茅台也扛不住，中报业绩降速

Core Viewpoint - Guizhou Moutai's revenue for the first half of 2025 increased by 9.16% year-on-year, with net profit attributable to shareholders rising by 8.89% [2][3] Financial Performance - Total revenue reached 910.94 billion, a 9.16% increase from the previous year; revenue from main operations was 893.89 billion, up 9.10% [2][3] - Net profit attributable to shareholders was 454.03 billion, reflecting an 8.89% year-on-year growth [2][3] - The company set a revenue growth target of approximately 9% for 2025, which has been slightly exceeded in the first half [3] Market Context - The white liquor industry is undergoing significant adjustments, with 60% of companies experiencing price inversion, indicating supply-demand imbalances and increased channel pressures [8] - The price of Feitian Moutai has dropped by 36.15% since 2022, highlighting changes in consumption scenarios [8] Product Performance - Moutai liquor, a key product, generated revenue of 755.90 billion, up 10.24%, while series liquor revenue was 137.63 billion, increasing by 4.69% [8] - Direct sales channels contributed 400.10 billion, a growth of 18.63%, while wholesale channels saw a 2.83% increase [9] Strategic Initiatives - Guizhou Moutai is adapting to market changes through innovative strategies, including partnerships with e-commerce giants and the introduction of new product formats [10][11] - The launch of a high-end 70th anniversary Moutai priced at 7000 yuan aims to target the luxury market [10][13] - The introduction of a "1×4" bottle packaging is designed to cater to smaller gatherings and gifting scenarios, reflecting a shift in consumer preferences [13] Industry Outlook - Other liquor companies are facing poor performance, with several reporting significant declines in revenue and profit [15] - The overall sentiment in the white liquor market suggests a potential recovery in 2026, with expectations of improved conditions in the fourth quarter of 2025 [16]