9月29日，食品饮料ETF天弘（159736）盘中走势震荡，截至发稿跌0.28%，溢折率0.04%，盘中频现溢 价交易。 成分股中，养元饮品涨超4%，古井贡酒、泸州老窖、金达威、中粮糖业等跟涨。 此外，据市场监管总局官网，9月28日，市场监管总局党组书记、局长罗文带队在北京调研国庆中秋节 前食品安全、特种设备安全及重要民生商品稳价保质等工作。 据第一财经，随着"十一"国庆假期的临近，旅游市场已然升温。据报道，今年"十一"假期出游人数较去 年同期出现大幅增长，同比增幅高达130%，机票预订也已全面进入高峰期。这一强劲的开局信号，预 示着今年国庆假期有望成为一个拉动内需、释放消费潜力的"超级黄金周"。 国盛证券表示，近期临近中秋国庆白酒动销旺季，白酒终端需求经历了Q2持续磨底后，临近旺季各地 动销反馈均呈现边际回暖趋势。中长期行业价值凸显。短期看弹性、中长期看龙头。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） Wind金融终端数据显示，食品饮料ETF天弘（159736）已连续9个交易日获资金净流入，累计"吸金"近 1.7亿元；截至9月26日，该ETF最新流通 ...

延续了20年，贵州茅台（600519）(600519.SH)经营业绩继续增长。 8月12日晚间，贵州茅台率先披露了2025年半年度业绩报告。2025年上半年，贵州茅台实现营业收入 910.94亿元，同比增长约9%；实现归母净利润约454亿元，同比增长近9%。 营收、净利同比增速均不到10%，对贵州茅台而言较为罕见，但符合市场预期。 2025年，白酒行业整体承压，多家白酒企业预告上半年利润下降。 贵州茅台的毛利率、净利率依旧稳定，上半年二者分别为91.30%、52.56%，与上年同期基本持平。 贵州茅台在财报中表示，主要指标稳定向好、市场营销稳中有进。 贵州茅台取得了预期中的经营业绩。 根据最新披露的半年度报告，2025年上半年，贵州茅台实现营业收入910.94亿元，同比增长9.16%；实 现归母净利润454.03亿元，同比增长8.89%；扣非净利润为453.90亿元，同比增长8.93%。 单纯对比中期业绩，2025年上半年，是贵州茅台自2015年中期以来首次出现营收、净利同比增速均低于 10%。 这样的情况，贵州茅台早有预期。 2024年，贵州茅台经营业绩继续保持15%左右的稳健增长。但在2025年初，贵州茅 ...

Core Viewpoint - Guizhou Moutai reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, driven by both domestic and international markets [2][9]. Financial Performance - The company achieved revenue of 89.39 billion yuan, a year-on-year increase of 9.10% [2]. - Net profit attributable to shareholders reached 45.40 billion yuan, up 8.89% year-on-year [2]. - Moutai liquor generated revenue of 75.59 billion yuan, growing by 10.24%, while series liquor revenue was 13.76 billion yuan, increasing by 4.68% [3][4]. Sales Channels - Direct sales revenue amounted to 40.01 billion yuan, reflecting an 18.63% increase, and accounted for 44.78% of total revenue [6][9]. - Wholesale and agency channels generated 49.34 billion yuan, with a more modest growth of 2.83% [6][9]. - The "i Moutai" digital marketing platform contributed 10.76 billion yuan in non-tax revenue, marking a 4.98% increase [6]. International Market Expansion - Revenue from international markets reached 2.89 billion yuan, a substantial increase of 31.29% year-on-year, highlighting the international market as a new growth driver [9][10]. - The number of overseas distributors increased by 11 to a total of 115 [9]. - Over the past decade, international revenue has grown from 725 million yuan to 2.89 billion yuan, with a compound annual growth rate of 16.62% [9]. Production Capacity - Moutai liquor production reached approximately 43,700 tons, while series liquor production was about 29,600 tons, both showing year-on-year increases [7][8]. - The company maintains a stable production outlook, ensuring quality and supply for future market demands [8]. Brand Value and Market Position - Moutai ranked 14th in the "China's 500 Most Valuable Brands" list with a brand value of 489.21 billion yuan, maintaining its position as the top brand in the food and beverage sector for 13 consecutive years [9]. - In 2024, Moutai accounted for a significant portion of China's liquor exports, with overseas revenue of 5.19 billion yuan, representing a major share of the market [10]. Industry Outlook - The global spirits market is projected to reach 603.1 billion USD by 2025, with significant potential for Chinese liquor exports [11]. - Moutai's strong brand and international strategy position it well for continued growth in the global market [11].

