8月6日下午，一份关于台源酒停产的内部文件在酒水行业内流传，引发市场关注。 这份编号为"黔茅保销通〔2025〕59号"的通知显示，贵州茅台酒厂（集团）保健酒业销售有限公司（下称"茅台保健酒公司"）决定，自当日起停止生 产"台源酒（2023年上市款）"，给出的理由是"为进一步优化产品结构，提升市场竞争力"。 为何这款背靠茅台光环、被寄予厚望的产品会被传走向终结？严重的价格倒挂被外界视为重要原因。 台源酒是茅台保健酒公司布局百元价格带的主力酱香产品，其市场动向备受瞩目。针对停产传闻，新黄河记者于6日下午致电茅台保健酒公司核实，其工 作人员的回应颇为谨慎，称"目前没收到相关通知"，并表示"i茅台客户端仍可购买台源酒"。这一回应与流传的内部文件内容并不相符。 尽管被传停产，但台源酒在过去一年的市场表现并非一败涂地。 凭借茅台的强大品牌背书，台源酒在线上渠道曾创造出"秒罄"的火爆场面，全年销售额也成功突破十亿元大关。但线上的热度并未有效传导至线下，终端 铺货率低、渠道利润空间狭窄等问题，使其陷入"线上火热、线下冷清"的割裂状态，始终未能真正站稳脚跟。 这也从侧面印证，茅台保健酒公司的停产决策如若属实，更多可能是基于对渠 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 70.68 [8]. Core Views - The company focuses on long-term healthy and stable development, with recent operational performance under pressure but showing signs of recovery during the May Day holiday [2][4]. - The company emphasizes channel health and inventory reduction, expecting to achieve a breakthrough after a period of adjustment [1][4]. - The company aims to enhance brand influence and sales through targeted marketing strategies, particularly focusing on core products and younger demographics [3][4]. Summary by Sections Operational Performance - The company reported a challenging Q1 but maintained stable sales for its flagship product during the May Day holiday, with a focus on graduation banquets [2]. - The company has successfully reduced inventory levels, with over half of its distributors maintaining healthy inventory levels (2-3 months of stock) [2]. Financial Projections - The company forecasts net profits of RMB 413 million, RMB 445 million, and RMB 501 million for 2025, 2026, and 2027 respectively, representing a CAGR of 13% [5]. - The expected EPS for 2025, 2026, and 2027 is RMB 1.24, RMB 1.33, and RMB 1.51 respectively [5]. Market Strategy - The company is committed to long-term strategies, focusing on four core products and leveraging both online and offline channels to drive sales [4]. - The company plans to cultivate consumer habits and enhance product quality, branding, and cultural aspects to adapt to market changes [3][4].