Core Insights - Guizhou Moutai Sauce Aroma Liquor Marketing Co., Ltd. has announced a deep cooperation with Meituan Flash Purchase to enhance its retail network and channel transformation [1] - The initiative includes the launch of over a thousand officially certified "Moutai Sauce Aroma · Shared by Thousands" stores on the Meituan platform, aiming to provide consumers with a premium buying experience [1] Group 1 - The collaboration focuses on aspects such as genuine product assurance, store operations, customer base expansion, and member integration [1] - The partnership aims to offer consumers the ability to receive authentic Moutai products within 30 minutes of ordering [1] - Previous trial operations of some stores on Meituan Flash Purchase have shown that Moutai Sauce Aroma series has become a preferred choice for consumers, with increasing order frequency and repurchase rates [1] Group 2 - The companies plan to accelerate the onboarding process of stores, with more "Moutai Sauce Aroma · Shared by Thousands" stores expected to be available on Meituan Flash Purchase by the end of the year [1] - The goal is to achieve full store integration on the platform as soon as possible [1]

食品饮料行业 买入（维持） 业绩稳健增长，彰显龙头韧性 贵州茅台（600519）2025 年半年报点评 2025 年 8 月 13 日 投资要点： 事件：公司发布2025年半年报。 点评 主要数据 | 2025 年 8 月 12 | 日 | | --- | --- | | 收盘价(元) | 1437.04 | | 总市值（亿元） | 18052.06 | | 总股本(亿股) | 12.56 | | 流通股本(亿股) | 12.56 | | ROE（TTM） | 34.45% | | 12 月最高价(元) | 1844.44 | | 12 月最低价(元) | 1203.07 | 股价走势 资料来源：同花顺，东莞证券研究所 相关报告 公 司 点 评 公 司 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 公司2025年上半 ...

今年上半年，贵州茅台营收突破了900亿元，净利润站稳450亿元，但增速却放缓至个位数。 截至午间收盘，贵州茅台股价跌0.92%报1423.76元/股，总市值1.79万亿。 增速降至个位数 8月12日晚，贵州茅台披露了2025年半年度报告。 报告期内，上半年公司半年营业收入（非营业总收入）为893.89亿元，同比增长9.1%；归母净利润454.03亿元，同比增长8.89%。 作为白酒板块的龙头企业，贵州茅台的业绩备受市场关注。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比 上年同期增 | | --- | --- | --- | --- | | | | | 减(%) | | 营业收入 | 89, 389, 354, 416. 84 | 81,930,977,667.75 | 9. 10 | | 利润总额 | 62,778,000, 766, 82 | 57,578,281,653.44 | 9.03 | | 归属于上市公司股东的净利润 | 45, 402, 962, 298, 10 | 41,695,610,983.37 | 8.89 | | 归属于上市公司股东的扣除非经 | 45, ...

食品饮料 2025年08月13日 贵州茅台(600519.SH) 1H总收入同增9%，茅台酒稳健增长 推荐 ( 维持) 股价:1437.04元 公 司 报 告 行情走势图 证券分析师 | 张晋溢 | 投资咨询资格编号 | | --- | --- | | | S1060521030001 | | | ZHANGJINYI112@pingan.com.cn | | 王星云 | 投资咨询资格编号 | 事项： 贵州茅台发布2025年半年报，1H25实现营业总收入911亿元，同比+9.2%；归 母净利454亿元，同比+8.9%；2Q25实现营业总收入397亿元，同比+7.3%； 归母净利186亿元，同比+5.2%。 平安观点： 评 研 究 报 告 S1060523100001 公 司 半 年 报 点 证 BVG933 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 147,694 | 170,899 | 186,451 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company achieved revenue and net profit of 91.09 billion and 45.40 billion respectively in H1 2025, reflecting a year-on-year growth of 9.2% and 8.9% [1][7] - In Q2 2025, revenue and net profit were 39.65 billion and 18.56 billion, showing a year-on-year increase of 7.3% and 5.3% [1][7] - The company is focusing on accelerating the sales of its flagship products and increasing the proportion of mid-tier products while expanding its international market presence [1][7] - The gross margin in Q2 2025 faced pressure due to increased marketing expenses, leading to a slight decline in profitability [1][7] - The report highlights the importance of monitoring the upcoming holiday season as a critical test for demand [1][7] Financial Data and Valuation - The company’s total market capitalization is 180.52 billion, with a current share price of 1437.04 yuan [3] - The company’s return on equity (ROE) stands at 37.7%, and the debt-to-asset ratio is 14.8% [3] - The report slightly adjusts the EPS forecast for 2025-2027 to 74.13, 79.16, and 83.47 yuan respectively [1][7] - The company’s cash flow from operations in H1 2025 was 13.12 billion, down 64.2% year-on-year [1][7] - The report indicates that the company’s direct sales channel accounted for 44.8% of total sales in Q2 2025, an increase of 3.59 percentage points [1][7] Revenue and Profit Trends - The company’s revenue from its flagship liquor and series liquor in H1 2025 was 75.59 billion and 13.76 billion, representing growth of 10.2% and 4.7% respectively [1][7] - The report notes that the company added 137 new domestic distributors in H1 2025, likely due to adjustments in the distributor structure [1][7] - The net profit margin for Q2 2025 decreased by 1.1 percentage points to 49.5% due to increased marketing and sales expenses [1][7]

