炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月25日，新浪财经《酒业内参》独家获悉，茅台已确定开启新一轮生肖茅台生产，生肖茅台的首位将 是"丙午马年生肖茅台"。 茅台内部员工透露，"生肖茅台在1月中上旬发布，2月中旬开始销售。"具体时间仍要以官方通报为准。 值得注意的是，目前在网上主要流传着三个版本的马年生肖茅台谍照。上述内部员工表示，"往年也有 很多传言，最后验证都是假的。网传那些可信度非常低。" 如今，茅台第一轮生肖酒已历经一个生肖周期完结。从"甲午马年生肖酒"开始到"乙巳蛇年生肖酒"结 束，市场价值备受认可。渠道端显示，目前蛇年茅台酒原箱终端价格为2390元/瓶，而马年生肖酒由于 产量稀少，价格始终稳居高位，散瓶售价为1.44万元/瓶。 值得注意的是，随着茅台控量新政传出以及春节旺季临近，飞天茅台和精品茅台近五天价格"暴涨"。 据新浪财经《酒价内参》显示，飞天茅台终端成交价已由最低1816元/瓶上升至1825元/瓶。 精品茅台涨幅更大，从最低2281元/瓶迅速上升至2366元/瓶，对比五日内低点涨幅近4%。其中，12月24 日至12月25日，精品茅台行情连续两天大幅跃进 ...

Core Viewpoint - The price decline of Moutai 1935 reflects a shift in the industry from incremental competition to stock game, necessitating channel innovation, international expansion, and product innovation to maintain brand value and market position [8] Group 1: Price Decline and Market Impact - Moutai 1935's price collapse began post-Chinese New Year 2023 due to supply-demand imbalance, with prices dropping from 1800 yuan to around 700 yuan, a decline of over 60% [2] - In 2024, Moutai's series liquor revenue grew by 19.65%, but the growth rate slowed compared to 2023's 26.12%, indicating weakening contribution from Moutai 1935 [2][3] - The price drop is eroding brand value as consumers perceive less differentiation between Moutai 1935 and lower-priced products [2] Group 2: Financial Performance and Industry Trends - Moutai's revenue growth rates from 2021 to 2024 were 11.71%, 16.53%, 18.04%, and are projected to drop to 15.66% in 2024, with net profit growth also slowing [3] - The white liquor industry is facing challenges, with production down 1.8% in 2024 and inventory up 12.5%, leading to increased competition from brands like Wuliangye and Luzhou Laojiao [3] Group 3: Consumer Behavior Shift - High-end liquor sales dropped by 15% during the 2024 Spring Festival, while demand for lower-priced liquor surged, indicating a shift from brand loyalty to rational consumption [4] Group 4: Channel and International Expansion - Moutai is enhancing its "4+6" multi-channel system, with direct sales revenue reaching 748.43 billion yuan in 2024, though the proportion of direct sales has slightly decreased [6] - Moutai's international sales exceeded 2100 tons in 2024, with revenue surpassing 5 billion yuan, focusing on markets like Hong Kong, Japan, and Singapore for growth [6] Group 5: Product Innovation - Moutai plans to launch new products in 2025, including zodiac-themed liquor and cultural products, aiming to attract younger consumers through content e-commerce and scenario-based marketing [7]