绷不住啦，茅台掉到1499以下了，一个新时代算是彻底画上句号了！真是三十年河东，三十年河西，回想当年怎么买茅台，那叫一个"求爷爷告奶奶"，想花 1499的官网价买到，简直比中彩票还难呀，要加价到2000、2400，甚至还得托关系，最高的时候干到三千多，还得抢预约，跟春运抢火车票似的！如今倒是 好了，有的店直接标价1450，你还能跟老板还价呢！这两年，茅台从2400一路跌到2000、1800、1600，大家都习以为常，可这次一跌破1499的建议零售价， 真是个标志性的大事件。 为什么这么说呢，1499可是茅台官方定的零售价，也就是说，这是茅台自己划定的一道心理底线。这么多年过去了，不管市场是疯涨还是冷淡，茅台都死咬 着这个价格不放，一旦价格往下掉，茅台酒厂就会马上减少供应，以稳定市场。而如果价格涨得太快，就会增加销售量，给市场降降温。换句话说，一旦茅 台的售价跌破1499这个关口，意味着什么问题呢？不管官方怎么调控，这套机制已经失效了。这背后的深层次原因，实在值得我们 researchers 深思。 说起第二个原因，和房地产的关系也挺紧密。那会儿，房地产火得一塌糊涂，茅台那时可是"硬通货里面的硬通货"！一个房地 ...

Core Viewpoint - The company, Jinshiyuan, has experienced a significant decline in performance, with a 9.46% decrease in net profit for the first half of the year and a 37.06% drop in the second quarter, indicating a halt in its growth momentum [1][2]. Financial Performance - For the first half of 2025, Jinshiyuan reported a revenue of 6.95 billion yuan, down 4.84% year-on-year, and a net profit of 2.229 billion yuan, down 9.46% year-on-year [2]. - In the second quarter, the company achieved a revenue of 1.852 billion yuan, a decline of 29.69% year-on-year, and a net profit of 585 million yuan, reflecting a decrease of approximately 37% [2]. Contract Liabilities - As of June 30, 2025, Jinshiyuan's contract liabilities were approximately 600 million yuan, a significant decrease of 62.35% year-on-year, suggesting a potentially pessimistic market outlook for its products [1][3]. Market Challenges - The company has faced intensified competition in the liquor industry and limitations in consumer scenarios, contributing to the poor performance of many liquor companies, including Jinshiyuan [2]. - The management has indicated a notable change in the consumption environment since late May, with high-end product sales being particularly affected [4][5]. Strategic Outlook - Jinshiyuan's management has set a 2025 operational target of achieving a revenue growth of 5% to 12% year-on-year, with net profit growth slightly lower than revenue growth [5]. - The company is focusing on maintaining market share in the short term while ensuring price stability and brand image in the long term, which poses a significant challenge in the current competitive landscape [5].