贵州茅台股东大会的参会股东又超出了预期。 5月14日晚间，贵州茅台发布"调整2024年度股东大会现场会议召开地点"的公告，表示因登记参会人数超过原定会 议召开地点会场容量，因此将本届股东大会改在茅台会议中心。 据南都湾财社-酒水新消费指数课题组记者了解，这是连续第二年贵州茅台股东大会参会人数超预期。去年举行的 贵州茅台股东大会同样因人数超出预期，因此将开会地点作出调整。 那么除了上述议案外，贵州茅台的股东在本届会议上将会关注哪些方面？ 南都湾财社记者在对部分股东采访时注意到，贵州茅台何时进行新一轮的股票回购注销系备受股东关注，有股东 向南都湾财社记者表示，回购注销是国际资本市场上公司提升股票价值的通行做法，"虽然茅台在这块处于起步阶 段，但我还是希望公司能按照实际情况定期持续下去"。 因参会人数超过原定会场容量，贵州茅台紧急调整股东大会召开地点。（截图来源：公司公告） 据南都湾财社记者了解，贵州茅台作为白酒行业的"风向标"之一，其股东大会释放的信号对行业影响较为深远。 在参会股东和出席的券商方面，"私募大佬"林园、前海开源基金首席经济学家杨德龙等均是股东大会"常客"，另 外部分股东是"拖家带口"前来参会，而在 ...

南都湾财社-酒水新消费指数课题组记者注意到，白酒、啤酒和葡萄酒三大酒类方面，啤酒成为酒类业 绩的增长担当。今年一季度，啤酒行业实现产量854.12万千升，同比下降2.2%，实现销售额496.45亿 元，同比增长3.58%，实现利润81.82亿元，同比增长27.38%。 据了解，今年第一季度啤酒企业业绩普遍回暖，除了青岛啤酒、重庆啤酒业绩回归增长外，燕京啤酒和 珠江啤酒出现归母净利润大涨的情况，其中燕京啤酒一季度归母净利润同比增加61.1%，珠江啤酒一季 度归母净利润同比增加29.83%。从行业情况来看，8元价格带的啤酒持续放量，以及10元以上价格带产 品的持续复苏，带动啤酒一季度的复苏。 不过，相比啤酒的复苏反弹，作为销售额和利润额"贡献主力"的白酒则表现得相对不理想。数据显示， 白酒行业今年一季度的规上企业数量为887家，比2024年的989家减少了102家，白酒行业今年一季度的 产量为103.24万千升，同比下降7.22%，实现销售额1963.04亿，同比增长0.38%，实现利润580.07亿元， 同比下降0.73%。 据南都湾财社记者了解，白酒行业从去年开始出现分化现象，包括头部企业在内只有少数企业维持 ...

Core Viewpoint - Guizhou Moutai has entered a transition period from high-speed growth to high-quality development, setting a revenue growth target of 9% for 2025 [2] Group 1: Company Strategy - The company aims to enhance the core of Moutai 1935 by focusing on consumer needs, improving sales dynamics, and enhancing the consumption experience [3] - Moutai believes in fostering a rational consumption ecosystem in the liquor industry, promoting differentiated development paths through a diverse product matrix [3][4] Group 2: Industry Context - The liquor industry has undergone a transition from growth to adjustment, with market share and resources concentrating among leading enterprises and core production areas [4] - The trend of "rational consumption" is becoming prominent, necessitating the industry to adapt to its characteristics by emphasizing product value and consumer experience [4] Group 3: Sales Channels - The "i Moutai" digital marketing platform reported a sales revenue of 20.02 billion yuan in 2024, a decrease of 10.51% year-on-year, with costs rising by 25.89% [5] - The platform has generated over 60 billion yuan in cumulative sales since its launch, with over 76 million registered users [5] - The decline in direct sales revenue in 2024 is attributed to an increase in the wholesale channel's revenue share due to a price adjustment in November 2023 [6] Group 4: Marketing and Promotion - The company currently has no plans to use celebrity endorsements for marketing, although a collaboration with a celebrity for a cultural event is scheduled [7]

