（文/朱道义 编辑/张广凯） 在行业处于深度调整、同行业绩承压的背景下，白酒龙头交出了一份兼具韧性与挑战的成绩单。 近日，贵州茅台（股票代码：600519.SH）披露了2025年中期业绩。报告期内，公司营业总收入910.94亿元，同比增长9.16%；归属于上市公司股东的净利润 454.03亿元，同比增长8.89%。 对于这样的情况，贵州茅台或许早有预期？今年5月12日的2024年度业绩说明会上，公司党委副书记、董事王莉曾表示，"眼下茅台已进入由高速增长向高质 量发展的换档期，公司在充分考虑行业形势、自身产能、市场环境和公司长期战略布局的基础上，制定了2025年度9%的收入增长目标。"如此一看，茅台似 乎已完成了年初既定的增长目标。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | | 本报告期 | | 本报告期比 | | 主要会计数据 | (1-6月) | 上年同期 | 上年同期增 | | | | | 減(%) | | 营业收入 | 89, 389, 354, 416. 84 | 81, 930, 977, 667. 75 | 9. 10 | | 利润总额 | ...

【导读】贵州茅台上半年营收同比增长9.16%，归母净利润同比增长8.89% 刚刚，备受关注的贵州茅台2025年半年报出炉，这也是白酒行业首份半年报，一起来了解一下。 报告期内，公司实现营业总收入910.94亿元，同比增长9.16%；实现营收893.89亿元，同比增长9.10%；实现归母净利润454.03亿元，同比增长8.89%。 | | | 单位: 元 | 币种:人民币 | | --- | --- | --- | --- | | | 本报告期 | | 本报告期比 | | 主要会计数据 | (1-6月) | 上年同期 | 上年同期增 | | | | | 減(%) | | 营业收入 | 89, 389, 354, 416. 84 | 81, 930, 977, 667. 75 | 9. 10 | | 利润总额 | 62.778.000.766.82 | 57.578.281.653.44 | 9.03 | | 归属于上市公司股东的净利润 | 45, 402, 962, 298. 10 | 41.695.610.983.37 | 8.89 | | 归属于上市公司股东的扣除非经 | 45,390,247,623.82 ...

Core Viewpoint - Guizhou Moutai's revenue for the first half of 2025 increased by 9.16% year-on-year, with net profit attributable to shareholders rising by 8.89% [2][3] Financial Performance - Total revenue reached 910.94 billion, a 9.16% increase from the previous year; revenue from main operations was 893.89 billion, up 9.10% [2][3] - Net profit attributable to shareholders was 454.03 billion, reflecting an 8.89% year-on-year growth [2][3] - The company set a revenue growth target of approximately 9% for 2025, which has been slightly exceeded in the first half [3] Market Context - The white liquor industry is undergoing significant adjustments, with 60% of companies experiencing price inversion, indicating supply-demand imbalances and increased channel pressures [8] - The price of Feitian Moutai has dropped by 36.15% since 2022, highlighting changes in consumption scenarios [8] Product Performance - Moutai liquor, a key product, generated revenue of 755.90 billion, up 10.24%, while series liquor revenue was 137.63 billion, increasing by 4.69% [8] - Direct sales channels contributed 400.10 billion, a growth of 18.63%, while wholesale channels saw a 2.83% increase [9] Strategic Initiatives - Guizhou Moutai is adapting to market changes through innovative strategies, including partnerships with e-commerce giants and the introduction of new product formats [10][11] - The launch of a high-end 70th anniversary Moutai priced at 7000 yuan aims to target the luxury market [10][13] - The introduction of a "1×4" bottle packaging is designed to cater to smaller gatherings and gifting scenarios, reflecting a shift in consumer preferences [13] Industry Outlook - Other liquor companies are facing poor performance, with several reporting significant declines in revenue and profit [15] - The overall sentiment in the white liquor market suggests a potential recovery in 2026, with expectations of improved conditions in the fourth quarter of 2025 [16]