1 jin of raw Baijiu is priced as low as 3.7 yuan, with auction prices of raw Baijiu hitting "cola-level prices"

The impact brought about by the in - depth adjustment of the Baijiu industry is no longer limited to the downstream channels and is gradually spreading to the upstream brewing process.

Recently, on major auction platforms, judicial auctions of raw Baijiu and base liquor have occurred frequently. However, the number of bidders is not large, and the transaction prices are also on a continuous downward trend. Some individual lots have even been sold at "Coke prices".

On July 1st, information on the Alibaba Auction platform showed that the second auction of the raw Baijiu filled in Tank 3 in the former Henan Yijiu Group Co., Ltd. factory is about to start at 10 a.m. on July 3rd. The starting bid price is 38,160 yuan, and the appraisal price is 53,000 yuan. As of now, 62 people have viewed this auction, but no one has bid.

The page information shows that the quantity of this batch of liquor is 0.5 tons. Calculated according to the starting bid price, it is approximately 38.16 yuan per 500 grams.

The raw Baijiu in Tank 11 in the former Henan Yijiu Group Co., Ltd. factory is also being auctioned on this platform. This batch of raw Baijiu, with a total quantity of about 77 tons and a storage age of over 11 years, has a starting bid price of 7.749 million yuan, approximately 50 yuan per 500 grams. As of now, hundreds of people have viewed this auction, and similarly, no one has bid.

According to a report by Yicai, in May this year, Anhui Wuzigu Wine Industry auctioned its raw Baijiu due to bankruptcy. After five consecutive failed auctions, two lots of raw Baijiu were finally sold at low prices, with unit prices of 3.9 yuan and 3.7 yuan per 500 grams respectively, similar to the price of Coke in supermarkets.

In November 2025, 5549.55 tons of raw Baijiu from Sichuan Luzhou Luhe Wine Industry were sold for 13.9 million yuan in the 13th auction. The unit price was only 1.25 yuan per catty, equivalent to a 10% discount compared to the market appraisal price of 110 million yuan.

In August last year, the judicial sale of 153 tons of base liquor from Guizhou Renhuai Maotai Town Guowujian Wine Industry Co., Ltd. by the Intermediate People's Court of Zunyi City, Guizhou Province, was declared a failed auction due to no bidders.

The information on the auction platform shows that this sale involves the liquid assets (base liquor) in a case of a loan contract dispute between the Rural Commercial Bank of Renhuai Maotai, Guizhou and Guizhou Renhuai Maotai Town Guowujian Wine Industry Co., Ltd., Lin Mouqin, Ruan Mou, and Wang Moujian handled by the Intermediate People's Court of Zunyi City. The total amount of the base liquor involved is 153 tons. After appraisal, the market value of these 153 tons of base liquor is 9.18 million yuan, with a unit price of 30 yuan per catty.

It is understood that raw Baijiu, also known as base liquor or bulk liquor, refers to the semi - finished liquor that is stored in clay pots or stainless - steel tanks in bulk form after the Baijiu brewing is completed, without blending, filling, or adding any external flavoring substances. It is the "raw material" and "framework" of finished Baijiu. A bottle of commercially available bottled Baijiu is usually blended from a variety of raw Baijiu of different years, rounds, and grades.

In recent years, the raw Baijiu market has shown a serious imbalance between supply and demand. The expansion of production during the past boom of sauce - flavored Baijiu and the blind construction of small and medium - sized wineries have led to a high inventory of raw Baijiu. Many liquor enterprises have faced broken capital chains, and their raw Baijiu has been forced into judicial auctions. Extreme situations have occurred, such as lots with an appraisal value of over 100 million yuan being finally sold at a 10% discount or even failing to be sold after multiple auctions.

The high - quality aged base liquor of leading liquor enterprises remains a scarce resource, while the ordinary raw Baijiu of small and medium - sized wineries is seriously unsalable, and the industry reshuffle is accelerating.

In fact, the Chinese Baijiu industry is going through a long - term in - depth adjustment cycle. Since 2023, the industry has shifted from high - speed growth in the past decade to a stock game. The adjustment has spread from the downstream channel end to the upstream production end comprehensively, showing distinct characteristics of "price collapse, high inventory, capacity clearance, and intensified differentiation".

According to the "2026 China Baijiu Industry Market Mid - term Research Report" released by the China Alcoholic Drinks Association, in the first quarter of 2026, 20 A - share listed Baijiu enterprises achieved a total revenue of 132.63 billion yuan, a year - on - year decline of 0.7%; and a net profit attributable to the parent company of 52.02 billion yuan, a year - on - year decline of about 1.8%.

Judging from the overall market feedback, from January to June, the proportion of enterprises with a "decrease" in both the sales volume and sales revenue of Baijiu exceeded 65%. The decline in sales revenue even exceeded that in sales volume, indicating that not only is the sales volume shrinking, but there may also be downward pressure on the price. More than 86% of the surveyed enterprises reported a decrease in profit margin, and the proportion of those with an increased profit margin was only 5.9%, reflecting that the Baijiu industry is experiencing a typical "triple blow of volume, price, and profit".

Li Fenzhenzi, a researcher at CRI, told a reporter from Jiemian News: "In recent years, the Baijiu industry has entered an in - depth adjustment cycle, showing characteristics of total volume contraction, structural differentiation, and channel reconstruction. It has not fully bottomed out and rebounded, but bottom signals have emerged. A turning point in sales volume is expected in 2026. The industry is shifting from scale expansion to value - oriented in - depth development, and the concentration is accelerating towards leading enterprises."

She said that currently, the Baijiu industry is characterized by intensified differentiation, accelerated inventory reduction, deepened channel reform, and active product innovation. At the channel end, liquor enterprises have generally shifted from "pushing inventory" to "promoting sales", strictly controlling the shipment volume and clearing inventory. The average inventory turnover days exceed 900 days, and the inventory reduction cycle takes 2 - 3 years. At the consumer end, plain - bottled Baijiu, low - alcohol Baijiu, and youth - oriented products have emerged and become new growth poles.

This article is from "Jiemian News", author: Jiang Yiman JYM, published by 36Kr with authorization.