第三方平台"今日酒价"数据显示，12月14日，2025年53度500ml飞天茅台散瓶批发参考价回升至1570元/ 瓶，原箱产品报价为1590元/瓶，较12月12日分别回升85元、95元。 据风芒新闻，12月14日，飞天茅台批发价单日暴涨近百元，湖南长沙一酒行老板告诉记者，茅台今日调 货价格达到1620元，其称，早几天没人要货，现在都在求货， "一小时一个价格，还有涨价的趋势"。 据经销商透露，12月13日，2025年53度500ml飞天茅台的价格跳涨了4次，18点左右，拿货价格已达到 1580元/瓶。12月12日，原箱飞天茅台酒报价低至1490元/瓶。12月13日早晨，直接跳涨20元/瓶，至1510 元/瓶。随后，开启飙升模式。 有酒商反馈称，12月14日天津飞天茅台拿货已经涨到1630元/瓶，两日涨幅超过150元/瓶。根据第三方 平台报价数据，14日早间飞天茅台散瓶批价上涨至1570元/瓶，原箱1590元/瓶，比上一日有70元的涨 幅。天津和江苏酒商表示，由于周末茅台经销商休息，黄牛已经开始坐地抬价，一天价格多次调整，甚 至改成时价拿货。批价上涨也带动了线下零售终端的价格上涨，北京部分烟酒店的茅台价格已经回 ...

第三方平台"今日酒价"数据显示，12月14日，2025年53度500ml飞天茅台散瓶批发参考价回升至1570元/瓶，原箱产品报价为1590元/瓶，较12月12日分别回 升85元、95元。 肖竹青介绍， 茅台的短期措施为2025年12月内停止向经销商发放所有茅台产品（预付款已完成），直至2026年1月1日，后续在适当时机恢复。此举旨在 缓解年底经销商资金紧张 压力，直接为经销商减负，防止其因偿还贷款或支付新货款而出现恐慌性抛售行为。 中长期结构性改革方面，2026年贵州茅台计划大幅削减非标产品配额，从源头减少令经销渠道利润缩减的产品供应。具体方案为：茅台15年配额削减 30%、1升装飞天茅台配额削减30%、生肖茅台配额削减50%，彩釉珍品茅台则完全停止供应。 肖竹青认为，大幅削减非标产品配额，将从源头减少使经销渠道利润缩减的产品供应。 但对于上述情况，贵州茅台官方暂未公布相关内容。 近日，贵州茅台召开2025年第一次临时股东大会。茅台集团党委书记、董事长陈华率领公司管理层与投资者就茅台当下所面临的挑战及未来的战略部署进 行讨论。 | | 茅台飞天 | 2025年12月1 3 日 | | | --- | --- ...

【导读】茅台年末出台控量政策，飞天茅台价格大涨 中国基金报记者 李智 在茅台批发价跌破1499元官方指导价后，茅台出台了新的控量政策。12月14日，茅台批发价快速回升。 第三方平台"今日酒价"数据显示，12月14日，2025年53度500ml飞天茅台散瓶批发参考价回升至1570元/瓶，原箱产品报价为1590元/瓶，较12月12日分别回升 85元、95元。 2025年12月1 4 日 茅台飞天 (公众号: 今日酒 价) 今日行 昨日行 规格 品名 情 情 1590 (c) 25年飞天( ........ 53度/500 1520 原) 4 ml 1570 (c) 25年飞天( ........ 53度/500 1500 散) û ml 1630 53度/500 ............ 24年飞天(原) 1580 企 ml 1620 53度/500 24年飞天(散) 1550 1 ml 2025年12月1 3 日 茅台飞天 MOUTAI (公众号: 今日酒 价) D/c ■ /: 中长期结构性改革方面，2026年贵州茅台计划大幅削减非标产品配额，从源头减少令经销渠道利润缩减的产品供应。具体方案为：茅台15年配额 ...

Core Viewpoint - Guizhou Moutai is experiencing a decline in performance due to deep adjustments in the liquor industry, changing consumer habits, and mismatched business models, leading to widespread pressure on liquor companies [1] Industry Summary - The liquor industry is undergoing significant adjustments, with companies facing challenges from evolving consumer preferences and inadequate business models [1] - Maintaining channel resilience is a key focus for the fourth quarter as companies navigate these pressures [1] Company Strategy - Guizhou Moutai is enhancing market control and increasing regulatory efforts in response to the "return liquor" phenomenon, which has led to the suspension of supply to certain channels [1] - The company's "three-step" internationalization strategy remains unchanged, with current efforts focused on ensuring market health, stability, and resilience [1] - The company aims to respect market rules, driven by market demand and centered on consumers, while promoting "three transformations" and "three terminal changes" to address industry uncertainties and ensure long-term stability in the market and channels [1]

Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development amidst a challenging environment in the liquor industry, focusing on stabilizing its core products and strategically managing its series liquor offerings [2][3]. Financial Performance - In the first three quarters of 2023, Guizhou Moutai achieved total revenue of 130.904 billion yuan, a year-on-year increase of 6.32% - The total profit reached 89.403 billion yuan, up 6.37% year-on-year - Net profit was 64.627 billion yuan, reflecting a growth of 6.25% compared to the previous year [2]. Product and Market Strategy - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan in the first three quarters, marking a 9.28% increase year-on-year [3]. - The company has conducted extensive market research across 18 provinces, engaging over 1,700 distributors to clarify development directions [3]. - The series liquor segment has seen a decline, but management indicates this is a strategic decision to address current market challenges [3][4]. Future Transformation and Change - Guizhou Moutai is focusing on three transformations: customer base, consumption scenarios, and service enhancements, aiming to balance stability and dynamism in the market [5]. - The company is implementing changes across product, channel, and terminal aspects to create a more resilient ecosystem [6]. - Plans include developing cultural experience terminals that integrate various functions and enhance customer engagement over the next three years [6]. Investor Relations and Market Management - In response to investor concerns, Guizhou Moutai is managing its market value through regular dividends, share buybacks, and communication with investors [7]. - The company has committed to maintaining a dividend rate of no less than 75% over the next three years and has initiated a 6 billion yuan share buyback program [7].

Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development amidst a challenging environment in the liquor industry, focusing on stabilizing its core products and strategically managing its series liquor offerings [1][2]. Financial Performance - In the first three quarters of 2023, Guizhou Moutai achieved total revenue of 130.904 billion yuan, a year-on-year increase of 6.32% - The total profit reached 89.403 billion yuan, up 6.37% year-on-year - Net profit was 64.627 billion yuan, reflecting a growth of 6.25% year-on-year [1]. Product and Market Strategy - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan in the first three quarters, marking a 9.28% increase year-on-year [2]. - The company has conducted extensive market research across 18 provinces, engaging over 1,700 distributors to clarify development directions and optimize both online and offline channels [2]. - The series liquor segment has seen a decline, but management indicates this is a deliberate strategy to address current market challenges [2][3]. Future Transformation and Change - Guizhou Moutai is focusing on three transformations: customer group transformation, scenario transformation, and service transformation, aiming to balance market stability and dynamism [4]. - The company is enhancing its product positioning, channel efficiency, and service experience to create a more resilient ecosystem [4][5]. - Plans include developing cultural experience terminals over three years to integrate various business models and enhance customer engagement [5]. Investor Relations and Market Management - In response to investor demands, Guizhou Moutai has established a value management system that includes regular dividends, share buybacks, and communication with investors [7]. - The company emphasizes its commitment to investor returns and integrates value management into its governance and operational practices [7].

Core Insights - Guizhou Moutai's third-quarter report indicates a shift from high-speed growth to high-quality development, with total revenue of 130.904 billion yuan and net profit of 64.627 billion yuan, both showing year-on-year growth of over 6% [1][2] Revenue and Profit Performance - In the first three quarters, Moutai liquor generated 110.514 billion yuan in revenue, reflecting a year-on-year increase of 9.28% [2] - The overall revenue for the company reached 130.904 billion yuan, with a profit total of 89.403 billion yuan, marking a 6.37% increase [1] Market Strategy and Research - Moutai's management has conducted extensive market research across 18 provinces, engaging over 1,700 channel partners to clarify development directions [2] - The company has optimized both online and offline channels to enhance synergy, with significant market research conducted in August and September to capture the "Double Festival" market [2] Brand Strength and Sales Dynamics - Moutai liquor's sales have stabilized, with a notable increase in sales volume in September, leading to a 50% reduction in the inventory-to-sales ratio among distributors [2] - The series liquor segment has seen a decline, but management indicates this is a strategic decision to ensure long-term health [2][3] Future Transformation and Strategy - Moutai is focusing on three transformations: customer base, consumption scenarios, and service enhancements, aiming to create a resilient ecosystem [4] - The company is implementing a "4+6" channel layout to improve efficiency and establish a comprehensive sales experience that integrates service and sales [5] Cultural and Consumer Engagement - Moutai plans to develop cultural experience venues that reflect local characteristics and enhance consumer engagement, aiming to create a comprehensive ecosystem for its products [5] - The company is committed to long-term value creation, with a focus on sustainable growth and investor relations, including a minimum dividend payout ratio of 75% over three years [6] Investor Relations and Market Confidence - Moutai has established a market value management system that includes regular dividends, share buybacks, and communication with investors, demonstrating a commitment to shareholder value [6] - Notable investors have increased their stakes in Moutai, reflecting confidence in the company's long-term growth potential [5][6]