其中，精品茅台的经销商打款价将从单瓶2969元降至1859元（下调1100元），目前产品在i茅台App上的建议零售价已由3299元降至2299元（下调1000 元）。 1月12日，市场有消息称，贵州茅台（600519）将下调旗下多款产品价格，涉及精品茅台、茅台15年、茅台1935，渠道价和终端市场价均有调整。 陈年贵州茅台酒（15年）出厂价将由5399元降至3409元（下调1990元），建议零售价从5999元降至4199元（下调1800元）。 由此计算，这两款产品出厂价均下调约37%，终端零售价降价约30%。在贵州茅台的产品体系中，这两款均非跑量产品，对公司业绩实际贡献不高，前者 定位为茅台"金字塔"产品结构中的"塔腰"部分，今年有培育成大单品的计划；后者是维持品牌高端形象的"塔尖"产品。 孙婉秋/摄 这一调价动作有何意义？将带来哪些影响？ 中国酒水行业研究者蔡学飞接受《国际金融报》记者采访时指出，这是茅台对超高端产品线的价格策略优化，旨在缓解渠道库存压力、提升市场流动性。 他认为，对经销商而言短期利润空间可能会收窄，但长远看有助于加快资金周转、稳定终端价格体系，引导市场回归真实需求，这一举措也反映出茅台在 ...

Core Viewpoint - Kweichow Moutai has launched an instant delivery service through its digital marketing platform "i Moutai," allowing consumers to receive orders within 30 minutes, enhancing customer experience and convenience during the peak consumption season of the National Day and Mid-Autumn Festival [1][3]. Group 1: Instant Delivery Service - The instant delivery service allows consumers to select delivery times and is currently available for two products: 1L Flying Moutai priced at 3799 yuan and 500ml premium Flying Moutai at 3299 yuan [1]. - This service is seen as a strategic move into the instant retail market, responding to the growing demand for convenience in alcohol purchases [4]. Group 2: Market Trends and Sales Data - The white liquor market is experiencing a surge in sales, with Meituan's flash purchase data indicating an approximately 8-fold year-on-year increase in white liquor sales during the last weekend before the holidays [3]. - Major brands like Moutai, Wuliangye, and Luzhou Laojiao have seen daily transaction amounts exceed 10 million yuan [3]. Group 3: Price Fluctuations of Flying Moutai - The wholesale price of Flying Moutai has shown volatility, with prices fluctuating below 1800 yuan per bottle before the holidays, raising investor concerns [6][7]. - As of September 30, the wholesale price for 500ml Flying Moutai was reported at 1760 yuan, indicating ongoing price instability [7]. Group 4: Company Performance - Kweichow Moutai reported a revenue of 91.094 billion yuan for the first half of the year, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [8]. - The company maintains its annual performance target of 9% growth, despite market pressures and rumors of potential downward adjustments [8].

Group 1: Core Insights - Kweichow Moutai has launched an instant delivery service through its digital marketing platform "i Moutai," allowing consumers to receive orders within 30 minutes [1] - The service currently supports two products: 1L Flying Moutai priced at 3799 yuan and 500ml premium Flying Moutai at 3299 yuan [1] - The launch of this service is seen as a strategic move to tap into the growing instant retail market, especially during the peak consumption season of the National Day and Mid-Autumn Festival [2] Group 2: Market Trends - The instant retail market for alcoholic beverages is projected to grow significantly, with market size expected to rise from less than 20 billion yuan to 36 billion yuan by 2024 [3] - The penetration rate of instant retail in the alcohol sector is anticipated to increase from under 1% to approximately 1.8% [3] - By 2030, the market size could reach between 60 billion yuan and 90 billion yuan, with the liquor category, particularly baijiu, benefiting prominently [3] Group 3: Price Dynamics - The wholesale price of Flying Moutai has shown volatility, with fluctuations observed before the holiday season [5] - As of September 30, the wholesale price for 500ml Flying Moutai was reported at 1760 yuan, following a brief recovery above 1800 yuan [5] - Management has indicated a commitment to maintaining the wholesale price above 1800 yuan, emphasizing a balance between volume and price [6] Group 4: Financial Performance - Kweichow Moutai reported a revenue of 91.094 billion yuan for the first half of the year, reflecting a year-on-year growth of 9.16% [7] - The net profit attributable to shareholders was 45.403 billion yuan, marking an 8.89% increase compared to the previous year [7] - The company has not adjusted its annual performance targets, maintaining a growth expectation of 9% [7]

