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 ...

来源：环球网 【环球网财经报道 记者 冯超男】一盏茅台，在千年酒脉中激荡出时代的清响，让古老酱香在岁月窖藏 中愈发醇厚，又在新时代的杯盏间焕发着新生。 9月28日，国庆中秋双节前夕，北京饭店金色大厅内光影流转，以"物华天成·精至京来"为主题的贵州茅 台酒·精品礼宴东方品鉴会在此举行。现场，精品茅台那馥郁醇厚的香气悠悠萦绕，与京绣的细腻针 脚、皮影的灵动光影、景泰蓝的斑斓色彩交织共舞，共同勾勒出一幅彰显东方美学独特魅力的绮丽画 卷。 现场） 精品之精，在于品质、匠心、文化 自2003年问世以来，精品茅台始终坚守品质的至高标准。在这背后，是茅台人始终如一秉持着"顺天敬 人 明理厚德"的企业价值观，铸就了"精品"二字所承载的非凡与卓越。 进一步细究，精品之精，首在"品质"，源于赤水河畔的独特风土与世代酿造技艺，每一滴皆是时光淬炼 的艺术；精品之精，贵在"匠心"，是茅台人对传统工艺的敬畏、对极致的追求，凝聚历代智慧，铸就不 可复制的传奇；精品之精，妙在"文化"，是"自强不息"的进取精神，是"致广大而尽精微"的东方哲思， 是"尽善尽美"的处世智慧。 如今，精品茅台焕新而来，其外，是更美观的设计、更实用的功能、更绿色的材 ...

Core Viewpoint - The market for Moutai is showing significant improvement with stable prices, increased sales volume, and strong demand as the Mid-Autumn Festival and National Day approach [1][3] Group 1: Market Performance - Moutai's terminal sales have seen a notable increase since late August, with a reported month-on-month growth of approximately 15% to 35% in August [1] - The sales of flagship products like Feitian Moutai and premium Moutai are driving the core sales volume, with Feitian Moutai's recent sales showing significant growth [1] - The stable price range for Feitian Moutai, maintained between 1960-1980 RMB, reflects a healthy market without significant fluctuations [1] Group 2: Consumer Behavior - The demand for Moutai is being driven by both personal and corporate clients, with a clear recovery in business and self-consumption scenarios [1][3] - Consumers are increasingly valuing the quality and cultural significance of Moutai, leading to a deeper recognition and stable purchasing behavior [4] - The shift from "price chasing" to "value chasing" among consumers has strengthened the price resilience of Moutai [3][5] Group 3: Strategic Initiatives - Moutai's long-term strategy includes transforming customer demographics, consumption scenarios, and service models, contributing to the current market stability [3] - The company has successfully engaged with local businesses, adding over ten new corporate clients in six months, which has stabilized sales without stockpiling [3] - The alignment of Moutai products with specific consumption scenarios has led to a more precise matching of demand, further solidifying its market position [4]

Core Viewpoint - The company, Yingjia Gongjiu, is facing significant challenges in achieving its ambitious revenue target of 10 billion yuan, as recent financial results show a decline in both revenue and net profit, reflecting broader industry struggles [2][3]. Financial Performance - In the first half of 2025, Yingjia Gongjiu reported revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% from 4.03 billion yuan in the same period of 2024 [3]. - The net profit attributable to shareholders was 1.13 billion yuan, down 18.19% compared to the previous year [3]. - The company's cash flow from operating activities decreased by 48.3%, and contract liabilities fell by 23.81%, indicating pressure on its financial health [3][4]. Industry Context - The white liquor industry is experiencing a deep adjustment period, with a 7.2% decline in production among large-scale enterprises and 59.7% of companies reporting reduced operating profits [4]. - Inventory turnover days have reached 900, highlighting weak consumer demand and inventory pressure on upstream liquor companies [4]. Product Performance - Despite the overall decline, the company's gross margin remained relatively high at 73.62%, supported by its mid-to-high-end product line, particularly the Dongcang series [4]. - However, the company's sales in the mid-to-high-end segment fell to 2.54 billion yuan, a decrease of 14.01%, while ordinary liquor sales dropped by 32.47% to 0.45 billion yuan [4]. Competitive Landscape - Yingjia Gongjiu's market position is under threat as competition intensifies within the Anhui province, with its revenue lead over Kuozi Jiao dropping from 1.3 billion yuan in 2024 to just 630 million yuan in the first half of 2025 [5]. - The leading local competitor, Gujing Gongjiu, continues to expand its market share, with reported revenue of 9.15 billion yuan in the first quarter of 2025 [5][6]. Strategic Challenges - The company has struggled to adapt to changing consumer preferences, particularly among younger demographics, while competitors are innovating with lower-alcohol products and diverse offerings [7][8]. - Yingjia Gongjiu's focus on the traditional mid-to-high-end market may alienate younger consumers, risking a disconnect with evolving market demands [8].

