On October 28th, the wholesale price of Feitian Moutai in mainland China dropped below 1700 yuan per bottle for the first time in history, hitting a new low. The downward trend continued on the 29th, with several securities institutions believing that the Chinese liquor market is still in a downturn.
According to information disclosed by the mainland third-party platform “Jinri Jiujia” on the 28th, the wholesale reference price for a 25-year-old Feitian Moutai bottle (53% ABV/500ml) fell by 25 yuan per bottle compared to the previous day, reaching 1690 yuan per bottle. The original box of 25-year-old Feitian Moutai dropped by 20 yuan per bottle to 1715 yuan per bottle. This marked the first time the wholesale price of Feitian Moutai fell below the 1700 yuan mark, setting a historic low. The wholesale price for a kilogram of original Moutai also saw a decrease of 45 yuan, reaching 3080 yuan per bottle.
On the 29th, the wholesale price of Feitian Moutai continued to decline. Data from “Jinri Jiujia” showed that the wholesale reference price for a single bottle of Moutai was 1680 yuan, down by 10 yuan from the previous day, hitting a new historic low. The wholesale reference price for a 500ml bottle of 53% ABV Feitian Moutai original box was 1700 yuan per bottle, down by 15 yuan compared to the previous day.
Since the beginning of this year, the wholesale price of Feitian Moutai has kept dropping. At the start of 2025, the wholesale reference prices for a 500ml bottle and a single bottle of 53% ABV Feitian Moutai from 2024 were 2315 yuan and 2220 yuan respectively. The prices then began a downward trend, breaking through several important thresholds such as 2000 yuan, 1900 yuan, 1800 yuan, and now 1700 yuan. Compared to the beginning of the year, the wholesale reference price per bottle of 25-year-old Feitian Moutai has dropped by 500 yuan.
On e-commerce platforms, the price of Moutai is even lower. According to a report by The Paper on October 29, the retail price for a 500ml bottle of 53% ABV Feitian Moutai on several e-commerce platforms has dropped to 1640 yuan per bottle.
In Guizhou Moutai’s online sales channel, besides the original price which requires limited-time purchases (1499 yuan per bottle), the current retail price for a 500ml bottle of 53% ABV Feitian Moutai generally hovers around 1900 yuan per bottle.
Offline distributors mentioned to the media that the retail price for a 500ml bottle of 53% ABV Feitian Moutai fluctuates around 1850 yuan per bottle, compared to a decrease of 30 to 50 yuan from the previous two weeks.
As the price of Moutai continues to decline, the stock price of Guizhou Moutai has also been continuously falling. According to Tonghuashun data, the stock price of Guizhou Moutai has dropped by 4.31% since the beginning of the year, closing at 1431.9 yuan per share on October 29. Since 2024, Guizhou Moutai has made several efforts to maintain its stock price. In September 2024, Guizhou Moutai announced a share buyback using its own funds to reduce the company’s registered capital, amounting to no less than 3 billion yuan and not exceeding 6 billion yuan. This marked the first share buyback conducted by Guizhou Moutai since its listing.
Regarding the future trend of Moutai prices, a report from Huaxin Securities indicated that the downward pressure on Moutai prices continues. Industry feedback suggests that inventory levels remain relatively high, and with the pressure of year-end sales tasks, it is anticipated that wholesale prices will continue to be under pressure. Overall, the demand for liquor in the market is still in a bottoming-out phase.