12月28日，2026年贵州茅台酒经销商联谊会如期举行。会上，茅台明确提出"以消费者为中心，全面推进市场化转型"的核心营销战略，宣布2026年将回 归"金字塔"型产品体系，并将渠道"减负"、优化供给结构、激发渠道活力作为三大关键举措。这一系列系统性部署，不仅为处于调整期的白酒行业注入了明 确发展预期，更直接带动终端市场动销暖意持续攀升。 飞天稳价 非标发力 全系列产品动销回暖 在茅台全新产品战略的精准指引下，近期全系列产品呈现"飞天企稳筑底、非标领涨赋能"的良性发展态势，终端消费活力持续释放。据新浪财经"酒价内 参"12月31日数据显示，53度/500ml飞天茅台终端零售均价稳定在1808元/瓶，价格体系保持稳健。 渠道商分析指出，非标产品价格持续上扬，核心源于市场对茅台产品强化战略的坚定预期，渠道合理囤货意愿与终端真实消费需求形成有效共振，共同推动 产品动销良性循环。 区域市场表现同样可圈可点，"速达酒价""苏茅直通车""赣鄱酒市"等第三方平台监测数据显示，河北、江苏、江西等重点区域市场，飞天茅台终端价格稳定 在1710-1750元/瓶区间波动，价格中枢平稳运行，直观反映出区域消费需求的稳步复苏。 除飞天茅 ...

0 1 主动控量稳价 根据财联社等公众号12月13日消息，贵州茅台近日召开会议，提出最新的经销渠道政策，包括发力控货、非标减量等。 0 2 1） 控制发货节奏 ：暂停12月所有未发货订单，2026年度销售计划不提前执行、不强调"开门红"，后续将严格依据实际动销情况安排发货。 2） 调整非标产品供应 ：2026年计划中，15年陈年及公斤装茅台减量30%，生肖系列减量50%，珍品茅台停止供应。非标产品实行市场化运作，以需定 供，经销商量力而行。 3） 优化产品定价 ：精品茅台出厂价拟予下调，并将根据减量后的市场表现重新评估非标产品出厂价。 4） 聚焦核心单品 ：2026年或将集中资源打造茅台1935、飞天茅台、精品茅台三大核心单品，分别锚定600元+、1500元+、2000元+价格带。 其中茅台实际批价和开票价的巨大鸿沟（>1499），产生了第一部分超额需求。而由于超额需求的存在，使得市场整体需求量由Qs扩大至Qa，而这部分 超额需求被市场上自发用老年份的飞天茅台等茅台酒所补充，这也使得茅台酒的陈华升值被广泛认可。以往茅台的批价支撑性显而易见，并不完全是供 需关系的显现。 贵州茅台此次的渠道供应政策主要包括： 从 ...

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！ 来源：蓝鲸新闻 蓝鲸新闻12月15日讯（记者 朱欣悦）12月15日，贵州茅台（600519.SH）核心产品飞天茅台的批发价再 度出现波动。 蓝鲸新闻记者获悉，茅台方面将取消分销计划、大幅缩减非标产品规模，并释放出可能适度放宽招商门 槛的信号。 回顾2013年与2014年白酒行业调整期放开经销权的举措，此次政策调整尽管背景不同，但同样以优化渠 道结构为目标。将于12月28日召开的经销商大会将公布具体细则，相关动向已成行业关注焦点。 渠道政策重大调整 据北京某连锁酒商对蓝鲸新闻记者透露，15日飞天茅台批发价在1580元/瓶左右，而就在数日前，该价 格曾一度跌至1510元/瓶的低位，14日应声反弹至1600元/瓶，15日则呈现小幅回落态势。 需要明确的是，批发价不等于终端零售价。批发价主要指酒商之间的调货价格，目前该环节利润空间已 被大幅压缩，单瓶利润可低至数元，普通消费者难以此价格直接购买。 飞天茅台价格的短期波动，背后是茅台渠道政策调整的直接反映。 据多方消息，茅台各省区经销商联谊会近期已陆续召开，会议核心议题聚焦2026年经销渠道战略调 ...

