贵州茅台上半年营业总收入超910亿元，增速首次降至个位数！二季度获多只基金大幅增持

Core Insights - Guizhou Moutai released the first half report for the white liquor industry in 2025, showing a revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [1][2] - The company has adjusted its annual revenue growth target from 15% to 9% due to a general slowdown in the white liquor industry, indicating a cautious approach during the adjustment period [2][4] Financial Performance - In the first half of the year, Moutai's revenue from Moutai liquor reached 75.59 billion yuan, a year-on-year increase of 10.24%, with the second quarter showing a revenue of 32.033 billion yuan, up 10.99% [4][5] - The company achieved 47.99% of its annual revenue growth target in the first half, with a projected total revenue of approximately 189.817 billion yuan for the year [2] Market Strategy - Moutai has implemented various market strategies to address supply-demand mismatches and enhance consumer reach, including the launch of new products and increased direct sales channel revenue [4][5] - The company has focused on product innovation, introducing several new offerings such as zodiac-themed liquor and special editions, which are sold through the "i Moutai" platform [5][6] Series Liquor Performance - The revenue growth of Moutai's series liquor has significantly slowed, achieving 13.763 billion yuan in the first half, a year-on-year increase of only 4.69%, compared to previous growth rates of around 30% [6] - The second quarter saw a decline in series liquor revenue by 6.52%, indicating challenges in this segment despite ongoing efforts to expand market presence [6][7] E-commerce and New Business Models - Moutai is actively cleaning up problematic e-commerce channels and has initiated live streaming sales to boost offline channel traffic, reflecting a shift towards the growing "instant retail" market [7] - The company is focusing on enhancing product visibility in business scenarios, which is expected to be a continuous growth point despite short-term pressures [7]