在2024年股东大会上，泸州老窖（000568）透露国窖1573品系销售额稳居200亿元，其中38度国窖1573 凭借其卓越的品质和广泛的市场认可度，在国窖1573品系中的销售占比已提升至50%左右，成为泸州老 窖业绩的重要支柱，或已成为首个销售额突破百亿的低度白酒大单品。 经过长期的科研实践发现，要实现低度白酒"低而不淡"，关键在于提升基础酒的品质。原酒质量不过 关，再怎么精心调味也于事无补；同理，高品质的原酒，即使进行降度处理，也能够保证酒体的丰满和 风格。 泸州老窖并未满足于现有的成绩，还在不断加大研发投入，致力于研发更低度数的产品。例如，已研发 成功的28度国窖1573，将适时投放市场，进一步丰富产品线，满足不同消费者的需求。 2024年被称为微醺经济发展元年，今年，泸州老窖、五粮液（000858）等知名酒企纷纷加大在低度酒领 域的研发和市场推广力度，为低度酒市场的热度再添一把火。这些酒企的积极布局，不仅推动了低度酒 市场的快速发展，也加剧了市场竞争，促使各企业不断提升产品品质和服务水平。 低度不等于低质 白酒行业一直以高度酒为主导，过去很长一段时间，低度酒在消费者心中往往是低质的代名词。这主要 与低 ...

All B e 7月，天山北麓的麦浪在骄阳下翻涌，饱满的麦穗低垂成金色的海洋。 这里是新疆奇台县，一片年均日照3000小时的沃土，也是"汾酒大麦1号"的制种基地。 跨越五千多里，汾酒将"第一车间"布局在北纬45°的大麦产区，寻找中国白酒的黄金起点，用极致品质追求托举起大国清香。 这场深入产业链源头的关键落子，正以科技育种的智慧基因与生态反哺的责任理念，构建起清香龙头的品质护城河，书写着中国白酒产业升级的绿色答卷。 奔赴五千里，汾酒"第一车间"落子新疆奇台 当下，白酒行业正经历深刻变革："不缺酒，但长期缺好酒"成为共识。2024年,全国规模以上白酒企业实现产量414.5万千升，同比下降1.8%；销售收入7964 亿元，同比增长5.3%。 如何在原材料供应等品质保障方面寻求新突破，成为头部酒企面临的重要课题。 此次，汾酒跨越五千多里将"第一车间"扎根新疆奇台，正是对品质攻坚的终极回应。 为何是奇台？这片土地承载着四千余年的农耕文明，自汉代起便是享誉塞外的"北部粮仓"。如今，作为国家认证的"大麦之乡"，奇台坚持粮食安全"国之大 者"，全县拥有耕地220万亩。 国家大麦青稞产业技术体系首席科学家郭刚刚表示，奇台位于天 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai with a target price of 2600 CNY [2][6]. Core Views - The company achieved a total revenue of 91.09 billion CNY in H1 2025, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 45.4 billion CNY, up 8.9% [2][6]. - In Q2 2025, total revenue reached 39.65 billion CNY, growing 7.3% year-on-year, while net profit was 18.56 billion CNY, an increase of 5.2% [2][6]. - The company is adopting a pragmatic approach to growth, focusing on high-quality development and managing supply chain pressures [2][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 174.14 billion CNY in 2024 to 223.72 billion CNY by 2027, with year-on-year growth rates decreasing from 15.7% to 7.9% [2][11]. - Net profit is expected to rise from 86.23 billion CNY in 2024 to 112.62 billion CNY in 2027, with growth rates from 15.4% to 8.7% [2][11]. - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from 68.64 CNY in 2024 to 89.65 CNY in 2027 [2][11]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is expected to decrease from 21 in 2024 to 16 in 2027, while Price-to-Book (P/B) ratio is projected to decline from 7.7 to 5.3 over the same period [2][11]. Market Strategy and Outlook - The company is focusing on reducing inventory and managing cash flow by adjusting payment terms and enhancing direct sales channels [2][6]. - Guizhou Moutai is also expanding its international presence, with Q2 2025 international revenue growing by 27.6% [2][6]. - The report emphasizes the importance of maintaining price stability and optimizing distribution channels to ensure sustainable growth [2][6].

