江南暮色渐染，乌镇灯火盏盏。5月28日，以"感恩茅台友 共创高品质"为主题的贵州茅台2025浙江茅友 嘉年华走进乌镇。来自各地的茅友相聚千年水乡，以美酒为媒、以文化为宴，在青石板路与数字浪潮交 织的时空里，共同见证茅台传统文化与未来科技的共生共荣。 茅台集团党委副书记、工会主席高山，老领导季克良、李静仁、赵书跃，贵州茅台公益基金会理事长卓 玛才让，茅台酒股份公司党委副书记、工会主席、监事会主席游亚林出席活动，与茅友一同欢庆美好时 刻。 踏入乌镇，仿佛走进了一幅淡雅的江南水墨画。这里既有江南水乡的温婉古韵，又焕发着时代赋予的鲜 活生机，以开放包容之姿迎接着八方来客。摇橹船划破水面，载着茅友们的欢声笑语；古桥横跨两岸， 既连接着千年水乡的古韵，也串联起茅台人与茅友的深厚情谊。 恩礼 欢迎仪式上，高山、卓玛才让、游亚林等上台共同向茅友行感恩礼，真挚传达茅台对茅友的感恩之情。 西栅的流水正倒映着千年岁月，而流淌在茅台人血脉里的茅台记忆，也泛起了涟漪。"我将心存敬畏管 控执行好每一个生产环节、每一个操作细节、每一项质量标准。""我将以茅台工匠精神为指引，让踩曲 的力度成为丈量匠心的刻度，不负广大茅友的深情守望。""我将 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1,900.00 CNY, representing a potential upside of 20.8% from the current price of 1,572.60 CNY [6][7][8]. Core Insights - The company is undergoing a strategic transformation focusing on cultural heritage and market adaptation to changing consumer scenarios, aiming to enhance its brand value and pricing power in the high-end liquor market [8]. - The management has emphasized maintaining quality and brand strength while expanding into new consumption scenarios, such as family gatherings and personal milestones, indicating a shift from product-centric to lifestyle-oriented value creation [8]. - The company is expected to achieve significant revenue growth, with projected total revenues increasing from 150.56 billion CNY in 2023 to 223.57 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.0% [5][9]. - Net profit is forecasted to grow from 74.73 billion CNY in 2023 to 112.69 billion CNY in 2027, with a similar CAGR of around 8.8% [5][9]. Financial Summary - Total revenue for 2023 is reported at 150.56 billion CNY, with a year-on-year growth of 19.0%, and is expected to reach 174.14 billion CNY in 2024, a growth of 15.7% [5][9]. - The net profit for 2023 stands at 74.73 billion CNY, with a growth rate of 19.2%, projected to increase to 86.23 billion CNY in 2024, reflecting a growth of 15.4% [5][9]. - The basic earnings per share (EPS) is expected to rise from 59.49 CNY in 2023 to 89.71 CNY by 2027, indicating a steady increase in shareholder value [5][9]. Strategic Focus - The company is implementing a three-phase strategy focusing on internationalization and youth engagement, aiming to create new growth drivers [8]. - Short-term strategies include optimizing customer structure and expanding consumption scenarios, while mid-term strategies focus on cultural export and international value creation [8]. - Long-term goals involve building a resilient business ecosystem that enhances risk management and stakeholder value [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1,900.00 CNY, representing a potential upside of 20.8% from the current price of 1,572.60 CNY [4][6]. Core Insights - The company is undergoing a strategic transformation focusing on cultural heritage and innovative marketing to adapt to changing consumer behaviors and market conditions. This includes expanding consumption scenarios beyond traditional settings to family gatherings and personal milestones [6]. - The management emphasizes maintaining quality and brand strength while navigating challenges such as economic pressures and industry adjustments. The company aims to leverage its unique brewing process and cultural narrative to sustain its pricing power in the premium liquor market [6]. - The company is implementing a three-phase strategy for internationalization and youth engagement, aiming to create new growth avenues while building a resilient business ecosystem [6]. - Shareholder returns are being enhanced, with a projected actual dividend payout ratio exceeding 80% in 2024, reflecting a shift from growth in scale to value creation [6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of 150,560 million CNY, with a year-on-year growth of 19.0%. Projections for 2024 and 2025 are 174,144 million CNY and 190,609 million CNY, respectively, indicating growth rates of 15.7% and 9.5% [5][8]. - The net profit attributable to shareholders for 2023 was 74,734 million CNY, with forecasts of 86,228 million CNY for 2024 and 95,042 million CNY for 2025, reflecting growth rates of 19.2% and 10.2% [5][8]. - The earnings per share (EPS) for 2023 was 59.49 CNY, expected to rise to 68.64 CNY in 2024 and 75.66 CNY in 2025 [5][8]. - The company’s market capitalization stands at 1.98 trillion CNY, with a price-to-earnings (P/E) ratio of 26.4 at the current stock price [4][5].

