9月30日开始，i茅台APP推出了"即时配送"服务。上午9点，21世纪经济报道记者进入i茅台"云购"页面 看到，公斤茅台、精品茅台均已显示"支持即时配送"。 记者按照流程选择产品、输入收货地址后，可以选择附近配送的门店，并可选择"立即送达"或预约其他 时间。下单页面显示，支持配送的均是茅台酒官方授权专卖店，目前并未收取运费。 记者丨肖夏 编辑丨高梦阳 面对长达八天的双节长假，茅台官方又拿出了新办法。 目前公斤茅台、精品茅台支持即时配送 i茅台称，即时配送依托平台上千家线下终端渠道体系，范围是日常申购门店10公里范围内，最快30分 钟可送达。 这是i茅台今年又一次扩大与消费者触达的新尝试。去年以来，茅台管理层反复强调，茅台酒的基本属 性和基本需求面并未改变，需要开展是渠道变革，更好地直接连接对茅台酒有需求的消费者。 茅台集团党委副书记、总经理王莉前不久完成秋季调研后在西北四省区茅台酒市场营销座谈会上提到， 9月以来茅台酒终端动销环比增长约1倍，同比增长超20%。 在此之前，消费者在i茅台申购或直接购买茅台产品，主要通过"门店自提"或"快递配送"两种方式收 货。前者需要消费者本人携带身份证到店提货，后者则是取决于 ...

记者丨肖夏 编辑丨高梦阳 面对长达八天的双节长假，茅台官方又拿出了新办法。 9月30日开始，i茅台APP推出了"即时配送"服务。上午9点，21世纪经济报道记者进入i茅 台"云购"页面看到，公斤茅台、精品茅台均已显示"支持即时配送"。 记者按照流程选择产品、输入收货地址后，可以选择附近配送的门店，并可选择"立即送 达"或预约其他时间。下单页面显示， 支持配送的均是茅台酒官方授权专卖店，目前并未收取 运费 。 目前公斤茅台、精品茅台支持即时配送 i茅台称，即时配送依托平台上千家线下终端渠道体系， 范围是日常申购门店10公里范围内， 最快30分钟可送达 。 这是i茅台今年又一次扩大与消费者触达的新尝试。去年以来，茅台管理层反复强调，茅台酒 的基本属性和基本需求面并未改变，需要开展是渠道变革，更好地直接连接对茅台酒有需求 的消费者。 茅台集团党委副书记、总经理王莉前不久完成秋季调研后在西北四省区茅台酒市场营销座谈 会上提到，9月以来茅台酒终端动销环比增长约1倍，同比增长超20%。 茅台的情况相对特殊。过去多年来，其产品的定价以及与市场价之间的价差，让消费者对 于"有货""保真"的要求远胜于其他白酒，催生了外界对于i茅 ...

（原标题：茅台渠道再次变革，i茅台APP也能"半小时达"了） 记者按照流程选择产品、输入收货地址后，可以选择附近配送的门店，并可选择"立即送达"或预约其他 时间。下单页面显示，支持配送的均是茅台酒官方授权专卖店，目前并未收取运费。 i茅台称，即时配送依托平台上千家线下终端渠道体系，范围是日常申购门店10公里范围内，最快30分 钟可送达。 （目前公斤茅台、精品茅台支持即时配送） 这是i茅台今年又一次扩大与消费者触达的新尝试。去年以来，茅台管理层反复强调，茅台酒的基本属 性和基本需求面并未改变，需要开展是渠道变革，更好地直接连接对茅台酒有需求的消费者。 茅台集团党委副书记、总经理王莉前不久完成秋季调研后在西北四省区茅台酒市场营销座谈会上提到， 9月以来茅台酒终端动销环比增长约1倍，同比增长超20%。 在此之前，消费者在i茅台申购或直接购买茅台产品，主要通过"门店自提"或"快递配送"两种方式收 货。前者需要消费者本人携带身份证到店提货，后者则是取决于快递运输时间，通常在1天到数天不 等。 21世纪经济报道记者肖夏 重庆报道 今年几大电商平台大力投入即时零售赛道，正在培育新的消费习惯。而在酒水消费领域，即时用酒的需 ...

