Data collected over the past 24 hours by the "Liquor Price Index" shows that the average terminal retail price for major Chinese baijiu products experienced a strong overall rebound on April 18th. If one bottle of each major product were bundled and sold together, the total price today would be 9,877 yuan, an increase of 25 yuan from the previous day, rising to its highest level in four days. The market showed clear signs of recovery after a consecutive period of decline, with a notable improvement in trading sentiment at the retail level.
Among the 11 major baijiu products tracked today, eight increased in price, two decreased, and one remained flat, indicating a clear advantage for gainers. Among the risers, Qinghualang led with an increase of 8 yuan per bottle, matching its highest gain in a month and reclaiming the 700 yuan threshold. Xijiu Junpin rose by 6 yuan per bottle, again setting a new high for the past month. Gujiao 1573 and Feitian Moutai both increased by 4 yuan per bottle. Gujing Gongjiu Gu20 was up by 3 yuan per bottle. Qinghua Fen 20 and Wuliangye普五八代 each rose by 2 yuan per bottle, while Wuliangye 1618 increased by 1 yuan per bottle. On the downside, Premium Moutai fell by 3 yuan per bottle, and Crystal Jiannanchun decreased by 2 yuan per bottle. The price of Yanghe Dream Blue M6+ remained unchanged from the previous day, matching its lowest level in a month.
The daily data for the "Liquor Price Index" is sourced from approximately 200 collection points reasonably distributed across major regions of the country. These points include, but are not limited to, distributors designated by distilleries, independent distributors, e-commerce platforms, and retail outlets. The raw sample data consists of the actual transaction prices for retail sales processed at each point over the past 24 hours, striving to provide objective, scientific, and fully traceable data on the market prices of well-known baijiu products. Following the official launch of Feitian Moutai at 1,499 yuan per bottle on the iMoutai platform at the start of the year (adjusted to 1,539 yuan per bottle on March 31) and the launch of Premium Moutai at 2,299 yuan per bottle on January 9, the gravitational influence of this new sales channel on the average terminal retail prices of these two products is gradually becoming apparent. The daily liquor prices published by the "Liquor Price Index" are calculated using a rule that weights the actual transaction volume, and measurable prices from this channel have been incorporated into the calculation of the terminal retail prices for these two liquors.
In significant news related to the baijiu industry, Morgan Stanley yesterday commented on the annual report of Kweichow Moutai Co.,Ltd., noting that the company is expected to experience its first annual profit decline since listing in 2025 due to factors including inventory reduction, although an improvement in first-quarter performance is anticipated. Analysts at Citigroup stated in a research report that Kweichow Moutai restructured its operating model last year. This year, the distillery retrospectively increased the ex-factory wholesale price of its flagship product, Feitian Moutai, by 100 yuan and the direct retail price by 40 yuan per bottle, effective from March 31. Citigroup pointed out that this price difference implies a transfer of approximately 60 yuan in profit per bottle from distributors to the distillery. Meanwhile, Kweichow Moutai's cash dividend payout ratio of about 79% and its active share buybacks continue to be pillars of shareholder cash returns throughout its restructuring period. Citigroup maintains a Buy rating on Kweichow Moutai stock, with a target price of 2,210 yuan.
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