贵州茅台上半年营收超910亿 增速首次降至个位数 战略调整背后释放什么信号？

Core Viewpoint - Guizhou Moutai has released its first half-year report for 2025, showing a slowdown in revenue growth amid a broader adjustment period in the liquor industry, with the company adjusting its annual revenue growth target from 15% to 9% [1][2] Financial Performance - For the first half of 2025, 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] - In Q2 2025, the company reported revenue of 38.788 billion yuan, growing 7.28% year-on-year, and a net profit of 18.555 billion yuan, increasing by 5.25% [1] - The revenue from Moutai liquor reached 75.59 billion yuan in the first half, with a growth rate of 10.24%, surpassing the overall revenue growth rate [2] Market Strategies - Guizhou 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 [2][3] - The company has introduced several new products, such as zodiac-themed liquor and special editions, to boost market penetration [2] - Direct sales revenue has significantly increased, with the direct sales model achieving 40.01 billion yuan, a year-on-year growth of 18.63% [2] Series Liquor Performance - The series liquor segment, positioned as a "guardian" for different consumer levels, has seen a notable slowdown in growth, with revenue of 13.763 billion yuan in the first half, up only 4.69% [4][5] - In Q2 2025, series liquor revenue declined by 6.52% to 6.741 billion yuan, indicating challenges in maintaining growth momentum [5] Future Outlook - Guizhou Moutai is focusing on cultivating a "second growth pole" through new product specifications and expanding its distribution network [6] - The company is also enhancing its e-commerce strategy by cleaning up problematic channels and leveraging live streaming for sales [6] - Recent fund increases in shares of Guizhou Moutai indicate continued investor confidence despite short-term pressures [6]