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].

节前最后一个工作日，茅台推出即时配送服务。 "下单最快30分钟收货。"9月30日，贵州茅台（600519）（600519.SH）旗下数字营销平台"i茅台"官 宣，即时配送服务正式上线。 记者注意到，选择该服务并填写收货地址后下单，消费者可自行选择预约配送时间（今日或次日），系 统会自动推荐就近的专卖店予以发货。目前此服务仅支持两款产品，即1L装飞天茅台和精品版500ml飞 天茅台，售价分别为3799元/瓶、3299元/瓶。 布局即时零售 国庆中秋双节将至，白酒迎来消费旺季。 美团闪购数据显示，节前最后一个周末，平台白酒品类销量同比增长约8倍。茅台、五粮液 （000858）、泸州老窖（000568）、汾酒、剑南春等头部品牌单日成交额均突破千万元级别。 飞天茅台价格波动 作为贵州茅台的支柱单品，飞天茅台价格持续波动是今年市场及投资者关注的重点。 今年京东、美团、淘宝三大互联网平台轰轰烈烈"外卖大战"的背后，是对即时零售市场的争夺，各大平 台相继出台的大手笔补贴，正在重新培育消费者的购买习惯，也改变着酒水消费的市场环境。 第三方平台"今日酒价"数据显示，双节前夕飞天茅台批发价呈现"下探—回升—再下探"的波动走势。 ...

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].