贵州茅台年报出炉，看其增长目标背后的含金量

Core Viewpoint - Guizhou Moutai achieved a total operating revenue of 174.144 billion yuan in 2024, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38%, successfully meeting its annual targets and setting a growth target of approximately 9% for 2025 [1][2][3] Group 1: Growth Strategy - The growth target is based on an objective assessment of the macroeconomic environment, which is currently undergoing a transition of old and new driving forces, with changing consumer demand [2][3] - Moutai's high-frequency market research and strategic meetings indicate a proactive approach to navigating the complex market landscape, reflecting a commitment to high-quality development [2][3][4] - The 9% growth target is seen as a wise decision in light of the high baseline and large scale of operations, aligning with the industry's shift from rapid expansion to quality enhancement [3][4] Group 2: Industry Context - The white liquor industry is entering a phase of deep adjustment, with structural changes in consumer demand, price fluctuations, and inventory pressures becoming more pronounced [4][5] - In 2024, the total production of major white liquor enterprises in China decreased by 1.8%, while the industry's sales revenue grew by only 5.3%, indicating that Moutai's growth target exceeds the overall industry growth rate [4][5] - Moutai's strategic positioning as a leading enterprise is underscored by its ability to set ambitious growth targets even in a challenging industry environment [4][5] Group 3: Strategic Actions - Moutai has identified three transformation strategies: customer group transformation, scenario transformation, and service transformation, aimed at addressing supply-demand mismatches [6][7] - The company emphasizes a shift from a channel-centric approach to a consumer-centric model, focusing on cultivating new business customer groups [7] - Moutai's strategic actions reflect a commitment to sustainable development and a collaborative approach among manufacturers to navigate the current industry cycle [6][7]