导语：2025年初秋，上市白酒企业半年业绩答卷陆续揭晓。于复杂环境中，中国酒业真实面貌尽显。21 家白酒上市公司里，仅6家营收利润实现正增长，且多为个位数微增。头部酒企凭深厚品牌力仍保持向 上，但主动放缓步伐；中下游酒企在行业整体转型时，逐步陷入营收、净利润"下降"困境。 《每日经济新闻·将进酒》以《穿越周期·韧性生长》为题，深入剖析酒企半年表现与战略布局，捕捉突 围路径，与读者共探白酒行业重焕生机的密码。 但正如过往多次调整，中国酒业会再次穿越周期。酒企们凭借坚定信念，积极探索破局：有的发力产品 策略，以多元化产品开拓个性化消费市场，借现象级产品重构渠道生态；有的迎合消费需求升维，用地 域文化、情感链接引发消费者共鸣；有的立足供应链创新，以跨行业思维革新传统营销逻辑；还有的坚 守核心市场，稳固根基以图长远。 短期增速执念渐消，酒企回归品质初心，深耕品牌文化，拥抱数字变革，锻造更强核心竞争力。这些探 索，是逆风中坚定的步伐，是穿越行业周期的韧性生长。 ...

Core Viewpoint - Guizhou Moutai aims to achieve approximately 9% growth in total operating revenue for 2025, despite ongoing adjustments in the Chinese liquor industry [1][9]. Financial Performance - In 2024, Guizhou Moutai achieved total operating revenue of 174.144 billion yuan, a year-on-year increase of 15.71% from 170.899 billion yuan in 2023 [4]. - The total profit reached 119.639 billion yuan, reflecting a year-on-year growth of 15.41% [4]. - The net profit attributable to shareholders was 86.228 billion yuan, with a year-on-year increase of 15.38% [4]. Industry Context - The Chinese liquor industry is undergoing a deep adjustment, which raises concerns among investors [5]. - The current industry cycle is characterized by a "three-phase overlap," including a transition in macroeconomic dynamics, the emergence of rational consumption trends, and a shift from chaotic growth to a phase of resolving contradictions [6]. Strategic Initiatives - Guizhou Moutai plans to focus on five key areas for future growth: strengthening core business foundations, building an ESG ecosystem, driving innovation, enhancing brand culture, and maintaining a bottom-line development mindset [9][10]. - The company will implement a "three transformation" strategy in 2024, focusing on customer segments, scenarios, and service upgrades to address supply-demand mismatches [9][10]. - The internationalization strategy will follow a "three-step" approach, expanding from product exports to a comprehensive international presence in products, services, and brand culture [10]. Brand and Quality Commitment - Guizhou Moutai emphasizes its strong brand value, product quality, and established distribution channels as fundamental supports for maintaining confidence and resilience during industry cycles [6][7]. - The company has developed a dual-channel system comprising a direct sales system and a social system, categorized into a "4+6" channel structure to ensure balance and collaboration [6].