直击贵州茅台股东大会丨如何穿越行业周期，茅台这样规划“路线图”

Core Viewpoint - Guizhou Moutai aims to achieve approximately 9% growth in total operating revenue for 2025, despite ongoing adjustments in the Chinese liquor industry [1][9]. Financial Performance - In 2024, Guizhou Moutai achieved total operating revenue of 174.144 billion yuan, a year-on-year increase of 15.71% from 170.899 billion yuan in 2023 [4]. - The total profit reached 119.639 billion yuan, reflecting a year-on-year growth of 15.41% [4]. - The net profit attributable to shareholders was 86.228 billion yuan, with a year-on-year increase of 15.38% [4]. Industry Context - The Chinese liquor industry is undergoing a deep adjustment, which raises concerns among investors [5]. - The current industry cycle is characterized by a "three-phase overlap," including a transition in macroeconomic dynamics, the emergence of rational consumption trends, and a shift from chaotic growth to a phase of resolving contradictions [6]. Strategic Initiatives - Guizhou Moutai plans to focus on five key areas for future growth: strengthening core business foundations, building an ESG ecosystem, driving innovation, enhancing brand culture, and maintaining a bottom-line development mindset [9][10]. - The company will implement a "three transformation" strategy in 2024, focusing on customer segments, scenarios, and service upgrades to address supply-demand mismatches [9][10]. - The internationalization strategy will follow a "three-step" approach, expanding from product exports to a comprehensive international presence in products, services, and brand culture [10]. Brand and Quality Commitment - Guizhou Moutai emphasizes its strong brand value, product quality, and established distribution channels as fundamental supports for maintaining confidence and resilience during industry cycles [6][7]. - The company has developed a dual-channel system comprising a direct sales system and a social system, categorized into a "4+6" channel structure to ensure balance and collaboration [6].