贵州茅台股东会交流纪要

Summary of the Conference Call on Moutai's Shareholder Meeting and Research Feedback Company Overview - The conference call pertains to Moutai, a leading Chinese liquor company known for its premium baijiu products. Key Points and Arguments Market Demand and Management Strategy - Management expressed confidence in their long-term strategy and short-term market issues, indicating readiness to address challenges through various measures such as channel expansion, new product development, private customer engagement, internationalization, and customer base transformation [1] - There is a prevailing market perception of a significant decline in Moutai's demand, particularly in business banquets and gift-giving, with a reported drop exceeding 20% in these segments [1] Management's Response to Demand Concerns - Management rejected the notion of "relief" for current demand issues, framing it instead as a supply-demand adaptation problem, asserting that the fundamental attributes and demand for Moutai remain unchanged [1] - The company aims to enhance consumer engagement by providing functional, experiential, and emotional value [1] Growth Projections - No explicit growth guidance was provided for 2025, but channel research suggests a potential slowdown to around 8% growth [1] - The management acknowledged the significant decline in business banquet and gift demand, indicating that the target growth rate of 3-5% may not address the core supply-demand conflict [1] Pricing Strategy - There is speculation that the retail price of the flagship product, Feitian, may increase to 1699 RMB per bottle, which could enhance direct sales revenue [3] New Product Development - Plans for new product launches include a new series of zodiac-themed Moutai after 2025 and the introduction of a new product priced at 1388 RMB between the 1935 and Feitian offerings [3][4] Channel Strategy - The management highlighted a dual-channel approach consisting of 4 direct channels (including direct stores and large customer group purchases) and 6 social distributor channels (including traditional distributors and e-commerce) [4] - The company plans to expand its channels in 2025 under a principle that prevents arbitrage, aiming to reach more consumers [4] Internationalization Goals - Moutai aims to become an international company by 2035, currently focusing on exporting products and planning to enhance its international presence through various systems including product, service, and cultural frameworks [5][6] Consumer Engagement and Experience - The company emphasizes the importance of consumer interaction and respect, adapting strategies to engage consumers effectively and at low cost [7] - Moutai is planning to establish brand culture experience centers nationwide to create immersive consumer experiences [8] Service Transformation - The company is shifting its service focus from primarily business settings to include private gatherings and new customer segments, implementing a comprehensive strategy that has shown positive results since Q3 of the current year [9]