贵州茅台：各股东就是否拆股观点不统一，公司愿意与股东一起探讨

Core Insights - The company is facing multiple pressures including industry cycle adjustments and changes in consumer trends, but has maintained market stability and channel collaboration through optimized market strategies and product deployment [1] - The company has achieved significant growth in international markets in the first half of 2025, building on a high base from 2024, and is focused on enhancing its global brand influence [2] - There is a divided opinion among shareholders regarding the potential stock split, with management open to discussing the topic further [3] Group 1 - The company has responded to inquiries about a potential 9% adjustment in performance targets due to the price drop of its flagship product, indicating a commitment to long-term sustainable development [1] - The management emphasized the importance of a market-centered approach and consumer focus to navigate uncertainties [1] Group 2 - The company is implementing a "three-step" internationalization strategy and building a "six-system" framework to enhance its global operations [2] - Key tasks include establishing an international expression system, optimizing product and pricing structures, developing new international channels, ensuring compliance, and strengthening resource support for international markets [2] Group 3 - Management acknowledged the mixed opinions on stock splitting among shareholders, indicating a willingness to explore the topic further with stakeholders [3]