KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-09-13 08:11Core Viewpoint - Guizhou Moutai held a performance briefing for the first half of 2025, addressing investor concerns regarding the price fluctuations of Feitian Moutai, annual performance targets, and overseas market expansion [1] Group 1: Sales Performance and Market Strategy - The sales of Feitian Moutai have shown a significant recovery in August compared to June and July, with a notable increase in terminal sales since the end of August [3] - As of September 12, the price of 25-year Feitian Moutai was quoted at 1780 yuan, a decrease of approximately 35% compared to the 2400 yuan price of the 24-year product last year [3] - The company aims for a 9% annual growth target, which is a reduction from the previous five-year average of 15%, reflecting a comprehensive consideration of industry conditions and corporate development [3] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89%, aligning with market expectations [3] - There was a significant fluctuation in contract liabilities, with pre-received payments of 5.507 billion yuan, a decrease of over 42% from the beginning of the year, indicating weakened willingness among distributors to stock products [3] Group 3: Product Innovation and Market Expansion - The company has been active in product innovation, enhancing the iMoutai digital marketing platform and launching new products such as kilogram packaging of Feitian Moutai and commemorative wines [4] - The sales growth of the Moutai 1935 series slowed to 4.69% in the first half of the year, despite achieving over 12 billion yuan in sales last year, with ongoing price discrepancies in the market [4] - The company is focusing on international market development, particularly in Singapore, Australia, and Japan, to accelerate its global expansion [4]