KWEICHOW MOUTAI(SH:600519) Nan Fang Du Shi Bao·2025-04-30 00:32Core Viewpoint - Guizhou Moutai reported a revenue of approximately 50.6 billion yuan and a net profit of 26.847 billion yuan for Q1, achieving year-on-year growth of 10.54% and 11.56% respectively, surpassing its annual growth target of around 9% [2][5]. Financial Performance - The revenue from Moutai liquor reached approximately 43.557 billion yuan in Q1, with a year-on-year increase of 9.7% [3]. - The revenue from the sauce-flavor liquor series was 7.022 billion yuan, showing a year-on-year growth of 18.3%, maintaining a consistent growth rate of 18% over the past two years [3][4]. - Direct sales channels generated 23.22 billion yuan in revenue, up 20.19% year-on-year, while wholesale channels saw a slight increase of 3.94% to 27.36 billion yuan [4]. Market Strategy - Guizhou Moutai is focusing on a brand development strategy termed "one body, two wings," aiming to create a product cluster centered around Moutai 1935, with Moutai Prince and Hanjiang as supporting products [3][4]. - The company plans to enhance the product structure of Moutai 1935 and has introduced new product specifications, including a 1.935L version [4]. Industry Context - The overall growth of the liquor industry is under pressure, with many companies adjusting their growth targets. Guizhou Moutai's 9% target is seen as a benchmark for the industry, reflecting a broader trend of rational consumption among consumers [5][6]. - Other major liquor companies have set their growth targets to align with macroeconomic indicators, indicating a cautious approach in the current market environment [6].