To The Moon

Market data collected over the past 24 hours reveals that among China's 11 major baijiu products, terminal retail prices showed seven gains, three declines, and one flat reading on September 3, with advancing products clearly dominating the session.

On the upside, Feitian Moutai climbed 4 yuan to reach a terminal retail average of 1,790 yuan, marking a fresh one-month high. Wuliangye Puwu Eighth Generation advanced 4 yuan to 811 yuan, snapping a three-day losing streak. Wuliangye 1618 rose 2 yuan to 830 yuan, reclaiming that round-number level. Qinghua Fen 20 gained 3 yuan to 398 yuan, strengthening for a second consecutive session and rising to this month's peak. Yanghe Dream of the Blue M6+ added 2 yuan to 614 yuan, with its price center continuing to drift modestly higher off the upper boundary of its recent range. Gujing Gongji Gu20 surged 10 yuan to 552 yuan, advancing for four straight sessions and decisively breaking above the 550 yuan threshold. Xijiu Junpin rose 3 yuan to 643 yuan, also recording four consecutive gains while holding firmly above the round-number level.

On the downside, Premium Moutai fell 3 yuan to 2,452 yuan, resuming its pullback after a brief pause. Guojiao 1573 dropped 6 yuan to 886 yuan, experiencing a technical correction from near its one-month high. Qinghua Lang tumbled 9 yuan to 679 yuan, sliding sharply for a second consecutive day and breaking below the 680 yuan mark.

On the flat side, Shuijing Jiannanchun held steady at 406 yuan for a second straight session, with its price continuing to operate near the lower edge of its high-end range.

The combined terminal retail value of all 11 major products continued to climb today, with multiple sub-premium products maintaining strength while premium-tier offerings showed mixed movements. The overall number of advancing products expanded notably. If one bottle of each of the 11 major items were packaged and sold together, the total price today would be 10,061 yuan, up 10 yuan from yesterday and marking a 10-day high, further consolidating the 10,000 yuan threshold.

Daily data for this price tracking is sourced from approximately 200 collection points distributed across all major regions nationwide, including designated distributors, social distributors, e-commerce platforms, and retail outlets. The raw sampling data reflects actual transaction terminal retail prices at each point over the past 24 hours, aiming to provide an objective, scientific, and fully traceable reference for market prices of major baijiu products. With the official i-Moutai platform selling Feitian Moutai at 1,499 yuan per bottle starting New Year's Day (adjusted to 1,539 yuan on March 31, then to 1,639 yuan on July 18), and Premium Moutai launching at 2,299 yuan per bottle on January 9 (raised to 2,359 yuan on May 16), the magnetic pull of this new channel on terminal retail prices for both products has gradually become evident. The daily price data follows a volume-weighted calculation rule, with verifiable prices from this channel incorporated into the terminal retail price calculations for both products.

In other key industry news, Kweichow Moutai Co., Ltd.'s total market capitalization has once again surpassed that of CATL for the first time in nearly a year. At the close on September 2, Kweichow Moutai Co., Ltd. was trading at 1,297.5 yuan per share, giving it a total market value of approximately 1.62 trillion yuan, while CATL closed at 348.29 yuan per share with a market value of about 1.61 trillion yuan. This latest reshuffling comes nearly a year after CATL's market cap first overtook Kweichow Moutai Co., Ltd. on September 25, 2025. CATL had previously been lifted by power battery production expectations, while Kweichow Moutai Co., Ltd. had traded sideways amid consumer sector adjustments. Since the start of this year, Moutai has advanced market-oriented reforms across its product system, pricing mechanisms, business models, channel布局, and supply chain organization. Combined with increased capital attention to high-dividend, low-valuation assets since July, the stock has regained upward momentum.

From an institutional perspective, BOC International Securities estimates that the two Feitian price increases this year will contribute incremental profit to 2026 reported earnings, with current Feitian wholesale prices stabilizing above 1,700 yuan. Guohai Securities believes Moutai is moving closer to real consumer demand, with ongoing optimization of its channel and product structure.