Core Viewpoint - The recent promotional activities during the "618" shopping festival have raised concerns about the pricing system of high-end liquor, particularly Moutai, but market research indicates that the actual transaction prices remain stable within a reasonable range [2][3]. Pricing Stability - The price of 53-degree 500ml Moutai has shown slight fluctuations but generally remains stable, with current prices reported between 2000 to 2100 yuan per bottle and 2100 to 2200 yuan per box, reflecting a slight decrease compared to the same period last year [3]. - Distributors believe that the recent price fluctuations are normal market adjustments, and the overall market for Moutai remains stable, with expectations for improvement in the second half of the year [3][4]. Consumer Behavior and Market Dynamics - The primary consumer demographic for Moutai has shifted, with private business owners now making up a larger portion of the customer base, and consumption is primarily driven by business and family gatherings [5][6]. - The demand for Moutai remains robust, with high opening rates for bottles, particularly in social settings such as banquets and celebrations [5][6]. Brand Value and Market Position - Moutai's brand value is supported by its strong market presence and consumer loyalty, with distributors emphasizing the importance of quality control and cultural engagement in maintaining brand strength [7][9]. - The company is focusing on expanding its product matrix, including affordable options like Moutai Welcoming Wine and Moutai Prince Wine, to adapt to changing consumer preferences and economic conditions [9][10]. Future Outlook - Analysts predict that Moutai's prices will remain stable in the short term, with potential for slight increases during peak demand seasons [4]. - The company is expected to leverage its strong brand and quality to navigate through industry adjustments, maintaining its pricing power in the high-end liquor market [8][10].

Core Viewpoint - The recent appointment of Xiang Ping and Zhang Guichao as members of the Moutai Group's Party Committee signals a strategic shift towards quality control and market expansion in response to the evolving dynamics of the liquor industry [1][8]. Group 1: Personnel Changes - Xiang Ping and Zhang Guichao have been appointed as members of the Moutai Group's Party Committee, representing the "technical" and "youthful" aspects of the company respectively [3][5]. - Xiang Ping has a background in production and quality control, aligning with Moutai's focus on quality as a core value [5][8]. - Zhang Guichao is seen as a representative of the younger generation within Moutai, with a strong emphasis on sales and marketing experience [5][7]. Group 2: Market Performance - Moutai's revenue from its sauce-flavored liquor reached 24.684 billion yuan, marking a year-on-year increase of 19.65% [7]. - In the first quarter of this year, the sauce-flavored liquor segment achieved revenue of 7.022 billion yuan, reflecting an 18.3% year-on-year growth [7]. Group 3: Strategic Direction - Moutai has initiated a transformation strategy focusing on customer engagement, lifestyle selling, and addressing market mismatches [8]. - The company aims to shift from merely selling liquor to promoting a lifestyle, which is a core aspect of its transformation strategy [8].

以下文章来源于懂酒谛 ，作者懂酒哥 懂酒谛 . 懂酒谛新媒体以财经视角解读酒业新动态新趋势，传播中华酒文化，丰富国人品质生活。 作者 | 懂酒谛 来源 | 懂酒谛 导语 ： 抢占宴席市场，能否让茅台1935重回巅峰？ 茅台1935作为曾经的传奇，创下了难以复制的战绩。然而，登高摔重，如今的茅台1935价格倒挂严重，早已脱 离千元价格带。5月16日，"今日酒价"公众号名酒批发价信息显示，茅台1935的价格约为750元，相比年初有所 回升，但距离1000元的基准线仍有较大差距。 | 茅台酱香 MOUTA | | | 2025年5月16日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 茅台1935 | 53度/500ml | 750 | 750 | | 2 汉酱(铂金蓝) | 51度/500ml | 202 | 505 | | 汉酱(匠心传承) | 53度/500ml | 340 | 340 | | 2 汉酱(音) | 51度/500ml | 320 | 320 | | 汉酱(135bc) | 51度/500ml | ર ...

