43度飞天茅台拟调降打款价至739元/瓶 零售价同步下调 记者从渠道人士处获悉，43度飞天茅台或将执行新价格，打款价与零售价均将下调。其中，打款价下调至739元/瓶；而2025年43度飞天茅台计划内打 款价为798元/瓶，计划外打款价为989元/瓶。此前43度飞天茅台建议零售价为1099元/瓶；目前i茅台上其官方售价为829元/瓶。经销商打款价下调 后，按最新零售价算，43度飞天茅台预计仍有约10%的毛利空间。 小财注：43度飞天茅台整体销售规模占贵州茅台整体营收比例较小。 百亿单品茅台1935或执行新价格体系 打款价零售价均下调 精品茅台与茅台15年或执行新价格 打款价与零售价预计均将下调 记者从渠道人士处获悉，精品茅台与茅台15年或将执行新价格，打款价与零售价预计均将下调。其中，精品茅台打款价或从2969元/瓶下调至1859元/ 瓶；茅台15年打款价或从5399元/瓶下调至3409元/瓶。而此前精品茅台和茅台15年，建议零售价分别为3299元/瓶和5999元/瓶；目前i茅台上其售价分 别为2299元/瓶和4199元/瓶，经销商打款价下调后，按最新零售价算，相关产品预计仍有接近20%的毛利空间。 小财注：精 ...

Core Viewpoint - Kweichow Moutai has announced a restructuring of its product matrix and pricing strategy, emphasizing a consumer-centric approach and a commitment to market-oriented transformation [1] Group 1: Market Pricing Alignment - Moutai has adjusted its retail prices to align with actual market transaction prices, ensuring that consumers can purchase authentic products at fair prices [4] - The retail price for the 500ml Flying Moutai is set at 1499 yuan, which is positioned as a "reasonable" price in the consumer's mind [1] - Other products, such as the Snake Year Zodiac Moutai and premium Moutai, have been priced in accordance with market trends, with the 500ml Flying Moutai's market price ranging from 1750 to 1950 yuan [4][5] Group 2: Time Value Matching - The new pricing structure creates a "moat" around the time value of Moutai products, with higher-priced products reflecting their age and quality differences [6] - The pricing for older Moutai products indicates that "the older the Moutai, the better," which is beneficial for the collectible market [6] - The absence of the 2025 production of 500ml Flying Moutai from the current offerings allows for price space for existing products in the sales channels [6]

Core Viewpoint - Moutai is undergoing a comprehensive restructuring of its retail price system, focusing on consumer-centric strategies and market-oriented transformations, with the aim of making its flagship product, the 500ml Flying Moutai, more accessible at a price of 1499 yuan [3][4][12]. Group 1: Market Price Alignment - Moutai has adopted a "pyramid" product structure, adjusting retail prices based on actual market transactions to ensure alignment with market prices [6][15]. - The 2024 market prices for 500ml Flying Moutai range from 1750 to 1950 yuan, while the Zodiac Moutai is priced between 1896 and 1999 yuan, and premium Moutai ranges from 2329 to 2399 yuan [6][15]. - The retail prices on the iMoutai platform are slightly lower than market prices, indicating a strategy based on the 1499 yuan price point for the 500ml Flying Moutai [6][15]. Group 2: Time Value Matching - The new pricing system emphasizes the "time value" of Moutai products, with higher-priced products reflecting their age and quality [9][18]. - Classic Zodiac Moutai is priced 400 yuan above the standard Flying Moutai, while premium versions are 800 yuan higher, and cultural series products are priced 1000 to 1200 yuan above [9][18]. - The introduction of "vintage" Moutai, produced from 2019 to 2024, signals that older Moutai is valued more highly, benefiting collectors [9][18].

Core Viewpoint - The price of Moutai has plummeted due to a supply-demand imbalance, leading to significant economic pressure on distributors and a broader industry shock [1][3]. Supply and Demand Dynamics - The wholesale price of 43-degree Moutai has dropped to 750 yuan, below the cost for some distributors, causing financial strain [1]. - Social inventory of Moutai exceeds 120 million bottles, accounting for 73% of annual production, with turnover days surpassing 900 [3]. - Demand has shrunk significantly, with high-end liquor no longer being a staple for business socializing, leading to a 30% drop in sales for upscale restaurants [4]. Price Trends and Financial Impact - The wholesale price of 53-degree Moutai has decreased over 20% from 2400 yuan at the beginning of the year to 1870 yuan [1][4]. - Distributors are facing losses, with the cost of 53-degree Moutai exceeding 1800 yuan while selling for only 1870 yuan, resulting in a loss of nearly 550 yuan per bottle sold [6]. - Approximately 30% of small distributors are at risk of closing due to the ongoing price war and financial pressures [8]. Distributor Strategies and Market Adjustments - Distributors are adapting by shifting to live-stream sales and introducing lower-priced liquor options to attract younger consumers [6]. - Moutai Group is attempting to stabilize prices by repurchasing shares and reducing the allocation of Moutai to manage inventory [7]. - The company is also adjusting its product line to target the mid-range market, positioning Moutai 1935 and series liquors in the 300-500 yuan price range [7].