Core Viewpoint - The introduction of the new 1×4 packaging for Moutai liquor represents a significant adjustment in response to changing consumer preferences and aims to create new consumption scenarios in the market [3][6]. Group 1: Product Specifications - Moutai has launched a new 1×4 packaging for its 500ml Flying Moutai, which is smaller and more portable compared to the traditional 6-bottle packaging [4]. - The dimensions of the new 4-bottle packaging are 207×187×261mm, with a reduction in length by 68mm and width by 23mm, while the height remains similar [4]. - The design elements of the packaging, including the bottle design and anti-counterfeiting features, have been optimized while maintaining brand consistency [5]. Group 2: Market Trends - The shift in consumer behavior from large gatherings to smaller, more intimate drinking occasions has increased the demand for convenient, ready-to-drink options [6]. - The new 4-bottle packaging caters to practical needs during a time of consumption downgrade, appealing to medium-sized family gatherings and private dining scenarios [6]. Group 3: Investment and Collectibility - The new packaging lowers the financial barrier for entry-level collectors, making it more accessible and potentially increasing market activity [9]. - Original box Moutai has a higher premium compared to loose bottles, and the new 4-bottle format enhances collectibility without disrupting the existing 6-bottle market [9]. Group 4: Gift Market and Pricing - The social attributes of boxed Moutai remain irreplaceable in the gift market, with the 6-bottle format still being the mainstream choice, while the 4-bottle format offers a more substantial gift option compared to typical 2-bottle sets [9]. - The introduction of the 4-bottle packaging fills a gap in the small-sized product offerings, enhancing the overall experience across drinking, collecting, socializing, and investment scenarios, which is expected to stabilize Moutai's pricing structure [9].

Core Viewpoint - The market price of 53-degree 500ml Flying Moutai has recently fallen below 1800 yuan, leading to significant regret among those who hoarded the product, as they face losses if they sell and potential further declines if they hold on [1][2][6] Price Trends - The market price of Flying Moutai has dropped significantly, losing key price thresholds of 2500 yuan, 2400 yuan, and 2200 yuan, and is now approaching the official guide price of 1499 yuan [2][19] - During the 618 shopping festival, the retail price of Flying Moutai was around 1800 yuan, with some platforms offering even lower prices, raising concerns about authenticity [2][7] Market Sentiment - The atmosphere among resellers, including scalpers and wine merchants, has turned negative, with many expressing a lack of enthusiasm for buying back Flying Moutai due to falling prices [6][7] - The once vibrant discussions in "Moutai fan" groups have diminished, with participants no longer sharing tips on purchasing or celebrating successful acquisitions [1][6] Sales Dynamics - Many buyers who successfully purchased 1L Flying Moutai from the iMoutai platform are reluctant to pick up their orders due to the current market conditions, which would result in losses upon resale [8][10][18] - The 1L Flying Moutai, which had a guide price of 3799 yuan, is now being sold at prices below the official guide, with some resellers refusing to buy back due to anticipated losses [7][19] Industry Challenges - The broader white wine industry is experiencing a price correction, with many products, including Moutai 1935, facing significant price declines and market challenges [19][22] - The financial appeal of Moutai has diminished, as younger consumers show less interest in traditional wine culture, leading to a shift in market dynamics [22][24] Company Response - Moutai's management is actively engaging with distributors to stabilize prices and boost confidence in the market, indicating a strategic approach to navigate the current downturn [21][22]

Core Viewpoint - The annual shareholder meeting of Guizhou Moutai highlighted the company's commitment to quality, culture, and adaptability in the face of changing market conditions and consumer behaviors [2][4][5]. Group 1: Company Strategy and Market Adaptation - Guizhou Moutai's chairman, Zhang Deqin, emphasized the importance of returning to the essence of Chinese liquor, focusing on quality and cultural significance [4]. - The company has successfully navigated multiple industry cycles, adapting its strategies during crises, which has led to significant brand and marketing advancements [5][6]. - The company aims to maintain confidence and resilience through its established brand value and quality, while executing strategic initiatives effectively [6]. Group 2: Transformation and Future Plans - Moutai's 2024 strategy includes three transformations: customer segmentation, scenario adaptation, and service enhancement, which have already shown positive results in recent sales data [6][7]. - The long-term goal is to build a more resilient ecosystem by understanding and balancing the interests of all stakeholders involved [7]. - The internationalization strategy focuses on a three-step approach, expanding from product exports to a comprehensive global brand presence [7]. Group 3: Pricing Strategy - The pricing of Moutai products will follow market principles, considering various factors such as market conditions, channel management, and stakeholder demands [8][9]. - The company is committed to maintaining a stable pricing structure across its product pyramid, which includes various product sizes and premium offerings [9].