郭晨凯 制图 数据显示，上半年，贵州茅台海外营收为28.93亿元，同比增长31.29%。业内人士认为，茅台全球化进程取得显著进展，这成为公司对冲国内市场周期波动的有效手段。 2025年以来，贵州茅台持续推进客群转型、场景转型和服务转型。以2025年5月20日举行的"茅友嘉年华"活动为例，茅台选择"音乐+文化"的跨界模式，将大型音乐节与非遗文化互动融合在一 作为贵州茅台的核心产品，53度飞天茅台酒终端零售价格整体保持平稳。据湖北、贵州等地的经销商反馈，近几个月茅台酒的市场成交价格一直比较稳定，经销商的动销情况良好，茅台酒依然是 半年报显示，贵州茅台的系列酒营收占比提升至13.88%，同比增长18.3%。茅台1935、汉酱等核心产品通过优化升级，精准切入中高端市场，动销回暖，毛利率达 79.87%。据接近贵州茅台的 在平稳增长的同时，贵州茅台仍保持着充沛的现金流。半年报显示，截至2025年6月30日，公司现金及现金等价物余额达1428.85亿元。充沛的现金流为贵州茅台应对市场变化、把握发展机遇 仍是基金"心头好" 从整体业绩看，贵州茅台核心业务板块保持稳定，生产、销售及研发等关键环节均按计划推进。半年报显示，上半 ...

（文章来源：每日经济新闻） 东吴证券8月13日发布研报称，给予贵州茅台（600519.SH，最新价：1437.04元）买入评级。评级理由 主要包括：1）茅台酒保持节奏稳定，系列酒Q2边际降速；2）毛销差降势延续，预收款有所回落；3） 努力求变，推进供给侧转型调整，强化产品适配与渠道触达。风险提示：宏观承压消费持续走弱，需求 企稳不及预期；市场对增速规划的非理性反应等。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that Moutai's sales rhythm remains stable, while the series liquor faces marginal pressure [7] - For the first half of 2025, the company achieved total revenue of 91.09 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 45.4 billion yuan, up 8.9% year-on-year [7] - The report highlights that Moutai liquor's revenue grew by 10.2% in H1 and 11.0% in Q2, while series liquor saw a decline of 6.5% in Q2 due to high base effects and external demand pressures [7] - The company aims for a revenue growth of 9% in 2025, focusing on optimizing product and channel strategies to explore revenue increments [7] Summary by Sections Financial Forecasts and Valuation - Total revenue forecast (in million yuan): 150,560 in 2023, 174,144 in 2024, 190,161 in 2025, 198,851 in 2026, and 213,603 in 2027, with year-on-year growth rates of 18.04%, 15.66%, 9.20%, 4.57%, and 7.42% respectively [1] - Net profit attributable to shareholders forecast (in million yuan): 74,734 in 2023, 86,228 in 2024, 93,233 in 2025, 96,541 in 2026, and 103,001 in 2027, with year-on-year growth rates of 19.16%, 15.38%, 8.12%, 3.55%, and 6.69% respectively [1] - The latest diluted EPS forecast: 59.49 in 2023, 68.64 in 2024, 74.22 in 2025, 76.85 in 2026, and 81.99 in 2027 [1] - The current market capitalization corresponds to a P/E ratio of 24.16 for 2023, decreasing to 17.53 by 2027 [1] Market Data - The closing price of the stock is 1,437.04 yuan, with a one-year low of 1,245.83 yuan and a high of 1,910.00 yuan [5] - The market value of circulating A shares is approximately 1,805,206.49 million yuan [5] Basic Data - The book value per share is 205.67 yuan, and the debt-to-asset ratio is 14.14% [6] - The total share capital is 1,256.20 million shares [6]

2025年8月13日，贵州茅台(600519.SH)发布2025年中报。 公司营业总收入为910.94亿元，较去年同报告期营业总收入增加76.43亿元，实现5年连续上涨，同比较去年同期上涨9.16%。归母净利润为454.03亿元，较去 年同报告期归母净利润增加37.07亿元，实现5年连续上涨，同比较去年同期上涨8.89%。经营活动现金净流入为131.19亿元。 公司最新资产负债率为14.75%，较去年同期资产负债率减少3.57个百分点。 公司最新毛利率为91.30%。最新ROE为19.03%。 公司摊薄每股收益为36.18元，较去年同报告期摊薄每股收益增加2.99元，实现5年连续上涨，同比较去年同期上涨9.01%。 公司最新总资产周转率为0.31次，较去年同期总资产周转率增加0.01次，实现4年连续上涨，同比较去年同期上涨1.92%。最新存货周转率为0.14次。 公司股东户数为22.07万户，前十大股东持股数量为8.93亿股，占总股本比例为71.06%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 中国贵州茅台酒厂(集团)有限责任公司 | ...

