新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 2025年末，茅台正式打响茅台酒营销体系市场化转型第一枪：i茅台官方正式宣布，2026年将调整贵州 茅台酒上架产品矩阵，产品拓展为涵盖了经典系列、精品系列、生肖系列、文化系列、低度酒系列、酱 香系列酒系列在内的全主流品类产品。 这一动作背后，是茅台系统化推进营销体系改革的战略布局，迈出以数字化工具为抓手，系统性增强渠 道生态韧性的关键一步。 依托线上自营平台，真实触达消费者 白酒行业步入"存量竞争"时代，渠道投放失衡、库存积压、终端动销乏力，已成为所有酒企不得不面对 的共性难题。高度依赖传统经销商体系，在行业上行周期可以有效拓展市场，但在下行周期，容易导致 渠道库存高企，引发价格波动，厂家对终端市场真实情况感知也被削弱。 i茅台作为茅台自营的线上核心阵地，战略定位远不止于新增一个自营渠道。其构建了一条茅台直达消 费者的"高速公路"，有效解决了"终端不卖酒"的困境，使产品能够直接触达真实需求者，显著提升了渠 道的透明度和可控性。 在茅台酒经销商联谊会上，茅台提出"坚持以消费者为中心，就是要聚焦不同消费者区域分布及其购买 习惯，分类施策科学布局，以渠道的生 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company demonstrates resilient performance with a rational deceleration, achieving a revenue of 130.90 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 64.63 billion yuan, also up by 6.25% [3][5] - In Q3 2025, the company reported a revenue of 39.81 billion yuan, reflecting a slight year-on-year growth of 0.35%, while the net profit attributable to shareholders was 19.22 billion yuan, up by 0.48% [3][5] - The company’s product mix shows strong resilience in the premium segment, with revenue from Maotai liquor increasing by 9.28% year-on-year, while revenue from series liquor declined by 7.78% [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1309.04 billion yuan and a net profit of 646.27 billion yuan, both showing positive growth [3][5] - The Q3 2025 results indicate a revenue of 398.10 billion yuan and a net profit of 192.24 billion yuan, with slight increases compared to the previous year [3][5] Product and Market Analysis - Revenue from Maotai liquor in the first three quarters reached 1105.14 billion yuan, while series liquor generated 178.84 billion yuan [5] - In Q3 2025, domestic revenue was 380.45 billion yuan, up by 1.38%, while international revenue was 10.00 billion yuan, down by 21.81% [5] Profitability and Cost Management - The gross profit margin in Q3 2025 improved by 0.23 percentage points to 91.28%, attributed to a higher proportion of Maotai liquor sales [5] - The net profit margin recorded in Q3 was 48.29%, reflecting a slight year-on-year increase [5] Future Projections - The company is projected to achieve revenues of 1819.25 billion yuan in 2025, with net profits expected to reach 900.41 billion yuan [7][8] - Earnings per share (EPS) are forecasted to be 71.90 yuan in 2025, with a price-to-earnings (P/E) ratio of 20 [7][8]