Data collected over the past 24 hours by the "Liquor Price Insider" indicates that the average terminal retail price for major Chinese baijiu products continued its corrective trend on April 9. If one bottle of each major product were bundled for sale, the total price today would be 9,924 yuan, a decrease of 9 yuan from the previous day, marking the lowest point in nearly 13 days. The market continues to show divergent characteristics between gainers and losers, with prices fluctuating repeatedly within a lower range, suggesting short-term consolidation remains the dominant pattern.
Among the 11 major baijiu products tracked today, four increased in price, five decreased, and two remained unchanged. On the upside, Yanghe's Dream Blue M6+ rose by 6 yuan per bottle, driven by channel restocking leading to a price recovery; Fenjiu's Blue and White 20-year increased by 4 yuan per bottle; Wuliangye Yibin Co.,Ltd.'s Eighth-Generation Pu Wu rose by 3 yuan per bottle; and Xijiu's Junpin increased by 2 yuan per bottle. On the downside, Qinghualang led the declines, dropping by 7 yuan per bottle, marking its second consecutive day of retreat from recent highs; Moutai's Jingpin decreased by 6 yuan per bottle; both Feitian Moutai and Luzhou Laojiao's 1573 fell by 4 yuan per bottle; and Gujing Gongjiu's Gu 20 declined by 3 yuan per bottle. Prices for Wuliangye 1618 and Crystal Jiannanchun remained unchanged from the previous day.
The daily data for "Liquor Price Insider" 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 transacted terminal retail prices handled by each point over the past 24 hours, striving to provide an objective, scientific, and fully traceable dataset on the market prices of well-known baijiu products. Since the official i-Moutai platform began selling Feitian Moutai at 1,499 yuan per bottle at the start of the year (increased to 1,539 yuan per bottle in the early hours of March 31) and launched Jingpin Moutai at 2,299 yuan per bottle on January 9, the gravitational pull of this new channel on the average terminal retail prices of these two products has gradually become apparent. The daily liquor prices released by "Liquor Price Insider" adhere to a calculation rule weighted by real transaction volume, and quantifiable prices from this platform have been incorporated into the terminal retail price calculations for these two products.
In other significant baijiu industry news, a research report on China's baijiu sector released on the 7th by US investment bank Goldman Sachs in conjunction with a major distributor from Central China indicates that by 2026, the industry is expected to see a structural recovery under the ongoing influence of anti-corruption policies, rather than a broad-based rally. Brand differentiation is intensifying, the effects of reforms at leading companies are gradually materializing, but industry-wide inventory destocking still requires time. Post-Spring Festival, baijiu sales volumes declined by over 15%, although the rate of decline narrowed in March as dining-out scenarios continued to recover and consumer activity gradually picked up. Specifically, Kweichow Moutai saw strong sales momentum for its Feitian product during the Spring Festival, with channel inventories at low levels. It has completed 40% of its first-quarter prepayments, with wholesale prices holding steady in the 1,500-1,600 yuan range. Optimization of the consignment model and direct sales platforms are expected to generate sales of approximately 200 billion yuan in the first quarter. The price increase for Feitian Moutai implemented on March 30 demonstrates the gradual effectiveness of market-oriented reforms. Wuliangye Yibin Co.,Ltd. is focusing on price discipline, suspending shipments in April to stabilize prices. It has completed 40% of its first-quarter prepayments, with sales growth of 20%-30% in some regions, while national first-quarter sales may show mid-single-digit growth. Luzhou Laojiao is strictly controlling shipments of high-proof Gujiao to stabilize prices, while low-proof Gujiao will be rolled out nationwide. Fenjiu targets growth of about 5% by 2026, but faces pressure from weak sales during the delivery phase in the first quarter.
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