Data collected over the past 24 hours for the liquor market indicates a mild overall correction in the average terminal retail prices of major Chinese white spirits on July 6th. If one bottle of each major product were bundled for sale, the total price today would be ¥9,901, a decrease of ¥19 from yesterday. After reaching an 18-day high, the total price has slightly retreated but remains above the ¥9,900 threshold. Following yesterday's broad-based gains, most varieties experienced a technical pullback today, with clear market divergence. Only Gujinggong's Gu 20 and Jiannanchun's Crystal Sword saw price increases, while all other varieties declined. Terminal trading sentiment remained largely stable.
Among the 11 major white spirit products today, two rose and nine fell, with losers holding a clear majority. On the upside, Gujinggong's Gu 20 led the gains, rising ¥7 per bottle, continuing its strong upward momentum over several days to set a new record high since data collection began last November. Jiannanchun's Crystal Sword increased by ¥2 per bottle. On the downside, Langjiu's Blue and White Porcelain led the declines, falling ¥6 per bottle. Wuliangye Yibin Co.,Ltd.'s Pu Wu Eighth Generation dropped ¥5 per bottle, continuing its pattern of low-level volatility. Kweichow Moutai's Fine Wine decreased by ¥4 per bottle. Kweichow Moutai's Flying Fairy, Fenjiu's Blue and White Porcelain 20, and Xijiu's Jun Pin each fell by ¥3 per bottle. Wuliangye Yibin Co.,Ltd.'s 1618 declined by ¥2 per bottle, barely holding above ¥820, as its price center has been trending lower over the past month. Luzhou Laojiao's 1573 and Yanghe Distillery's Dream Blue M6+ each saw minor decreases of ¥1 per bottle, but both remain within their high price ranges of the past month.
Daily pricing data is sourced from approximately 200 collection points reasonably distributed across major regions nationwide, including but not limited to authorized distributors, independent dealers, e-commerce platforms, and retail outlets. The raw sample data consists of actual terminal retail transaction prices from these points over the past 24 hours, aiming to provide objective, scientific, and fully traceable data on the market prices of renowned white spirits. Since the official i-Moutai platform began selling Kweichow Moutai's Flying Fairy at ¥1,499 per bottle around New Year's Day (adjusted to ¥1,539 on March 31st) and Kweichow Moutai's Fine Wine at ¥2,299 per bottle on January 9th (adjusted to ¥2,359 on May 16th), the gravitational influence of this new channel on the average terminal retail prices of these two products has gradually become apparent. The daily published liquor prices follow a calculation rule weighted by actual transaction volume, and the verifiable prices from this channel have been incorporated into the calculations for these two products' terminal retail prices.
Industry Insights and Analyst Views
In other significant liquor industry news, a recent weekly sector report on food and beverages highlighted that the current prosperity cycle of the white spirits industry is in a window of consolidation and a phase of "slowing decline." Consumption sentiment during the Dragon Boat Festival window (May to June) remained slightly weaker than in previous years, but the rate of decline has relatively slowed, not yet affecting the judgment of a gradual bottoming-out for the industry's fundamentals. Since the off-season began, the price levels of mainstream white spirits have generally remained stable. The price performance of Kweichow Moutai's Flying Fairy has been commendable, with older inventory visibly being reduced, sentiment among various parties continuing to stabilize, and proactive price management by distilleries also helping to clarify channel price expectations. On an individual stock level, the report suggests valuing distilleries from a medium-to-long-term perspective using an EPS × PE (earnings per share × price-to-earnings ratio) pricing model. Distilleries with inherent differentiated competitive advantages can break through constraints and scale new heights in successive cycles. In terms of allocation direction, the report strongly recommends high-end spirits with outstanding brand power and deep moats (Kweichow Moutai, Wuliangye Yibin Co.,Ltd.), Shanxi Xinghuacun Fen Wine Factory which is still in an upward channel momentum phase, and stable regional leaders benefiting from resilient mass demand. It also advises monitoring cyclical recovery plays with potential catalysts (Gujinggong, Luzhou Laojiao) and flexible distilleries catalyzed by new products or channels (Zhenjiu LiDu, Shede Spirits Co.,Ltd., Jiugui Liquor Co.,Ltd., etc.).
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