Core Viewpoint - Guizhou Moutai demonstrates stable growth amidst a challenging environment for the liquor industry, with a revenue of 91.094 billion yuan and a net profit of 45.403 billion yuan in the first half of 2025, reflecting year-on-year growth of 9.16% and 8.89% respectively [1] Group 1: Product Strategy and Market Positioning - The company leverages a dual-channel system of "social + self-operated" to optimize its operations and expand sales channels, focusing on diverse product offerings to meet varying consumer needs [2] - Moutai's product strategy includes enhancing its core product lines while also expanding into new areas, such as the launch of limited edition products and innovative marketing approaches [3][4] - The introduction of a commemorative liquor for the 70th anniversary of the "Five-Star Brand" trademark has generated significant consumer interest, showcasing the brand's cultural value and enhancing its market presence [3] Group 2: Consumer-Centric Transformation - Moutai is committed to a consumer-centric approach, focusing on three transformations: customer group transformation, scene transformation, and service transformation, to adapt to changing market dynamics [5][6] - The company aims to engage new business demographics and diversify consumption scenarios, enhancing the overall consumer experience and satisfaction [6] Group 3: International Market Expansion - Guizhou Moutai has seen significant growth in international markets, with overseas revenue reaching 2.893 billion yuan, a year-on-year increase of 31.29% [9] - The company is actively expanding its international presence through market research and brand promotion in over 30 countries, tailoring its marketing strategies to local consumer preferences [9][10] - Moutai's international strategy includes establishing high-end retail partnerships and participating in global events to enhance brand visibility and appeal to luxury consumers [10][11]

Core Insights - Guizhou Moutai reported a revenue of 89.39 billion yuan for the first half of 2025, marking a year-on-year growth of 9.10%, with a net profit of 45.40 billion yuan, up 8.89% [1] Group 1: Business Performance - The company's core product, Moutai liquor, continues to show steady growth, with revenue reaching 75.59 billion yuan, a year-on-year increase of 10.24%, while series liquor generated 13.76 billion yuan, growing by 4.69% [2] - Moutai's production quality remains stable, with Moutai liquor base production at approximately 43,700 tons and series liquor base production at about 29,600 tons [2] - The sales channels for the first half of the year included wholesale and agency channels generating 49.34 billion yuan and direct sales channels contributing 40.01 billion yuan [2] Group 2: Strategic Initiatives - The company has successfully transitioned from a "government + business" model to a "business + gifting + personal consumption" model, targeting younger consumers for growth [3] - International revenue reached 2.89 billion yuan, reflecting a year-on-year growth of 31.26%, indicating a strong push towards internationalization as a key strategic focus [4] - The company is implementing a "three-step" approach to internationalization, focusing on product export, brand and cultural output, and aligning with international standards [4] Group 3: Cultural and Brand Development - The company is enhancing its brand value through initiatives like "Moutai Night" and "Moutai Cultural Festival," which aim to strengthen its cultural presence internationally [5] - The management's ongoing international market research and engagement are aimed at expanding Moutai's global consumer base [5]