Core Viewpoint - The article highlights the three-year anniversary of the iMoutai digital marketing platform, emphasizing customer engagement and a series of promotional activities to celebrate this milestone [1][4][20]. Group 1: Anniversary Celebration - The iMoutai platform was launched on May 19, 2022, and has since built a strong connection with millions of users through sincere interactions and quality service [1]. - A series of exciting activities will be held from May 19 to May 31 to celebrate the anniversary, encouraging user participation [1][4]. Group 2: Promotional Activities - Users can participate in a lottery by sharing the "Time Gift" activity page and engaging with content on the iMoutai App, with prizes including various Moutai products and a DJI Mini3 drone [4][6]. - Special offers include discounts on Moutai products, such as a 200 yuan discount for purchases over 500 yuan, and various gift promotions for specific purchase quantities [13][14]. - The "iMoutai" platform will also feature limited-time offers and exclusive products, enhancing user experience and engagement [20]. Group 3: Product Offerings - New products, including the Moutai Gemstone Flowing Red Dry Red Wine, will be launched at promotional prices during the anniversary period [18]. - Users can redeem rewards and participate in exclusive events by purchasing specific Moutai products, further incentivizing customer loyalty [9][16].

近年来，品牌知名度高、利润率高的产品，正面临着假冒伪劣的侵扰。 为维护品牌声誉、保障消费者权益，茅台酱香酒采用了全新的防伪技术手段，并新增溯源查询功能。据 了解，防伪新标签已在茅台王子酒、茅台迎宾酒以及部分贵州大曲、汉酱酒产品中应用，后续将逐步推 广到茅台酱香酒的其他产品。 业内人士指出，企业采用先进的防伪技术和防伪溯源方案，很好地保护了品牌、打击了假冒侵权行为， 有效保护了品牌企业利益，增强了消费者信任，提振了消费信心。 茅台启用全新防伪技术 证券时报记者从茅台酱香芳华公众号获悉，自2025年起生产的53%vol500ml茅台王子酒（金王子）已率 先应用全新防伪标签，全新的防伪技术也已在茅台王子酒、茅台迎宾酒、部分贵州大曲、汉酱酒产品中 应用，后续将逐步推广到其他茅台酱香酒产品。 据了解，此次升级不仅提升了视觉美感，更通过四重核心技术构建了防伪屏障。在视觉外观方面，新防 伪标签具有可变纹理的安全线，每条安全线的随机纹理都独一无二；金属质感区具有立体动画变形效 果，当视角变化时，"茅台"字样产生方向性位移，"酱香"二字呈现金属质感。 此外，产品标签的四角圆点遇60℃高温时会永久变黑，这是不可逆的物理特征。 除 ...

Core Insights - Guizhou Moutai reported a strong Q1 2025 financial performance, achieving total revenue of 51.443 billion yuan, a year-on-year increase of 10.67%, and a net profit of 26.847 billion yuan, up 11.56% year-on-year [1][3] - The company continues to expand its overseas market, generating revenue of 1.119 billion yuan in Q1, reflecting a significant growth of 37.53% [1][9] - Moutai's performance is seen as a stabilizing force in the pressured liquor industry, showcasing its resilience as a market leader [1][3] Revenue and Profit Growth - Both revenue and profit exhibited double-digit growth, surpassing the 9% annual growth target, with Q1 revenue crossing the 50 billion yuan mark for the first time [3] - The first quarter's performance was bolstered by the Spring Festival consumption peak, where Moutai's brand influence played a crucial role in banquet and gifting scenarios [3] Product Performance - Moutai liquor, as the company's main revenue driver, generated approximately 43.557 billion yuan in Q1, marking a 9.7% increase [6] - The sauce-flavored liquor series, identified as a "second growth curve," achieved revenue of 7.022 billion yuan, with an 18.3% year-on-year growth, maintaining an 18% growth rate for two consecutive years [6][8] Strategic Initiatives - Moutai plans to enhance its product structure for the Moutai 1935 brand and aims to develop three major billion-yuan product lines [6][7] - The company is actively recruiting distributors and expanding its product offerings, including new packaging sizes and online sales initiatives [7] Channel Performance - Direct sales channels generated 23.22 billion yuan, a 20.19% increase, while wholesale channels saw a slight increase of 3.94% to 27.36 billion yuan [8] - The "i Moutai" platform achieved a revenue of 5.87 billion yuan, reflecting a 9.86% growth [8] International Expansion - Moutai's international market revenue reached 1.119 billion yuan, indicating a robust growth trajectory and enhanced global influence [9] - The company is committed to promoting Chinese culture internationally through various global events and exhibitions, aiming to integrate its products into international consumer lifestyles [9]

