来源：智趣财经社 2025年上半年，茅台酒类毛利率出现罕见下滑。尽管茅台酒收入同比增长10.24%至755.9亿元，直销渠 道收入增长18.6%至400.1亿元（占比44.76%），理论上应带动毛利率提升，但实际结果却相反。财报显 示，酒类整体毛利率同比下降0.5个百分点至91.5%。 2025年8月12日晚，贵州茅台（600519）发布了一份令市场颇感意外的半年度报告：上半年实现营业总 收入894亿元，同比增长9.16%；归母净利润454.03亿元，同比增长8.89%。这是自2015年以来，茅台上 半年营收增速首次跌破两位数，也是2021年后净利润增速再度回归个位数区间。数据发布次日，茅台股 价应声下跌1.18%，收于1420.05元，主力资金净流出规模显著扩大，市场情绪明显转向谨慎。 这份成绩单背后，既折射出白酒行业深度调整期的宏观压力，也暴露出茅台自身战略转型中的结构性矛 盾。作为行业风向标，茅台的"降速"不仅是个案，更预示着中国白酒市场正经历一场由政策、消费结 构、竞争格局共同驱动的深刻变革。 增速换挡：从"日均赚3.28亿"到"2.5亿" 对比2024年全年数据，茅台的盈利神话已悄然生变。2024年 ...

Core Viewpoint - The Chinese liquor industry is facing severe challenges due to weak consumer demand and intensified competition, leading to price declines and increased inventory levels across the sector [1][3][6]. Group 1: Industry Challenges - The liquor industry is experiencing a significant downturn, with over 60% of liquor companies and distributors reporting reduced operating profits in the first half of the year [1][6]. - Channel inventory has reached historical highs, with an average inventory turnover period of 900 days, a 10% increase from the previous year, and a 25% year-on-year rise in inventory levels [3][6]. - Price inversion is becoming more widespread, with over 50% of distributors and retailers reporting increased levels of price inversion, and 40% facing cash flow pressures [3][4]. Group 2: Company-Specific Issues - Even leading companies like Kweichow Moutai are under market pressure, with significant price inversions observed in their non-standard products, exceeding 20% for several items [4][5]. - The core product, 53-degree, 500ml Moutai, saw its price drop from approximately 2180 yuan to 1720 yuan during Q2, with current prices remaining below 1900 yuan [5][6]. Group 3: Competitive Landscape - The industry is witnessing a trend of "involution" where companies are engaging in price wars to survive, which is seen as a short-term solution that does not address the underlying issues of supply and demand imbalance [2][7]. - Major liquor companies are calling for a halt to "involution-style" competition and price wars, advocating for strategies such as reducing supply, enhancing quality, and focusing on niche markets [2][8][9].