价格、产能、拆股，茅台业绩会回应多个热点问题

新京报2025-09-13

新京报讯（记者秦胜南）9月12日贵州茅台业绩说明会上，多位投资者针对价格下行、产能释放、渠道管理、拆股等热点问题提问，贵州茅台相关负责人就此进行回应。其中提到，行业周期调整之时，公司会科学精准实施产品投放，主动维护渠道生态韧性，保持市场的总体平稳和渠道的良性协同。谈及未来产能释放节奏，将科学布局、有序推进。　　飞天茅台价格一直备受市场关注。此次业绩说明会上，有投资者提及“中秋节前，飞天茅台价格...

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issues","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1},"content_text":"新京报讯（记者秦胜南）9月12日贵州茅台业绩说明会上，多位投资者针对价格下行、产能释放、渠道管理、拆股等热点问题提问，贵州茅台相关负责人就此进行回应。其中提到，行业周期调整之时，公司会科学精准实施产品投放，主动维护渠道生态韧性，保持市场的总体平稳和渠道的良性协同。谈及未来产能释放节奏，将科学布局、有序推进。\n　　飞天茅台价格一直备受市场关注。此次业绩说明会上，有投资者提及“中秋节前，飞天茅台价格跌破1800元，公司是否对此走势接受，是否会下调业绩目标”等问题。对此，贵州茅台代总经理王莉就此回应称，今年以来，面临行业周期调整和消费趋势变化等多重压力，公司通过统筹优化市场策略，科学精准实施产品投放，主动维护渠道生态韧性，保持了市场的总体平稳和渠道的良性协同。未来，公司将始终秉持长期主义，以市场为中心，以消费者为中心，坚持以自身的确定性应对各种不确定性，致力于推动高质量可持续发展。\n　　对于茅台1935相关批价下行以及单品规划，也是不少投资者关注的问题。对此，王莉回复，茅台1935是酱香系列酒的战略级产品。在面临周期调整的市场压力下，公司将通过创新营销模式、拓展消费场景、加大市场投入、产品体系升级等措施，进一步适配理性消费趋势下的消费需求。\n　　合同负债反映了经销商打款积极性，对于今年上半年贵州茅台合同负债下滑，有投资者就渠道管理、经销商合作模式等问题提问。王莉回应称，茅台高度重视渠道合作伙伴的稳定、良性、可持续发展。在行业周期调整之时，主动提升渠道韧性，构建风雨同舟的渠道生态系统，更有利于推动市场良性发展。\n　　谈及技改扩产进度，茅台方面介绍，“茅台酒十四五技改建设项目”拟投资约155.16亿元，规划建设制酒厂房68栋、制曲厂房10栋、酒库69栋及其相关配套设施，建成后可新增茅台酒实际产能约1.98万吨/年，储酒能力约8.47万吨。对于未来具体产能释放节奏，公司将充分综合考虑生态承载、工匠培养、市场状况等因素，科学布局、有序推进。\n　　近两年，拓宽白酒消费场景成为头部酒企纷纷发力布局的重点。谈及场景拓展，茅台方面称将进一步深化客群、场景、服务“三个转型”，特别是以场景转型推动产品、渠道、终端“三端变革”。\n　　另据王莉介绍，随着传统双节临近，8月市场终端动销较6、7月有所回暖，8月底至今，终端动销环比增长显著，市场态势有望进一步向好。\n　　此外，在回应是否考虑拆股问题时，王莉称，股东的观点目前也不完全统一，有人赞成，有人反对，都是站在为茅台发展的角度。“拆股与不拆股，就已有的案例来说，各有利弊。有机会，我们愿意就这个话题和广大股东一起探讨。”\n　　编辑 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