本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 随着2025年2季报落下帷幕，公募基金市场的格局与动向逐渐清晰。 易方达以超 2.1万亿元的管理规模稳居榜首，紧随其后的是华夏基金，其 规模也突破了2万亿元大关。广发基金 则以1.49万亿元的规模排名第三。 南方基金、天弘基金、富国基金、嘉实基金、博时基金、汇添富基 金和鹏华基金 分列第四至第十位。 （ 点此查看2025年2季度基金公司最新规模变化情况 ） | 序号 | 意急公司 | 资产合计(亿元) | 合并 | 最新的 (分开) | 公司性质 | 成立日期 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 易方达基金管理有限公司 | 21010.47 | 442 | 782 | 居喜变亦 | 2001-04-17 | | 2 | 华夏基金管理有限公司 | 20314.83 | 483 | 864 | 中外合资经营企业 | 1998-04-09 | | 3 | 发基金管理有 ...

保持定力，积极应对 贵州茅台(600519) 贵州茅台（600519.SH）2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读： 25Q2 公司业绩环比略降速，回款有所减少。全年总营收计划增长 9%，25H1 增长 9.2%，有望达成目标。截至 8 月 12 日收盘股息率 3.6%，是较为优质的类债资产。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | ...

Kweichow Moutai (600519.SS) 2Q25 Results Review Company Overview - **Company**: Kweichow Moutai - **Ticker**: 600519.SS - **Industry**: Consumer Staples (Alcoholic Beverages) Key Financial Results - **1H25 Results**: Sales increased by 9.1% year-over-year (yoy) to Rmb89.4 billion, and net profit (NP) rose by 8.9% yoy to Rmb45.4 billion, aligning with the full-year sales growth target of 9% yoy [1][3] - **2Q25 Results**: - Total sales reached Rmb39.7 billion, up 7.3% yoy, slightly below Goldman Sachs estimates (GSe) of Rmb39.9 billion [1][11] - Net profit was Rmb18.6 billion, a 5.2% increase yoy, which was 3% lower than GSe of Rmb19.1 billion [1][11] Product Performance - **Moutai Spirits**: Revenue increased by 11% yoy to approximately Rmb32.0 billion [9] - **Series Spirits**: Revenue declined by 7% yoy to about Rmb6.7 billion, impacted by a high base from the previous year (up 43% in 2Q24) and policy effects [1][9] - **Sales Channels**: - Wholesale sales grew by 1% yoy, while direct sales surged by 17% yoy, driven by non-standard Moutai sales [1][9] - Direct sales accounted for 43% of total spirits sales in 2Q25, compared to 46% in 1Q25 and 40% in 2Q24 [1][9] Margin and Expense Analysis - **Net Profit Margin (NPM)**: Decreased to 46.8%, down 0.9 percentage points yoy [1][9] - **Gross Profit Margin (GPM)**: Contracted by 0.3 percentage points to 90.5% [1][9] - **Selling Expenses**: Increased by 0.5 percentage points to 4.5% of revenue, while administrative expenses decreased slightly [1][9] Balance Sheet and Cash Flow - **Customer Advances**: Dropped by 45% yoy to Rmb5.5 billion, indicating reduced prepayment demand due to anti-extravagance policies [1][9] - **Note Receivables**: Increased significantly to Rmb2.8 billion from Rmb332 million a year ago, suggesting more support to the distribution channel [1][9] Price Trends and Market Outlook - **Wholesale Price Trend**: Original case Feitian Moutai's wholesale prices fell to around Rmb1,900 in late July but have shown slight recovery recently [1][9] - **Future Expectations**: Anticipated shipment increases for the Mid-Autumn Festival may lead to short-term volatility, but the company is expected to manage channel health effectively [1][9] Earnings Forecast and Valuation - **Earnings Revision**: Adjusted 2025-27E sales estimates down by 1-2% due to weaker Series spirits sales and margins [8][13] - **Target Price**: Updated target price is Rmb1,742, reflecting a 23.4x 2026E P/E [14][16] - **Current Valuation**: Trading at 19x/18x 2025E/26E P/E with a 2025E dividend yield of 3.8% [1][16] Risks and Considerations - **Key Risks**: Potential regulatory changes, environmental concerns, slower macroeconomic recovery, capacity constraints, and volatility in US interest rates [15] Conclusion - **Investment Recommendation**: Maintain Buy rating based on resilient sales growth and strategic management of market challenges [1][16]