Core Viewpoint - Guizhou Moutai's H1 2025 financial report reveals a significant slowdown in growth, with total revenue of 89.4 billion yuan, a 9.16% increase year-on-year, and net profit of 45.403 billion yuan, an 8.89% increase, marking the first time since 2015 that revenue growth has fallen below double digits [2][3][4] Financial Performance - In H1 2025, Moutai's daily profit was approximately 250 million yuan, a drop of over 6 percentage points compared to the 328 million yuan daily profit in 2024 [2][4] - Q2 2025 saw revenue of 38.8 billion yuan and net profit of 18.5 billion yuan, with growth rates of only 7.3% and 5.2%, respectively, marking the lowest quarterly growth in nearly a decade [2][4] Strategic Adjustments - Moutai has set a growth target of 9% for the year, achieving this through controlled growth strategies to navigate the downward cycle [4][6] - The company has experienced a rare decline in gross margin, with overall gross margin dropping by 0.5 percentage points to 91.5% despite a 10.24% increase in Moutai liquor revenue [4][6] Market Dynamics - The mid-range liquor market is facing intense competition, with Moutai's series liquor experiencing price pressure from competitors like Wuliangye and Luzhou Laojiao [5][6] - The number of series liquor distributors increased by 137 to a historical high of 2,234, but sales per store have significantly declined, indicating pressure on existing distributors [5][6] Financial Indicators - Contract liabilities (prepayments from distributors) fell sharply by 42.59% to 5.507 billion yuan, the lowest since 2016, signaling weakened distributor confidence [6][7] - Operating cash flow decreased by 64.18% to 13.119 billion yuan, raising concerns about the sustainability of Moutai's reliance on direct sales channels [6][7] Future Outlook - Despite challenges, Moutai's international market revenue grew by 31.26% to 2.893 billion yuan, and direct sales maintained an 18.6% growth rate [7] - To meet the annual growth target of 9%, Moutai needs to achieve revenue of 41.6 billion yuan and net profit of 21.1 billion yuan in Q3 2025, necessitating a recovery in growth rates [7]

Group 1 - The A-share market experienced a rebound on July 3, with the ChiNext Index leading the gains, rising by 1.9%, while the Shanghai Composite Index increased by 0.18% and the Shenzhen Component Index rose by 1.17% [2] - The U.S. ADP employment data showed a decrease of 33,000 jobs in June, marking the first negative growth since March 2023, which has led to increased expectations for a Federal Reserve interest rate cut [2] - Trump announced a trade agreement with Vietnam, imposing at least a 20% tariff on all goods exported to the U.S., which has contributed to a rise in global risk assets and a more than 3% increase in oil prices [2] Group 2 - Bilibili's former game cooperation department general manager was arrested for serious job-related crimes, raising concerns about internal anti-corruption mechanisms and potential hidden rules in the gaming industry [3] - The market price of Moutai's core product, Feitian Moutai, has dropped below 2000 yuan per bottle, reflecting a decline in the company's stock performance and concerns over its direct sales strategy impacting distributor profits [3] - The China Securities Regulatory Commission held a meeting to discuss financial theories and practices, focusing on capital market innovation, risk prevention, and enhancing the attractiveness of A-shares [3] Group 3 - Neta Auto's parent company, Hezhong New Energy, has initiated bankruptcy restructuring and is seeking investors, highlighting the challenges of high debt and intense competition in the new energy sector [4] - The innovative drug sector is experiencing a resurgence, driven by an increase in business development activities, improved R&D capabilities, and better financial performance among companies [5] - The People's Bank of China will implement new regulations on August 1, requiring reporting of cash transactions over 100,000 yuan to combat money laundering in the precious metals sector [5]