Core Viewpoint - Guizhou Moutai, a leader in the liquor industry, is exploring innovative development paths amidst a competitive consumer market, recently announcing the use of a brand ambassador for its Moutai Cultural Tourism division, which has sparked discussions about its performance [1][2]. Group 1: Brand Strategy and Market Positioning - Guizhou Moutai has traditionally adhered to a "no official spokesperson" strategy but has now appointed celebrity Zhang Yixing as a brand ambassador to enhance brand visibility and engage younger consumers [1][4]. - The appointment of Zhang Yixing is expected to leverage his influence among younger demographics, potentially revitalizing Moutai's brand image and expanding its market share in the youth segment [6]. Group 2: Product Diversification and Sales Performance - Moutai has diversified its product offerings, including the launch of Moutai ice cream in collaboration with Mengniu, which has seen significant sales success, with nearly 10 million cups sold in 2023 and a revenue increase of 239.62% year-on-year in Q1 2024 [5][8]. - Despite increased marketing expenditures, Moutai's revenue growth has slowed, with projected revenue growth of approximately 15.66% for 2024, down from 19.01% in 2023 [10][11]. Group 3: Financial Performance and Challenges - Moutai's sales expenses have risen significantly, with figures of approximately 32.98 billion, 46.49 billion, and 56.39 billion yuan for 2022, 2023, and 2024 respectively, reflecting a year-on-year growth of 20.5%, 40.96%, and 21.3% [8][9]. - The net profit growth has also decelerated, with net profits of approximately 627.2 billion, 747.3 billion, and 862.3 billion yuan for 2022, 2023, and 2024, showing a decline in growth rates [12]. Group 4: Product Pricing and Market Dynamics - The flagship product "Moutai 1935" has experienced a price decline, currently priced at around 750 yuan per bottle, which is a 36% drop from its retail guide price, indicating challenges in maintaining its market position [14][15]. - The competitive landscape is expected to intensify, particularly with new regulations affecting the consumption of high-end liquor in government settings, which may further impact Moutai's market dynamics [12].

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [1] Core Views - The company emphasizes its commitment to quality and cultural roots, believing that these will not waver [7] - Guizhou Moutai aims to transition from selling liquor to selling a lifestyle, focusing on creating a comprehensive ecosystem for mutual benefits among stakeholders [7] - The company is confident in its ability to navigate the current liquor industry cycle, which is characterized by a shift towards rational consumption and market adjustments [7] - Guizhou Moutai plans to maintain a stable pricing structure for its products, adhering to market principles [7] - The company has initiated a share buyback plan and established a three-year dividend policy to enhance market value [7] Financial Projections - Total revenue is projected to grow from 150,560 million RMB in 2023 to 227,000 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.75% [1] - Net profit attributable to shareholders is expected to increase from 74,734 million RMB in 2023 to 110,276 million RMB in 2027, reflecting a CAGR of about 9.25% [1] - The earnings per share (EPS) is forecasted to rise from 59.49 RMB in 2023 to 87.79 RMB in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.56 in 2023 to 18.00 in 2027, indicating a more attractive valuation over time [1] Market Data - The closing price of Guizhou Moutai is 1,580.00 RMB, with a market capitalization of approximately 1,984,792.52 million RMB [5] - The company has a price-to-book (P/B) ratio of 7.68 and a net asset value per share of 205.67 RMB [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai with a target price of 2,100.00 CNY, while the current stock price is 1,586.0 CNY [2][7]. Core Views - Guizhou Moutai is positioned as a national brand capable of navigating through economic cycles, emphasizing its commitment to quality and cultural values [6]. - The company has set a sustainable growth target of 9% for 2025, focusing on three major transformations: customer base expansion, innovative product offerings, and channel optimization [6][7]. - The report highlights the company's strong historical performance in overcoming past crises and its confidence in future growth despite current industry pressures [6][7]. Financial Summary - The total revenue for 2023 is projected at 150,560 million CNY, with a year-on-year growth of 18%. This is expected to grow to 190,109 million CNY by 2025, reflecting a 9% growth rate [8][13]. - The net profit attributable to the parent company is forecasted to be 74,734 million CNY in 2023, increasing to 93,944 million CNY by 2025, with a similar growth rate of 9% [8][13]. - The earnings per share (EPS) are estimated to be 59.49 CNY for 2023, rising to 74.78 CNY in 2025, corresponding to a price-to-earnings (PE) ratio of 21.2 for 2025 [8][14]. Market Position and Strategy - Guizhou Moutai is focusing on international expansion and targeting younger demographics to enhance brand vitality and innovation [6]. - The company is implementing a multi-channel strategy to optimize distribution and reach a broader consumer base [6]. - The report emphasizes the importance of maintaining product quality and cultural integrity as key drivers for the brand's long-term success [6].

