Data collected over the past 24 hours for the Liquor Price Index indicates that the average terminal retail price for major Chinese baijiu products experienced a slight overall correction on March 31st. If one bottle of each major product were bundled for sale, the total price today would be 9,928 yuan, a decrease of 2 yuan from the previous day. The overall market performance was weak, characterized by a significant price increase for the premium product Feitian Moutai occurring alongside price declines for mid-range products, suggesting the market remains in a phase of fragile equilibrium and consolidation.
The baijiu market displayed mixed movements today, with 11 major products showing five increases, five decreases, and one holding steady. Among the gainers, Feitian Moutai led the advance, rising by 10 yuan per bottle compared to the previous day and reaching a new high for the past half-month; this increase is linked to the price adjustment policy recently announced by Kweichow Moutai on the 30th. Yanghe Dream Blue M6+ increased by 3 yuan per bottle, while Blue and White Langjiu rose by 2 yuan per bottle. Both Premium Moutai and Crystal Swordnanchun saw modest increases of 1 yuan per bottle. On the downside, Luzhou Laojiao 1573 saw the largest decline, falling by 7 yuan per bottle and dropping below the 900 yuan threshold once again. Xijun Junpin decreased by 6 yuan per bottle, and Blue and White Fenjiu 20 was adjusted downward by 4 yuan per bottle. Both Gujing Gongjiu Gu 20 and the standard Wuliangye Eighth Generation saw slight declines of 1 yuan per bottle. The price for 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 points include, but are not limited to, designated distributors appointed by distilleries, independent social distributors, e-commerce platforms, and retail outlets. The raw sample data consists of the actual transaction-based terminal retail 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. Since the official i-Moutai platform began selling Feitian Moutai at 1,499 yuan per bottle at the start of the year (adjusted upward to 1,539 yuan per bottle early on the 31st) and started selling Premium Moutai at 2,299 yuan per bottle on January 9th, the gravitational pull of this new sales channel on the average terminal retail prices of these two products has gradually become apparent. The daily liquor prices published in the Index are calculated according to a rule that weights actual transaction volumes; the quantifiable prices from this channel have been incorporated into the terminal retail price calculations for these two products.
In significant industry news, Kweichow Moutai (SH600519) issued an announcement on the 30th stating that it will adjust the prices of its core products effective March 31, 2026. The sales contract price for Feitian 53% vol 500ml Kweichow Moutai (2026) will be increased from 1,169 yuan per bottle to 1,269 yuan per bottle, while the retail price within its self-operated system will be raised from 1,499 yuan per bottle to 1,539 yuan per bottle. The announcement indicated that this price adjustment will have a certain impact on operating performance and reminded investors to invest rationally and be aware of risks. The last time Moutai adjusted its ex-factory prices was on November 1, 2023, when it raised the ex-factory price for 53% vol Kweichow Moutai (Feitian, Wuxing) by an average of approximately 20%, from 969 yuan per bottle to 1,169 yuan per bottle.
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