Core Viewpoint - Guizhou Moutai's half-year report for 2025 shows stable growth in revenue and profit, driven by strategic reforms and a focus on adapting to changing consumer demands [1][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.09 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 45.4 billion yuan, up 8.9% [1][2]. - The company met its growth target of approximately 9% for the year, reflecting a healthy financial performance amid a challenging market environment [2][4]. - Moutai's core products, including Moutai liquor and series liquor, contributed over 99% of total revenue, with Moutai liquor alone generating 75.59 billion yuan, accounting for 84.6% of total revenue [2]. Business Structure - The revenue structure shows a strong reliance on direct sales, with over 40 billion yuan from direct channels, representing 44.8% of total revenue, while wholesale channels accounted for 52.4% [2]. - Domestic sales dominated, contributing 97.7% of total revenue, while international sales were only 2.3% [2]. Market Strategy - Moutai has increased its marketing and brand investment, with sales expenses rising by 24.6% due to enhanced advertising and market efforts [3]. - The company is focusing on stabilizing partnerships with distributors and optimizing payment terms to alleviate financial burdens on partners [3]. Consumer Trends - The company is adapting to changing consumer preferences, emphasizing emotional and social values associated with products, and targeting new consumer demographics [5][6]. - Moutai is implementing a "three transformations" strategy focusing on customer groups, consumption scenarios, and service enhancements to better align with market demands [5]. Product Innovation - Moutai is enhancing product scarcity and emotional value, exemplified by the recent launch of a limited edition commemorative liquor that sold out rapidly [6]. - The company is diversifying its product matrix, including various specifications of its flagship product, to cater to different consumer needs [5][6]. Market Outlook - The half-year report has garnered positive responses from investors, with multiple institutions issuing buy ratings, indicating confidence in Moutai's long-term prospects [6]. - Analysts believe that Moutai's proactive approach to market changes and focus on sustainable growth will help it navigate current industry challenges [6].

Core Viewpoint - Guizhou Moutai reported a revenue of 893.89 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.10%, with a net profit of 454.03 billion yuan, up 8.89% [2] Financial Performance - In Q2, the company achieved a revenue of approximately 387.88 billion yuan, representing a year-on-year increase of about 7.28%, and a net profit of around 185.55 billion yuan, up about 5.25% [2][8] - For the first half of the year, Moutai liquor generated revenue of 755.90 billion yuan, a growth of 10.24%, while series liquor revenue was 137.62 billion yuan, growing by 4.68% [2][3] Sales Channels - Direct sales revenue reached 400.10 billion yuan, marking an 18.63% increase, while wholesale and agency channels generated 493.43 billion yuan, up 2.83% [6] - The proportion of direct sales revenue increased to 44.78% [6] Market Expansion - Domestic market revenue was 864.59 billion yuan, growing by 8.74%, while international market revenue surged by 31.29% to 28.93 billion yuan, accounting for 3.24% of total liquor revenue [6] - The number of domestic distributors increased by 160, while international distributors rose to 115 [7] Production Capacity - Moutai liquor production reached approximately 43,700 tons, while series liquor production was about 29,600 tons, both showing year-on-year increases [7] Cash Flow and Liabilities - The net cash flow from operating activities was 131.19 billion yuan, down 64.18% year-on-year, attributed to reduced deposits and increased reserve requirements [9] - Contract liabilities decreased to 55.07 billion yuan, a reduction of about 32.73 billion yuan, indicating a strategic move to ease cash flow pressures on distributors [9]

