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

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] - The company has adjusted its annual revenue growth target from 15% to 9% due to a general slowdown in the white liquor industry [1] - Moutai's second quarter revenue reached 38.788 billion yuan, with a growth of 7.28%, indicating a decline in growth rates compared to previous years [1] Revenue Performance - Moutai liquor achieved a revenue of 75.59 billion yuan in the first half of the year, with a growth rate of 10.24%, which is higher than the overall revenue growth rate [4] - The second quarter alone saw a revenue of 32.033 billion yuan, reflecting a year-on-year increase of 10.99% [4] - The company has significantly strengthened its market operations for its main products during the reporting period [4] Strategic Initiatives - Moutai has launched several new products this year, including zodiac-themed liquor and special editions, to enhance market reach and address supply-demand mismatches [4] - The company has increased the distribution of 1L 53-degree Moutai liquor through self-operated channels, including the "i Moutai" platform [5] - Direct sales channels have seen a notable increase, with revenue from direct sales reaching 40.01 billion yuan, a year-on-year growth of 18.63% [5] Series Liquor Performance - The series liquor segment achieved a revenue of 13.763 billion yuan in the first half of the year, growing by 4.69%, but this is a significant slowdown compared to previous years [7] - In the second quarter, series liquor revenue declined by 6.52% to 6.741 billion yuan, indicating challenges in this segment [7] - The company is actively exploring new strategies to cultivate a "second growth pole" by launching new product specifications and recruiting distributors [7] Market Adaptation - Moutai is addressing market pressures by cleaning up problematic e-commerce channels and enhancing its presence in the "instant retail" sector [8] - The company has received significant increases in holdings from multiple funds, indicating continued investor confidence despite market challenges [8]