茅台上半年营收超910亿，增速首降至个位数！获多只基金增持

Core Viewpoint - Guizhou Moutai has released the first half report for the white liquor industry in 2025, indicating a slowdown in revenue growth amidst a broader industry adjustment period [1] Financial Performance - For the first half of the year, Guizhou Moutai achieved total 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 second quarter revenue reached 38.788 billion yuan, growing by 7.28%, while net profit was 18.555 billion yuan, increasing by 5.25% [1] - The company has completed 47.99% of its annual revenue growth target of 189.817 billion yuan, which is set at 9% [1] Market Strategy - The company has implemented various market strategies to address supply-demand mismatches and explore new growth points, including launching new products and enhancing consumer reach [1][3] - New product launches include zodiac-themed liquor and other special editions, aimed at increasing market penetration [3] - The direct sales channel has seen significant growth, with revenue from direct sales reaching 40.01 billion yuan, a year-on-year increase of 18.63% [4] Channel Performance - The wholesale and agency channel revenue surpassed 49.343 billion yuan, with a growth of 2.83%, while the direct sales channel revenue has shown a strong increase [4] - The "i Moutai" platform generated 10.76 billion yuan in revenue, reflecting a 4.98% increase [4] Series Liquor Performance - The series liquor segment, positioned as a growth driver, reported revenue of 13.763 billion yuan, a year-on-year increase of 4.69%, but this is a significant slowdown compared to previous years [5][6] - In the second quarter, series liquor revenue declined by 6.52% to 6.741 billion yuan [5] Future Outlook - The company is focusing on transforming its business model and enhancing its presence in the C-end market, with initiatives such as new product specifications and recruitment of distributors [6] - Guizhou Moutai is also cleaning up its e-commerce channels and exploring new retail opportunities to adapt to changing market dynamics [6] - Recent fund inflows indicate continued investor confidence, with several funds significantly increasing their holdings in the company [6]