2026年贵州茅台（600519）酒全国经销商联谊会于28日下午举行。21记者了解到，本届茅台酒经销商联 谊会预计超过1800人参会，参会经销商规模创历年新高。 茅台来年新策略： 产品价格"随行就市" 茅台集团党委书记、董事长陈华表示，2026年茅台酒将根据市场供需实际，动态平衡产品投放量，确保 产品结构更加合理、稳固。 陈华表示，要价格合理稳预期，价格市场化改革目的是要尊重市场经济规律和消费者的选择，让产品价 格"随行就市"，"随行就市"的根本目的，是要根据市场供需实际，努力促进量价平衡。 21记者了解到，为此茅台2026年将适度减少高附加值产品(即普茅之上的非标产品)投放量，更加精准地 界定普茅、精品、陈年等产品面向的不同客群和消费场景，靶向施策开展相关市场活动和品牌宣传。另 外将根据市场供需实际，动态平衡产品投放量，确保产品结构更加合理、稳固。 2026年，茅台将回归贵州茅台酒的"金字塔"型产品体系结构，旨在夯实以500ml飞天贵州茅台酒为主力 的"塔基"产品；做强精品、生肖等"塔腰"产品，把精品打造为又一大单品，激发生肖酒的民间消费收藏 需求；结合市场需求驱动陈年、文化类等"塔尖"类产品，维护好高端的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5][13] Core Views - The company is expected to achieve a revenue growth of approximately 15.66% in 2024, with total revenue reaching 174.14 billion yuan and a net profit of 86.23 billion yuan, reflecting a year-on-year increase of 15.38% [1][5] - For 2025, the company aims for a revenue growth target of around 9%, with specific expectations for different product lines, including a projected 8-9% increase in revenue from Moutai liquor [4][5] - The company is actively enhancing its marketing strategies and diversifying its channels to foster consumer engagement and drive sales growth [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% [1][5] - The fourth quarter of 2024 saw revenue of 51.02 billion yuan, reflecting a 12.77% increase year-on-year, with net profit reaching 25.40 billion yuan, up 16.21% [1][3] Product Performance - Moutai liquor generated revenue of 145.93 billion yuan in 2024, with a year-on-year growth of 15.28%, while series liquor revenue increased by 19.65% to 24.68 billion yuan [2][4] - The average price per ton of Moutai liquor rose to 3.144 million yuan, marking a 4.59% increase, driven by price adjustments in the market [2][3] Future Projections - The company anticipates a revenue target of approximately 190.75 billion yuan for 2025, with a net profit forecast of 94.27 billion yuan, reflecting a year-on-year growth of 9.3% [5][12] - The expected earnings per share (EPS) for 2025 is projected to be 75.04 yuan, with a continued focus on maintaining high profit margins [6][12] Market Strategy - The company plans to invest more in marketing activities and diversify its distribution channels to enhance consumer engagement and drive sales [4][5] - The strategy includes adjusting product offerings and pricing to stabilize market presence and respond to changing consumer preferences [4][5]