曾经一酒难求的飞天茅台正经历价格"滑铁卢"。11月27日，据第三方平台"今日酒价"数据，2025年53度500ml飞天茅台散瓶批发 参考报价1590元，较前一日下跌10元，首次跌破1600元/瓶大关，创上市以来新低。原箱报1600元，较前一日下跌10元。两款产 品较上线时的2220元、2255元累计跌幅均已超过20%。 | 茅台飞天 | | 2025年11月27日 (公众号: 今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 今日行情 | | | 2 25年飞天(原) | 53度/500ml | 1610 | 1600 ↓ | | 2 25年飞天(散) | 53度/500ml | 1600 | 1590 F | 更令人担忧的是行业整体数据的下滑。中国酒业协会理事长宋书玉在"2025冀酒高质量发展圆桌会"上透露，2025年1—6月，白 酒规上企业887家，同比减少100多家；产量191.59万千升，同比下降5.8%；销售收入3304.2亿元，同比微增0.19%；利润876.87 亿元，同比下降10.93%。 对价格持续下行的压力，茅台集团正在积极采取措施稳 ...

Core Viewpoint - Douyin has taken significant action against the sale of low-priced Moutai, removing links to third-party sellers and ensuring that prices return to normal levels [1][4][8]. Group 1: Douyin's Actions - On November 15, Douyin removed low-priced links for "53-degree Flying Moutai," prioritizing official flagship stores and returning prices to market levels [1]. - The main products affected were the low-priced domestic versions of 53-degree 500ml Flying Moutai, while other versions remained available [4]. - Douyin issued a strict notice on November 10, stating that any Moutai sold below market prices would face penalties, regardless of the version [8][9]. Group 2: Market Reactions - The notice led to widespread concern among merchants regarding how market prices would be determined and the execution of penalties [8]. - Following the notice, some merchants reported receiving communication from Douyin about their stores being under review for potential violations [4][9]. - The market price for domestic 53-degree 500ml Flying Moutai has recently increased, with wholesale prices rising above 1800 yuan and retail prices exceeding 2000 yuan in some areas [9]. Group 3: Moutai's Strategy - Moutai has been actively engaging with e-commerce platforms to strengthen its market presence and combat unfair competition [10][11]. - The company has established a green channel for handling counterfeit and infringement information in collaboration with various online platforms [10]. - Moutai has been expanding its online sales through partnerships with platforms like Douyin, which has included live streaming and marketing initiatives [11].

Core Viewpoint - Douyin has taken significant action against the sale of low-priced Moutai, ensuring that only official stores and normal-priced listings appear on its platform, following complaints about misleading sales practices [1][4][10]. Group 1: Douyin's Actions - On November 15, Douyin removed low-priced links for "53-degree Flying Moutai," with listings now primarily from official flagship stores [1]. - The main products affected were low-priced domestic versions of 53-degree 500ml Flying Moutai, while other versions remain available [4]. - Douyin issued a strict notice on November 10, stating that any Moutai priced below market value would face penalties, including potential classification as counterfeit [10]. Group 2: Market Reactions - The notice led to widespread concern among merchants regarding how market prices are determined and the execution of penalties [12]. - Douyin later clarified that the notice was misinterpreted and that the action was in response to consumer complaints about false advertising related to low-priced Moutai [12]. - The wholesale price of domestic 53-degree 500ml Flying Moutai has recently increased, with some platforms quoting prices above 1800 yuan, while overseas versions are priced lower [12]. Group 3: Moutai's Strategy - Moutai has been strengthening communication with e-commerce platforms to maintain a healthy sales ecosystem, emphasizing the need for proper management and competition [13][14]. - The company has been actively working with major platforms like JD and Alibaba to establish a cooperative framework against counterfeit products [14]. - Douyin has been expanding its collaboration with Moutai, including live streaming and marketing initiatives to enhance brand visibility [14].

