贵州茅台（600519）：迎难而上求变，完成既定任务

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience in brand development, achieving a total revenue of 91.094 billion yuan in the first half of 2025, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 45.403 billion yuan, up 8.89% year-on-year [1][2] - The company is adapting to changes in demand and is expected to maintain its long-term growth trajectory despite short-term pressures on demand [5] Financial Performance Summary - In the first half of 2025, the revenue from Moutai liquor and series liquor was 75.59 billion yuan and 13.763 billion yuan, respectively, representing year-on-year growth of 10.24% and 4.69% [2] - The gross profit margin for the first half of 2025 decreased by 0.46 percentage points to 91.3%, with Moutai liquor and series liquor gross margins at 93.85% and 77.59%, respectively [3] - The company’s net cash flow from operations was 13.119 billion yuan, a decrease of 64.18% year-on-year [1] Future Earnings Forecast - The company is projected to achieve diluted earnings per share (EPS) of 74.54 yuan, 79.70 yuan, and 84.49 yuan for the years 2025, 2026, and 2027, respectively [5] - Revenue is expected to grow from 150.56 billion yuan in 2023 to 215.68 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 6.1% [4]