茅台经销商大会政策解读 20251229 摘要 茅台调整产品结构，旨在打造金字塔型产品矩阵，明确各产品价格带， 避免相互挤压。千元以下为 1,935 系列，1,500-2000 元为飞天系列， 2000-3,000 元为精品系列，4,000 元以上为 15 年系列，确保各产品 定位清晰，价差合理，实现协同效应。 公司计划减少非标小包装茅台（如 100 毫升、200 毫升、公斤装），以 稳定 500 毫升普飞的市场地位，提高市占率和开瓶率。原因是小包装受 众面窄，未能与飞天形成互补，反而冲击了飞天。 茅台计划将精品茅台打造成大单品，目标价格控制在 2000 元以上，并 有望成为 500 亿以上的大单品。2025 年精品茅台总量约为 400 亿元， 减量约为 100-200 亿元，目前精品体量不到 100 亿元，通过调整，精 品可以达到 200 亿以上。 公司强调保持自营或直控终端渠道中普飞茅台价格的平等性，即 1,499 元。即使春节期间供需压力大，批价短暂跌破 1,500 元，公司仍会维持 1,499 元终端零售供应，以稳定市场秩序，提升品牌形象和消费者满意 度。 Q&A 请介绍一下茅台在 2026 年的整体 ...

Core Viewpoint - Hubei Baiyunbian Distillery is struggling to achieve its ambitious sales targets, with a 2024 revenue of 7.83 billion, falling short of the 8.2 billion goal, indicating a stagnation in growth and market penetration [1][3][16] Group 1: Sales Performance - Baiyunbian's 2024 sales revenue reached 7.83 billion, a 1% increase year-on-year, but only 95% of the planned target [1] - The company has not met its previous ambitious goal of reaching 10 billion in sales by 2017, with the highest revenue recorded at 4.414 billion in 2017 [1][14] - In the Guangdong market, Baiyunbian achieved sales of 120 million in 2024, completing 87.5% of its annual plan, with a year-on-year growth of 7.24% [4] Group 2: Market Challenges - Baiyunbian's growth is perceived to have entered a saturation phase, particularly in its home province, where competition from well-known brands is intensifying [1][5] - The brand struggles to cultivate new customer segments outside its traditional base, with a significant portion of sales reliant on Hubei migrants in Guangdong [5][9] - The company faces challenges in brand recognition and acceptance of its products in new markets, leading to low channel profitability [7][9] Group 3: Competitive Landscape - Baiyunbian is losing market share to competitors like Wuliangye and Yanghe, which maintain sales around 2 billion in Hubei, while Baiyunbian's high-end market presence is weak [9][10] - The company’s pricing strategy does not align well with consumer preferences, as many consumers opt for national brands over local offerings in the premium segment [10][12] - Baiyunbian's attempts to push high-end products have not resonated with the market, as evidenced by low sales of its higher-priced offerings [10][12] Group 4: Management and Strategic Issues - The management team is criticized for being outdated, with a lack of innovative marketing strategies and an inability to respond effectively to competitive pressures [12][14] - Baiyunbian's ambitious sales goals have been repeatedly postponed, with the next target set for 2025 requiring a significant increase in growth rate to achieve [16]