Core Viewpoint - The Chinese liquor industry is facing severe challenges due to weak consumer demand and intensified competition, leading to price declines and increased inventory levels across the sector [1][3][6]. Group 1: Industry Challenges - The liquor industry is experiencing a significant downturn, with over 60% of liquor companies and distributors reporting reduced operating profits in the first half of the year [1][6]. - Channel inventory has reached historical highs, with an average inventory turnover period of 900 days, a 10% increase from the previous year, and a 25% year-on-year rise in inventory levels [3][6]. - Price inversion is becoming more widespread, with over 50% of distributors and retailers reporting increased levels of price inversion, and 40% facing cash flow pressures [3][4]. Group 2: Company-Specific Issues - Even leading companies like Kweichow Moutai are under market pressure, with significant price inversions observed in their non-standard products, exceeding 20% for several items [4][5]. - The core product, 53-degree, 500ml Moutai, saw its price drop from approximately 2180 yuan to 1720 yuan during Q2, with current prices remaining below 1900 yuan [5][6]. Group 3: Competitive Landscape - The industry is witnessing a trend of "involution" where companies are engaging in price wars to survive, which is seen as a short-term solution that does not address the underlying issues of supply and demand imbalance [2][7]. - Major liquor companies are calling for a halt to "involution-style" competition and price wars, advocating for strategies such as reducing supply, enhancing quality, and focusing on niche markets [2][8][9].

智通财经6月16日电，智通财经记者从多位渠道人士处获悉，近日茅台部分省区经销商联谊会就茅台 酒"稳市稳价"事项进行沟通，并达成一致意见，主要内容包括：限制向电商、批发市场、省外等部分渠 道供货；经销商联谊会将加大市场巡查，对于违反相关规定的，将视情况给予包括停货、上报乃至取消 合同的处理。据"易茅时价"小程序显示，今日2025年53度、500ml装的茅台酒（散瓶）批发参考价小幅 回升至2000元/瓶。（智通财经记者 朱万平） 茅台部分省区经销商共同"稳市稳价" 飞天茅台批发参考价小幅回升 ...