Core Viewpoint - Guizhou Moutai is adapting to the changing landscape of the liquor industry, focusing on rational consumption and enhancing product value and consumer experience [1] Group 1: Company Performance and Strategy - Guizhou Moutai has invested approximately 15.516 billion yuan in the "14th Five-Year" technical transformation project, with a total investment of 1.764 billion yuan completed by the end of 2024 [1] - The "14th Five-Year" technical transformation project includes the construction of 68 distillation workshops, 10 fermentation workshops, and 69 storage facilities, which will add an actual production capacity of about 19,800 tons per year and a storage capacity of approximately 84,700 tons [2] - The iMoutai digital marketing platform generated sales revenue of 20.024 billion yuan in 2024, a year-on-year decrease of 10.51%, with a gross margin of 94.50%, down 1.59 percentage points [2] Group 2: Market Dynamics and Product Development - The direct sales channel, including iMoutai, is crucial for the company's distribution strategy, with significant contributions to direct sales revenue in the first quarter of 2025 [3] - Moutai 1935, launched in January 2022 with a retail price of 1,188 yuan per bottle, has seen its market transaction price drop to around 700 yuan due to brand positioning and channel strategies [3] - The company aims to enhance the market presence of Moutai 1935 by focusing on brand strength, product quality, channel development, and customer service in 2025 [3]

价盘、产能、回购、国际化、代言人、行业趋势……投资者对茅台总有问不完的问题。 5月12日下午，贵州茅台举行了2024年度及2025年一季度业绩说明会，代总经理王莉、董秘蒋焰等贵州 茅台管理层出席，回应了投资者关心的诸多热点问题。21世纪经济报道记者也以投资者身份向管理层提 问，并获得回应。 国际化分级拓展 国际业务是今年贵州茅台的业绩亮点。上个月刚出炉的2025年一季报显示，今年一季度贵州茅台来自国 外的收入11.19亿元，同比大涨37.5%。这是其去年茅台出口营收首次突破50亿元后，继续实现高增长。 这背后，茅台主要做了哪些工作？具体哪些市场增长较好？ 中期的问题则涉及到茅台的产能释放节奏。针对茅台酒，茅台正在推进"茅台酒十四五技改建设项目"， 拟投资155.16亿元，建成后可新增茅台酒司机产能1.98万吨/年，储酒能力8.47万吨。从去年财报来看， 2024年新增基酒设计产能1800吨，同时茅台酒的产量为56272吨，相比前一年有所回调。 对于目前的投产节奏，有投资者提出疑问。对此王莉回应，具体产能的释放节奏，会充分考虑生态承 载、工匠培养、市场状况等要素，科学布局、有序推进，并表示茅台酒的产量波动属正常 ...

Core Insights - The company reported resilient performance during the industry adjustment period, with 2024 revenue of 170.9 billion yuan, a year-on-year increase of 15.71%, and a net profit of 86.228 billion yuan, up 15.38% [1] - For 2025, the revenue growth target has been adjusted to 9%, reflecting a shift from high-speed growth to high-quality development [1][8] Group 1: Revenue and Profit Performance - In Q1 2025, the company achieved revenue of 50.601 billion yuan, a year-on-year increase of 10.54%, and a net profit of 26.847 billion yuan, up 11.56% [1] - The direct sales revenue for 2024 was 74.912 billion yuan, growing by 11.32%, accounting for 43.83% of total revenue, while wholesale revenue reached 95.988 billion yuan, up 19.73%, making up 56.17% of total revenue [2] Group 2: Changes in Sales Channels - The decline in direct sales revenue proportion is attributed to increased wholesale channel revenue due to price hikes and significant growth in series liquor sales [2] - The i-Moutai platform saw a decline in revenue to 20.024 billion yuan, down 10.51%, marking the first revenue drop since its launch [2][3] Group 3: Product Strategy and Market Positioning - The company aims to enhance the market presence of Moutai 1935, which has generated nearly 30 billion yuan in sales over three years, despite facing price competition [5][6] - Moutai 1935's sales strategy includes improving consumer engagement and expanding sales channels through various marketing activities [7] Group 4: Industry Context and Future Outlook - The company acknowledges the shift in the industry towards rational consumption and aims to adapt its product offerings to meet changing consumer preferences [8] - The company is focused on enhancing internal efficiency and governance to create greater value for shareholders [8]

