Core Viewpoint - Guizhou Moutai (600519.SH) reported a net profit growth slowdown in the first half of 2025, with a net profit of 45.403 billion yuan, reflecting a year-on-year increase of 8.89%, amidst industry challenges such as channel price inversion and inventory accumulation [3][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year growth of 9.16%, marking the first single-digit growth since 2015 [4]. - The company completed its annual revenue growth target of 9% despite the slowdown, demonstrating resilience as an industry leader [4]. - Revenue from Moutai liquor reached 75.589 billion yuan, up 10.24% year-on-year, while series liquor revenue was 13.763 billion yuan, growing 4.69% [4]. Channel and Sales Dynamics - In the first half of 2025, revenue from wholesale channels exceeded 49.343 billion yuan, an increase of 2.83%, while direct sales revenue reached 40.009 billion yuan, up 18.63% [5]. - The number of domestic distributors increased to 2,280, with a net addition of 137, the highest in recent years [5]. - International sales reached 2.893 billion yuan, reflecting a year-on-year growth of 31.29% [5]. Market Challenges - The industry is experiencing a "three-phase overlap" with policy adjustments, consumption structure transformation, and deep adjustments in stock competition [6]. - Price inversion has affected 60% of enterprises, indicating a supply-demand imbalance and increasing channel pressure [7]. - The price of Moutai liquor has dropped significantly, with a cumulative decline of 36.15% since 2022, and current prices have fallen below 2,000 yuan [7]. Strategic Adjustments - To alleviate market pressure, Guizhou Moutai has implemented strategies such as controlling supply, adjusting product specifications, and launching new products [9]. - The company has reformed its direct sales system and introduced new product specifications to cater to diverse consumer needs [9][10]. - New product launches include various limited editions and special commemorative items, enhancing market engagement [10].