上半年营收超910亿元，贵州茅台业绩增速首降至个位数，战略调整背后释放什么信号？

Core Viewpoint - Guizhou Moutai has released its first half-year report for 2025, showing a slowdown in revenue growth, with a strategic focus on addressing supply-demand mismatches and exploring new growth points in the white liquor industry [1][2]. Financial Performance - For the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 45.403 billion yuan, up 8.89% [1]. - The second quarter revenue reached 38.788 billion yuan, growing by 7.28%, while net profit was 18.555 billion yuan, an increase of 5.25% [1]. - The company has completed 47.99% of its annual revenue growth target of 189.817 billion yuan, which is set at a 9% increase [1]. Market Strategy - Guizhou Moutai has implemented various market strategies to enhance consumer reach and address supply-demand issues, including the launch of new products such as zodiac-themed liquor and increased availability of 1L bottles through self-operated channels [2][3]. - The direct sales channel has seen a significant increase, with revenue from direct sales reaching 40.01 billion yuan, a growth of 18.63%, while wholesale revenue surpassed 49.343 billion yuan, up 2.83% [2]. Product Development - The company has introduced several new products to improve market penetration and alleviate pressure on its flagship product, Feitian Moutai, while maintaining its premium brand status [3]. - Series liquor, positioned as a "guardian ship" for Moutai, generated revenue of 13.763 billion yuan, a growth of 4.69%, but showed a significant slowdown compared to previous years [4][5]. Future Outlook - Guizhou Moutai is focusing on transforming its business model and enhancing its presence in the C-end market, with initiatives such as launching new product specifications and recruiting distributors [6][7]. - The company is also actively engaging in e-commerce and live streaming to boost sales and adapt to the evolving retail landscape [7].