Core Viewpoint - The company emphasizes the trend of "rational consumption" in the liquor industry, highlighting the need to adapt to this new consumer behavior and enhance product value and experience [1]. Financial Performance - In 2024, the company achieved total revenue of 174.14 billion yuan, a year-on-year increase of approximately 15.66%, and a net profit of about 86.23 billion yuan, up 15.38% [3]. - For the first quarter of 2025, total revenue reached 51.44 billion yuan, growing by 10.67%, with net profit at 26.85 billion yuan, an increase of 11.56% [3]. Production Capacity and Investment - The company plans to invest approximately 15.52 billion yuan in the "14th Five-Year" technical transformation project, which aims to add about 19,800 tons/year of actual production capacity and 84,700 tons of storage capacity [3]. - As of the end of 2024, the company has completed an investment of 1.76 billion yuan in this project, with one workshop already operational, adding a design capacity of about 1,800 tons [3]. Strategic Goals - The company has set a revenue growth target of 9% for 2025, focusing on consumer-centric strategies to address supply-demand mismatches and enhance internal efficiency [4]. - The company aims to strengthen its market presence and governance modernization to create greater value for shareholders [4]. Product Development and Marketing - The company introduced the "Moutai 1935" product, which has been well-received in the market, with a retail price of 1,188 yuan per bottle, aimed at filling the price gap in the market [6]. - The company plans to enhance the quality of Moutai 1935 and improve its market positioning through various marketing strategies [7]. Digital Marketing and Sales Channels - The "i Moutai" digital marketing platform generated sales revenue of 20.02 billion yuan in 2024, although it saw a decline of 10.51% year-on-year [4]. - The company is committed to optimizing its product distribution strategy on the i Moutai platform to better align with market demands [5]. Shareholder Engagement - The company invites shareholders to the annual meeting on May 19, 2024, to discuss the company's development and gather feedback [2][8].

5月12日，贵州茅台（600519）召开了2024年度及2025年第一季度业绩说明会，上市公司董事、代总经 理王莉表示，近两年，整个白酒行业经历了从上升到调整、从"熵增"到"熵减"、从无序向有序换档的过 程，市场份额、产业资源向头部企业、核心产区集聚的效应逐步凸显，"理性消费"渐成趋势。在这样的 背景下，行业需要积极顺应"理性消费"时代的特点，做好产品功能价值、体验价值、情绪价值， 以"真"取得信任，以"善"赢得尊重，以"美"获得认同，方能铸牢品牌之魂，更好拥抱未来。 ...

同时，注意识别"刷单炒信"行为，综合查看商品详情页参数、用户真实评价等多维度信息。防范情感营 销诱导，避免因支持"偶像""家人"等情感因素冲动消费。 另外，消费者要选择正规直播平台购物，警惕通过个人社交账号、临时链接等非正规渠道进行交易，不 要轻信和点击来源不明的购物链接，建议全程在直播平台内置购物系统完成交易，切勿脱离平台进行私 下转账。 消费提示称，一些重点品类也需审慎选购。如，选购保健食品时，要通过正规渠道，并认准产品包装上 的保健食品"蓝帽子"标志，核对保健食品注册号/备案号，根据保健食品的保健功能、适宜人群、不适 宜人群等信息科学选择，谨防虚假夸大宣传。选购跨境商品时，要清楚我国对跨境电商零售进口商品实 行正面清单管理。宣称"功能"的进口食品，其管理方式可能与我国不同，应谨慎购买。 在购买商品和服务时，消费者还应注意留存完整的消费凭证，同时依法维护自身权益。若商家设置"不 退不换"等霸王条款，可依法主张权益。如果发现商品存在质量问题，及时通过平台维权通道发起售后 申请；如果遭遇虚假宣传或消费欺诈，可向消协组织投诉或有关监管部门举报。对于金额较大、涉嫌刑 事犯罪的案件，应向公安机关报案并提交相关证据。 ...

Core Viewpoint - Loneliness is predicted to become the biggest economic trend in China over the next five years, with a growing focus on products and services that cater to this need [3][4]. Group 1: Economic Trends - The concept of the "Fourth Consumption Era" is introduced, characterized by the rise of the single economy, which includes trends like solo dining, solo travel, and pet economy [6][7]. - The shift in consumer mindset from valuing luxury and fashion to seeking inner satisfaction and emotional fulfillment is highlighted, with an emphasis on local traditions and interpersonal connections [9][11]. - The emergence of the "Lonely Economy" is anticipated, as single rates increase and demographic changes such as population decline and aging become more pronounced in China [12]. Group 2: Market Opportunities - The article suggests that there are significant opportunities for new lifestyles and business models in China, inspired by existing Japanese consumption patterns [12][13]. - A learning trip to Japan is proposed, focusing on how Japanese companies have thrived in a low-growth environment, with visits to successful brands like Uniqlo and 7-Eleven [13][14].