【2025年04月02日訊】(記者夏雨綜合報導)當地時候週三(4月2日)晚,貴州茅台股份有限公司表示,2024年收入增長放緩,原因是公司加強了庫存控制,以應對飛天茅台的價格波動。該公司還首次消減茅台基酒產量。
週三晚,貴州茅台發布2024年年度報告,2024年公司實現營業收入1708.99億元(人民幣,下同),同比增長15.71%。而2023年和2022年分別增長18%和17%。淨收入增長15%,至860億元。根據收益報告,在最新2025年指引中,茅台表示其目標是實現約9%的收入增長。
長期以來,茅台酒也一直被視為中國消費需求的風向標。但近年來,茅台酒零售業績受到通貨緊縮壓力的擠壓。
彭博社報導,去年,由於中國房地產市場持續低迷以及消費者信心疲軟,對高端烈酒的需求下降,茅台旗艦酒飛天茅台銷售出現下滑。據行業數據提供商今日酒家稱,去年12月底,一瓶原包裝的2024年飛天茅台酒批發價從1月份首次發布時的2,950元降至2,315元,降幅超過20%。
據當地媒體援引分銷商的消息稱,茅台採取了限制供應等措施,試圖阻止批發價格暴跌。批發價是茅台經銷商向酒類零售商收取的價格。
花旗集團一份研究報告稱,為了穩定價格,該公司還削減了2%的茅台基酒產量,這是茅台公司自2014年以來首次削減產量。
茅台的盈利表現在很大程度上不受批發價格波動的影響,因為它以每瓶500毫升1,169元的固定價格向分銷商出售。但儘管如此,批發價格的疲軟仍給茅台股價帶來壓力,該股在2024年期間下跌10%以上。
路透社此前報導,券商和公司高管的估計表明,貴州茅台公司在過去十年中生產的庫存中至少有50%未被消費,而是作為庫存持有,通常作為另類投資。一些分析師警告稱,大規模庫存拋售可能會進一步影響茅台的市場和股價。瑞銀研究預測,到2025年中期,飛天茅台的市場價格可能會遠低於2,000元人民幣基準。
從去年開始,中國的白酒市場持續萎靡,甚至被酒商寄予厚望的銷售旺季「中秋假期」和「中國新年假期」的銷售也比預計的低迷。甚至中國新年過後,中國白酒市場價格出現了零售價格低於出廠價格的(價格倒掛)現象,多家酒企不得不推出停止供貨的「休克療法」,以穩定市場價格。
大陸封面新聞3月3日報導,從遵義到茅台鎮的沿途,昔日高速路兩旁林立的廣告牌已變得稀稀疏疏,往往五公里十公里才能見到一塊廣告牌。整個茅台鎮也比往日冷清了許多,街兩旁酒鋪冷冷清清,少有人問津。當地一家知名酒企的負責人說,今年以來,茅台鎮周邊70%的產能已停產,30%以上的招商經理轉行,有不少改跑網約車。
責任編輯:葉紫微#
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MAOTAI, CHINA - SEPTEMBER 22: A sign reading "Maotai Liquor Town" is seen on a street on the Chishui River on September 22, 2016 in Maotai,Guizhou province, China. Distillers in the famous Maotai town along the Chishui River produce well over half of the country's baijiu, the potent traditional Chinese wine made with fermented sorghum that is popular at state functions and often sells for hundreds of dollars per bottle. The most famous wine brands have long used the Chishui as their prime water source, giving the 437-kilometer long mainstream of the river a treasured reputation as being the "River of Wines". That the area is also revered as the site of a 1935 revolutionary battle led by Mao Zedong during the historic Long March of the Red Army has fortified efforts to protect the ecology of the Chishui and the river basin. This year, governments in the three provinces that the river crosses imposed strict measures to curb sewage disposal, over-development, and environmental degradation. As a result, the Chishui, which literally means "red water river' due to its reddish sentiment, is the only branch of the upper Yangtze that is not polluted, has no dams or reservoirs on its mainstream, and will eventually have a full ban on fishing. Authorities also closed nearly five hundred distilleries and paper mills. Major distillers dependent on the health of the "River of Wines" pay millions of dollars per year toward environmental maintenance and enforcement. (Photo by Kevin Frayer/Getty Images)
醬香型白酒遇冷,茅台鎮酒廠受累。(Kevin Frayer/Getty Images)
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