在现场，陈华称"茅台的股东最理性、最尽责"，广大股东坚定持有茅台股票，让茅台成为资本市场 的"价值标杆"。 陈华认为当前白酒行业已经全面进入"存量竞争"时代，但无论形势如何变化，茅台不会牺牲长远发展换 取短期利益，不会损害投资者、渠道商和消费者权益 今日，贵州茅台股价涨0.22%，报1450.5元/股。 11月27日晚，贵州茅台股东大会前夜 受访者供图 "茅台股东最理性，最尽责" 陈华接任茅台集团董事长已有一个月。10月25日，茅台集团宣布贵州省能源局局长陈华接任茅台集团董 事长。 今天下午的临时股东大会，是陈华首次与贵州茅台股东正式见面，而此次大会议程中，也包括审议并选 举陈华为公司第四届董事会董事。 在会上，陈华首先代表全体茅台人，感谢了"股东家人们"。 陈华称，茅台的股东是最理性的，"选择茅台，是对茅台未来的理性选择"。有的股东自茅台上市购买以 后就没有出手过，广大股东坚定持有茅台股票，让茅台成为资本市场的"价值标杆"。 同时，茅台的股东是最尽责的。每次股东大会，很多股东都不远千里前来参加，无论规模还是热度都是 行业第一。公司长期收到股东们来自五湖四海的电话、邮件和信息，对茅台发展提出了很多建议。 红星 ...

（贵州茅台2025年第一次临时股东会 智通财经记者 朱万平摄） 此次股东会是茅台集团董事长陈华上任后，参加的首个股东会。"他（陈华）给人的第一印象是，随和、有亲和力；感觉挺有水平和高 度……"一位来自香港、与陈华有近距离接触的茅台股东表示。在股东交流环节，陈华也作了发言。他坦言，作为土生土长的贵州人，他对贵 州茅台并不陌生。 而此次临时股东会，贵州茅台亦延续上半年的做法——"不上酒"。不过，在今日下午股东会结束之后，茅台方面邀请参会股东出席当晚举行的 茅台1935推介会，某种程度上算是弥补了股东"回家"未能喝到酒的"遗憾"。 昨晚，茅台管理层现身，与林园、券商分析师等投资者进行了简单的交流。茅台管理层预计，未来一段时间内，白酒行业都将处于深度调整 期，短期内还是会比较艰难的，但公司坚定高质量发展，平衡好短期和长期利益。虽然目前行业承压，但酱香型白酒还是有成长空间。"茅台 面临的机遇仍大于挑战，茅台的未来依然信心十足。"陈华称。 此次临时股东会交流环节设置相对较简单，股东获得的提问机会也较少。公司管理层主要围绕客群转型、"十五五规划"、投产节奏、海外市场 等方面进行回答。 在飞天茅台价格持续下行，茅台酒经销商压 ...

Core Viewpoint - Despite the decline in stock prices and liquor prices this year, the attendance at the Guizhou Moutai's 2025 first extraordinary general meeting was still significant, indicating continued shareholder interest in the company [1]. Group 1: Shareholder Meeting Insights - The first extraordinary general meeting attended by the new chairman Chen Hua was characterized by a simple Q&A session with limited opportunities for shareholder questions [2]. - Chen Hua, a native of Guizhou, expressed confidence in Moutai's future, stating that the company will focus on high-quality development and balance short-term and long-term interests [2][3]. - Moutai will not prioritize short-term gains at the expense of long-term development and will adhere to the principle of quality over quantity [2]. Group 2: Industry Challenges and Pricing - Moutai's liquor prices have been declining, with the current price for 53-degree, 500ml Moutai dropping below 1600 yuan per bottle, representing a decline of over 30% from the peak prices earlier this year [3][4]. - The company acknowledges the pressure on distributors due to shrinking profit margins and operational challenges, but believes that the distributor base remains stable [3][4]. - During the "Double Eleven" shopping festival, some e-commerce platforms offered Moutai at prices as low as 1499 yuan per bottle, raising concerns about authenticity [5]. Group 3: Future Planning and Market Strategy - Moutai is currently formulating its "15th Five-Year Plan," emphasizing realistic and sustainable growth targets [3]. - The company is transitioning its customer base towards new economic demographics, with some positive results observed since August, as sales have shown a recovery trend [5]. - Moutai plans to enhance its anti-counterfeiting measures and has already taken action against numerous fraudulent accounts on various platforms [5].