在A股市场结构性行情持续演绎，主动偏股型基金今年以来超95%实现正收益的背景下，消费主题基金 却呈现两极分化。 Wind数据显示，今年以来，截至8月11日，近8000只(不同份额分开计算)主动偏股型基金中，95%以上 的基金取得正收益。部分消费主题基金业绩垫底。 截至8月11日，国融融信消费严选C和国融融信消费严选A今年以来的收益率分别为-15.20%和-15.10%。 翻看国融融信消费严选的二季报，二季度末，这只基金的前五大重仓股中，有两只白酒股，分别为第一 大重仓股五粮液和第四大重仓股贵州茅台，这两只白酒股占基金资产净值的比例分别为4.66%和 4.42%。一季报，这两只白酒股也在该基金的前十大重仓股之中，分别位列第四和第六位。此外，二季 度末，在这只基金的前十大重仓股中，还出现了北大荒、孩子王、伊利股份等消费股。这只基金明显重 仓传统消费股。 绩优基金挖掘港股新消费股 但并非所有的消费主题基金都业绩不佳，不少基金凭借对港股新消费股的挖掘，取得亮眼的业绩。 截至8月11日，海富通消费优选A今年以来的收益率为60.13%。基金二季报显示，截至二季度末，该基 金的前十大重仓股分别为：今世缘、万辰集团、潮宏基、 ...

在白酒行业集体承压背景下，贵州茅台（600519.SH）于8月12日发布的2025年半年度业绩报告展现出 龙头企业的稳健底色。数据显示，其于上半年实现营业总收入910.94亿元，同比增长9.16%；实现归母 净利润454.03亿元，同比增长8.89%。 这份看似"温和"的成绩单背后，茅台以消费者为中心的转型正持续升温。眼下白酒行业正经历深度调 整，茅台从"渠道为王"向"消费者为王"转变，不仅给同样想走出"浪浪山"舒适区的同行带来重要启示， 对自身而言也是突破瓶颈的关键所在，要实现这一点，既要拿出打破传统路径依赖的勇气，更要下功夫 培育与新时代消费者深度对话的能力。 茅台变"温和" 从半年报数据看，今年上半年，贵州茅台营业总收入、利润总额、归属于上市公司股东的净利润等三大 核心财务指标均达9%左右。与过去几年的高速增长相比，今年上半年的增速已趋于平稳。这一变化背 后，是白酒行业整体调整的大环境，以及茅台自身发展阶段的转变。 半年新增11家海外经销商 当一家企业的年营收基数突破1700亿元、主力产品线突破千亿级，传统增长逻辑必然面临重构。在5月 12日举行的业绩解读会上，贵州茅台高层就曾表示，茅台已进入由高速增长 ...

Group 1: Key Insights on Anti-Overcompetition Strategies - The report emphasizes the need to "break the cycle of overcompetition," as highlighted by the General Secretary in July 2025, with a governance framework focusing on three dimensions: industry, enterprise, and government [3][10] - Effective price alliances are identified as a significant international strategy against overcompetition, characterized by public agreements on market share distribution, unified pricing, and supply limitations [3][10] - Successful examples of price alliances include OPEC and iron ore price alliances, which have established mechanisms for collective bargaining and market stability [10] Group 2: Company Performance Analysis - Kweichow Moutai (600519) - Kweichow Moutai reported a total revenue of 91.094 billion yuan for H1 2025, reflecting a year-on-year growth of 9.16%, with a net profit of 45.403 billion yuan, up 8.89% [14] - In Q2 2025, the company achieved a revenue of 39.650 billion yuan, a 7.26% increase year-on-year, and a net profit of 18.555 billion yuan, growing by 5.25% [14] - The company maintains a strong brand barrier and a robust business model, projecting net profits of 93.96 billion, 99.14 billion, and 104.7 billion yuan for 2025-2027, with corresponding PE ratios of 19x, 18x, and 17x [14] Group 3: Company Performance Analysis - Shuanghui Development (000895) - Shuanghui Development reported a total revenue of 28.503 billion yuan for H1 2025, with a net profit of 2.323 billion yuan, marking a year-on-year increase of 3% and 1.17% respectively [15] - The company’s Q2 2025 revenue was 14.208 billion yuan, up 6.3% year-on-year, with a net profit of 1.186 billion yuan, reflecting a 15.74% increase [15] - The company is positioned as a leading player in the meat products industry, with a high dividend payout ratio of 97% and a projected dividend yield of 5.7% for 2024 [15]