Group 1 - The wholesale reference price for 2025 Feitian Moutai (53 degrees/500ml) has dropped to 1770 RMB per bottle, marking a new low since its launch, down 20.27% from the initial price of 2220 RMB per bottle [1] - The price for a case of Feitian Moutai remains stable at 1790 RMB per bottle, also a new low, down over 20% from the original price of 2255 RMB per bottle [1] - The price of Feitian Moutai has reached as low as 1700 RMB, with some stores on Pinduoduo selling it at 3400 RMB for two bottles, equivalent to 1700 RMB per bottle [1] Group 2 - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival holidays, despite the third quarter typically being a slow consumption period [1] - Moutai has launched several new products this quarter, including a limited edition commemorative liquor for the 70th anniversary of the five-star trademark, priced at 7000 RMB, with a current wholesale price stabilizing at 10,000 RMB [1] - Moutai's cultural and creative products continue to expand, with the "Huang Xiaoxi Dinner" series selling out quickly after its launch [1] Group 3 - The ultra-high-end products above Feitian are also being iterated, with the announcement of upgraded packaging and new anti-counterfeiting measures for Guizhou Moutai (premium) at the Guizhou Wine Expo [2] - The recent launch of Moutai 1935 exclusive version has introduced a new channel model [3] Group 4 - The core product supporting Moutai's performance remains the Moutai liquor, with the kilogram Moutai emerging as a new core product, currently priced above 3300 RMB in wholesale [4]

Core Viewpoint - The price of Moutai has reached a new low, with significant declines observed in both wholesale and retail prices, indicating a challenging market environment for the brand [1][3][6]. Price Trends - As of September 14, 2023, the wholesale reference price for 25-year Moutai (53 degrees/500ml) in loose bottles is reported at 1770 RMB, down 10 RMB from the previous day, marking a new low since its launch [1]. - The original box price for the same product remains at 1790 RMB, also a new low, reflecting a decline of over 20% from its initial price of 2255 RMB [1]. - The kilogram Moutai (53 degrees/1L) is priced at 3300 RMB, down 18.92% from its launch price of 3700 RMB earlier this year [3]. Market Dynamics - Despite the general trend of declining prices, the white liquor industry is preparing for the peak consumption season around the National Day and Mid-Autumn Festival, with Moutai launching several new products to stimulate demand [8]. - Moutai has been actively engaging with over 200 distributors across various regions, indicating a strategic effort to strengthen market presence [8]. - Limited edition products, such as the 70th Anniversary Commemorative Moutai, have been well-received, with a stable wholesale price around 10,000 RMB, reflecting strong demand in the collectible and gifting markets [8]. Product Development - Moutai is expanding its product line with creative cultural products, which have seen rapid sales, indicating a successful diversification strategy [8]. - The company is also iterating on its high-end products, with recent upgrades announced for premium offerings, including new packaging and anti-counterfeiting measures [8]. - The kilogram Moutai is emerging as a new core product, with increasing inquiries and purchases noted in the market [9].

Core Insights - The wholesale price of 25-year Flying Moutai has reached a new low of 1770 RMB per bottle, down 20.27% from its initial price of 2220 RMB when the platform launched [1] - The original box price for 25-year Flying Moutai remains at 1790 RMB, also a new low, down over 20% from its launch price of 2255 RMB [1] - The kilogram Moutai has also hit a new low of 3300 RMB, down 18.92% from its price of 3700 RMB at the beginning of the year [1] Pricing Trends - The price of 25-year Flying Moutai (53 degrees/500ml) has decreased to 1770 RMB for loose bottles and remained stable at 1790 RMB for original boxes [2] - The kilogram Moutai (53 degrees/1L) has seen a slight decrease to 3300 RMB [2] - The price of 25-year Flying Moutai has been observed as low as 1700 RMB on platforms like Pinduoduo, indicating a competitive pricing environment [6] Market Dynamics - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival, with Moutai Group conducting market research among over 200 distributors [6] - Moutai has launched several new products this quarter, enhancing its market appeal and addressing new consumer demands [6] - Limited edition products, such as the 70th Anniversary Commemorative Moutai, are targeting the collectible and gifting market, with a stable wholesale price around 10,000 RMB [6] Product Development - Moutai is iterating on its high-end products, with upgrades announced for its premium offerings and new anti-counterfeiting measures [7] - The kilogram Moutai is emerging as a new core product alongside traditional offerings like Flying Moutai and Zodiac Moutai [7] - Increased inquiries and purchases for Flying Moutai have been noted in local channels, indicating a potential uptick in demand [8]

Group 1 - The core point of the article highlights the emergence of kilogram Maotai as a new core product in the Maotai liquor segment, alongside the traditional 500ml and zodiac Maotai [1] - According to Goldman Sachs' latest report on the Chinese liquor industry, the price of 1000ml Guizhou Maotai has recently increased, with a rise of 25 yuan per bottle over the past two weeks [1] - Current wholesale prices for kilogram Maotai are reported to be above 3300 yuan, indicating a strong market demand [1] Group 2 - There has been a noticeable increase in inquiries and purchases for the core product, flying Maotai, particularly in the Chongqing local market over the past week [1]

