Group 1 - The new product from Kweichow Moutai, a 53-degree, 1.1L bottle commemorating the 110th anniversary of the Panama International Exposition, sold out instantly on the iMoutai app at a price of 11,000 yuan per bottle [1] - A previous commemorative product, the 70th anniversary of the Five-Star Trademark, was sold at 7,000 yuan per bottle and also sold out in 2 minutes, with its price later peaking at 13,500 yuan before dropping to 7,900 yuan [4] - Overall, Moutai prices have been on a downward trend this year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, recently reported at 1,530 yuan per bottle, down 5 yuan from the previous day [4][5] Group 2 - The Chinese liquor industry is facing increased inventory pressure, with average inventory turnover days reaching 900 days, a 10% year-on-year increase [4] - Demand for liquor has decreased by 20% to 30% during the recent Mid-Autumn and National Day holidays, with inventory levels rising by 10% to 20% [4] - Companies are implementing measures to alleviate channel pressure, such as Wuliangye offering subsidies to distributors, effectively lowering the price of its core product [6] Group 3 - Despite a generally low sentiment in the liquor sector, some brokerages suggest looking for bottoming opportunities, with Guotai Junan Securities highlighting improving sales feedback and a favorable policy environment [6] - Kaiyuan Securities notes that the liquor sector is at a dual bottom in terms of valuation and expectations, indicating potential for strategic investment [7]

Group 1 - The new product from Moutai, a commemorative edition of Guizhou Moutai liquor, sold out instantly on the iMoutai app, priced at 11,000 yuan per bottle [2] - The sales period for this product was from December 8 to December 10, with a limit of one bottle per registered user each day [2] - In August, another commemorative Moutai product was sold at 7,000 yuan per bottle and sold out in 2 minutes, later peaking at 13,500 yuan before declining [5] Group 2 - Moutai's overall pricing trend has been downward this year, with the 2025 vintage of 53-degree 500ml Moutai dropping below key price points [5] - As of December 8, the price of the 2025 vintage Moutai was reported at 1,530 yuan per bottle, down 5 yuan from the previous day [6] - The average inventory turnover days for the liquor industry reached 900 days, a 10% increase year-on-year, indicating growing inventory pressure [5] Group 3 - White liquor companies are implementing measures to alleviate channel pressure, such as Wuliangye's subsidy program for its core product [7] - Despite a generally low sentiment in the white liquor sector, some analysts suggest looking for bottoming opportunities, with expectations of improved sales performance [7] - Current market conditions are seen as a potential window for policy support, with a focus on Moutai's price stabilization signals [7]

Core Viewpoint - The launch of a new commemorative Guizhou Moutai liquor priced at 11,000 yuan per bottle sold out quickly, indicating strong demand despite a general decline in Moutai prices this year [1][4]. Group 1: Product Launch - The iMoutai app officially launched a new 1.1L Guizhou Moutai liquor (Panama International Exposition Gold Medal 110th Anniversary) on December 8, priced at 11,000 yuan per bottle, which sold out immediately [1]. - From December 8 to December 10, registered users could purchase one bottle per day during the specified time, with sales being first-come, first-served until sold out [1]. Group 2: Price Trends - In August, another commemorative Moutai liquor was sold for 7,000 yuan per bottle and sold out in 2 minutes, later reaching a peak price of 13,500 yuan before declining [4]. - Moutai prices have shown an overall downward trend this year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, including 2,000 yuan, 1,900 yuan, and 1,800 yuan [4]. - As of December 8, the price of the 2025 vintage Moutai was reported at 1,530 yuan per bottle, down 5 yuan from the previous day [4][5]. Group 3: Market Conditions - The white liquor market is experiencing a contraction in demand, with inventory pressure increasing. The average inventory turnover days reached 900 days, a 10% year-on-year increase [4]. - During the 2025 Mid-Autumn and National Day holidays, demand for the white liquor industry decreased by 20% to 30%, with inventory increasing by 10% to 20% [4]. Group 4: Industry Response - White liquor companies are implementing various measures to alleviate channel operating pressures, such as Wuliangye offering rebates to distributors while maintaining the ex-factory price [6]. - Despite a generally low sentiment in the white liquor sector, some brokerages suggest looking for bottoming opportunities, with expectations of improved sales performance [6][7].

Core Viewpoint - The article highlights the rapid sell-out of a new product from Moutai, indicating strong consumer demand despite a general decline in the liquor market prices and sales [2][6]. Product Launch and Sales Performance - Moutai's new product, a 1.1L bottle of 53-degree Guizhou Moutai liquor, was launched on December 8 at a price of 11,000 yuan per bottle and sold out instantly [2]. - A previous Moutai commemorative product was sold at 7,000 yuan and sold out in 2 minutes, later peaking at 13,500 yuan before dropping to 7,900 yuan [6]. Market Trends and Pricing - The overall price trend for Moutai products has been declining throughout the year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, currently priced at 1,530 yuan per bottle [6][7]. - The average inventory turnover days in the liquor industry reached 900 days, a 10% increase year-on-year, indicating growing inventory pressure [6]. Industry Challenges and Responses - The liquor industry is facing a demand contraction, with reports indicating a 20% to 30% decline in demand during the Mid-Autumn and National Day holidays, alongside a 10% to 20% increase in inventory [6][8]. - Companies like Wuliangye are implementing measures to alleviate channel pressures, such as offering rebates to distributors, effectively lowering the price of their products [8]. Market Sentiment and Investment Outlook - Despite a generally low sentiment in the liquor sector, some analysts suggest that there are bottoming opportunities, with expectations of improved sales performance and a favorable policy environment [9]. - Analysts from Guojin Securities and Kaiyuan Securities express optimism about the liquor sector's valuation and potential for recovery, particularly focusing on Moutai's price stabilization signals [9].

Core Viewpoint - The high-end liquor industry is facing a price war during the "Double 11" shopping festival, prompting major brands like Moutai and Wuliangye to take urgent actions to protect their brand integrity and sales channels [1][4]. Group 1: Brand Actions - Wuliangye has issued its fourth consumer notice, directly naming 46 unauthorized stores across major platforms like Douyin, JD.com, and Pinduoduo, warning consumers about the risks of purchasing from these channels [2][4]. - Moutai has also released a "warm reminder" to consumers, emphasizing the importance of purchasing from official channels to safeguard their rights [4]. Group 2: Price Discrepancies - The price of 53-degree Moutai has dropped to 1650 yuan per bottle on e-commerce platforms, while the official retail price is around 1900 yuan, creating a significant price gap of 150-250 yuan [4][5]. - The drastic price cuts on e-commerce platforms are directly impacting the long-established pricing structure of premium liquors [4]. Group 3: Industry Expert Insights - Industry experts indicate that the primary motivation behind the liquor companies' actions is to counteract the impact of low-price subsidies from e-commerce platforms and to mitigate the risks associated with unauthorized channels [5]. - The current pricing chaos in the liquor industry is attributed to an imbalance in supply and demand, exacerbated by deep adjustments in the industry and high social inventory levels [5]. Group 4: Strategic Recommendations - Experts suggest that liquor companies should adopt a strategy of "combining diversion and blockage" to balance channel expansion and price control [5]. - Recommendations include positioning e-commerce as a platform for brand promotion rather than price competition, developing exclusive online products, and establishing direct partnerships with major e-commerce platforms to enhance control over sales channels [5].