The latest data collected over the past 24 hours reveals a continued significant weakening in the overall average terminal retail prices for major Chinese baijiu products on June 5th. If one bottle of each major product were bundled for sale, the total price today would be 9,876 yuan, a substantial drop of 24 yuan from yesterday, marking the lowest total price in nearly 50 days. Following a downturn the previous day, the market weakened considerably again, with terminal trading sentiment remaining cool. Today, apart from Qinghua Fen 20 and Gujing Gong Gu 20 seeing increases, the other nine major varieties either fell or remained flat, with four products hitting new monthly lows.
Today's market for 11 major products saw two gainers, eight losers, and one unchanged, with the losers maintaining an absolute advantage. On the upside, Gujing Gong Gu 20 led the gains, rising by 5 yuan per bottle, fully recovering yesterday's losses and gently rebounding from its monthly low; Qinghua Fen 20 increased by 4 yuan per bottle, also recouping the previous day's entire decline. On the downside, Guojiao 1573, Yanghe Mengzhilan M6+, Xijiu Junpin, and Qinghualang each fell by 5 yuan per bottle. Among these, Guojiao 1573 once again fell below the 890 yuan mark, matching its monthly low price record; Yanghe Mengzhilan M6+ dropped back below the 600 yuan threshold; Xijiu Junpin ended a previous four-day winning streak; and Qinghualang continued to set a new monthly low, also recording the lowest average price since data collection began. Jingpin Moutai and Wuliangye Yibin Co.,Ltd.'s Pu Wu Eighth Generation each declined by 4 yuan per bottle. The latter has shown a clear downward price trend over the past month and also hit a new monthly low today. Crystal Jiannanchun decreased by 3 yuan per bottle, while Feitian Moutai fell by 2 yuan per bottle. The price of Wuliangye 1618 remained unchanged from the previous day, showing a relatively stable trend over the past month.
The daily price data is sourced from approximately 200 collection points reasonably distributed across major regions nationwide, including but not limited to designated distributors, independent distributors, e-commerce platforms, and retail outlets. The raw sample data consists of actual transacted terminal retail prices from these points over the past 24 hours, aiming to provide objective, scientific, and fully traceable data on the market prices of well-known baijiu products. With the official i-Moutai platform beginning sales of Feitian Moutai at 1,499 yuan per bottle at the start of the year (increased to 1,539 yuan per bottle on March 31st) and Jingpin Moutai at 2,299 yuan per bottle on January 9th (increased to 2,359 yuan per bottle on May 16th), the magnetic influence of this new sales channel on the terminal retail average prices of these two products is gradually becoming apparent. The daily published prices follow a calculation rule weighted by actual transaction volume, and the verifiable prices from this channel have been incorporated into the calculation of the terminal retail prices for these two products.
In other significant industry news, Yanghe Co., Ltd. held its 2025 Annual General Meeting this Wednesday. The meeting noted that the baijiu industry has entered a stage of stock competition and structural differentiation, with the high-end and mass-market price segments showing relatively strong resilience, while the mid-range market is the most fiercely competitive. A broad industry recovery is most likely to occur in the second half of 2026. The company has established three priority operational guidelines: "sales turnover, price stability, and profit quality," moving away from the model of pushing inventory to boost volume. It also revealed that channel inventory has reached a healthy inflection point. Strategically, Yanghe will advance the iteration of its full product line, optimize its channels, and deepen its presence in the banquet market. Regarding shareholder returns, the 2025 dividend payout ratio reached 70%, with a commitment to maintain a high payout ratio of 65%-70% long-term, aiming to attract long-term value investors with stable cash flow and high dividends, thereby enhancing its ability to navigate economic cycles.
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