Core Insights - The white liquor industry is entering a peak season as the National Day and Mid-Autumn Festival approach, with Moutai signaling a positive market recovery [1] - Moutai's management has conducted extensive market research, indicating a significant increase in terminal sales since late August, suggesting a favorable market trend [1][2] - Despite a generally sluggish consumption atmosphere in the white liquor sector this year, Moutai has successfully launched new products and adapted its strategies to meet diverse consumer demands [2][3] Market Trends - Moutai's management has emphasized the importance of continuous market research to inform operational decisions, with multiple surveys conducted across various provinces and channels [2] - The third quarter, typically a slow season for white liquor consumption, has seen Moutai introduce several new products that cater to niche markets, such as collectible and gift items [2] - The price of Moutai's core products, including the 1000ml Moutai, has recently increased, reflecting a growing demand in the market [3] Product Strategy - Moutai is diversifying its product offerings, including limited edition and cultural products, to enhance consumer engagement and drive sales [2][3] - The company has adopted a multi-channel strategy, ensuring that different products are marketed through appropriate channels based on consumer response and market demand [5] - Moutai's core products remain the main revenue drivers, with a focus on understanding and adapting to changing consumer preferences and behaviors [3][4] Channel Strategy - The concept of "collaboration" has become central to Moutai's channel development strategy, aiming to enhance efficiency and create a complementary channel ecosystem [5] - Moutai has established a "4+6" channel layout system to optimize the functionality of various sales channels [5] - The management has reiterated the importance of maintaining strategic focus to navigate market fluctuations and ensure sustained growth [5]

Core Viewpoint - Guizhou Moutai's Q2 2025 revenue grew by 7.3% year-on-year, aligning with market expectations despite temporary impacts from policies like the "ban on alcohol" affecting industry demand and channel confidence, showcasing the brand's resilience in a fluctuating external environment [1] Revenue Analysis - In Q2 2025, Moutai liquor and series liquor achieved revenues of 32.032 billion and 6.740 billion yuan respectively, reflecting year-on-year growth of 10.99% and a decline of 6.53%, with Moutai liquor maintaining steady growth while series liquor faced a drop due to a high base last year [1] - Revenue from direct sales and wholesale channels in Q2 2025 was 16.789 billion and 21.983 billion yuan respectively, showing year-on-year increases of 16.52% and 1.48%, with the "i Moutai" digital platform generating 4.89 billion yuan in non-tax revenue, a slight decrease of 0.35% year-on-year [1] Distributor Network - As of the end of Q2 2025, the number of domestic distributors reached 2,280, an increase of 160 and a decrease of 23, with all new distributors being series liquor distributors [1]

Core Viewpoint - Guizhou Moutai reported stable revenue growth in Q2 2025 despite external challenges, showcasing brand resilience and strategic adaptability in a fluctuating market environment [1][2]. Financial Performance - In H1 2025, total revenue reached 91.094 billion yuan, a year-on-year increase of 9.16%, with net profit attributable to shareholders at 45.403 billion yuan, up 8.89% [1]. - Q2 2025 revenue was 39.65 billion yuan, reflecting a 7.26% year-on-year growth, while net profit for the same period was 18.555 billion yuan, increasing by 5.25% [1]. - Revenue from Moutai liquor in Q2 was 32.032 billion yuan, up 10.99%, while series liquor revenue declined by 6.53% to 6.740 billion yuan [1]. Channel and Product Analysis - Direct sales and wholesale channels generated revenues of 16.789 billion yuan and 21.983 billion yuan in Q2, representing year-on-year increases of 16.52% and 1.48%, respectively [1]. - The "i Moutai" digital platform recorded a revenue of 4.89 billion yuan in Q2, showing a slight decline of 0.35% [1]. Margin and Cost Structure - The gross margin for Q2 was 90.42%, a slight decrease of 0.26 percentage points year-on-year [2]. - The net profit margin for Q2 was 49.53%, down 1.07 percentage points, primarily due to the impact of gross margin and sales expense ratio [2]. Cash Flow and Liabilities - Cash receipts from sales in Q2 totaled 38.943 billion yuan, a decrease of 4.64% year-on-year, while net cash flow from operating activities was 4.31 billion yuan, down 84.3% [2]. - As of the end of Q2, contract liabilities stood at 5.507 billion yuan, a decrease of 3.28 billion yuan from the end of Q1, indicating proactive measures to alleviate cash pressure on distributors [2]. Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025-2027 to 94.010 billion yuan, 99.030 billion yuan, and 104.671 billion yuan, reflecting downward revisions of 0.5%, 3.9%, and 6.4%, respectively [3]. - The current stock price corresponds to a P/E ratio of 19, 18, and 17 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3].