贵州茅台回应“联营公司计划暂停”

Core Viewpoint - Guizhou Moutai is planning to establish joint venture companies in various provinces to stabilize market prices and develop local cultural products, although the plan has reportedly been paused [3][4][5]. Group 1: Joint Venture Companies - The joint venture companies are expected to have registered capital ranging from 50 million to 100 million yuan, funded by participating distributors [3]. - The main objectives of these joint ventures are to support Moutai's pricing strategy and to create cultural IP at the provincial level [4]. - The establishment of these companies is seen as a response to the pressures of policy adjustments, changing consumer structures, and intense competition within the liquor industry [4][5]. Group 2: Market Conditions - The white liquor industry is currently facing challenges such as increasing inventory levels and cash flow pressures, with 58.1% of distributors reporting rising stock levels [5]. - Moutai has set a performance growth target of 9% for 2025, which is a slowdown compared to the 15% growth target for 2024 [5]. - Despite the overall slowdown in the industry, Moutai's growth target remains ambitious, especially in the context of A-share liquor companies projecting a 7.3% revenue growth for 2024 [5]. Group 3: Online Sales Channels - The "i Moutai" online platform, launched in March 2022, has become a significant sales channel, achieving sales revenue of 22.374 billion yuan in 2023, a year-on-year increase of 88.29% [6][8]. - The online sales channel is evolving from a supplementary channel to a key driver of industry growth, with many companies increasing their direct sales business [8]. - Moutai's online sales revenue in 2024 is expected to remain above 20 billion yuan, indicating stable growth in this segment [8].