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kweichow moutai, the big brother of liquor, also could not escape the fate of a sharp drop in stock prices. the former a-share king has now fallen to the top four in terms of total market value of a-shares. as of september 12, kweichow moutai's total market value was 1.68 trillion yuan, falling below the 1.7 trillion yuan market value mark, and its stock price has fallen by as much as 21.24% this year.

if calculated based on the highest price in 2021, kweichow moutai’s cumulative maximum decline is close to 50%. the current moutai stock price is only about 100 yuan away from the lowest price in october 2022.

as of now, kweichow moutai's ttm p/e ratio is only 20.85 times, and this valuation level has dropped a lot from the highest level in 2021. however, from the analysis of historical data, kweichow moutai once had a valuation as low as single digits in 2013 and 2014. according to the current valuation level, it is only at 27.79 of the historical valuation percentile, so moutai's valuation level is not very cheap.

why was moutai's valuation so cheap in 2013 and 2014? in the final analysis, the liquor industry was in the midst of a plasticizer controversy, and the market price of moutai was very close to the ex-factory price level of that year. it can be said that in the past 20 years, from 2013 to 2017, it was a cold winter for moutai, so the market gave it an extremely low valuation pricing level.