Group 1 - Guizhou Moutai's core product prices are experiencing unprecedented downward pressure, with the wholesale reference price for the 2025 53-degree 500ml Flying Moutai dropping to 1770 yuan, marking a decline of 10 yuan from the previous day and a cumulative drop of over 20% from the initial price of 2220 yuan [1][2] - The price decline has accelerated in recent months, with the wholesale price first falling below 2000 yuan on June 11, and subsequently dropping below 1900 yuan and 1800 yuan within a short period [1] - The market supply and demand dynamics are undergoing significant changes, posing serious challenges to Moutai's historically strong pricing system [1] Group 2 - The market performance of large-capacity products is also weak, with the wholesale price for the 53-degree 1L "Kilo Moutai" dropping 18.92% year-to-date, now at 3300 yuan, significantly below the official guide price of 3799 yuan [2] - There is a notable price inversion in the high-end liquor market, indicating a weakening overall demand for premium alcoholic beverages [2] Group 3 - Retail market price competition is intensifying, with some e-commerce platforms offering the 2025 Flying Moutai double bottle set at 3400 yuan, equating to a single bottle price of only 1700 yuan, and even lower prices for "overseas versions" [4] - Despite most mainstream e-commerce prices remaining above 2000 yuan, there is significant bargaining space, with actual transaction prices often lower than listed prices, reflecting strong dealer willingness to sell [4] - In response to ongoing price declines and market concerns, Guizhou Moutai's management stated that they are actively taking measures to address the situation, emphasizing a strategy of "scientific and precise distribution" and maintaining a healthy channel ecosystem [4]