Core Viewpoint - The Chinese liquor industry is experiencing a shift towards low-alcohol products, driven by changing consumer preferences, particularly among younger demographics, as companies aim to capture market share by introducing lower alcohol content options [1][2][5]. Industry Trends - Major liquor companies like Wuliangye and Luzhou Laojiao are launching low-alcohol products, with Wuliangye introducing a 29-degree version and Luzhou Laojiao developing products as low as 16 degrees [1][4]. - The trend towards low-alcohol liquor is not new; the industry has seen low-alcohol products since the 1970s, but recent consumer preferences have accelerated this shift [2][3]. Consumer Preferences - A survey by Wuliangye indicated that 60% of young consumers prefer low-alcohol products, highlighting a significant shift in the consumer base towards younger drinkers [5][6]. - The changing demographics of liquor consumers, particularly the rise of young professionals born between 1985 and 1994, are prompting companies to adapt their branding and product offerings [5][6]. Market Predictions - The low-alcohol liquor market is projected to exceed 74 billion yuan by 2025, indicating a substantial growth opportunity for companies willing to innovate in this space [5]. - The introduction of low-alcohol products is expected to alter the competitive landscape of the liquor market, as more companies enter this segment [2][4]. Production Challenges - Producing low-alcohol liquor is technically more challenging than high-alcohol variants, requiring advanced techniques to maintain flavor and quality [6][9]. - Maintaining the "soul" of the liquor, or its unique flavor profile, is crucial in the development of low-alcohol products, as simply reducing alcohol content may compromise quality [6][7]. Pricing Strategies - While low-alcohol products may have higher production costs, pricing strategies will vary based on brand positioning and market competition [9][10]. - Companies are exploring price ranges for new low-alcohol products, with potential pricing strategies targeting the 300-500 yuan range to attract a broader consumer base [10][11]. Industry Concerns - Not all liquor brands are suited for low-alcohol product development, and companies must consider their unique flavor profiles and production capabilities before entering this market [11].

Core Insights - The introduction of the 29-degree Wuliangye aims to cater to the preferences of younger consumers, aligning with the company's strategy to capture the future of the liquor market [2][3] - Wuliangye's management emphasizes the importance of understanding the values and consumption habits of the younger generation to redefine the role of liquor in contemporary life [7] Product Development - Wuliangye is launching the 29-degree product as part of a broader strategy to appeal to younger demographics, focusing on taste and aesthetic preferences [2] - Market research conducted in June revealed that the target audience's preferences include flavor richness and price points ranging from 200 to over 500 yuan [2] - The company is integrating trendy design elements into product packaging to attract younger consumers [3] Market Strategy - Wuliangye is establishing a dedicated team to implement its youth-oriented strategy, ensuring efficient market response and operational management [3] - The company is expanding its distribution channels and creating diverse consumption scenarios, such as trendy experience stores that combine music and dining [3] Marketing and Communication - Wuliangye is enhancing its presence on social media platforms like Douyin and Xiaohongshu, and participating in popular TV shows to increase brand visibility [4] - The company is focusing on creating engaging marketing campaigns that resonate with young consumers, such as events centered around marriage celebrations [4][5] Consumer Insights - A survey of 1,000 young consumers revealed that only 19% prefer traditional liquor, while over 60% favor lower-alcohol options, indicating a significant shift in consumer preferences [6] - The trend towards lower alcohol content is seen as a long-term strategy for the liquor industry, with companies like Luzhou Laojiao also adapting to these changing preferences [6] Industry Trends - The low-alcohol liquor market is projected to grow significantly, with estimates suggesting a market size exceeding 740 billion yuan by 2025, reflecting a compound annual growth rate of 25% [8] - Many liquor companies are adopting dual strategies of core product development and innovation to capture the younger market segment [8] Competitive Landscape - The competition in the low-alcohol segment is intensifying, with various companies investing in marketing, channel transformation, and consumer engagement strategies [9]