In the first half of 2024, 80% of the interviewed Baijiu enterprises said that the market was getting cold, and the proportion of the enterprises whose sales volume and sales volume declined year on year reached 37.5% and 52.1% respectively. This trend is in 99，

. According to the monitoring data, the wholesale price of Feitian Moutai bulk bottles fell to 2080 yuan per bottle in 2024, a new low. Although it has recovered, it is still in a state of fluctuation. This trend is also reflected in the secondary market. Kweichow Moutai's stock price has continued to decline, hitting a new low since November 2022. Maotai's senior management tried to boost the confidence of the industry through positive statements and volume control and price stabilization strategies in the middle of the year. The stock price rebounded, but then fell. 99

 ‌  enters September, the traditional peak sales season has arrived, but the prices of famous liquors continue to decline. The average retail price of the eighth generation Wuliangye in the market is around 1121 yuan, a decrease of nearly 80 yuan compared to the previous period.

9.

1‌: The scale of China's liquor market has continued to decline since 2016, and both the output and revenue of Baijiu have declined, which may indicate that China's liquor consumption structure is undergoing a trend change, and the best era of Baijiu enterprises may have passed. 99

2‌: There are many Baijiu brands, and the competition among them is fierce in the middle and high school end areas, especially the high-end Baijiu market, which is mainly occupied by Maotai, Wuliangye, Luzhou Laojiao and other brands, and other brands are difficult to break through. 99

 3‌

 4‌: Some Baijiu enterprises excessively rely on dealers to support their performance growth, or use unconventional means 99 and relying solely on marketing to promote fame without improving quality and consolidating reputation, these issues are all ‌‌‌

We also see that the liquor distribution channel is facing great pressure. In order to eliminate inventory, e-commerce subsidies, discounts and promotions and other means are emerging in endlessly, which makes the traditional distribution channel begin to plan for self rescue. However, for many Baijiu brands, this elimination competition has just begun, and who will stand out in the future will leave the scene in a dark mood, full of uncertainty. 99

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