2026年元旦假期，贵州茅台通过官方APP"i茅台"以1499元指导价常态化投放53度500ml飞天茅台酒，却 连续多日出现"秒空"现象。这一场景引发消费者对投放量不足、存在"饥饿营销"的强烈质疑，也折射出 中国高端白酒行业在深度调整期的转型阵痛。从价格双轨制到渠道改革，从金融属性回归消费本质，茅 台的每一步动作都在重塑行业生态，而这场变革的代价与机遇，正通过消费者的指尖点击与市场数据的 波动，被清晰记录。 1. 消费者端的直观体验：拼手速的"全民狂欢" 自2026年1月1日起，"i茅台"每日上午9时准时开售飞天茅台，但无数消费者定好闹钟、提前守候，却屡 屡遭遇"页面加载中""已售罄"的提示。有消费者连续4天抢购未果，质疑平台"根本没放多少货"；更有 成都经销商在1月4日晚启动"老客户回馈计划"，2小时内售空1000箱（6000瓶）整件飞天茅台，与线 上"秒空"形成鲜明对比。这种反差加剧了消费者对"线上限量、线下特供"的猜测。 飞天茅台长期存在官方指导价（1499元）与市场实际成交价的巨大剪刀差。2020-2023年，终端市场价 一度突破3000元；2024年受行业调整影响回落至2600-2800元；2026 ...

Core Viewpoint - The article discusses the recent price adjustment strategies of high-end liquor brands, particularly focusing on Wuliangye and Guojiao 1573, and the competitive dynamics in the premium liquor market following Wuliangye's price changes [1][3][5]. Group 1: Market Dynamics - Wuliangye has been leading the high-end liquor market, with Guojiao 1573 closely following, and both brands often adjust their prices in tandem [1][3]. - The competition has intensified, with Guojiao 1573 expected to adopt a follow-up strategy similar to Wuliangye, potentially using channel subsidies to effectively lower prices without officially changing the factory price [1][3][9]. - The price gap between Guojiao 1573 and Wuliangye has been narrowing, with Guojiao 1573's price sometimes exceeding Wuliangye's [3][9]. Group 2: Pricing Strategies - Wuliangye's pricing strategy has included initial price increases followed by indirect price reductions through channel incentives, leading to a complex pricing environment [7][9]. - Guojiao 1573 has historically followed Wuliangye's pricing moves, but its management has indicated a more cautious approach this time, reflecting on past experiences where aggressive pricing led to market share losses [8][10]. - The current market environment is characterized by a need for strategic pricing adjustments, as both brands face declining demand and the challenge of maintaining market share [10][12]. Group 3: Product Focus and Revenue Contribution - Wuliangye's revenue is heavily reliant on its flagship product, contributing 50%-60% to its overall income, while Guojiao 1573 has diversified its offerings, with significant contributions from both high and low alcohol content products [13][14]. - Guojiao 1573's revenue contribution from high-end products has increased significantly, indicating a successful strategy in expanding its market presence [13][14]. - The competitive landscape has evolved, with new players entering the market, making pricing strategies more critical for maintaining brand positioning [14][15].

Core Viewpoint - The recent price adjustment news from Wuliangye has sparked industry speculation about whether other high-end liquor brands will follow suit, particularly focusing on the competitive dynamics between Wuliangye, Guojiao 1573, and other brands in the premium liquor market [1][3][4]. Group 1: Market Dynamics - Wuliangye, Guojiao 1573, and Moutai are the top three players in the high-end liquor market, with Wuliangye and Guojiao 1573 often adjusting their strategies in tandem due to their similar pricing and market positioning [2][4]. - The competition has intensified, with Guojiao 1573's pricing strategy closely mirroring that of Wuliangye, often resulting in a price difference of only a few dozen yuan between the two brands [4][11]. - The current market environment shows a trend of price adjustments, with Wuliangye leading the way by increasing channel subsidies to effectively lower the cost for distributors without officially changing the factory price [13][15]. Group 2: Historical Context - The current price adjustment cycle resembles previous cycles, where both Wuliangye and Guojiao 1573 have engaged in back-and-forth pricing strategies, including price increases followed by temporary reductions [9][10][12]. - Historical data indicates that Guojiao 1573 has previously faced challenges when maintaining higher prices than Wuliangye, leading to a significant drop in market share during past adjustment periods [10][11]. Group 3: Strategic Responses - Guojiao 1573 is expected to adopt a follow-up strategy similar to Wuliangye's, potentially using indirect methods such as increased subsidies to maintain competitiveness without directly lowering factory prices [4][15]. - The strategic focus of both companies has diverged, with Wuliangye prioritizing volume sales while Guojiao 1573 has the flexibility to leverage both high and low alcohol content products to enhance market presence [18][20]. - The competitive landscape has evolved, with new entrants like Langjiu and Moutai 1935 gaining market share, complicating the pricing strategies for established brands [22][23].

Core Viewpoint - The company 1919, a leading player in the liquor distribution sector and the first to be listed on the New Third Board, is facing significant financial difficulties, including large-scale delays in payments to franchisees, which has led to cash flow issues for many stores [1][2][4]. Group 1: Financial Difficulties - Since June 2023, 1919 has reportedly begun to delay payments for online business settlements, causing financial strain for franchisees [1][2]. - A complaint letter indicates that 1919 has not paid franchisees for online orders since June, with amounts owed ranging from tens of thousands to hundreds of thousands of yuan per store [1][2]. - Franchisees have expressed frustration over the lack of clear communication regarding payment timelines, receiving only vague responses from the company [1][2]. Group 2: Business Model and Operations - 1919 operates as a liquor e-commerce platform, primarily sourcing products from distributors and selling them through both physical stores and online platforms [3][4]. - The company has shifted from a direct sales model to a franchise model, with a significant increase in the number of franchise stores, which now account for a large portion of its operations [10][11]. - The company has faced cumulative losses exceeding 1.5 billion yuan, despite rapid expansion and increased store numbers over the years [7][8]. Group 3: Franchisee Relations - Franchisees have reported that the delayed payments have severely impacted their ability to cover essential expenses such as rent and salaries [4][10]. - In response to the financial crisis, 1919 has proposed a "goods-for-pay" scheme to franchisees, allowing them to offset debts by purchasing inventory, although not all franchisees are willing to accept this arrangement [12][11]. - Some franchisees have indicated that they are unwilling to accept the proposed inventory as they already have unsold stock, and they are considering legal action to recover owed payments [12][11].

Group 1 - The core product, 52-degree Guojiao 1573, has a current adjustment price of 835 yuan per bottle, while the factory price is 980 yuan per bottle, indicating a significant price inversion where distributors incur a loss of at least 145 yuan per sale [1] - As of the end of 2024, Luzhou Laojiao's inventory scale reached 13.393 billion yuan, a year-on-year increase of 15.24%, accounting for 19.6% of total assets, marking a historical high [1] - The stock price of Luzhou Laojiao has seen an annual decline of 28.28% in 2024, underperforming within the liquor sector, which is closely related to the company's operational data [1] Group 2 - The company's strategy of "inventory compression" alongside "lending" may lead to discrepancies between short-term operational data and the market's actual consumption capacity [1] - In the context of intensified market competition and upgraded consumer demand, liquor companies need to continuously optimize their pricing systems, inventory management, and operational strategies for sustainable development [1] - For Luzhou Laojiao, improving core indicators and stabilizing market expectations through refined operations is a critical challenge currently faced [1]