贵州茅台营收增速同比接近腰斩，贵州茅台上半年业绩增长回到个位数｜公司观察

Core Viewpoint - Guizhou Moutai's revenue growth has significantly slowed, with a nearly 50% decline in growth rate compared to the previous year, indicating a shift from high growth to high dividend characteristics [1] Financial Performance - In the first half of the year, Guizhou Moutai reported a total revenue increase of 9.16% and a net profit increase of 8.89%, down from 17.7% and 15.8% respectively in the same period last year [1] - Operating costs increased by over 15% compared to the same period last year, leading to a slight decline in gross profit margin [1] Market Trends - There is a noted decrease in consumer demand for Moutai liquor, and the financial attributes associated with "stockpiling liquor" are also declining, which may further slow the company's future growth [1] - Guizhou Moutai is expected to transition from a high-growth profile to a high-dividend profile, raising questions about its appeal to value investors as other high-dividend stocks rise [1]