In Guizhou Maotai Group, another wave of upheaval among senior management is unfolding. On October 25th, Chen Hua, Director of the Guizhou Provincial Energy Bureau, became the fifth leader in the past seven years to helm Maotai Group. On the 27th, the e-commerce platform Feitian Maotai swiftly plummeted to a near multi-year low price of 1,620 yuan per bottle. With the new leader taking office, can they reverse the current market downturn?
Maotai is known as the national liquor of China, and Maotai Group is a state-owned holding enterprise. Since 2018, there have been frequent changes in the chairmanship of Maotai Group, with several former chairmen ousted due to corruption allegations.
Currently, the Chinese liquor industry is going through a period of profound adjustment. Amid sluggish market consumption and regulations like the “liquor ban,” Maotai’s market prices are continuously under pressure. Chen Hua’s primary task upon assuming office is to maintain price stability and prevent a decline in confidence among distributors or sales partners.
A mainland distributor named Qian Wei, who spoke to Dajiyuan, expressed, “The new chairman’s direction is already very clear, which is to improve performance. Previously, I thought the new leadership might stabilize prices or implement other measures, but now it seems I was too optimistic.”
Qian Wei believes that if the group increases shipments to boost performance, prices will further decline. He stated that many Maotai and Wuliangye liquor factories in China are state-owned enterprises and do not need to stabilize prices to cater to the market. Currently, Maotai’s focus is on maximizing profits, hence the need to increase shipments. However, a balance between quantity and price is hard to achieve. “The market is very fragile now, high-end demand is already weak, so if there’s an increase in shipment, prices will quickly fall.”
In recent years, the price of “Feitian Maotai” has been steadily declining. Since the Mid-Autumn Festival of 2025, the e-commerce platform Feitian Maotai has dropped from 1,790 yuan per bottle to 1,620 yuan per bottle, with a case of 9 bottles priced at 9,718 yuan.
What worries distributors is not just the price reduction, but the fact that market prices continue to plummet, with the lowest point yet to be reached.
Qian Wei mentioned that on October 27th, a large household on a certain e-commerce platform saw the price of Feitian Maotai’s case drop to 9,178 yuan, with 6 bottles per case, equivalent to 1,620 yuan per bottle. “Now no one knows when the bottom will come, whether it will be 1,499 or 1,399. Everyone is feeling anxious, navigating through uncertainty.”
First-tier distributor Jiang Jun expressed, “With ‘Double 11’ and the Chinese New Year approaching, some distributors worry that if Maotai prices continue to fall, a group of people will exit the market. If prices keep dropping, there’s definitely no point in persisting. Yearly losses lead to giving up.”
Jiang Jun emphasized that consumers must be cautious when making purchases amidst stockpiled inventory, price reductions, and intense competition in the market.