贵州茅台上半年营收超910亿 增速首次降至个位数

Core Insights - Guizhou Moutai released its first half report for 2025, showing a 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% [2] - The company has adjusted its annual revenue growth target from 15% to 9% due to a general slowdown in the liquor industry, marking the first time in nearly a decade that Moutai's revenue growth rate for the first half has fallen to single digits [2] - Moutai's strategic initiatives this year focus on addressing supply-demand mismatches, increasing consumer reach, and exploring new growth points [2] Revenue Performance - Moutai's revenue from Moutai liquor reached 75.59 billion yuan in the first half, a year-on-year increase of 10.24%, with the second quarter showing a revenue of 32.033 billion yuan, up 10.99% [3] - The company has significantly enhanced its market operations for its main products during the reporting period [3] Product Strategy - Moutai has launched several new products this year, including zodiac-themed liquor and special editions, to increase market penetration and address supply-demand issues [3] - The company has increased the distribution of 1L 53-degree Moutai liquor through self-operated channels, including the "i Moutai" platform [3] Channel Strategy - Direct sales channels have seen a notable increase, with revenue from wholesale and agency channels surpassing 49.343 billion yuan, a growth of 2.83%, while direct sales revenue reached 40.01 billion yuan, up 18.63% [4] - The "i Moutai" platform generated a non-tax revenue of 10.76 billion yuan, reflecting a year-on-year increase of 4.98% [4] Series Liquor Performance - Moutai's series liquor achieved a revenue of 13.763 billion yuan in the first half, a year-on-year increase of 4.69%, significantly lower than the recent annual growth rate of around 30% [7] - In the second quarter, series liquor revenue declined by 6.52% to 6.741 billion yuan [7] Future Outlook - Moutai is focusing on transforming and deepening its presence in the consumer market, with initiatives such as introducing new product specifications and recruiting distributors [7] - The company is also cleaning up problematic e-commerce channels and leveraging live streaming to drive traffic to offline stores [7] - The "New Business" concept aims to enhance product opening rates and target business consumption, which is expected to be a continuous growth point despite short-term pressures [7] Fund Activity - In the second quarter, several funds significantly increased their holdings in Guizhou Moutai, including Huatai-PB CSI 300 ETF and others, indicating positive market sentiment [8]