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贵州茅台2025年上半年净利润454亿元,增长8.89%

Core Viewpoint - Guizhou Moutai's half-year report for 2025 shows stable growth in revenue and profit despite challenges in the macroeconomic and industry adjustment cycles, indicating a positive overall development trend for the company and the industry [2][3]. Financial Performance - The company achieved total operating revenue of 91.094 billion yuan, a year-on-year increase of 9.16% [2]. - Net profit reached 45.403 billion yuan, reflecting a year-on-year growth of 8.89% [2]. Production and Quality - Moutai liquor base production was approximately 43,700 tons, while series liquor base production was about 29,600 tons, with production quality showing steady improvement [2]. Market Strategy - The company is actively conducting market research and implementing measures to boost market confidence, indicating a proactive approach to market challenges [2]. - Moutai is leveraging a dual-channel system of "social + self-operated" to optimize its operational framework and expand sales channels [2]. Product Development - The strategic core of product structure includes Moutai 1935, Han Sauce, and Moutai Prince liquor, aimed at expanding the sales network and creating model markets [2]. - The company is increasing efforts in international market expansion, collaborating with international events and launching new products [2]. Sales Channels - Moutai liquor and series liquor generated revenues of 75.589 billion yuan and 13.763 billion yuan, respectively [3]. - Direct sales and wholesale agency contributed revenues of 40.009 billion yuan and 49.343 billion yuan, respectively [3]. Distributor Network - As of mid-year, the number of domestic distributors was 2,280, with a net increase of 137, while international distributors numbered 115, with a net increase of 11 [3].