Core Viewpoint - A new "ban on alcohol" regulation has been introduced, which prohibits the serving of alcohol at work meals, coinciding with the Guizhou Moutai shareholders' meeting where traditional Moutai products were replaced with blueberry juice [1][7]. Group 1: New Regulations Impact - The new regulation, effective from May 18, explicitly states that work meals cannot include high-end dishes, cigarettes, or alcohol [1]. - At the Guizhou Moutai shareholders' dinner on May 18, traditional Moutai products were absent, replaced by "Umeet" blueberry juice, marking a significant change in the company's hospitality approach [1][3]. Group 2: Shareholder Meeting Highlights - During the shareholders' meeting on May 19, Guizhou Moutai's chairman Zhang Deqin expressed support for the new regulation, emphasizing the need for the Chinese liquor industry to return to its roots [1][7]. - The company aims for a revenue growth of approximately 9% for 2025, focusing on market, channel, service, and brand development [7]. - The shareholders approved a profit distribution plan, proposing a cash dividend of 276.24 yuan per 10 shares, totaling 34.671 billion yuan [7]. Group 3: Shareholder Engagement - Shareholders were allowed to purchase various Moutai products at original prices during the meeting, leading to a surge in purchases as many took advantage of the opportunity [5][7].

Core Viewpoint - The event surrounding the Moutai shareholders' meeting highlights strong demand for Moutai products, with shareholders taking advantage of the opportunity to purchase at original prices, indicating a robust interest in the brand and its offerings [1] Group 1: Shareholder Engagement - A large number of shareholders gathered at the Moutai hotel to dine and purchase Moutai liquor ahead of the 2024 annual shareholders' meeting [1] - Each shareholder is allowed to purchase either one bottle or one case of Moutai at original prices, showcasing the company's strategy to engage and reward its shareholders [1] Group 2: Product Offerings and Pricing - The store does not sell the Flying Moutai but offers other variants, including: - Kilogram Moutai priced at 3,799 yuan per bottle - Zodiac series Moutai (only the Snake year version available) priced at 2,499 yuan per bottle - 15-year Moutai priced at 5,999 yuan per bottle - Boutique Moutai priced at 3,299 yuan per bottle [1] - Free tasting of Flying Moutai is provided for shareholders, enhancing the overall experience and promoting brand loyalty [1] Group 3: Market Demand - There was a significant rush among shareholders to purchase products, particularly the Snake year Zodiac Moutai and kilogram Moutai, indicating high demand and interest in these specific offerings [1]

Core Viewpoint - The company is facing external environmental pressures in 2023-2024, with a reasonable revenue growth target of around 9% for 2025, following two years of over 10% sales growth. The focus will shift towards enhancing channel service capabilities and nurturing consumer groups, presenting opportunities for strong companies to further expand their advantages during industry adjustments [1][4]. Group 1: Financial Performance - In 2024, the company achieved total revenue and net profit of 174.14 billion and 86.23 billion respectively, reflecting year-on-year growth of 15.7% and 15.4%, slightly exceeding forecasts [1]. - The company’s sales cash receipts increased by 11.6% to 182.6 billion, while contract liabilities decreased by 32.1% to 9.59 billion [2]. - The operating cash flow for 2024 rose by 38.9% to 92.46 billion, supported by increased sales of acceptance bills [2]. Group 2: Sales and Pricing - The sales volume of Moutai liquor increased by 10.2% to 46,413 tons, with a price increase of 4.6% to 3.14 million per ton, driven by traditional channel price hikes [2]. - Series liquor sales volume grew by 18.5% to 36,920 tons, with a modest price increase of 1.0% to 669,000 per ton, influenced by pricing pressures from the 1935 product line [2]. - The wholesale channel revenue rose by 19.7% to 95.77 billion, while direct sales revenue increased by 11.3% to 74.84 billion, despite a decline in direct sales unit price [3]. Group 3: Profitability and Cost Management - The company’s gross margin slightly decreased by 0.1 percentage points to 92.0%, with Moutai liquor and series liquor gross margins at 94.1% and 79.9% respectively [3]. - The net profit margin for 2024 decreased marginally by 0.12 percentage points to 49.5% [3]. - Increased sales expenses were offset by reduced management costs, leading to a slight decline in overall profitability [3]. Group 4: Future Outlook and Investment Recommendations - The company plans to increase the domestic market supply of Moutai liquor in 2025, with expectations for kilogram packaging to drive further price increases [4]. - The company maintains a target valuation of 25 times PE, with a target price of 1,870 yuan, supported by a dividend yield of over 3.5% [4].