（图片系AI生成） 今年中期利润是否分红、股价太高是否拆股、中秋动销…… 9月12日下午，贵州茅台（600519.SH）举行2025年半年度业绩说明会，董事、代总经理王莉，副总经 理、财务总监、董事会秘书蒋焰等出席会议并回答了投资者关心的诸多问题。 2025年上半年，贵州茅台实现营业总收入910.94亿元，同比增长9.16%；实现归母净利润454.03亿元， 同比增长8.89%。虽然净利润增速回落至个位数，但总体发展态势依然向好。 被问及是否下调今年9%的业绩目标时，王莉表示，"面临行业周期调整和消费趋势变化等多重压力，公 司通过统筹优化市场策略，科学精准实施产品投放，主动维护渠道生态韧性，保持了市场的总体平稳和 渠道的良性协同。我们将始终秉持长期主义，以市场为中心，以消费者为中心，坚持以自身的确定性应 对各种不确定性，致力于推动高质量可持续发展。" 拆股有待进一步探讨 新"国十条"推出以来，主管部门鼓励上市公司和主要股东积极采用市值管理工具提振投资者信心、优化 投资者回报，包括采用提高分红率、增加分红频次、公司回购、大股东增持等举措。作为A股"股王"， 贵州茅台近两年采取提高分红率、增加分红频次、公司回购等 ...

Core Viewpoint - Guizhou Moutai's revenue for the first half of 2025 increased by 9.16% year-on-year, with net profit rising by 8.89% [2][3] Financial Performance - Total revenue reached 91.094 billion yuan, a 9.16% increase compared to the previous year [2][3] - Net profit attributable to shareholders was 45.403 billion yuan, up 8.89% year-on-year [2][3] - Operating income for the first half was 89.389 billion yuan, reflecting a 9.10% growth [3] - Total profit amounted to 62.778 billion yuan, marking a 9.03% increase [3] - Cash flow from operating activities decreased by 64.18%, totaling 13.119 billion yuan [3] - Total assets decreased by 2.24% to 292.258 billion yuan, while net assets increased by 2.38% to 238.647 billion yuan [3] Market Context - The white liquor industry is undergoing significant adjustments, with 60% of companies experiencing price inversion, indicating supply-demand imbalances [8] - Moutai's price has dropped by 36.15% since 2022, reflecting changes in consumption scenarios [8] - The company set a revenue growth target of approximately 9% for 2025, lower than previous years' targets of around 15% [8][4] Product Performance - Moutai liquor generated 75.590 billion yuan in revenue, a 10.24% increase, while series liquor revenue was 13.763 billion yuan, up 4.69% [10] - Direct sales channels contributed 40.010 billion yuan, growing by 18.63%, while wholesale channels contributed 49.343 billion yuan, increasing by 2.83% [10] - The "i Moutai" platform generated 10.760 billion yuan in revenue, reflecting a 4.98% increase [10] Production and Cash Position - Moutai liquor production reached approximately 43,700 tons, up 11.76%, while series liquor production was about 29,600 tons, increasing by 30.40% [11] - Cash on hand was 51.645 billion yuan, down 12.90% from the previous year, accounting for 17.67% of total assets [12] Strategic Initiatives - Moutai is adapting to market changes through innovative strategies, including partnerships with e-commerce platforms and new product launches [14] - The introduction of a high-end product priced at 7,000 yuan aims to target the luxury market [14] - The "1×4" packaging design is intended to capture high-net-worth consumers in smaller gatherings [16] Industry Outlook - Other liquor companies are facing poor performance, with several reporting significant declines in revenue and profit [18][20] - The overall sentiment in the white liquor market suggests a potential recovery in the second half of 2026, with expectations for improved conditions [21]

Group 1 - The "limit on alcohol" policy is significantly impacting the alcohol retail market in Chengdu, leading to a reduction in revenue for many businesses, with some smoke shops experiencing over 70% decline in sales [1][5] - Chain smoke shops, despite their brand strength and bargaining power, are struggling to maintain operations as orders sharply decrease, prompting layoffs and salary cuts [3][5] - High-end restaurants are also facing challenges, with many closing locations or reducing staff hours, resulting in an 80% drop in alcohol orders from their usual levels [6][9] Group 2 - Some smoke shops are adapting by extending operating hours and collaborating with local food vendors to boost sales, while larger chains are exploring "alcohol + other" business models [3][5] - High-end dining establishments are adjusting their menus to offer more affordable options, with some restaurants introducing lower-priced meal packages to attract customers [6][9] - The overall market is experiencing a shift in consumer behavior, with a notable decline in traditional alcohol consumption patterns, leading to increased competition among businesses for limited customer spending [7][9]