Core Viewpoint - Guizhou Moutai's half-year report for 2025 shows stable growth in revenue and profit despite challenges in the macroeconomic and industry adjustment cycles, indicating a positive overall development trend for the company and the industry [2][3]. Financial Performance - The company achieved total operating revenue of 91.094 billion yuan, a year-on-year increase of 9.16% [2]. - Net profit reached 45.403 billion yuan, reflecting a year-on-year growth of 8.89% [2]. Production and Quality - Moutai liquor base production was approximately 43,700 tons, while series liquor base production was about 29,600 tons, with production quality showing steady improvement [2]. Market Strategy - The company is actively conducting market research and implementing measures to boost market confidence, indicating a proactive approach to market challenges [2]. - Moutai is leveraging a dual-channel system of "social + self-operated" to optimize its operational framework and expand sales channels [2]. Product Development - The strategic core of product structure includes Moutai 1935, Han Sauce, and Moutai Prince liquor, aimed at expanding the sales network and creating model markets [2]. - The company is increasing efforts in international market expansion, collaborating with international events and launching new products [2]. Sales Channels - Moutai liquor and series liquor generated revenues of 75.589 billion yuan and 13.763 billion yuan, respectively [3]. - Direct sales and wholesale agency contributed revenues of 40.009 billion yuan and 49.343 billion yuan, respectively [3]. Distributor Network - As of mid-year, the number of domestic distributors was 2,280, with a net increase of 137, while international distributors numbered 115, with a net increase of 11 [3].

Core Viewpoint - Guizhou Moutai (600519) reported a solid performance in the first half of 2025, with total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [1] Group 1: Financial Performance - The company achieved stable growth in key indicators, laying a solid foundation for completing annual targets [2] - Moutai liquor and series liquor generated revenues of 75.589 billion yuan and 13.763 billion yuan, respectively [3] - The direct sales and wholesale agency channels contributed 40.009 billion yuan and 49.343 billion yuan to revenue [3] Group 2: Market Strategy - Moutai is actively conducting market research and enhancing measures to boost market confidence [2] - The company is leveraging a dual-channel system of "social + self-operated" to optimize operations and expand sales channels [2] - Moutai is focusing on international market expansion, collaborating with global events and launching new products [2] Group 3: Consumer-Centric Approach - The company is transitioning from a product-centered to a consumer-centered model, emphasizing service alongside product offerings [4] - Moutai aims to enhance service capabilities and provide emotional value to consumers [4] - The company is targeting diverse consumer groups and optimizing the entire service process [4] Group 4: Product Innovation and Cultural Integration - Moutai launched a limited edition commemorative product, generating sales of 179 million yuan within a day [5] - The company is shifting from a "government + business" model to a "business + gifting + personal consumption" model, appealing to younger consumers [6] - Moutai's strategy of "controlling volume and stabilizing price + diverse scenarios + cultural value" is key to addressing market segmentation [6] Group 5: Social Responsibility - Moutai is committed to social responsibility, engaging in agricultural support by planting over 600,000 acres of sorghum, benefiting more than 110,000 households [6]

会上，张德芹指出，当前的市场，是一次深刻的时代性跨越，白酒行业正加速从以商品为中心的时代， 转向以消费者为中心的商品时代或者是"商品+服务"的时代。面对白酒行业的根本性时代变革，茅台有 足够的信心与定力成为破冰前行的引领者。 再看市场情况，贵州茅台表示，公司市场营销稳中有进。茅台迎难而上、主动作为，赴省区开展市场调 研，强化措施应对，全力提振市场信心。 在茅台酒方面，公司利用"社会+自营"双渠道体系优势，不断优化运营体系，积极拓展销售渠道；系列 酒方面，以茅台1935、汉酱、茅台王子酒"一体两翼"总体产品结构为战略核心，拓展销售网络，打造样 板市场；同时，贵州茅台全面加大国际市场开拓力度，积极与世博会、亚洲职业高尔夫球巡回赛等国际 IP合作，发布5款"走进系列"新品和"世博会纪念酒"。 半年报显示，报告期内，茅台酒和系列酒分别实现营业收入755.89亿元和137.63亿元；若按销售渠道来 看，直销和批发代理分别贡献营收400.09亿元和493.43亿元。截至今年上半年，贵州茅台国内、国外经 销商数量分别为2280家和115家；报告期内，国内经销商增加160家、减少23家，国内净增加137家，国 外经销商则净增 ...