Core Insights - The high-end liquor market in Beijing is showing strong consumer demand, particularly for Moutai, with sales increasing by over 15% during the recent "Double Festival" period [1][4] - Moutai's strategy of transforming from "selling liquor to selling lifestyle" has been effectively implemented, focusing on customer, scene, and service transformations [1][10] Sales Performance - Moutai's terminal sales have shown a significant upward trend, with a year-on-year increase of over 20% in September, reflecting strong consumer demand during the holiday season [2][10] - Sales data indicates that Moutai's overall sales volume in Beijing increased by over 15% compared to previous periods [4][10] Market Dynamics - The emergence of new customer segments and digital services has driven growth, with high-frequency, low-quantity purchases becoming more common among new clientele from sectors like finance and technology [5][6] - Younger consumers, particularly those in their 30s, are becoming a significant purchasing force, shifting the consumption patterns towards social gatherings rather than collection [6][11] Strategic Transformations - Moutai's three-pronged transformation strategy—customer, scene, and service—addresses key market challenges and enhances its competitive edge [10][11] - The company's performance during the "Double Festival" reflects a broader industry shift from scale competition to value competition, emphasizing the importance of brand value and innovative customer engagement [11] Financial Performance - Moutai reported a total revenue of 89.389 billion yuan for the first half of 2025, marking a 9.1% year-on-year increase, with net profit rising by 8.89% [10] - The synergy between Moutai's liquor and series liquor businesses has contributed to a robust growth trajectory, showcasing the effectiveness of its transformation strategy [10]

Core Viewpoint - The market for Moutai is showing significant improvement with stable prices, increased sales volume, and strong demand as the Mid-Autumn Festival and National Day approach [1][3] Group 1: Market Performance - Moutai's terminal sales have seen a notable increase since late August, with a reported month-on-month growth of approximately 15% to 35% in August [1] - The sales of flagship products like Feitian Moutai and premium Moutai are driving the core sales volume, with Feitian Moutai's recent sales showing significant growth [1] - The stable price range for Feitian Moutai, maintained between 1960-1980 RMB, reflects a healthy market without significant fluctuations [1] Group 2: Consumer Behavior - The demand for Moutai is being driven by both personal and corporate clients, with a clear recovery in business and self-consumption scenarios [1][3] - Consumers are increasingly valuing the quality and cultural significance of Moutai, leading to a deeper recognition and stable purchasing behavior [4] - The shift from "price chasing" to "value chasing" among consumers has strengthened the price resilience of Moutai [3][5] Group 3: Strategic Initiatives - Moutai's long-term strategy includes transforming customer demographics, consumption scenarios, and service models, contributing to the current market stability [3] - The company has successfully engaged with local businesses, adding over ten new corporate clients in six months, which has stabilized sales without stockpiling [3] - The alignment of Moutai products with specific consumption scenarios has led to a more precise matching of demand, further solidifying its market position [4]

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a total operating revenue of 174.14 billion yuan in 2024, representing a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% year-on-year, aligning with market expectations [2][3] - The company plans a modest increase in domestic market supply for 2025, aiming to stabilize market prices while addressing diverse consumer needs through new product launches [7][10] Financial Performance - In 2024, the company reported a gross margin of 91.93% and a net margin of 52.27%, indicating stable profitability despite slight declines in these metrics [6] - The company’s revenue from Moutai liquor and other series reached 145.93 billion yuan and 24.68 billion yuan respectively, with year-on-year growth rates of 15.28% and 19.65% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 74.54 yuan, with a net profit forecast of 93.64 billion yuan, reflecting a year-on-year growth of 8.6% [12][10] Product and Market Strategy - The company is expanding its distribution network for the sauce-flavored liquor, with wholesale and direct sales revenues increasing by 19.73% and 11.32% respectively in 2024 [5] - The company plans to adjust its product offerings in 2025, focusing on high-value products and enhancing its presence in the catering market [8][9] Future Outlook - The company aims for a revenue growth of approximately 9% in 2025, with a focus on maintaining the market price stability of its flagship product, the 53°500ml Moutai liquor [10] - The company is actively pursuing consumer engagement strategies to adapt to changing market dynamics and consumer preferences [9]