贵州茅台一季度营收破500亿元，茅台酒增速明显放缓，系列酒增速亮眼

Core Insights - Guizhou Moutai reported a record high net profit of 26.847 billion yuan for Q1 2025, with a year-on-year growth of 11.56% [1] - The company's total revenue reached 50.601 billion yuan, marking a 10.54% increase compared to the same period last year [1] Revenue Breakdown - Moutai liquor generated revenue of 43.557 billion yuan, a 9.7% increase, accounting for 86.08% of total revenue, consistent with the previous year [1] - Series liquor achieved revenue of 7.022 billion yuan, reflecting an 18.3% growth [1] Channel Performance - Direct sales channel revenue was 23.22 billion yuan, up 20.19%, representing approximately 45.89% of total revenue [1] - Wholesale channel revenue reached 27.36 billion yuan, with a slight increase of 3.94%, making up 54.07% of total revenue [1] Distributor Network - The number of domestic distributors increased by 50 to 2,174, while 19 were lost [1] - The number of international distributors rose by 5 to 109 [1] Series Liquor Growth - Series liquor has been a significant growth driver, maintaining an 18% growth rate for two consecutive years, surpassing the overall revenue growth rate [2] - Moutai 1935 has established itself as a "billion-dollar product" three years post-launch, with projected series liquor revenue of 24.684 billion yuan in 2024 [2] Strategic Focus - In 2025, Moutai will implement a "one body, two wings" brand development strategy, focusing on Moutai 1935 as the core product, with Moutai Prince and Hanjiang liquor as supporting products [4] - Moutai Prince aims to capture the 200-500 yuan market and become the second billion-dollar product within two years [4] Shareholder Changes - Notable changes among the top ten shareholders include an increase of 2.2864 million shares by Hong Kong Central Clearing Limited and reductions by several funds associated with Industrial and Commercial Bank of China [4]