智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 茅台、五粮液、汾酒、泸州老窖……，中国内地白酒公司的产品正越来越多出现在香港零售终端的货架 上。 虽然地缘上与内地贴近，但长期以来，香港已经形成以葡萄酒、威士忌为主流的消费习惯。随意走进香 港闹市区的一家酒行，轩尼诗XO、麦卡伦威士忌等进口洋酒通常摆在推荐位。产自澳大利亚的奔富葡 萄酒，日本威士忌山崎、響，以及部分清酒也占据着主流渠道。 现在，市场上出现了新的变化，中国内地白酒在香港的货架上变得更加引人注目了。贵州茅台在香港开 设专卖店，山西汾酒进驻兰桂坊，五粮液和国窖1573的广告牌也出现在了维多利亚港。 晚上11点，兰桂坊霓虹灯闪烁，斜坡街道上攒动的人流缓慢涌入一间间酒吧。 来自内地的主理人、韩国和欧洲的表演者、香港本地的调酒师，以及酒单上中国白酒的名字，凑成了喧 闹的周末夜晚。 减税意味着中高档烈酒的终端价格下调，销售机遇到来。中国白酒军团对香港市场展现出了浓厚的兴 趣。 一位在香港经营连锁麻辣香锅店的老板在兰桂坊开设的一间酒吧里，酒单上列有多款中国白酒产品。调 酒师更乐意以白酒为基底做成鸡尾酒，以此展示自己的能力与创意——给茅台系列酒里加几滴贵州酸 ...

《条例》明确，党政机关厉行节约反对浪费，坚持从严从简，带头过紧日子，勤俭办一切事业，降低公 务活动成本，腾出更多资金用于发展所需、民生所盼。其中专门提到，工作餐不得提供高档菜肴，不得 提供香烟，不上酒。 随后，公司董事长张德芹公开表示，对上述《条例》发自内心认可。而年度股东大会不上茅台酒，正是 这种"认可"态度的具体表现。 茅台集团董事长的认可，并不能抵挡市场的担心，当天茅台股份的股价下跌2.18%。很多人认为，一旦 工作餐不提供香烟、不上酒，将大大压缩茅台的市场空间，让其业绩受损。 就在昨天，全国白酒产业的龙头企业贵州茅台（600519）酒股份有限公司2024年度股东大会正式举行。 大会前夜，茅台国际大酒店举行自助晚宴。与往年的晚宴相比，今年最大的不同就是，餐桌上的飞天茅 台酒和茅台系列酒都没有了，变成蓝莓复合果汁。 茅台股东大会不喝茅台酒，在很多人的记忆中，这是大姑娘上轿第一回。 背景在于，就在前不久，中共中央、国务院印发了修订后的《党政机关厉行节约反对浪费条例》(以下 简称《条例》)。 "民酒"要有通民的渠道。一瓶茅台酒出厂价不到1500元，但是零售价高达2000多甚至3000元，整箱价格 会更高，中间 ...

党政机关过紧日子迎来重磅新规。近日，中共中央、国务院印发了修订后的《党政机关厉行节约反对浪 费条例》(以下简称《条例》)。媒体梳理发现，虽然较2013年老版仅增加200多字，但《条例》新增修 订内容针对性强，对近年出现的铺张浪费、"四风"等新问题，完善了相关管理机制，从而更好地落实党 政机关过紧日子，让老百姓过好日子。 厉行节约反对浪费，不同时代呈现的问题有所不同，规定要对新问题作出回应。不难看出，在强调过紧 日子的大背景下，《条例》不仅是原则性的倡导，而且分门别类，一一呈现浪费行为、典型问题的具体 表现，站在执行方尤其是基层党政机关的角度来说，就能更直接地找到指引。 比如，在备受关注的公务接待部分，《条例》明确接待单位应当严格按照标准安排接待对象的住宿用 房，协助安排用餐、用车的按照标准收取伙食费、交通费。工作餐不得提供高档菜肴，不得提供香烟， 不上酒。尽管规定不算新颖，但还是在社交媒体上引发热议。 过去外界关注公务接待问题主要是通过"三公"经费，而随着部分现象级问题曝光，规范公务接待的呼声 变得越来越强烈。去年媒体报道的案例中，"某县政府直属部门2023年国内公务接待超过300批次，平均 每个工作日需接待 ...

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].

21世纪经济报道肖夏综合报道 5月中旬，酒业业绩说明会持续推进，投资者与管理层的问答中陆续出现一些新增信息量，不少酒企表 达也相当坦白：泸州老窖表示近期渠道正常发货备战端午销售，张裕对当前葡萄酒市场短期并不乐观， 青岛啤酒表示不排除整合优质资产，燕京啤酒也正面回应了推出汽水品牌背后的考量。 酒业要闻 21世纪经济报道记者注意到，至此贵州茅台已经完成本轮回购计划的2/3，距离此次回购周期结束还有 半年以上。贵州茅台此前公告，计划在股东大会审议通过后的12个月内，出资30亿元（含）至60亿元 （含）回购公司股份。此外，茅台上个月已经公告，已经着手起草新一轮回购方案，控股方茅台集团也 已着手起草增持方案。 茅台、五粮液座谈：携手共克时艰不内卷、不内战、不内耗 公务接待不得供烟酒 新华社5月18日消息，近日中共中央、国务院印发了修订后的《党政机关厉行节约反对浪费条例》并发 出通知，要求各地区各部门认真遵照执行。 其中指出，建立健全国内公务接待集中管理制度。党政机关公务接待管理部门应当加强对国内公务接待 工作的管理、指导和监督。党政机关应当建立国内公务接待审批控制制度，严格执行公函制度，对无公 函的公务活动一律不予接待 ...

