Reporter Feng Yuyao

　　On February 21, a reporter from "Securities Daily" visited a smoking hotel in Dongzhimen, Beijing. The staff of the store introduced that the prices of various Moutai liquors have risen recently.

"The overall consumption situation is improving, and it is normal for the price of Moutai to rise accordingly."

　　The above-mentioned Tobacco Hotel staff said that the loose bottle of 53-degree Feitian Moutai sold by him was priced at 2,900 yuan per bottle on February 21, and the price of the original box was 3,200 yuan per bottle on the same day.

"The price has been increasing recently, and it should continue to increase in the future." The staff member said.

　　In addition to Feitian Moutai, the reporter learned that the prices of other liquor brands under Moutai, such as some Zodiac wines and aged wines, have also increased.

A staff member of another Moutai specialty store told the Securities Daily reporter: "The zodiac Moutai even increased by 1,000 yuan per bottle in one day."

　　A variety of Moutai terminal prices rose

　　Recently, the prices of most of Moutai's products have ushered in a wave of "Xiaoyangchun".

　　According to the reporter's combing, on February 21 alone, the prices of 53-degree Feitian Moutai 2023 original box and 2022 loose bottles increased by 10 yuan per bottle respectively; Both are at 20 yuan per bottle; other series of products, such as boutique Moutai, have also increased in price by 20 yuan per bottle; what's more, "Ma Mao" has skyrocketed by 1,000 yuan per bottle on February 20 to 20,800 yuan per bottle .

"The price will probably rise again in the future." The above-mentioned Moutai store staff told the "Securities Daily" reporter.

　　Xiao Zhuqing, chairman of Wuhan Jingkui Technology Co., Ltd., told the "Securities Daily" reporter, "The production capacity and supply of Moutai liquor is limited. After the beginning of the year, the market demand has further increased, and the shortage of supply has led to terminal price increases."

　　The reporter noticed that among the many Moutai products, "Moutai 1935" is standing out thanks to the strong recommendation of sales terminals, and is expected to become another star product under Moutai.

　　"Moutai 1935 is a product that sells well at a price range of 1,000 yuan." According to the staff of the above-mentioned Moutai store, the product has won the favor of consumers since it was launched last year.

　　It is reported that "Moutai 1935" will be launched on January 18, 2022, and it is regarded as a new "entrant" to snatch the thousand-yuan price band of liquor.

As of January 9, 2023, "Moutai 1935" has exceeded the sales mark of 5 billion yuan.

　　The inventory differentiation of the liquor industry is more obvious

　　Entering 2023, liquor sales will pick up significantly.

In terms of online channels, the research report of Wanlian Securities shows that the three major e-commerce platforms Taoxi, JD.com and Pinduoduo in January this year showed an overall recovery trend in alcohol online sales compared with the end of last year, and the online sales of liquor in January increased year-on-year. 8.41%, a single-month sales hit a new high in two years.

　　The "2022 Annual Status and Development Report of Liquor Merchants" shows that since 2019, the general inventory pressure of mainstream liquor brands has increased significantly.

Among them, 33.6% of wine merchants have inventories of 3 to 5 months, and nearly 40% of wine merchants have inventories of more than 5 months, and the pressure on cash flow has increased significantly.

　　According to the 2022 performance forecast data released by relevant A-share listed companies, among the 8 listed wine companies, 4 are expected to achieve performance growth last year, while the other 4 are expected to slightly decrease or lose money.

Among the listed wine companies with pre-loss results last year, most wine companies said that "the consumption of liquor has decreased, and sales have declined, resulting in a decline in revenue that year."

　　"At present, although consumer demand has picked up, most wine companies still face the pressure of excessive channel inventory and poor market sales." Cai Xuefei, a liquor expert and general manager of Zhiqu Consulting, told the "Securities Daily" reporter. The differentiation trend will continue.

"The inventory of top famous wines may be digested in the first half of the year, and enter a real growth period in the second half of the year; while the inventory of some non-famous wines or regional wine companies, due to the superimposition of new and old stocks, the inventory digestion time may be longer. Looking at it, the destocking of the industry may continue until the end of this year."

　　Regarding inventory, the Everbright Securities Research Report believes that wine companies basically entered the stage of grasping sales and stabilizing market order in February this year.

On the whole, the inventory differentiation caused by the strength of liquor brands is more obvious.