On September 20th, the latest wholesale reference prices for liquor were revealed, showing that a bottle of 2024 Feitian Maotai was priced at 2470 yuan (RMB, Renminbi) per bottle, a decrease of 20 yuan from the previous day. This news became a hot search topic on Baidu on September 20th.
According to the information from “Today’s Liquor,” which provides “data + media + community” services for Chinese liquor companies, on September 20th, the price of a bottle of 2024 Feitian Maotai in bulk was reported as 2365 yuan per bottle, unchanged from the previous day; while a bottle of 2024 Feitian Maotai in its original box was priced at 2470 yuan per bottle, down by 20 yuan from the previous day.
On the 19th, the data from the platform showed that the wholesale price of a 2024 Feitian Maotai (original) 53% ABV / 500ml was 2490 yuan per bottle, a decrease of 10 yuan from the previous day, falling below the threshold of 2500 yuan per bottle. The price of a 2024 Feitian Maotai (bulk) 53% ABV / 500ml was reported as 2365 yuan per bottle, unchanged from the previous day.
On September 18th, the reference price revealed by “Today’s Liquor” showed that the wholesale price of the original box of 2024 Feitian Maotai had dropped to 2500 yuan per bottle.
According to news from Hai Bao, several Maotai liquor stores in Jinan revealed that around the Mid-Autumn Festival, the price of Feitian Maotai continued to decline, with the retail price of bulk Feitian Maotai liquor around 2350 yuan per bottle and the retail price of the original box Feitian Maotai liquor around 2550 yuan per bottle.
Some liquor merchants revealed to the media that due to the large price drop, they chose to temporarily stop selling Maotai liquor, stating, “We’re not selling it, just watching.” The owner of a liquor store said, “The current market price for a box is around 2600 yuan per bottle, which is too low. This year is really unusual, as prices have not risen but fallen before the Mid-Autumn Festival.” The owner predicted, “Looking at the situation, it will have to drop further, for sure after the National Day it will drop to 2000 yuan per bottle.”
As the price of Maotai liquor drops, the stock price of Maotai Co., Ltd. is also declining.
September 18th marked the first trading day after the Mid-Autumn Festival for A shares, and Guizhou Maotai’s stock price fell below the psychological threshold of 1300 yuan per share last week and continued to decline on the 18th, falling for three consecutive days. By the close of trading, Guizhou Maotai fell 2.85% to 1266.9 yuan per share, hitting a new low since October 2022. In 2024, Guizhou Maotai’s stock price has fallen by more than 25%, with its market value dropping below 1.6 trillion yuan, ranking it as the fourth largest stock in A shares.
Looking at the entire Baijiu sector, on September 18th, the liquor sector weakened, leading to varying degrees of decline in individual liquor stocks. Stocks like Wuliangye and Shanxi Fenjiu also hit temporary lows.
Regarding the comprehensive decline in the prices of the Feitian Maotai series, a mainland internet user “阿腈” stated on September 19th, that this phenomenon not only reflects the subtle changes in the market’s supply and demand relationship but also indicates a new round of adjustment pressure facing the high-end Baijiu market, highlighting the market’s adjustment of future price expectations. This may be related to the expected increase in supply and a decrease in consumer enthusiasm.
The netizen “阿凡曲彈的好” believed, “The significant price drop is also related to the macroeconomic environment. With the current economic downturn and weak consumer spending, everyone is tightening their purse strings, so high-priced liquors like Maotai are naturally the first to be affected.”
As of 10:50 on September 20th in Beijing time, Guizhou Maotai was trading at 1262.55 yuan per share, up by 0.12%, with a total market value of 1.59 trillion yuan.