Data collected by the "Liquor Price Index" over the past 24 hours indicates that the average terminal retail price for major single products in China's baijiu market continued its overall downward trend on May 23. If one bottle of each major product were packaged and sold together, the total price today would be 9,929 yuan, a significant drop of 28 yuan from yesterday, marking the lowest level in nearly 14 days. Blue and White Lang recorded a relatively heavy decline. The total market price has accelerated its decline after falling below the 10,000 yuan threshold, with terminal trading sentiment remaining consistently weak, and the divergence in price movements among core products remains significant.
Today, among the 11 major single products in the baijiu market, two rose, seven fell, and two remained flat. Losers continued to hold an absolute advantage, and the declines were noticeably steeper. On the upside, Wuliangye Pu Wu 8th Generation and Blue and White Fen 20 each rose by 1 yuan per bottle, with the latter rebounding slightly from its monthly low, although today's price remains constrained at the second-lowest level of the month. On the downside, Blue and White Lang led the declines, falling by 7 yuan per bottle, although its recent price trend has shown a slow upward momentum. Guojiao 1573 dropped by 6 yuan per bottle, marking its fifth consecutive day of significant decline and setting a new record low for the past month. Yanghe Dream Blue M6+ and Gujing Gong Gu 20 both fell by 5 yuan per bottle, with the latter experiencing five consecutive days of decline, pushing its price down to the lowest level of the month. Feitian Moutai decreased by 3 yuan per bottle. Premium Moutai and Xijiu Junpin both declined by 2 yuan per bottle, with the latter matching its record low for the past month. The prices of Wuliangye 1618 and Crystal Jiannanchun remained unchanged compared to the previous day, with the latter still deeply entrenched at its lowest level in nearly a month, equaling its monthly low.
The daily data for the "Liquor Price Index" is sourced from approximately 200 collection points reasonably distributed across major regions nationwide. These include, but are not limited to, designated distributors by liquor companies, independent distributors, e-commerce platforms, and retail outlets. The original sample data consists of actual, transacted terminal retail prices handled by each point over the past 24 hours, striving to provide objective, scientific, and fully traceable data on the market prices of well-known baijiu for all sectors. Following the official launch of the iMoutai platform selling Feitian Moutai at 1,499 yuan per bottle on New Year's Day (adjusted to 1,539 yuan per bottle on March 31) and Premium Moutai at 2,299 yuan per bottle on January 9 (adjusted to 2,359 yuan per bottle on May 16), the magnetic influence of this new sales channel on the average terminal retail prices of these two products has gradually become apparent. The daily liquor prices published by the "Liquor Price Index" follow a calculation rule weighted by actual transaction volume. We have incorporated verifiable price volumes into the calculation of the terminal retail prices for these two liquor products.
In significant news for the baijiu industry, the latest statistics show that the concentration of performance among the leading A-share baijiu companies has reached a new high. For the full year 2025, five leading companies — Kweichow Moutai Co.,Ltd., Wuliangye, Fenjiu, Luzhou Laojiao, and Yanghe — collectively achieved operating revenue of 293.023 billion yuan, accounting for 82% of the sector's total revenue. Their combined net profit attributable to shareholders reached 116.557 billion yuan, constituting 92% of the total, setting a new historical record for profit concentration among the top five. Looking at the entire industry, there were 887 large-scale baijiu enterprises nationwide in 2025, achieving total sales revenue of 572.4 billion yuan, with the top five companies accounting for over 51%. Total profits amounted to 188.4 billion yuan, with the top five contributing nearly 62%. These five companies, representing less than 0.6% of the total number, captured over 60% of the industry's profits. Industry analysts note that the "siphon effect" of leading companies has been further amplified during the industry's downturn, exacerbating the survival difficulties for small and medium-sized baijiu enterprises. Regional brands continue to face pressure from the expansion of famous brands into their markets, with some operating at capacity utilization rates below 50%. *ST Yanshi has become the first baijiu company to delist. Compared to mature international spirits markets, China's leading baijiu companies still have room to increase their market share. It is anticipated that third and fourth-tier baijiu companies may be the first to exit the market within the next 3 to 5 years.
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