茅台1935今年动销达到预期，暂无赴港上市计划！茅台业绩会回应多个热点

Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development, setting a revenue growth target of 9% for 2025, with a focus on consumer-centric strategies and market expansion [2][3] Financial Performance - In Q1 2024, Guizhou Moutai achieved revenue of 50.601 billion yuan, a year-on-year increase of 10.54%, and a net profit of 26.847 billion yuan, up 11.56% [3] - For the full year 2023, the company reported revenue of 174.144 billion yuan, a 15.66% increase, and a net profit of 86.228 billion yuan, growing 15.38% [3] - The company plans to invest 4.711 billion yuan in fixed assets for 2025 [3] Market Strategy - Guizhou Moutai is focusing on three major transformations: customer groups, consumption scenarios, and service adaptation, leveraging its "4+6" channel system to enhance market reach [2] - The company aims to expand its overseas market, which generated 5.19 billion yuan in revenue in 2024, accounting for about 3% of total liquor revenue [13] Product Development - Moutai 1935 has been positioned as a core brand within the sauce-flavored liquor segment, with plans to enhance its market presence through improved product quality and service [6][7] - The company is diversifying its product matrix to capture different price segments, aiming to boost performance amid industry challenges [7] Production Capacity - Moutai's production volume for 2024 was reported at 56,272 tons, a slight decrease of 1.63% year-on-year, while sales volume increased by 10.22% [8] - The company plans to invest approximately 15.516 billion yuan in capacity expansion projects, which will add about 19,800 tons of annual production capacity [10] Channel Structure - Direct sales revenue grew by 20.2% in Q1 2024, contributing significantly to overall revenue, while the iMoutai platform saw a revenue increase of 9.86% [11][12] - The direct sales channel accounted for approximately 45.89% of total revenue in Q1 2024, reflecting a strategic shift in channel management [11] Competitive Landscape - Guizhou Moutai acknowledges the competitive dynamics with other brands like Wuliangye, emphasizing a collaborative approach to foster a rational consumption ecosystem in the liquor industry [5][6]