封面新闻记者 喻奇树 关于市场策略，茅台曾在2024年年底举行的经销商联谊会上，对2025年的市场攻坚提出明确方向。核心是坚持以消费者为中心，持续做好"三个转型"，即 客群转型、场景转型和服务转型。 其中，客群聚焦于新商务人群；场景面向符合不同行业特点的宴饮新场景，同时鼓励经销商创新餐饮消费场景；服务则从满足消费者的多元化需求出发， 倡导"从卖酒向卖生活方式转变"，进一步优化消费体验。 8月12日晚间，贵州茅台发布2025年半年报，营收和利润均符合市场预期。 其报告显示，上半年公司实现营业总收入910.94亿元，同比增长9.16%；实现归母净利润454.03亿元，同比增长8.89%。 白酒行业今年进入深度期，业界普遍调低对白酒上市公司业绩表现市场预期。 贵州茅台作为行业龙头，年初给自己定了9%的业绩增长目标。从实际表现看，其表现基本符合市场预期。 业界分析认为，贵州茅台平稳的增长源于其核心产品体系的持续健康发展以及市场策略的有效执行。 国际化方面，实现营收28.93亿元，同比增长31.29%。 上半年，公司茅台酒基酒产量约4.37万吨，系列酒基酒产量约2.96万吨。 平稳增长的同时，贵州茅台仍保持着充沛的现金 ...

华尔街投行认为茅台二季度业绩符合市场预期，高端白酒市场展现韧性，而系列酒受政策影响表现疲 软。当前估值已充分反映经济疲软和反奢侈消费政策的负面影响，为后续复苏预留空间。 本周，据追风交易台消息，华尔街投行（摩根大通、摩根士丹利、高盛）针对茅台二季度报告纷纷发表 最新研报。投行普遍认为，茅台当前估值已消化目前宏观经济疲软、消费情绪不振以及反奢侈消费政策 等主要风险。 同时茅台当前的远期市盈率（约18-19倍）已接近2018年底的估值低谷。这意味着，在悲观预期被市场 充分消化后，任何需求回暖的迹象（如中秋旺季或财政刺激政策）都可能触发估值修复。投行认为茅台 财报中的亮点如下： 业绩基本盘符合预期： 2025年第二季度营收同比增长7.3%，净利润增长5.2%。虽然增速较 一季度放缓，且略低于部分市场预期，但综合上半年业绩（营收增长9.1%）来看，公司仍 在实现全年增长目标的轨道上。 高端产品是"定海神针"： 在复杂的市场环境下，核心的"茅台酒"业务表现出强大的韧性， 二季度营收同比增长11%，成为稳定公司整体利润率和业绩的基石。直销渠道同比增长约 17%，持续优化利润结构。 系列酒与渠道压力是主要挑战： 与高端酒的 ...