Following yesterday's drop below 1,600 yuan, the price of Feitian Maotai continues to decline.
Today's wholesale reference prices show that on November 28, the price of 2025 Feitian Maotai in original cases fell by 20 yuan to 1,580 yuan per bottle, while the loose bottle price dropped by 25 yuan to 1,565 yuan per bottle. The 2024 Feitian Maotai in original cases decreased by 40 yuan to 1,660 yuan per bottle, and the loose bottle price declined by 30 yuan to 1,630 yuan per bottle. The 2023 Feitian Maotai in original cases saw a 10-yuan drop to 1,900 yuan per bottle, while the loose bottle price fell by 60 yuan to 1,740 yuan per bottle.
The continuous price decline of Kweichow Moutai reflects the severe challenges facing the entire liquor industry. To counter the downward price pressure, the company is actively taking measures to stabilize the market. Earlier this year, Kweichow Moutai's management reached agreements with JD.com and Alibaba, urging e-commerce platforms to integrate into the company's distribution ecosystem and avoid unfair competition. During the Q3 earnings briefing, Wang Li, General Manager of Kweichow Moutai Group and Acting General Manager of Kweichow Moutai, also revealed that the company is working with major online platforms to establish fast-track channels for handling counterfeit product reports and collaborating with market regulators to strengthen oversight.
China Galaxy Securities' research report suggests that the liquor industry will remain in an adjustment cycle in 2026 but is gradually approaching a bottoming phase. While sales and wholesale prices continue to decline at a narrowing pace, market expectations for earnings adjustments have largely been priced in. Given historically low valuations and positioning, the sector may see modest valuation recovery as liquidity and policy expectations improve. However, significant upside would require confirmation of a turnaround in sales and wholesale prices.
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