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]

Industry Dynamics - In March, the production of liquor by large-scale enterprises in China decreased by 0.8% year-on-year, totaling 378,000 kiloliters, with a cumulative production of 1,032,000 kiloliters in the first three months, down 7.3% year-on-year [4] - Beer production increased by 1.9% year-on-year in March, reaching 3,128,000 kiloliters, but the cumulative production for the first three months fell by 2.2% [4] - Wine production saw a significant decline of 25% year-on-year in March, with a total of 9,000 kiloliters produced, and a cumulative production of 24,000 kiloliters in the first three months, also down 25% [4] - The Ministry of Industry and Information Technology announced a list of 40 key traditional food industries for cultivation, including liquor categories such as Baijiu, Huangjiu, and wine, aimed at boosting economic development and enhancing domestic demand [4] - Five liquor enterprises were recognized in the national-level skills master studio list, highlighting the industry's focus on skill development and training [7] Company Dynamics - Yanjing Beer reported a revenue of 14.667 billion yuan for 2024, a year-on-year increase of 3.2%, with a net profit of 1.056 billion yuan, up 63.74% [8] - Shanghai Gui Jiu (Rocky Co.) reported a revenue of 285 million yuan, a significant decline of 82.54%, with a net loss of 217 million yuan, down 349.63% [9] - Tianyoude Jiu reported a revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, but a net profit decline of 52.96% to 42.135 million yuan [10] - Wuliangye reported a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [10] - Moutai achieved sales exceeding 10 million yuan during the China International Consumer Products Expo, showcasing strong consumer interest in its products [10] - Luzhou Laojiao received the first data intellectual property registration certificate in the liquor industry for real-time monitoring data of bottled liquor, indicating a focus on quality control [11] - Yanghe Baijiu's cellar group was certified by Guinness World Records as the largest scale of liquor cellars, emphasizing the company's production capacity [11]