Core Insights - Douyin has taken significant action against merchants selling Moutai at misleadingly low prices following regulatory scrutiny [1] Group 1: Regulatory Actions - Douyin has removed low-price links for "53-degree Flying Moutai" from its platform, prioritizing official flagship stores and Douyin supermarket links [1] - The main products affected are the low-priced domestic version of 53-degree 500ml Flying Moutai, while other variants remain available [1] Group 2: Merchant Compliance - Merchants have been notified by Douyin that their stores are under review for compliance, and future sales will depend on the platform's assessment of any violations [1]

Core Viewpoint - Douyin has taken significant action against merchants selling Moutai at misleadingly low prices, leading to the removal of low-price listings and a return to normal pricing for Moutai products on its platform [1][8]. Group 1: Actions Taken by Douyin - Douyin has removed low-price links for "53-degree Flying Moutai" from its search results, prioritizing official flagship stores and Douyin supermarket links [1]. - The main products affected were low-priced domestic versions of 53-degree 500ml Flying Moutai, while other versions remain available [4]. - A notice was issued by Douyin stating that any Moutai priced below market value would face penalties, regardless of the product version [8][11]. Group 2: Market Reactions and Pricing - The market price for domestic 53-degree 500ml Flying Moutai has recently increased, with some platforms quoting prices above 1800 yuan, while overseas versions are priced between 1500 to 1600 yuan [11]. - Merchants expressed concerns regarding the criteria for determining market prices and the execution of penalties for low pricing [10]. - Some merchants continued to sell products without clearly indicating whether they were overseas versions, leading to public backlash [11]. Group 3: Moutai's Strategy and Partnerships - Moutai has been actively engaging with e-commerce platforms to strengthen its market presence and combat counterfeit products [11]. - The company has established partnerships with major platforms like JD and Alibaba, focusing on maintaining a healthy channel ecosystem [11][12]. - Douyin has been expanding its collaboration with Moutai, including live streaming and marketing initiatives to promote Moutai products [12].

Core Viewpoint - The recent controversy surrounding the pricing of Moutai and other liquor brands on Douyin highlights the challenges faced by the liquor industry regarding low-price sales and counterfeit products, prompting companies to take action to protect their brand integrity and pricing structure [1][2][5]. Group 1: Douyin's Actions and Market Reactions - Douyin has initiated a special campaign to combat false advertising in liquor sales, specifically targeting "false low-price" promotions and suspiciously low prices that may indicate counterfeit products [2][4]. - Following the announcement of potential penalties for selling Moutai below market price, Douyin clarified that the rumors were misinterpreted, but acknowledged ongoing efforts to regulate liquor sales [2][4]. - During the "Double Eleven" shopping festival, Moutai has become a popular item for attracting customers, with prices in live streams often matching or undercutting official retail prices [4][5]. Group 2: Pricing Issues and Industry Impact - The price fluctuations of Moutai have sparked significant market discussion, with some live streamers offering prices as low as 1499 yuan, which is below the actual market price [4][5]. - The prevalence of low-priced counterfeit products threatens to disrupt the existing pricing structure and undermine the confidence of offline distributors, which is particularly concerning for the liquor industry currently undergoing significant adjustments [5]. - Other liquor companies, including Wuliangye and Xijiu, have also responded by updating their official sales channels and distancing themselves from unauthorized low-priced products [7].

Core Insights - During the Double Eleven shopping festival, major e-commerce platforms are offering unprecedented subsidies on liquor, particularly Moutai, with prices dropping to 1499 yuan per bottle, matching the official guidance price [1][3] - There is a significant price disparity among different e-commerce platforms, with Pinduoduo offering the lowest prices, while JD.com maintains higher prices, indicating a competitive pricing strategy among platforms [3][5] - The rise of "liquor hunting" communities on social media reflects a trend where consumers actively seek out the best deals, utilizing complex strategies to maximize discounts [5][9] E-commerce Pricing Strategies - Pinduoduo's third-party stores are offering Moutai at a subsidized price of 1499 yuan per bottle, while other platforms like JD.com have higher prices, indicating a competitive landscape [1][3] - Some platforms are employing a "limited-time purchase subsidy" model, which also results in Moutai being sold at 1499 yuan per bottle, showcasing aggressive pricing tactics [3] - The price war among e-commerce platforms is leading to a situation where consumers are leveraging online prices to negotiate lower prices in physical stores [13] Market Dynamics and Consumer Behavior - The "liquor hunting" phenomenon involves consumers navigating complex rules and conditions to secure low-priced liquor, indicating a shift in consumer behavior towards seeking value [5][9] - The rapid changes in promotional pricing and the limited availability of deals create a sense of urgency among consumers, driving them to act quickly [5] - The traditional sales logic of stockpiling liquor during sales events is being challenged by faster delivery services and ongoing subsidies, altering consumer purchasing habits [9][14] Industry Adjustments and Future Outlook - Major liquor manufacturers are responding to the price competition by issuing notices to consumers about the risks of purchasing from unofficial channels, aiming to protect their brand value [7][14] - The number of distributors for listed liquor companies has decreased significantly, reflecting a contraction in the industry as it adapts to new market realities [7] - The liquor market is expected to evolve into a more transparent and consumer-driven environment, with younger consumers leading the charge and a shift from investment to consumption focus [14]

