ZJLD (06979) fell more than 5%. At the time of writing, the stock was down 5%, trading at HKD 8.36, with a turnover of HKD 48.4568 million. On January 1st, Kweichow Moutai's direct-to-consumer e-commerce platform "i Moutai" initiated pre-sales for the 2026 Feitian 53% vol 500ml Moutai liquor. Industry insiders view the regular listing of Feitian Moutai on "i Moutai" as a measure by the new management in response to the current market situation, which is expected to impact Moutai's conventional dealer channels and price structure. Furthermore, adjustments to Moutai's price system are likely to compress the market space for the broader baijiu industry, particularly for premium brands, although the outcome of this stress test remains uncertain. Huachuang Securities noted in a research report that the baijiu sector's correction in December was due to market concerns over wholesale prices of high-end liquor companies and year-end fund portfolio adjustments. Overall, the pessimistic expectations have largely been priced in; with industry leaders like Moutai and Wuliangye adapting prices to market conditions and prioritizing volume over price, robust demand during the upcoming Spring Festival peak season is still anticipated. Additionally, the mass-market price segment below RMB 200 has clearly benefited from increased banquets and social gatherings, and the closer it gets to the Spring Festival, the stronger the recovery catalyst is expected to be.