Core Viewpoint - The recent decline in the market price of Feitian Moutai below 2000 yuan has raised concerns about the performance of Kweichow Moutai (600519), with its stock price down 6.24% this year to around 1400 yuan per share, underperforming the market [1][3] Price Dual-Track System and Channel Reform - The price dual-track system refers to the significant difference between the factory price and the market price of Feitian Moutai, with the factory price remaining at 969 yuan per bottle while market prices soared above 3000 yuan per bottle from 2018 to November 2023 [3] - Kweichow Moutai has initiated channel reforms since 2020, reducing the number of distributors by 346, which is a rare occurrence in the company's history [3] - In November 2023, the factory price of Feitian Moutai was raised to 1169 yuan per bottle to capture more profit [3] Direct Sales and Revenue Growth - The proportion of direct sales in Kweichow Moutai's revenue has significantly increased, with direct sales revenue rising from 72.49 billion yuan in 2019 to 749 billion yuan in 2024, accounting for 43% of total revenue [4] - The company has successfully transformed its marketing strategy and increased factory prices over five years [4] Impact on Distribution and Other Products - The "allocation" business, where distributors are required to purchase other products alongside Feitian Moutai, has been significantly impacted by the price drop [5] - The market price of other products like the premium Moutai has also weakened, with prices dropping below the factory price, leading to losses for distributors [6] Financial Performance and Valuation - Despite challenges, Kweichow Moutai reported a revenue of 514 billion yuan in Q1, a year-on-year increase of 10.67%, and a net profit of 268 billion yuan, up 11.56% [7] - The company's price-to-earnings ratio has fallen to 10.2, below 75% of the historical levels over the past decade, indicating a low valuation [7] Market Reactions and Future Outlook - Market reactions to the price drop are polarized, with some investors worried about long-term performance while others view the price correction as a normalization [8] - Kweichow Moutai is conducting market research to stabilize confidence, emphasizing the need to adapt to changing consumer trends and enhance brand trust [8] - There are differing opinions on when the price of Feitian Moutai will stabilize, with some analysts predicting a rebound during traditional consumption peaks, while others foresee continued low prices due to economic pressures [9]

Core Viewpoint - Guizhou Moutai's stock price has underperformed the market this year, with a decline of 6.24% while the Shanghai Composite Index has risen by 2.16% [1] Price Dynamics - The market price of the core product, Feitian Moutai, has dropped below 2000 yuan per bottle, with the factory price now at 1169 yuan per bottle [1] - The price disparity between the factory price and market price has created a "dual-track" pricing system, benefiting distributors significantly [2] - The factory price of Feitian Moutai was previously 969 yuan per bottle from 2018 to 2023, with market prices peaking over 3000 yuan per bottle in 2021 [2] Channel Reform - Guizhou Moutai is undergoing a channel reform to reduce reliance on distributors, having cut the number of distributors by 346 in 2020 [2][3] - The company has shifted focus to direct sales, with direct sales revenue increasing from 72.49 billion yuan in 2019 to 749 billion yuan in 2024, representing a significant rise in total revenue share [3] Impact of Price Decline - The decline in Feitian Moutai prices has also affected the sales of other products like Moutai 1935, which has seen its market price drop to 650 yuan per bottle, below its factory price of 798 yuan [7] - The overall sales of Moutai 1935 reached nearly 10 billion yuan in 2023, indicating its emergence as a market hit despite the price drop [6] Valuation Metrics - Following the stock price decline, Guizhou Moutai's valuation has reached the lower end of its 10-year valuation range, currently at a price-to-earnings ratio of 10.2, compared to a historical average of 15 [8] - In the first quarter of this year, Guizhou Moutai reported revenue of 514 billion yuan, a year-on-year increase of 10.67%, and a net profit of 268 billion yuan, up 11.56% [9]