贵州茅台：一季度表现亮眼，稳坐市场 “压舱石”

Core Viewpoint - Guizhou Moutai demonstrates strong performance in Q1 2025, with revenue of 51.443 billion yuan and net profit of 26.847 billion yuan, reflecting a year-on-year growth of 10.67% and 11.56% respectively, solidifying its market position and instilling confidence in the industry [1] Financial Performance - In Q1 2025, Guizhou Moutai achieved total revenue of 51.443 billion yuan, a 10.67% increase year-on-year, and a net profit of 26.847 billion yuan, up 11.56% [1] - For the full year 2024, the company reported total revenue of 174.144 billion yuan, a 15.66% increase, with total profit of 119.639 billion yuan, up 15.41%, and net profit of 86.228 billion yuan, reflecting a 15.38% growth [1] Market Strategy - Guizhou Moutai employs a dual-channel strategy of "traditional channel deepening + direct sales channel enhancement," balancing agency and direct sales to create a healthier channel ecosystem, which has led to reduced inventory turnover days and stable high prepayments [1] - The company has seen a significant increase in sales of its series of products, with Q1 sales reaching 7.022 billion yuan, marking an 18.3% year-on-year growth, driven by strong demand for its flagship product, Feitian Moutai [2] Product Development - Moutai's product lineup includes a pyramid structure, with high-end products like Moutai 1935 at the top, mid-range products like the upgraded Prince Wine (Sauce Aroma Classic) 2.0, and entry-level products like the 100ml "Little Moutai," catering to a wide price range and avoiding competition with the main brand [2] - The company has successfully increased its market share in celebratory occasions, achieving a 28% market share in banquet wines in regions like Guangdong and Fujian, with a bottle opening rate of 67% [3] International Expansion - In Q1, Guizhou Moutai's overseas revenue reached 1.119 billion yuan, a 37.53% increase, showcasing significant progress in international market expansion [3] - The company has implemented a "One Belt, One Road" strategy, distributing products to 64 countries and regions across five continents, enhancing its global influence [3] Industry Position - Guizhou Moutai is viewed as a pillar of the Chinese liquor industry, with its pricing stability benefiting other high-end liquor brands, ensuring their survival and competitiveness [4] - The company is recognized for its strong risk resistance and long-term value, with public funds heavily invested, reflecting market confidence in its brand and performance [7] Management and Future Outlook - The management has initiated a series of in-depth market research activities to adapt to changing consumer behaviors, focusing on three transformations: customer, scenario, and service [5] - The company aims to enhance consumer engagement and address supply-demand mismatches, with a focus on building a collaborative channel ecosystem [6] - Analysts project a revenue growth target of 9% for 2025, supported by product innovations and strategic channel adjustments [7]