贵州茅台多元化发展不顺，销售费用双位数增长却已进入增长瓶颈

Core Viewpoint - Guizhou Moutai, a leader in the liquor industry, is exploring innovative development paths amidst a competitive consumer market, recently announcing the use of a brand ambassador for its Moutai Cultural Tourism division, which has sparked discussions about its performance [1][2]. Group 1: Brand Strategy and Market Positioning - Guizhou Moutai has traditionally adhered to a "no official spokesperson" strategy but has now appointed celebrity Zhang Yixing as a brand ambassador to enhance brand visibility and engage younger consumers [1][4]. - The appointment of Zhang Yixing is expected to leverage his influence among younger demographics, potentially revitalizing Moutai's brand image and expanding its market share in the youth segment [6]. Group 2: Product Diversification and Sales Performance - Moutai has diversified its product offerings, including the launch of Moutai ice cream in collaboration with Mengniu, which has seen significant sales success, with nearly 10 million cups sold in 2023 and a revenue increase of 239.62% year-on-year in Q1 2024 [5][8]. - Despite increased marketing expenditures, Moutai's revenue growth has slowed, with projected revenue growth of approximately 15.66% for 2024, down from 19.01% in 2023 [10][11]. Group 3: Financial Performance and Challenges - Moutai's sales expenses have risen significantly, with figures of approximately 32.98 billion, 46.49 billion, and 56.39 billion yuan for 2022, 2023, and 2024 respectively, reflecting a year-on-year growth of 20.5%, 40.96%, and 21.3% [8][9]. - The net profit growth has also decelerated, with net profits of approximately 627.2 billion, 747.3 billion, and 862.3 billion yuan for 2022, 2023, and 2024, showing a decline in growth rates [12]. Group 4: Product Pricing and Market Dynamics - The flagship product "Moutai 1935" has experienced a price decline, currently priced at around 750 yuan per bottle, which is a 36% drop from its retail guide price, indicating challenges in maintaining its market position [14][15]. - The competitive landscape is expected to intensify, particularly with new regulations affecting the consumption of high-end liquor in government settings, which may further impact Moutai's market dynamics [12].