记者注意到，今日流出的会议现场照片显示，茅台将在2026年"不再使用分销方式"。白酒独立评论员肖 竹青表示，过去茅台各省销售公司会以市场建议零售价的90%向代理商分销。由于500毫升飞天茅台酒 以外的许多茅台产品市场价格低于建议零售价，这部分产品加剧了代理商的价格倒挂，带来隐性亏损负 担。明年"不再采用分销方式"，相当于为代理商减负。 有茅台经销商今日向记者表示，如果按当前批发价出售，算总账确实会存在一定亏损，但考虑到前几年 茅台生意好做也持续盈利，现阶段的亏损尚可承受。其表示，目前还未接到具体的政策调整通知，但希 望茅台管理层能真正减少市场供应量。 （文章来源：第一财经） 会议上，茅台集团党委书记、董事长陈华表示，首先是让市场更"稳"，要坚持长期主义，致力让茅台的 产品和价格适配市场需求和消费意愿，让其彰显应有的价值和意义。一方面，要供需适配稳基础，在 2026年的投放计划中，适当减少高附加值产品的量，目的就是坚持市场导向和价值导向，进一步明晰产 品定位，更加精准地界定普茅、精品、陈年等产品面向的不同客群和消费场景，靶向施策开展相关市场 活动和品牌宣传，打造更加稳固的"金字塔"型产品体系。另外将根据市场供需 ...

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]