Core Points - The 2025 Moutai Friends Carnival was held on May 20, gathering nearly 500 Moutai enthusiasts from around the world to celebrate friendship and the Moutai brand [1][18] - Moutai Group's leadership expressed gratitude towards Moutai friends for their support and commitment to quality and cultural exchange [9][11] - The event featured various activities, including immersive experiences in Moutai's production process and a music festival, highlighting the brand's cultural significance [30][31] Group 1 - The carnival emphasized the theme of gratitude and connection, with Moutai leaders welcoming attendees warmly [5][7] - Moutai's commitment to quality was reiterated, with promises to uphold traditional craftsmanship and enhance consumer service [11][13] - Attendees shared personal stories about their connection to Moutai, showcasing the brand's role in cultural exchange and friendship [15][17] Group 2 - The event included hands-on experiences in Moutai's production facilities, allowing participants to appreciate the craftsmanship behind the brand [22][24] - A variety of cultural activities, including a food market and traditional performances, were organized to enhance the festive atmosphere [26][30] - The carnival serves as a platform for Moutai enthusiasts to strengthen bonds and promote the brand's cultural narrative [33][35]

Group 1 - The core point of the news is that Guizhou Moutai has announced a significant cash dividend distribution plan for 2024, with a total cash dividend of approximately 647 billion yuan, representing a dividend payout ratio of 75% [1][2] - At the 2024 annual shareholder meeting, Guizhou Moutai approved a cash dividend of 276.24 yuan per 10 shares, totaling 346.71 billion yuan, which ranks at the top of the A-share dividend distribution list for 2024 [1] - Guizhou Moutai also introduced a cash dividend return plan for 2024-2026, committing to distribute no less than 75% of the annual net profit attributable to shareholders as cash dividends each year, with plans for two distributions annually [1] Group 2 - Guizhou Moutai has consistently increased its dividend payout over the years, with cash dividends exceeding 100 billion yuan annually since 2017, reaching 565.50 billion yuan in 2023 [2] - The company has also engaged in significant share buybacks, having repurchased 201.75 million shares, accounting for 0.16% of the total share capital, with a total expenditure exceeding 3 billion yuan [2] - In 2024, Guizhou Moutai reported revenue of 1,741.44 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 862.28 billion yuan, up 15.38% [2] Group 3 - In the first quarter of 2025, Guizhou Moutai achieved revenue of 514.43 billion yuan, reflecting a year-on-year growth of 10.67%, and a net profit of 268.47 billion yuan, up 11.56% [3] - The company has made notable progress in expanding its overseas market, with overseas revenue reaching 11.19 billion yuan, a year-on-year increase of 37.53% [3]

Group 1 - The Beizheng 50 Index reached a historical high since November 8, 2024, driven by active performance of listed companies in the Beizheng market [1][3] - Jinbo Biological (832982.BJ) became the top company by market capitalization on the Beizheng exchange, with its stock price peaking at 544.78 yuan, approaching the 550 yuan mark [1][2] - As of May 20, 2023, Jinbo Biological's closing price was 529 yuan per share, ranking third in the entire A-share market, only behind Kweichow Moutai (600519.SH) and Cambricon Technologies (688256.SH) [1][2] Group 2 - Jinbo Biological, established in 2008, is a leading company in recombinant human collagen and has developed a full industry chain from core raw materials to end products like medical devices and functional skincare [2][3] - The company entered the supply chain of major brands like L'Oréal in 2023, indicating its growing recognition in the market [3] - Experts believe that the strong performance of the Beizheng market, particularly companies like Jinbo Biological, reflects a growing recognition of the investment value of listed companies in this new market [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved total revenue of 51.443 billion yuan, representing a year-on-year increase of 10.67%. The net profit attributable to shareholders was 26.847 billion yuan, up 11.56% year-on-year, while the net profit excluding non-recurring items was 26.850 billion yuan, reflecting an increase of 11.64% year-on-year. The total revenue plus contract liabilities amounted to 50.639 billion yuan, marking a year-on-year growth of 20.91% [2][5][12]. - Direct sales continued to increase, with Q1 direct sales reaching 23.22 billion yuan, a growth of 20.19%. Wholesale revenue was 27.36 billion yuan, up 3.93%. The i-Moutai segment contributed 5.87 billion yuan in revenue, showing a year-on-year increase of 9.88%, returning to positive growth after a decline in the previous quarters [12]. - The company's profitability remained stable, with the net profit margin increasing by 0.42 percentage points to 52.19%. The gross margin decreased by 0.62 percentage points to 92.11%, while the expense ratio rose by 0.24 percentage points to 6.14% [12]. - The company is continuing its reform efforts, maintaining steady growth. Despite a slight decline in wholesale prices, the company retains strong control over pricing, indicating a solid long-term growth outlook. The company has a three-year dividend plan, which is expected to enhance its dividend yield value [12]. Financial Data Summary - As of May 12, 2025, the current stock price is 1,604.50 yuan, with a total share capital of 1.2562 billion shares. The net asset value per share is 205.67 yuan, and the highest and lowest prices in the past 12 months were 1,910 yuan and 1,246 yuan, respectively [7]. - The projected earnings per share (EPS) for 2025 and 2026 are 75.90 yuan and 82.61 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 21 and 19 times [12].