贵州茅台Q1“开门红”，利润双增超10%，季度营收首破500亿

Core Performance - The company achieved total revenue of 51.443 billion yuan in the first quarter, representing a year-on-year growth of 10.67% [1] - The net profit attributable to shareholders reached 26.847 billion yuan, with a year-on-year increase of 11.56%, exceeding the annual growth target of 9% [1][4] - The revenue from Moutai liquor was 43.557 billion yuan, growing by 9.7%, while the revenue from series liquor surged by 18.3% to 7.022 billion yuan, contributing to the company's second growth curve [4][5] Financial Highlights - The operating cash flow net amount was 8.809 billion yuan, with a cash balance of 176.548 billion yuan at the end of the period, reflecting a 3.87% increase from the beginning of the year [5] - The company's asset-liability ratio remained low at 14.14%, indicating strong financial health [5] Strategic Initiatives - The company is focusing on a "three transformations" strategy to adapt to the industry's shift from "incremental expansion" to "stock competition," targeting the Z generation and high-net-worth individuals [6] - The international revenue reached 1.119 billion yuan, marking a year-on-year increase of 37.53%, with plans to exceed 5 billion yuan in overseas revenue by 2024 [6] - The company is enhancing its global presence through partnerships with international distributors and participation in global events to strengthen brand output [6]