饮品"秋一杯"即将到来，平台与商家又将面临什么样的全新考验？ 集体抵制恶性竞争 消息发布当天，美团（3690.HK）、京东（9618.HK）、阿里巴巴（9988.HK）等港股平台股价全线上 涨，美团盘中涨近3%，阿里涨超3%。 多个外卖平台集体发声 刚刚过去的周末，外卖行业风向突变。美团、京东、饿了么、淘宝闪购等平台集体发布声明，宣布将抵 制"0元购"等非理性促销行为，规范补贴机制，保障商家自主定价与合理利润。 8月1日，美团、饿了么、淘宝、京东等平台相继发声，叫停"0元购"等补贴行为，集体按下"外卖大 战"暂停键。 这一外卖巨头平台的"联动叫停"，标志着自今夏以来轰轰烈烈的"外卖大战"暂告一段落。 这场从7月持续至今的补贴狂欢曾带来全网狂欢，但也带来了行业压力和消费乱象。 咖门采访中，一些商家表示：高峰时段部分品牌订单量增长20%，但平均到手利润却跌破35%，更有商 家表示"做一单反赔2~3元"。（传送门："一天卖光半年库存"，外卖再次大爆单，茶饮店真赚吗？） 图 美团在其声明中强调，将严格遵守《反垄断法》《价格法》等法规，杜绝以显著低于成本价进行补贴， 不强制或变相强制商家参与活动，并保障商家的定价权与知 ...

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai (600519) with a target price of 1888.75, compared to the last closing price of 1549.02 [1]. Core Views - Guizhou Moutai achieved a total operating revenue of 174.144 billion yuan in 2024, representing a year-on-year growth of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38% year-on-year [4][5]. - The company aims for a revenue growth target of 9% for 2025, with a focus on stabilizing the pricing of its flagship products and enhancing its product mix [6][7]. - The gross profit margin for 2024 was 92.08%, with a slight year-on-year decrease of 0.04 percentage points, primarily due to an increase in the proportion of series liquor sales [7]. Summary by Sections Financial Performance - In 2024, the revenue from Moutai liquor and series liquor was 145.928 billion yuan and 24.684 billion yuan, respectively, with year-on-year growth rates of 15.28% and 19.65% [5]. - The total sales volume of liquor reached 83,300 tons, a year-on-year increase of 13.73%, with Moutai liquor and series liquor sales volumes growing by 10.22% and 18.47%, respectively [5]. - The company reported a cash flow from operating activities of 182.645 billion yuan, reflecting an 11.57% increase year-on-year [7]. Future Outlook - The projected revenue growth rates for 2025 to 2027 are 9.1%, 9.4%, and 8.5%, respectively, with net profit growth rates of 10.1%, 9.8%, and 8.7% [8][9]. - The earnings per share (EPS) are expected to be 75.6 yuan, 83 yuan, and 90.3 yuan for the years 2025, 2026, and 2027, respectively [8][9]. Market Position - The company is focusing on expanding its international market presence, with overseas revenue reaching 5.188 billion yuan in 2024, a year-on-year increase of 19.27% [5]. - Guizhou Moutai plans to enhance its product offerings by developing new products to meet diverse consumer demands [6][7].