半年收入910.9亿元，贵州茅台稳健增长

Core Viewpoint - Guizhou Moutai's half-year report for 2025 shows stable growth in revenue and profit, driven by strategic reforms and a focus on adapting to changing consumer demands [1][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.09 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 45.4 billion yuan, up 8.9% [1][2]. - The company met its growth target of approximately 9% for the year, reflecting a healthy financial performance amid a challenging market environment [2][4]. - Moutai's core products, including Moutai liquor and series liquor, contributed over 99% of total revenue, with Moutai liquor alone generating 75.59 billion yuan, accounting for 84.6% of total revenue [2]. Business Structure - The revenue structure shows a strong reliance on direct sales, with over 40 billion yuan from direct channels, representing 44.8% of total revenue, while wholesale channels accounted for 52.4% [2]. - Domestic sales dominated, contributing 97.7% of total revenue, while international sales were only 2.3% [2]. Market Strategy - Moutai has increased its marketing and brand investment, with sales expenses rising by 24.6% due to enhanced advertising and market efforts [3]. - The company is focusing on stabilizing partnerships with distributors and optimizing payment terms to alleviate financial burdens on partners [3]. Consumer Trends - The company is adapting to changing consumer preferences, emphasizing emotional and social values associated with products, and targeting new consumer demographics [5][6]. - Moutai is implementing a "three transformations" strategy focusing on customer groups, consumption scenarios, and service enhancements to better align with market demands [5]. Product Innovation - Moutai is enhancing product scarcity and emotional value, exemplified by the recent launch of a limited edition commemorative liquor that sold out rapidly [6]. - The company is diversifying its product matrix, including various specifications of its flagship product, to cater to different consumer needs [5][6]. Market Outlook - The half-year report has garnered positive responses from investors, with multiple institutions issuing buy ratings, indicating confidence in Moutai's long-term prospects [6]. - Analysts believe that Moutai's proactive approach to market changes and focus on sustainable growth will help it navigate current industry challenges [6].