"双节"终端动销增长 从全国市场到北京区域，茅台酒终端动销的增长态势已通过官方数据明确显现。9月25日晚，贵州茅台 对外披露，从近期各地市场调研及各方反馈数据来看，茅台酒市场整体呈现稳中向好态势。其中，6 月-7月茅台酒有效稳住市场销售基本面；8月起，市场终端动销环比增长态势显著；9月以来，茅台酒终 端动销同比增长超20%。业内认为，这一系列积极变化，既反映出消费端节日需求的增长，也印证了面 对行业周期调整，茅台渠道体系所展现的强劲韧性。 10月5日，在宣武门附近的一家烟酒店内，进店询价、购买的顾客络绎不绝，2025年份53度500毫升飞天 茅台终端价比去年同期更趋理性，进一步刺激了消费需求；而在三里屯附近的一家烟酒超市，终端价在 1888元的飞天茅台已售罄，消费者需等待跨店调货。 大型商超同样如此：在沃尔玛宣武门店，工作人员表示2025年份飞天茅台已无库存，目前仅剩余2023年 份产品，售价2799元，其余品类茅台产品备货充足，可满足多样化消费需求。 位于菜市口的一家贵州茅台专卖店的销售人员也有相同感受："双节期间销售明显优于平日，动销数据 有显著好转"。从核心业绩指标来看，"双节"前后茅台酒在北京全渠道销 ...

Core Viewpoint - The opening of the 47th and 53rd Moutai Cultural Experience Halls in Kunming and Shanghai signifies Moutai's strategic shift towards enhancing consumer engagement and transforming from a product-centric to a service-oriented business model [1][10]. Group 1: Strategic Importance of Cultural Experience Halls - Moutai Cultural Experience Halls serve as vital platforms for the company's transition to a "product + service" model, responding to the evolving consumer landscape [1][8]. - The halls are designed to deepen consumer understanding of Moutai's brand culture, integrating local cultural elements and advanced technology to create immersive experiences [6][9]. - Moutai's strategy emphasizes the importance of storytelling and emotional connection, aiming to build a three-dimensional value matrix encompassing experience, emotion, and social interaction [9][10]. Group 2: Market Trends and Consumer Behavior - The shift in the market from manufacturer-led to consumer-driven dynamics highlights the need for brands to offer services beyond products, aligning with global trends in consumer engagement [8][10]. - Research indicates that 64% of Chinese consumers prioritize emotional satisfaction, marking the rise of "emotional consumption" where consumers seek value recognition through their purchases [10]. - Moutai's cultural experience halls are positioned to meet these changing consumer demands by providing enriched, multi-faceted experiences that go beyond traditional sales methods [10]. Group 3: Future Directions and Innovations - Moutai plans to continue expanding its cultural experience halls, with a focus on innovation in exhibition materials and formats to enhance consumer engagement [4][7]. - Each experience hall is tailored to reflect local cultural characteristics, creating unique identities that resonate with regional consumers [6][7]. - The company aims to leverage these halls as hubs for social interaction and community building, fostering deeper connections between the brand and its consumers [9].

Core Insights - The opening of the 47th and 53rd Moutai Cultural Experience Halls in Kunming and Shanghai signifies Moutai's commitment to enhancing its market presence and brand strategy [1][2][4] - Moutai's strategy reflects a shift from a product-centric approach to a consumer-centric model, emphasizing the integration of lifestyle and cultural experiences [2][4][11] Group 1: Strategic Importance - Moutai Cultural Experience Halls serve as key platforms for the company's transformation towards a "product + service" model, responding to the evolving consumer landscape [2][9] - The experience halls are designed to enhance consumer engagement by providing immersive cultural experiences that resonate with local identities [6][8] Group 2: Experience Hall Features - The 53rd hall in Shanghai combines international cultural elements with Moutai's heritage, while the 47th hall in Kunming utilizes advanced technology to showcase Moutai's cultural narrative [8][10] - Moutai has established 67 experience halls since 2021, focusing on six dimensions: history, culture, nature, technology, experience, and sustainability [6] Group 3: Consumer Engagement - The experience halls aim to create a three-dimensional value matrix encompassing experiential, emotional, and social values, enhancing consumer connection to the brand [10][11] - Moutai's approach aligns with the rising trend of "emotional consumption," where consumers seek deeper emotional and value recognition through their purchasing decisions [11]

Core Viewpoint - Guizhou Moutai is undergoing a significant transformation in the liquor industry, shifting from a product-centric model to a consumer-centric approach, emphasizing both products and services to adapt to market changes [2][4]. Group 1: Market Position and Strategy - In the first half of the year, Moutai Sales Company achieved its operational goals, laying a solid foundation for further market consolidation and stable development in the second half [1]. - The company aims to enhance its service capabilities and provide emotional value to consumers, thereby winning more consumer favor [2][4]. - Moutai's market strategy includes increasing investment in brand positioning and promoting cultural experiences to offer consumers richer and more meaningful services [3]. Group 2: Transformation Initiatives - Moutai is focusing on three major transformations: shifting from a product-focused to a consumer-focused model, enhancing service quality, and adapting to new market trends [2][4]. - The company plans to address supply-demand mismatches and strengthen customer group transformations while aligning with national policy directions [4]. - Moutai emphasizes the importance of a "亲清" (friendly and clear) relationship with distributors, viewing them as partners in market expansion [5]. Group 3: Financial Performance and Shareholder Engagement - Moutai has repurchased over 5.2 billion yuan worth of shares, with plans for further repurchases between 3 billion and 6 billion yuan to enhance investor confidence [6]. - As of June 2025, Moutai has repurchased 338,210 shares, representing 0.2692% of its total share capital, with a total expenditure of 5.202 billion yuan [6]. - The market price for Moutai's products has shown stability, with the retail price for the 53-degree Flying Moutai remaining above 2,000 yuan per bottle [6][7].

Core Insights - The demand for the 1000ml Moutai has significantly increased, with sales in some regions showing year-on-year growth of 118% to 134% [1][2][6] - Moutai's strategy of focusing on consumer needs and expanding outreach has led to a successful sales performance, even during the traditionally slow season for liquor consumption [2][8] - The recent China International Consumer Products Expo provided a platform for Moutai to showcase its products, resulting in nearly 10 million yuan in sales during the event [1][3] Sales Performance - The 1000ml Moutai is currently a hot-selling item, with self-operated stores reporting limited stock and implementing purchase limits due to high demand [1][2] - Sales of the 1000ml Moutai in Haikou increased by 118% year-on-year, while Chongqing reported a 134% increase in the first three months of the year [1][2] - The 500ml Moutai remains in high demand, with reports of limited availability across various self-operated stores [2][6] Consumer Engagement - Moutai has adopted a consumer-centric approach, enhancing service quality and expanding its customer base by targeting emerging industries [8][9] - The company has successfully engaged with corporate clients, with 82% of the 1000ml Moutai sales in Chongqing being made to corporate customers [6] - Moutai's online platform, "i Moutai," has adjusted its purchasing policies to improve consumer experience and accessibility [10][11] Marketing and Promotion - Moutai has actively participated in various exhibitions, leveraging these events to boost brand visibility and sales [3][8] - The company has shifted its marketing strategy to emphasize experiential marketing, integrating cultural elements and interactive activities into its promotional efforts [13][14] - Moutai's management has highlighted the importance of optimizing supply-demand matching and enhancing service quality to meet consumer needs effectively [17]