Core Viewpoint - The recent wave of executive changes in the liquor industry reflects a broader trend of management turnover amid deep adjustments within the sector, with over 10 major liquor companies experiencing core management changes in the past year [2][11]. Group 1: Executive Changes - He Xiuxia, the general manager of Jinzhongzi Liquor, resigned in early July, returning to China Resources Beer headquarters, following the departure of Hou Xiaohai from the chairman position at China Resources Beer [2][3]. - The resignation of He Xiuxia is indicative of a larger trend, as her tenure saw Jinzhongzi Liquor continue to struggle, with a reported revenue of 925 million yuan in 2024, a 37.04% decline year-on-year, and a loss of 258 million yuan, which is over ten times the loss from 2023 [2][11]. - The internal adjustments within China Resources have led to significant personnel changes across its liquor subsidiaries, with recent shifts at Shanxi Fenjiu and Jinsha Liquor, among others [7][10]. Group 2: Strategic Implications - The turnover of executives is not merely a personnel issue but is closely tied to strategic shifts within companies, as the liquor market faces structural changes and declining demand [11][14]. - Jinzhongzi Liquor's management attempted various reforms under He Xiuxia, including eliminating low-end products and focusing on mid-to-high-end offerings, but these efforts did not yield the desired results [11][13]. - The ongoing changes in leadership are seen as a response to performance pressures and the need for strategic realignment, with new leaders often bringing fresh perspectives and approaches to the market [14][17]. Group 3: Industry Trends - The liquor industry is experiencing a shift towards professional management, with an increasing number of experienced professionals and younger executives being appointed to leadership roles [15][17]. - The trend of internal promotions and the appointment of individuals with market experience is becoming more prevalent, as companies seek to enhance their operational effectiveness [16][17]. - The current environment necessitates a more scientific approach to management, as the industry grapples with challenges such as market contraction and changing consumer preferences [15][17].

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].

5月12日，贵州茅台（600519）召开2024年度及2025年第一季度业绩说明会，公司董事王莉(代行总经理 职责)、公司独立董事郭田勇、公司副总经理、财务总监、董事会秘书蒋焰参会，并回答投资者相关提 问。 在业绩说明会上，有投资者提问，茅台原定位千元价位带的茅台1935实际市场成交价格在700元左右， 已脱离千元价位带竞争，对此公司如何看待？ 王莉表示，在行业深度调整期，茅台始终坚信"一枝独秀不是春，百花齐放春满园"，我们愿与其他兄弟 酒企一道，以"竞合"破局，以"携手"成事，共同培育白酒行业理性消费生态，探索差异化发展路径，通 过不同价格带、不同风味的产品矩阵，为消费者提供更丰富的层次体验，共同推动全行业穿越周期、高 质量发展。 茅台1935酒，是酱香系列酒的核心品牌。王莉表示，2025年，茅台1935酒将持续围绕"强品牌、树单 品、助渠道、夯基础、提服务"等多方面开展市场工作，努力提升茅台1935"产品力、渠道力、品牌力、 终端控制力"，持续夯实市场基础，提升产品势能。 据王莉介绍，2025年春节期间茅台1935动销同比大幅增长，今年1-4月，市场表现稳定，动销达成预 期。王莉表示，做好茅台1935酒的 ...

Core Insights - The company reported resilient performance during the industry adjustment period, with 2024 revenue of 170.9 billion yuan, a year-on-year increase of 15.71%, and a net profit of 86.228 billion yuan, up 15.38% [1] - For 2025, the revenue growth target has been adjusted to 9%, reflecting a shift from high-speed growth to high-quality development [1][8] Group 1: Revenue and Profit Performance - In Q1 2025, the company achieved revenue of 50.601 billion yuan, a year-on-year increase of 10.54%, and a net profit of 26.847 billion yuan, up 11.56% [1] - The direct sales revenue for 2024 was 74.912 billion yuan, growing by 11.32%, accounting for 43.83% of total revenue, while wholesale revenue reached 95.988 billion yuan, up 19.73%, making up 56.17% of total revenue [2] Group 2: Changes in Sales Channels - The decline in direct sales revenue proportion is attributed to increased wholesale channel revenue due to price hikes and significant growth in series liquor sales [2] - The i-Moutai platform saw a decline in revenue to 20.024 billion yuan, down 10.51%, marking the first revenue drop since its launch [2][3] Group 3: Product Strategy and Market Positioning - The company aims to enhance the market presence of Moutai 1935, which has generated nearly 30 billion yuan in sales over three years, despite facing price competition [5][6] - Moutai 1935's sales strategy includes improving consumer engagement and expanding sales channels through various marketing activities [7] Group 4: Industry Context and Future Outlook - The company acknowledges the shift in the industry towards rational consumption and aims to adapt its product offerings to meet changing consumer preferences [8] - The company is focused on enhancing internal efficiency and governance to create greater value for shareholders [8]

在白酒市场竞争日益激烈、线上消费趋势持续升温的背景下，贵州茅台持续发力线上渠道布局。 4月15日，贵州茅台酱香酒营销有限公司官方微信公众号发布公告，面向社会招募主题终端店在美团、饿了么和抖音平 台的运营商。而在去年12月，该公司也曾发布公告，面向社会公开招募茅台酱香酒京东、天猫旗舰店运营商。 业内人士指出，线上渠道在白酒销售中的地位愈发重要，贵州茅台此次招募美团、饿了么和抖音平台运营商将进一步 完善其酱香系列酒在电商平台上的销售、监管等机制。 招募抖音等平台运营商 随着互联网的发展以及电子商务的日益成熟，线上销售渠道已成为白酒企业拓展市场、提升品牌影响力的重要途径。 在此背景下，贵州茅台持续加大线上渠道布局。4月15日，贵州茅台酱香酒营销有限公司发布公告，面向社会招募主题 终端店（约5000—7000家）在美团、饿了么和抖音平台的运营商。 入选的运营商将为茅台酱香酒公司产品在美团、饿了么或者抖音平台提供运营服务，包括但不限于基础搭建一站式服 务（如平台入驻、系统对接等）、产品优化、店铺装修、营销规划、付费流量-广告代投、门店培训、短视频拍摄、直 播、达人带货、售前、售中、售后等。 去年12月，贵州茅台酱香酒营 ...