Data collected by the "Liquor Price Index" over the past 24 hours indicates that the average terminal retail price for major Chinese baijiu products experienced a moderate overall increase on April 27. If one bottle of each major product were combined into a single basket, the total price would be 9,971 yuan today, an increase of 12 yuan from the previous day, marking the highest level since April 3. The market resumed its upward trend after a slight correction the previous day, with terminal trading sentiment remaining stable, while price divergences among core products remained significant. Among the 11 major baijiu products tracked today, seven increased in price, three decreased, and one remained unchanged, indicating a clear advantage for gainers. Leading the increases, Gujing Gongjiu Gu20 rose by 6 yuan per bottle, achieving a three-day consecutive gain and reaching a new one-month high. Premium Moutai increased by 5 yuan per bottle. Crystal Jiannanchun, typically known for its stable price, saw a notable rise of 3 yuan per bottle. Wuliangye普五 Eighth Generation, Yanghe Dream Blue M6+, and Xijiu Junpin each increased by 2 yuan per bottle. Luzhou Laojiao National Cellar 1573 saw a minor increase of 1 yuan per bottle. On the downside, Fenjiu Blue and White 20 led the declines, dropping by 4 yuan per bottle. Feitian Moutai decreased by 3 yuan per bottle, while Qinghualang experienced a slight decline of 2 yuan per bottle. The price of Wuliangye 1618 remained unchanged from the previous day. The daily data for the "Liquor Price Index" is sourced from approximately 200 collection points reasonably distributed across major regions nationwide. These sources include, but are not limited to, designated distributors, independent distributors, e-commerce platforms, and retail outlets. The raw sampling data consists of the actual terminal retail transaction prices processed at each point over the past 24 hours, aiming to provide objective, scientific, and fully traceable data on the market prices of renowned 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 (which increased 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 based on rules that weight the real transaction volumes, and the quantifiable prices from this channel have been incorporated into the calculations for the terminal retail prices of these two products. In significant baijiu industry news, leading brokerage firm Huatai released a research report yesterday commenting on Kweichow Moutai Co.,Ltd.'s first-quarter results, stating that the company achieved a stable start to the year, with benefits from market-oriented marketing reforms accelerating. The report indicated that for the first quarter of 2026, Kweichow Moutai's Moutai liquor and series liquor achieved revenues of 46.0 billion yuan and 7.88 billion yuan, representing year-on-year growth of 5.6% and 12.2%, respectively. On the channel side, direct sales and wholesale achieved revenues of 29.5 billion yuan and 24.38 billion yuan, with the direct sales proportion rising to 54.8%. Within direct sales, the iMoutai platform achieved liquor revenue of 21.55 billion yuan, a significant increase of 267.2% year-on-year, making a notable contribution to quarterly revenue. Regarding investment advice, Huatai is optimistic about the continued release of benefits from market-oriented marketing reforms. It maintained its previous profit forecasts, projecting Kweichow Moutai's EPS for 2026 to 2028 at 68.77 yuan, 70.96 yuan, and 73.67 yuan, respectively. Referencing the average 2026 P/E ratio of 16x for comparable companies, Huatai assigned the company a 2026 P/E valuation of 25x, maintaining its previous target price of 1,719.25 yuan and reaffirming its "Buy" rating.
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