证券研究报告 贵州茅台 (600519 CH) 开局顺利，势能向上 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 饮料 | 公司发布 25 年一季度业绩，25Q1 公司实现总营收/归母净利 514.4/268.5 亿（同比+10.7%/+11.6%），实现稳健增长。公司业绩整体高于我们此前预 期（25Q1 总营收/归母净利同比+10%/+8%）。产品端，25Q1 茅台酒/系列 酒收入同比+9.7%/+18.3%，一季度顺利实现开门红，各重点项目建设稳步 推进，为全年高质量发展打下基础；渠道端，25Q1 直销/批发收入同比 +20.2%/+3.9%，直销占比同比+3.6pct 至 45.9%。展望 25 年，我们认为领 先的品质和品牌优势、日趋精细化的量价策略和公司治理，海外市场的持续 开拓将助力公司经营势能持续向上，维持"买入"。 资料来源：公司公告、华泰研究预测 | 投资评级(维持): | 买入 | | --- | --- | | 目标价(人民币): | 1,945.58 | | 研究员 | 龚源月 | | SAC No. ...

Core Viewpoint - Guizhou Moutai demonstrates strong performance in Q1 2025, with revenue of 51.443 billion yuan and net profit of 26.847 billion yuan, reflecting a year-on-year growth of 10.67% and 11.56% respectively, solidifying its market position and instilling confidence in the industry [1] Financial Performance - In Q1 2025, Guizhou Moutai achieved total revenue of 51.443 billion yuan, a 10.67% increase year-on-year, and a net profit of 26.847 billion yuan, up 11.56% [1] - For the full year 2024, the company reported total revenue of 174.144 billion yuan, a 15.66% increase, with total profit of 119.639 billion yuan, up 15.41%, and net profit of 86.228 billion yuan, reflecting a 15.38% growth [1] Market Strategy - Guizhou Moutai employs a dual-channel strategy of "traditional channel deepening + direct sales channel enhancement," balancing agency and direct sales to create a healthier channel ecosystem, which has led to reduced inventory turnover days and stable high prepayments [1] - The company has seen a significant increase in sales of its series of products, with Q1 sales reaching 7.022 billion yuan, marking an 18.3% year-on-year growth, driven by strong demand for its flagship product, Feitian Moutai [2] Product Development - Moutai's product lineup includes a pyramid structure, with high-end products like Moutai 1935 at the top, mid-range products like the upgraded Prince Wine (Sauce Aroma Classic) 2.0, and entry-level products like the 100ml "Little Moutai," catering to a wide price range and avoiding competition with the main brand [2] - The company has successfully increased its market share in celebratory occasions, achieving a 28% market share in banquet wines in regions like Guangdong and Fujian, with a bottle opening rate of 67% [3] International Expansion - In Q1, Guizhou Moutai's overseas revenue reached 1.119 billion yuan, a 37.53% increase, showcasing significant progress in international market expansion [3] - The company has implemented a "One Belt, One Road" strategy, distributing products to 64 countries and regions across five continents, enhancing its global influence [3] Industry Position - Guizhou Moutai is viewed as a pillar of the Chinese liquor industry, with its pricing stability benefiting other high-end liquor brands, ensuring their survival and competitiveness [4] - The company is recognized for its strong risk resistance and long-term value, with public funds heavily invested, reflecting market confidence in its brand and performance [7] Management and Future Outlook - The management has initiated a series of in-depth market research activities to adapt to changing consumer behaviors, focusing on three transformations: customer, scenario, and service [5] - The company aims to enhance consumer engagement and address supply-demand mismatches, with a focus on building a collaborative channel ecosystem [6] - Analysts project a revenue growth target of 9% for 2025, supported by product innovations and strategic channel adjustments [7]

