Reshaping of High-End Liquor Channel Structure by Live E-Commerce and Investment Implications

Previous analysis mistakenly translated “万” (10,000) as “亿” (100,000,000), leading to severe distortion of sales data (4.54 million → 454 million) and user scale (833 million → 8.33 billion). The corrected data (4.54 million single live sales / 16 million monthly sales) conforms to the reasonable performance of high-end liquor dealers’ live e-commerce, and the 833 million user scale also matches the market background of about 1.1 billion Internet users in China.

Live e-commerce provides high-end liquor brands like Moutai with a channel to directly reach consumers, breaking the monopoly pattern of traditional dealers’ layered distribution. Dealers enhance brand trust through live interaction, quickly accumulate precise users (80,000 followers) using platform traffic (Douyin/WeChat Channels), verifying the feasibility of digital channels for high-end liquor.

• Market Scale
  : The event mentions a live e-commerce market scale of 5.8 trillion yuan, which needs further verification (no authoritative report on the 2025 Chinese market found [1]), but the global slowdown trend of live e-commerce is worth noting [1].
• Platform Differences
  : Douyin is mainly for young users [2], while WeChat Channels have a wider age distribution, but the specific impact of both on high-end liquor has not been publicly compared and analyzed.
• Moutai Characteristics
  : High unit price (8,000-15,000 yuan), long decision cycle (25-30 days), and high repurchase rate (35-40%) are in line with its high-end positioning, and the logic is reasonable although not publicly verified.

From December 1 to 24, 2025, Moutai’s (600519) stock price fell from 1,451.00 yuan to 1,400.90 yuan, a drop of 3.45% [0], which may reflect the market’s concerns about the uncertainty of channel changes or be related to the year-end capital liquidity changes.

1. Live E-Commerce Breaks Traditional Channel Barriers
   : High-end liquor has long relied on offline dealer systems; live e-commerce provides dealers with a new growth path, which may accelerate channel flattening.
2. Case Representativeness to Be Verified
   : The dealer’s success may be a combination of individual strategies and platform dividends, requiring more industry cases to support its universality.
3. Data Accuracy Is the Core of Analysis
   : Previous translation errors led to analysis deviations, highlighting the importance of cross-language data interpretation in Chinese market research.
4. Potential Channel Conflict Risks
   : The rapid development of live e-commerce may trigger interest conflicts between traditional dealers and online channels, requiring attention to Moutai’s channel management strategy.

• Insufficient Data Verification
  : Key data such as market scale and consumption habits have not been authoritatively confirmed, which may lead to misjudgment of live e-commerce penetration.
• Channel Conflict Hidden Danger
  : The profit distribution mechanism between traditional dealer systems and live e-commerce has not been clarified, which may lead to channel chaos.
• Regulatory Uncertainty
  : Regulatory policies for China’s live e-commerce industry (such as product authenticity and marketing norms) may affect its development.

• User Reach and Brand Exposure
  : Live e-commerce provides high-end liquor with a new channel to reach young users, enhancing the brand’s digital image.
• Data-Driven Operations
  : User data generated by live interaction can be used to optimize product promotion and service strategies.
• Dealer Transformation Opportunities
  : Dealers adapting to live e-commerce are expected to gain new growth momentum and improve market competitiveness.

This report analyzes the potential of live e-commerce to reshape the channel structure of high-end liquor, corrects previous data translation errors, and verifies the rationality of the case. Although live e-commerce brings new opportunities to brands like Moutai, factors such as insufficient data verification and channel conflict risks still need attention. The short-term fluctuation of Moutai’s stock price reflects the market’s complex expectations for channel changes; investors need to dynamically evaluate investment value by combining more market data and channel strategies.