上半年营收893亿元， 茅台以“稳”回应行业之“变”

Core Viewpoint - Guizhou Moutai achieved stable growth in the first half of the year, with total revenue reaching 91.094 billion yuan, a year-on-year increase of 9.16%, despite a challenging industry environment [1][3]. Financial Performance - Total revenue for the first half was 91.094 billion yuan, with operating income at 89.389 billion yuan, both showing a growth of 9.16% and 9.1% respectively [1]. - Profit before tax reached 62.778 billion yuan, up 9.03%, while net profit attributable to shareholders was 45.403 billion yuan, reflecting an 8.89% increase [1]. - Sales volume continued to grow, indicating successful execution of the company's operational goals [1]. Market Strategy - Moutai's growth strategy during the industry adjustment period involved a series of targeted measures focusing on channel and product adaptations to better align with market demand [2][7]. - The company maintained strong performance in both direct sales and distribution channels, with direct sales revenue surpassing 40 billion yuan for the first time [4]. - Moutai added 160 new series wine distributors domestically and 11 internationally, showcasing its strong appeal to distributors [4]. Product Development - Moutai launched various new products, including different specifications of its flagship Moutai wine and cultural-themed products, to cater to diverse consumer preferences [5][8]. - The introduction of the 1.935L and 375ml versions of Moutai 1935 and the renewal of Moutai Prince wine contributed to expanding market reach [5][6]. E-commerce and International Growth - The e-commerce channel saw significant growth, with accounts receivable from online retail customers increasing by 33% year-on-year [9]. - International revenue reached 2.893 billion yuan in the first half, marking a 31% increase, driven by targeted market expansion efforts [9]. Corporate Governance and Recognition - Moutai received the EFQM Global Award and achieved an A-level ESG rating from MSCI, reflecting its commitment to corporate governance and sustainability [11]. - The company has been recognized as a leading representative of traditional manufacturing transitioning to modern practices in the liquor industry [11].