Core Viewpoint - Guizhou Moutai reported a revenue of approximately 50.6 billion yuan and a net profit of 26.847 billion yuan for Q1, achieving year-on-year growth of 10.54% and 11.56% respectively, surpassing its annual growth target of around 9% [2][5]. Financial Performance - The revenue from Moutai liquor reached approximately 43.557 billion yuan in Q1, with a year-on-year increase of 9.7% [3]. - The revenue from the sauce-flavor liquor series was 7.022 billion yuan, showing a year-on-year growth of 18.3%, maintaining a consistent growth rate of 18% over the past two years [3][4]. - Direct sales channels generated 23.22 billion yuan in revenue, up 20.19% year-on-year, while wholesale channels saw a slight increase of 3.94% to 27.36 billion yuan [4]. Market Strategy - Guizhou Moutai is focusing on a brand development strategy termed "one body, two wings," aiming to create a product cluster centered around Moutai 1935, with Moutai Prince and Hanjiang as supporting products [3][4]. - The company plans to enhance the product structure of Moutai 1935 and has introduced new product specifications, including a 1.935L version [4]. Industry Context - The overall growth of the liquor industry is under pressure, with many companies adjusting their growth targets. Guizhou Moutai's 9% target is seen as a benchmark for the industry, reflecting a broader trend of rational consumption among consumers [5][6]. - Other major liquor companies have set their growth targets to align with macroeconomic indicators, indicating a cautious approach in the current market environment [6].

Core Insights - Guizhou Moutai reported a record high net profit of 26.847 billion yuan for Q1 2025, with a year-on-year growth of 11.56% [1] - The company's total revenue reached 50.601 billion yuan, marking a 10.54% increase compared to the same period last year [1] Revenue Breakdown - Moutai liquor generated revenue of 43.557 billion yuan, a 9.7% increase, accounting for 86.08% of total revenue, consistent with the previous year [1] - Series liquor achieved revenue of 7.022 billion yuan, reflecting an 18.3% growth [1] Channel Performance - Direct sales channel revenue was 23.22 billion yuan, up 20.19%, representing approximately 45.89% of total revenue [1] - Wholesale channel revenue reached 27.36 billion yuan, with a slight increase of 3.94%, making up 54.07% of total revenue [1] Distributor Network - The number of domestic distributors increased by 50 to 2,174, while 19 were lost [1] - The number of international distributors rose by 5 to 109 [1] Series Liquor Growth - Series liquor has been a significant growth driver, maintaining an 18% growth rate for two consecutive years, surpassing the overall revenue growth rate [2] - Moutai 1935 has established itself as a "billion-dollar product" three years post-launch, with projected series liquor revenue of 24.684 billion yuan in 2024 [2] Strategic Focus - In 2025, Moutai will implement a "one body, two wings" brand development strategy, focusing on Moutai 1935 as the core product, with Moutai Prince and Hanjiang liquor as supporting products [4] - Moutai Prince aims to capture the 200-500 yuan market and become the second billion-dollar product within two years [4] Shareholder Changes - Notable changes among the top ten shareholders include an increase of 2.2864 million shares by Hong Kong Central Clearing Limited and reductions by several funds associated with Industrial and Commercial Bank of China [4]