贵州茅台晒上半年“成绩单”！总营收超910亿，业绩增速降至个位数

Core Viewpoint - Guizhou Moutai's performance in the first half of the year shows a significant slowdown in growth, with revenue and net profit growth rates dropping to single digits for the first time in a decade, raising concerns about the overall health of the liquor industry [1][3][7]. Financial Performance - In the first half of 2025, Guizhou Moutai reported revenue of 893.89 billion yuan, a year-on-year increase of 9.1%, and a net profit of 454.03 billion yuan, up 8.89% from the previous year [1][2]. - The total revenue for the year is projected at 910.94 billion yuan, also reflecting a 9.16% increase year-on-year, slightly above the company's annual growth target of 9% [3][2]. - The second quarter saw a more pronounced decline, with revenue of 387.88 billion yuan, a 7.28% increase year-on-year, but a 25.54% decrease compared to the first quarter [3]. Product and Sales Breakdown - Moutai liquor generated revenue of 755.9 billion yuan, a 10.24% increase, while series liquor revenue was 137.63 billion yuan, up 4.69% [3][5]. - Direct sales accounted for 400.1 billion yuan, an 18.6% increase, representing 44.76% of total revenue, while wholesale and agency sales were 493.43 billion yuan, a 2.83% increase, making up 55% of total revenue [3][5]. - Domestic revenue reached 864.59 billion yuan, up 8.74%, while international revenue was 28.93 billion yuan, reflecting a 31.26% increase [3][5]. Industry Context - The liquor industry is currently undergoing a deep adjustment phase characterized by policy changes, shifts in consumer structure, and intense competition among existing players [7][9]. - The production of major liquor companies in China has declined, with a reported 5.8% drop in output for the first half of the year [7]. - The introduction of strict regulations, such as the "ban on alcohol" for public receptions, has negatively impacted consumption patterns and contributed to a downturn in the sector [7][9]. Shareholder Actions - In response to the declining growth, Guizhou Moutai initiated a share buyback program, with a total of 53.01 billion yuan spent on repurchasing shares as of the end of July 2025 [6]. - The company has also distributed 346.71 billion yuan in cash dividends during the first half of the year [2][6].