Core Viewpoint - The price fluctuations of the 53-degree 500ml Flying Moutai reflect broader market dynamics, with the company transitioning from a reliance on price to a more comprehensive competitive strategy [1][4][5]. Price Fluctuations - The retail price of 53-degree 500ml Flying Moutai has been observed between 1700 to 1900 yuan per bottle, with online platforms showing prices ranging from 1640 to 1770 yuan [1][4]. - The price volatility is attributed to increased supply during the "Double 11" shopping festival, which temporarily eases the scarcity that typically supports high prices [4][5]. Company Performance - Guizhou Moutai reported a revenue of 1284.54 billion yuan for the first three quarters of the year, a year-on-year increase of 6.36%, with net profit reaching 646.27 billion yuan, also up by 6.25% [5][8]. - The company has established a scientific distribution system to stabilize market dynamics, with a focus on maintaining a healthy sales-to-inventory ratio [5][6]. Shareholder Returns - Guizhou Moutai plans to distribute a cash dividend of 23.957 yuan per share, totaling approximately 300.01 billion yuan, as part of its mid-term profit distribution strategy [8][9]. - The company has a history of additional dividends, having distributed significant amounts in previous years, indicating strong cash flow and management confidence in future growth [9]. International Expansion - Guizhou Moutai is actively pursuing international market opportunities, implementing a "three-step" strategy and focusing on product optimization, pricing, and brand promotion [11][12]. - The company aims to enhance its global presence and is exploring partnerships and promotional activities in various international markets [12][13]. Future Growth Strategies - To sustain high dividend payouts, Guizhou Moutai needs to identify new growth avenues, including international expansion and brand modernization [10][13].

Core Viewpoint - The wholesale reference price for 500ml Feitian Moutai at 53 degrees is reported at 1640 RMB, remaining stable compared to the previous day, while the original box price is 1680 RMB, reflecting a decrease of 10 RMB [1] Price Monitoring - The price for 500ml Feitian Moutai in loose bottles is 1640 RMB, unchanged from the previous day [1] - The original box price for the same product is 1680 RMB, which has decreased by 10 RMB from the previous day [1]

Core Viewpoint - The high-end liquor market, particularly the price of 53-degree Feitian Moutai, is experiencing significant downward pressure, with prices dropping below 1600 yuan due to aggressive e-commerce subsidies, indicating a shift in market dynamics and channel transformations within the industry [2][3][14]. Price Trends - On November 4, 2025, the price of 53-degree 500ml Feitian Moutai on platforms like Pinduoduo fell to 1590 yuan per bottle after a "100 billion subsidy," with a single bottle subsidy amounting to 397 yuan [3]. - The two-bottle package price dropped to 3150 yuan, averaging 1575 yuan per bottle, marking a new low in recent market transactions [3]. - The price of Feitian Moutai has seen a significant decline from 2290 yuan during the Spring Festival to below 1700 yuan in late October, representing a drop of over 24% from the beginning of the year [5][14]. Impact on Distributors - The low pricing strategy has created a "price inversion," where the retail price on e-commerce platforms is lower than the wholesale price for distributors, causing significant distress among offline liquor merchants [5][6]. - Distributors are now hesitant to stock up due to the drastic price cuts, leading to disrupted sales rhythms and reduced profit margins [6][8]. - Some distributors are forced to sell at a loss or turn to e-commerce platforms as third-party suppliers to survive in the current market [8][10]. E-commerce Dynamics - The current e-commerce landscape is characterized by a "low-price vortex," where major brands like Moutai and Wuliangye are sold at a loss primarily for customer acquisition rather than profit [10][12]. - New entrants like Meituan and Douyin have intensified competition, leading to increased subsidies and further price reductions [12]. - The traditional distribution model is being challenged as e-commerce gains access to low-cost inventory, diminishing the control that liquor companies previously had over pricing [12][14]. Future Outlook - The ongoing price war is expected to lead to a complete overhaul of the liquor industry's distribution channels, with potential regulatory interventions to curb "involutionary" competition [14]. - The price trajectory of Feitian Moutai will serve as a critical indicator for assessing the overall health of the liquor industry moving forward [14].