12月28日，2026年贵州茅台酒全国经销商联谊会在贵州贵阳召开，茅台董事长陈华宣布明年起不再采用 分销模式。这一渠道策略的重大调整，看似是厂商关系的优化举措，实则源于茅台销售持续疲软，渠道 统治力不断下降，已难以通过原有模式为经销商创造足够利益，最终不得不放弃分销制。 茅台分销制的核心逻辑，本是依托飞天茅台的高溢价优势，以年度合同配额为基础，由各省自营公司向 授权经销商阶段性批发非核心产品。各省自营公司以指导价约90%的价格供货给下游经销商，分销资格 与飞天茅台配额直接挂钩，本质上是借助飞天茅台的稀缺性，强制经销商承接其他茅台系产品。在飞天 茅台溢价空间充足的阶段，经销商即便搭配采购多款非核心产品，仍能通过核心产品赚取丰厚利润，这 一体系得以长期运转。 但随着市场环境变化，茅台的渠道统治力逐渐松动，根源在于飞天茅台终端价格大幅下跌，非核心产品 销售的持续乏力。长期以来，茅台奉行"大单品带其他产品"的渠道策略，试图依靠飞天茅台的供不应 求，将其他产品打包压给经销商，当飞天茅台价格下跌到指导价附近，这种掌控能力就大幅下降了。 茅台专卖店转让价格清晰地显示了这一点，过去数百万上千万的店铺转让费，现在大幅折价，说明 ...

12月28日，2026年贵州茅台（600519）酒全国经销商联谊会在贵州贵阳召开，茅台董事长陈华宣布明年 起不再采用分销模式。这一渠道策略的重大调整，看似是厂商关系的优化举措，实则源于茅台销售持续 疲软，渠道统治力不断下降，已难以通过原有模式为经销商创造足够利益，最终不得不放弃分销制。 若继续维持原有分销模式，强制压货只会让经销商经营难以为继，甚至可能引发渠道体系的动荡，茅台 对整体价格体系的调控难度也将极大增加。 在此背景下，取消分销制成为必然选择：一方面取消强制压货，允许经销商根据自身经营情况自主申请 采购，本质上是因无法再为经销商提供稳定利润，只能给予其"休养生息"的空间；另一方面减少非核心 产品的市场投放，间接提升经销商现有库存的保值性，缓解因产品滞销带来的渠道矛盾。 从渠道演化历程来看，茅台自2012年起开启直营化探索，截至2024年，直销业务营业收入达748.43亿 元，在主营业务收入中的占比已提升至43.88%，成为与批发渠道并驾齐驱的新通道。这一变化本身就 挤压了传统分销渠道的空间。 茅台一直试图依托飞天茅台促进其他酒品销售，但消费者对飞天茅台以外的其他单品兴趣寥寥，这些产 品终端市场价格持续 ...

Core Viewpoint - Wuliangye's 2024 annual report shows a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44%, indicating a slowdown in growth rates for both revenue and profit, marking the first time since 2015 and 2016 respectively that these figures have shown single-digit growth [1][4][10]. Financial Performance - In Q1 2024, Wuliangye achieved a revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit of 14.86 billion yuan, up 5.80%, reflecting a trend of single-digit growth in quarterly reports for the first time in nearly a decade [3][4]. - For the first three quarters of 2024, Wuliangye's net profit reached 24.931 billion yuan, a year-on-year increase of 9.19%, but the fourth quarter saw a decline in net profit by 6.17% to 6.922 billion yuan despite revenue growth [2][4]. Industry Context - The white liquor industry is currently undergoing a deep adjustment period characterized by increased volatility and intensified competition, which has impacted Wuliangye's performance [2][10]. - The overall production of major white liquor companies in 2024 is projected to decline by 1.8%, while sales revenue is expected to grow by 5.3%, indicating challenges within the industry [10]. Sales and Marketing Strategy - Wuliangye has increased its sales expenses significantly, with total sales expenses exceeding 10 billion yuan for the first time, reaching 10.69 billion yuan, a year-on-year increase of 37.2% [18][20]. - The company has focused on enhancing market investment to boost dealer confidence, with promotional expenses alone rising to 6.76 billion yuan, up 48.9% [18][20]. Product Mix and Market Position - Wuliangye's high-end products accounted for 76% of its revenue in 2024, totaling 67.875 billion yuan, while lower-tier products generated only 15.251 billion yuan, highlighting a lack of mid-tier product support [12][10]. - The company plans to stabilize market prices and ensure channel profitability by adjusting its production strategy in response to market demand changes [10][12]. Future Outlook - Wuliangye's 2025 goals include consolidating and enhancing stable development, promoting brand value, and aligning revenue growth with macroeconomic indicators, reflecting a more conservative outlook compared to previous years [12][24].