北京时间 4 月 29 日下午，贵州茅台发布了 2025 年 Q1 季度业绩，由于距离年报披露间隔时间不到 1 个月，期间股价变化也不是很大，因此本文我们更多侧重对茅 台 Q1 季度业绩的分析&2025 年 全年业绩的展望： 1、业绩如期降速 ：1Q25 茅台共实现营收 514.4 亿元，同比增长 10.7%，略超市场一致预期（市场预期为 507 亿元）。小幅超出了全年 9% 的增速目标，但从往年 茅台分季度的营收节奏看，由于一季度包含了春节白酒的传统旺季，因此增速一般情况都是最高的， 一季度增长 10% 说明 2025 年全年业绩放缓到高单位数已是 大概率事件。 盈利方面，1Q25 茅台实现归母净利润 268.5 亿元，同比增长 11.6%，重新快于营收端增速， 海豚君推测主要由于一季度公司持续加大了茅台非标酒（公斤酒 +100ml 小酒 + 生肖酒）的投放力度。 2、茅台酒：控货挺价 ：1Q25 茅台酒实现营收 435.6 亿元，同比增长 9.7%。虽然茅台在季报中不披露产销量情况，但考虑到飞天控货挺价，海豚君推测茅台酒的 增长更多还是来源于非标酒投放增加所带来的价格端的贡献。 3、系列酒：轻装上阵，重新 ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 514.4 billion yuan in Q1 2025, representing a year-on-year increase of 10.7% [7] - The net profit attributable to shareholders reached 268.5 billion yuan, with a year-on-year growth of 11.6% [7] - The company is focusing on dual drivers of revenue growth from both Moutai liquor and series liquor, with a planned revenue increase of 9% for 2025 [7] - The company aims to optimize product and channel matching to explore revenue increments, maintaining stable pricing for Moutai liquor [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023A: 150,560 million yuan - 2024A: 174,144 million yuan - 2025E: 190,054 million yuan - 2026E: 206,830 million yuan - 2027E: 227,000 million yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 18.04% - 2024A: 15.66% - 2025E: 9.14% - 2026E: 8.83% - 2027E: 9.75% [1] - Net profit attributable to shareholders is forecasted as follows: - 2023A: 74,734 million yuan - 2024A: 86,228 million yuan - 2025E: 93,203 million yuan - 2026E: 100,942 million yuan - 2027E: 110,276 million yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 19.16% - 2024A: 15.38% - 2025E: 8.09% - 2026E: 8.30% - 2027E: 9.25% [1] Valuation Metrics - The latest diluted EPS (Earnings Per Share) estimates are: - 2023A: 59.49 yuan - 2024A: 68.64 yuan - 2025E: 74.19 yuan - 2026E: 80.35 yuan - 2027E: 87.79 yuan - The corresponding P/E (Price to Earnings) ratios are: - 2023A: 25.95 - 2024A: 22.49 - 2025E: 20.81 - 2026E: 19.21 - 2027E: 17.59 [1]

在白酒行业漫长的磨底阶段，市场出清与结构优化的进程仍在稳步推进。4月29日，贵州茅台发布2025年一季度财 报显示，公司实现营业总收入514.43亿元，同比增长10.67%；实现归属于上市公司股东的净利润268.47亿元，同 比增长11.56%。在行业整体承压的背景下，贵州茅台交出的这一成绩单显示出其作为行业龙头的抗风险能力，也 为正处于调整期的白酒行业注入了一剂强心针。 打开增量空间 在4月初发布的年报中，贵州茅台曾披露2025年营业总收入增长9%的温和增长目标，最新发布的一季报显示，尽 管行业在一季度遭遇集体挑战，但其营收与净利润依旧保持双位数增长，并且一季度营业总收入更是首次跨越500 亿元大关。 白酒行业分析师蔡学飞4月29日对《华夏时报》记者表示，在如此复杂的市场环境下，在如此巨大的体量下，茅台 能够获得营收与利润的双位数增长，确实证明了茅台无法撼动的市场领导地位。 在茅台的业绩版图中，系列酒和海外市场正成为其发展的最新增长极。财报显示，茅台系列酒在一季度实现营收 70.22亿元，同比增长18.30%。海外市场同样成为茅台发展的新亮点，一季度其在海外实现营收11.19亿元，同比 增长37.53%，而 ...

Core Performance - The company achieved total revenue of 51.443 billion yuan in the first quarter, representing a year-on-year growth of 10.67% [1] - The net profit attributable to shareholders reached 26.847 billion yuan, with a year-on-year increase of 11.56%, exceeding the annual growth target of 9% [1][4] - The revenue from Moutai liquor was 43.557 billion yuan, growing by 9.7%, while the revenue from series liquor surged by 18.3% to 7.022 billion yuan, contributing to the company's second growth curve [4][5] Financial Highlights - The operating cash flow net amount was 8.809 billion yuan, with a cash balance of 176.548 billion yuan at the end of the period, reflecting a 3.87% increase from the beginning of the year [5] - The company's asset-liability ratio remained low at 14.14%, indicating strong financial health [5] Strategic Initiatives - The company is focusing on a "three transformations" strategy to adapt to the industry's shift from "incremental expansion" to "stock competition," targeting the Z generation and high-net-worth individuals [6] - The international revenue reached 1.119 billion yuan, marking a year-on-year increase of 37.53%, with plans to exceed 5 billion yuan in overseas revenue by 2024 [6] - The company is enhancing its global presence through partnerships with international distributors and participation in global events to strengthen brand output [6]