以下文章来源于时代财经APP ，作者林心林 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 导语：白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 11月15日，有市场消息称"抖音电商平台关停茅台未授权店铺"。有经销商反映收到"抖音小二"通知，平台正对带"茅台"字眼的店铺进行集中研 判处理；且要求商家马上下架所有1935商品。 当日，时代财经在抖音平台上搜索"53度飞天茅台"发现，大批第三方商品链接已被下架，前列展示的几乎都是"茅台酱香酒官方旗舰店"等官方旗 舰店商品。 不过很快，多家受影响的酒类专营店链接便开始逐步恢复。11月16日，某茅台授权店铺已重回搜索前列，但店内53度飞天茅台仍处于"售罄"状 态。据商家解释，此次调整为系统优化所致，预计商品晚些会恢复上架。 11月17日，抖音电商在售的53度飞天茅台价格基本在1700元及以上，止住了此前持续低价的势头。 仍有主播销售低价茅台 此次店铺关停风波并非没有预兆。 在此之前，市场就有传言"卖茅台低于市场价将被罚"。11月10日，有消息称，抖音平台在商家社群发布关于 ...

Core Viewpoint - Water Jiufang reported a significant decline in both revenue and net profit for the first half of the year, indicating challenges in the white liquor industry due to high inventory levels and weak consumer demand [2][3][4]. Financial Performance - The company expects to achieve a revenue of 1.498 billion yuan in the first half of the year, a year-on-year decrease of 12.84% [2]. - The net profit attributable to shareholders is projected to be 105 million yuan, down 56.52% from the previous year, representing a decrease of 137 million yuan [2]. - The adjusted net profit after excluding non-recurring items is expected to be 48 million yuan, a decline of 78.74% year-on-year [2]. - In Q1, the company reported a revenue of 959 million yuan and a net profit of 190 million yuan, suggesting a Q2 revenue of approximately 539 million yuan, a year-on-year decrease of about 31.34% [2]. Industry Context - The white liquor industry is undergoing a deep adjustment phase, with traditional consumption scenarios like business banquets facing ongoing pressure [3]. - The overall consumption performance during the Spring Festival was below expectations, leading to higher-than-expected channel inventory levels, which affected subsequent months' shipment volumes [3]. - The trend of weak consumer demand intensified in Q2, further impacting the inventory reduction process and slowing down the recovery of shipments [3]. Inventory Management - Water Jiufang emphasizes channel inventory levels as a core KPI for management, with daily monitoring of sales data [3]. - The company reported a sales volume increase of 543,000 liters in the first half of the year, a year-on-year increase of 14.54%, all from mid-to-high-end liquor [3][5]. Pricing Strategy - The company has faced challenges due to high channel inventory and sluggish terminal sales, leading to low-price dumping and sales disruptions among distributors [4]. - Water Jiufang is focusing on stabilizing its pricing system, particularly for its core product, Zhenniang No. 8, which contributes over 50% of its annual revenue [5]. - The company has implemented measures to control the distribution of Zhenniang No. 8 and stabilize its value chain, including halting sales of certain product specifications until further notice [5].