿元人民币的直接销售收入。 该新品上市后，二级市场价格迅速上涨，多个平台报价上万元，指定日期报价更贵。 截至记者发稿，在京东平台中，记者看到，多数商家的报价为15000元/瓶左右，并且在该价格区间段已 有不少成交。也有商家将贵州茅台酒（五星商标上市70周年纪念）的报价提升至34999元/瓶，但并未成 交。 记者在闲鱼、阿里资产拍卖等平台看到，贵州茅台酒（五星商标上市70周年纪念）的报价接近14000元/ 瓶，相比发售价接近翻倍。而在京东相关商家中，普遍报价为15000元/瓶左右，但也 ...

Core Viewpoint - The recent launch of the "Guizhou Moutai (70th Anniversary of the Five-Star Trademark)" has seen a significant surge in secondary market prices, indicating strong consumer demand and potential speculative risks in the market [1][3][4]. Group 1: Product Launch and Market Response - Guizhou Moutai released a limited edition product priced at 7000 yuan per bottle, with a total of 25,568 bottles available [3]. - The product sold out within 2 minutes, generating approximately 179 million yuan in direct sales revenue for Guizhou Moutai [3]. - Following the launch, secondary market prices quickly rose, with listings on platforms like JD.com reaching around 15,000 yuan per bottle, and some sellers even pricing it at 34,999 yuan [1][4][7]. Group 2: Unique Product Features - The product features a unique "one bottle, one code" concept, with each bottle having a distinct identity code corresponding to the 70 years of the brand's history [9]. - This personalized aspect, referred to as "birthday Moutai," appeals to consumers looking for emotional connections with the product [9][11]. Group 3: Emotional Consumption Trend - The launch aligns with the growing trend of emotional consumption, where consumers seek products that provide emotional value and connection rather than just utility [12][13]. - Guizhou Moutai's strategy emphasizes the importance of emotional value in consumer purchasing decisions, reflecting a shift from survival-based consumption to enjoyment and spiritual fulfillment [12][13].