“晚宴从简没茅台”！股东大会释放新信号，张德芹如何稳市场预期？

Core Viewpoint - Guizhou Moutai is undergoing a significant transformation in its corporate style and marketing strategy amidst a challenging market environment, as evidenced by changes in its annual shareholder meeting and budget plans [1][2][4]. Financial Performance - In 2024, Guizhou Moutai achieved total revenue of 174.144 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.228 billion yuan, up 15.38%, maintaining double-digit growth in key economic indicators [2]. - The company set a revenue growth target of 9% for 2025, indicating a shift from high-speed growth to high-quality development [4][6]. Strategic Adjustments - The company is focusing on self-regulation and adaptability, having successfully navigated several market adjustments in the past [2]. - Moutai is shifting its marketing strategy to emphasize consumer-centric approaches, addressing supply-demand mismatches, and enhancing service systems [4][6]. Budget and Expenses - The 2025 budget plan includes a significant increase in expenses, projected to grow by approximately 27%, primarily to strengthen domestic and international market development and increase advertising and market investments [6][7]. - In contrast, the 2024 budget had a more restrained expense growth of 13%, with actual expenses increasing by only 7.51% [6]. Market Dynamics - The current market environment for the liquor industry is characterized by a cooling consumer demand, prompting Moutai to control supply and stabilize prices while expanding its product offerings [4][5][7]. - The recent implementation of new regulations limiting high-end dining and alcohol consumption in government settings may further tighten the market, but the impact is expected to be limited [5]. International Expansion - Guizhou Moutai is actively pursuing international market opportunities, with overseas revenue reaching 1.119 billion yuan in Q1, a year-on-year increase of 37.53%, and total overseas revenue surpassing 5 billion yuan last year [7][8]. - The company's international strategy is structured in three phases: exporting products, promoting brand and culture, and achieving international value creation capabilities [8].