6月30日，2025年APEC工商领导人峰会全球推介会（以下简称"推介会"）在北京举行。在这场聚焦亚太 经济未来的盛会上，五粮液精彩亮相，深度参与推介会、合作签约、主题晚宴等系列活动，正式成为 2025年APEC工商领导人峰会"铂金级赞助商"，这标志着五粮液与这一亚太地区最高级别工商盛事的缘 分迈入第七个年头，双方将继续携手，以源自东方的"和美之酿"架设亚太合作新桥梁。 APEC工商领导人峰会是APEC经济体领导人共商亚太重要事务、推动贸易自由化与经济合作的最高级 别峰会。本次推介会作为10月在韩国庆州召开的2025年APEC峰会的序章，围绕"开放·可持续·创新—— 亚太经济繁荣新引擎"等议题激荡智慧，旨在提升工商界对峰会主题"桥梁·商业·超越"及核心议题的认 知，深化APEC经济体间合作，为峰会预热造势。 五粮液相关负责人表示，七度携手APEC，五粮液将持续以美酒为桥、以文化为媒，深度融入全球产业 链、价值链、创新链，不断探索更多行业可持续发展路径，践行引领中国白酒实现高质量发展的责任， 为助力亚太商业繁荣贡献中国品牌担当，为全球交流互鉴、共赢发展注入更多中国企业智慧。 据悉，今年10月，这份传承逾千年的" ...

Core Viewpoint - The impact of e-commerce promotions on the liquor market, particularly for Moutai, is temporary and has shown signs of recovery in pricing [1] Pricing Trends - On June 26 and 27, the price of 500ml Moutai on various third-party platforms increased by over 200 yuan in a single day, indicating a strong rebound in pricing [2] - Offline prices for Moutai remained stable, generally above 2000 yuan, with specific stores reporting prices of 2048 yuan and 2200 yuan for scattered bottles [2][3] - The online transaction prices during the 618 promotion were influenced by significant subsidies from e-commerce platforms, but actual settlement prices at offline terminals remained stable [3] Consumer Behavior and Market Dynamics - Moutai's stable offline prices reflect its strong demand and supply dynamics, as it is recognized as a high liquidity consumer product [3][5] - The core consumers of Moutai prioritize authenticity over low prices, indicating a strong brand loyalty [5] - Moutai's management has initiated a "three transformations" strategy focusing on new consumer groups, innovative consumption scenarios, and a shift in service approach [5][6] Cultural and Emotional Connection - Moutai aims to transcend its role as a beverage, becoming a medium for emotional connections during significant life events [6] - The brand's recent product launches and market activities have successfully engaged consumers, reinforcing its cultural significance [7][8] Market Resilience and Future Outlook - Moutai's sales have shown stable growth across various channels, indicating strong market resilience [8] - The brand's ability to adapt to consumer needs and innovate its product offerings positions it well for future stability and growth in the high-end liquor market [9]

黄牛的"滑铁卢" 最近茅台酒的价格像坐上了过山车，跌得让人很是惊讶，天茅台的批发价从年初的2500元一瓶，硬生生跌到6月中旬的2050元，散瓶甚至跌破2000元大关。 更夸张的是，价格还在一天天往下掉，市场上更是一片哀嚎，那些曾经靠囤茅台赚得盆满钵满的黄牛，如今却成了"烫手山芋"的接盘侠。 为何会出现这样的情况呢？被称为"液体黄金"的茅台酒还能恢复到往日的荣光吗？ 前言 就在前几天，我国的名酒"飞天茅台"的价格一跌再跌，到了6月19日，散瓶的飞天茅台已经跌至了1930元/瓶，有的电商更是跌至1840元/瓶，如今还在不断下 跌。 被人们戏称"硬通货"的飞天茅台，价格也是一直在缓慢增长，如今却直线下跌，其实叫苦的并不是酒厂，而是那些囤货的黄牛们，许多黄牛更是声称自己已 经赔了一辆奔了。 文|阅微札记 编辑|阅微札记 年初信心满满囤了一仓库茅台的黄牛，眼睁睁看着茅台价格一直在缩水，当初投资的成百上千万都将会打了水漂。 更有人说到：自己亏的钱都够买一辆奔驰了！更别提那些炒作特殊款的玩家，像公斤茅台、蛇年生肖酒的价格直接腰斩，连官方指导价都守不住。 曾经的"液体黄金"如今成了"烫手山芋"，黄牛群里从前一天几百条消息的热 ...

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].

5 月 12 日，贵州茅台在线上召开 2024 年度及 2025 年第一季度业绩说明会，直面市场对茅台 1935 价格失守的关切。 国际化成为新增长极。2024 年茅台出口销量突破 2100 吨，营收首超 50 亿元，其中高附加值茅台酒销量增长超 40%，酱香系列酒增长 30%（来源：2025 年 国际渠道商联谊会、年报）。2025 年茅台将香港、日本、新加坡定为样板市场，计划通过 "六大体系" 建设（表达、产品、价格、渠道、合规、政策），在 亚洲市场建立标准化服务流程。一季度重点拓展东亚、南亚市场，通过品鉴活动、文化输出触达当地消费者，国际收入占比从 2023 年的 2.88% 提升至 2024 年的 3.0%。 此外，茅台正通过产品创新重构市场认知。2025 年计划推出乙巳蛇年生肖酒、笙乐飞天等新品，并开发文创产品，试图以文化溢价对冲价格压力。针对年 轻客群，茅台酱香酒尝试内容电商，在抖音、快手开展场景化营销，吸引"新商务"人群。 茅台 1935 的价格崩塌始于 2023 年春节后的供需失衡。这款 2022 年 1 月上市即被爆炒至 1800 元的产品，在 2023 年迎来产能集中释放，全年销量激增 12 ...

Core Insights - The company reported a revenue of 172 million yuan for 2024, an increase of 11.87% year-on-year, and a net profit of 27.7 million yuan, up 284.55% year-on-year [1] - In Q1 2025, the company achieved a revenue of 38.67 million yuan, a growth of 6.40% year-on-year, with a net profit of 3.44 million yuan, increasing by 294.78% [1] Group 1: Market Expansion and Sales Strategy - The company is actively expanding its market outside Gansu province, with a 91.41% year-on-year increase in revenue from these regions, raising their contribution to total revenue from 14.59% to 24.96% [2] - Direct sales have become a significant revenue contributor, with a year-on-year growth of 75.02%, and a gross margin of 76.54%, exceeding the gross margin of the distribution model by 16.13 percentage points [2] - The company has seen a remarkable increase in non-recurring net profit over three consecutive quarters, with growth rates of 1583.23%, 179.79%, and 1391.46% [2] Group 2: Product Innovation and Quality Control - The company has enhanced its market competitiveness through product innovation and strict quality control measures, leading to multiple awards at international competitions [3][4] - New product development has been a focus, resulting in the launch of 19 new products, including various types of liquor and wine [4] Group 3: Legal and Financial Improvements - The resolution of historical legal issues has significantly improved the company's profitability and financial status, including a settlement of 4.3 million yuan for the Wuxi Meilin case [5] - All historical lawsuits have been resolved since the takeover by Gansu Shengda Group, which has positively impacted the company's financial health [5] - The company plans to continue strengthening brand building and optimizing management systems in response to the complex market environment in 2025 [5]