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Moutai 1935 product lifecycle茅台1935产品生命周期
30 · 2024-01-01 → 2026-07-21
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Covers the rise of Moutai 1935 to a 10-billion-yuan product, its quality upgrades, price inversions, promotional activities, and strategic role in the series liquor portfolio.涵盖茅台1935成长为十亿级大单品的过程、品质升级、价格倒挂、促销活动及其在系列酒中的战略定位。
2024-01-01Moutai 1935 achieved sales over 11B yuan in 2023, doubling from ~5B yuan in 2022, becoming a 10B-yuan single product.茅台1935在2023年实现销售超110亿元，较2022年的约50亿元翻倍，成为百亿级大单品。
2024-01-15Moutai 1935 achieved sales of 16B yuan in 700 days since launch, becoming a 10B-yuan single product in two years.茅台1935上市700天实现销售160亿元，两年内成为百亿级大单品。
2024-02-01Moutai 1935 plans to launch cultural creative co-branded products, including a 'Xi' themed cultural liquor, 'Xihu Lanyue' replica, and a Palace Museum co-branded cultural liquor.茅台1935计划推出文创联名产品，包括‘喜’主题文创酒、复刻西湖十景的茅台1935西湖揽胜，以及与故宫博物院合作的茅台1935故宫文创酒。
2024-04-02In 2023, Moutai series liquor revenue exceeded RMB 20 billion for the first time, reaching RMB 20.63 billion (+29.43% YoY); Moutai 1935 became a RMB 10 billion+ single product within two years of launch.2023年茅台系列酒营收首次突破200亿元，达206.3亿元（同比增长29.43%）；茅台1935上市两年成为营收百亿级大单品。
2024-04-14Moutai 1935 sauce-flavor liquor sales grew 161% YoY; the company upgraded its liquor quality starting March 2024 and plans to develop cultural creative products like 'Grand Canal' and 'Forbidden City' series.茅台1935酱香酒销售额同比增长161%；公司自2024年3月起升级酒质，并计划开发“京杭大运河”、“故宫”等系列文创产品。
2024-05-17iMoutai App announced it will adjust the投放 model for 53%vol 500ml Moutai 1935 and other products, and launch a guest mode in early June.i茅台App宣布将调整53度500ml茅台1935等产品的投放模式，并于6月初上线游客模式。
2024-06-20Moutai 1935 holds 'Liquor Body Upgrade Evaluation Meeting'; upgraded version launched in May 2024 with improved aroma and taste.茅台1935举行“酒体升级鉴评会”，升级版已于2024年5月启动上市，提升香气和口感。
2024-06-21Moutai 1935 wholesale reference price falls below 800 yuan/bottle to 780 yuan, inverting with the planned-in price of 798 yuan.茅台1935批发参考价跌破800元/瓶至780元，与计划内价格798元/瓶出现倒挂。
2024-06-25Moutai 1935 wholesale price falls to 780 yuan/bottle, below its ex-factory price of 798 yuan, indicating price inversion.茅台1935批发价跌至780元/瓶，低于798元的出厂价，出现价格倒挂。
2024-07-02Moutai sauce-flavor liquor marketing company suspended the contract plan for Moutai 1935, citing overfulfillment of tasks and to ensure healthy market development; Moutai 1935 sales exceeded 100 billion yuan in 2023.茅台酱香酒营销公司暂停投放茅台1935酒合同计划，称已超进度完成任务；茅台1935 2023年销售额超100亿元。
2024-08-05Moutai 1935 was designated as the official celebration liquor for CCTV's broadcast of the 2024 Paris Olympics.茅台1935成为中央广播电视总台2024年巴黎奥运会转播指定庆贺用酒。
2024-09-09Kweichow Moutai held the 2024 Moutai 1935 market work conference in Tianjin, emphasizing efforts in customer, product, channel, brand, and service to strengthen the product.贵州茅台在天津召开2024年茅台1935酒市场工作会，强调从客群、产品、渠道、品牌、服务五个方面持续发力。
2024-09-19Moutai 1935 cultural creative liquor was officially launched in Beijing, co-developed with the Palace Museum, and simultaneously began online sales on the iMoutai app.茅台1935文创酒在北京正式发布，由故宫博物院参与赋能包装设计，同步在i茅台APP开启线上销售。
2024-11-18Wholesale price of Moutai 1935 drops to around 650 yuan per bottle, falling below its ex-factory price and causing price inversion.茅台1935渠道批价探底至约650元/瓶，出现价格倒挂。
2025-01-18Moutai 1935 achieved sales revenue of CNY 12 billion in 2024, up from CNY 11 billion in 2023 and CNY 5 billion in its launch year 2022.茅台1935在2024年实现销售收入120亿元，2023年为110亿元，2022年上市首年为50亿元。
2025-02-17Moutai 1935 and other sauce-flavor products offered promotional discounts on iMoutai, with Moutai 1935 price reduced from 1,188 to 948 yuan, the first official price cut for the product.茅台1935等产品在i茅台推出促销优惠价，茅台1935从1188元降至948元，为官方首次降价调整。
2025-03-06Moutai Sauce-flavor Wine Company announced recruitment of 4 distributors nationwide for a new 1.935L Moutai 1935 product (53% vol, 1*2), with a planned contract of 25 tons per distributor.茅台酱香酒公司面向全国招募4家经销商，销售新规格1.935L茅台1935酒（53%vol，1*2），每家经销商计划签约标准为25吨。
2025-03-11Moutai Sauce-flavor Wine Company announced the first batch of 89 'Moutai 1935 Brand Consultants' to enhance brand power and cultivate core consumer groups in 2025.茅台酱香酒公司公布第一批89名“茅台1935·品牌顾问”名单，旨在提升品牌力，培育核心消费群体。
2025-04-02Moutai 1935 sales reached 12B yuan in 2024, up nearly 10% YoY; 375ml version launched on iMoutai at 818 yuan/bottle.茅台1935 2024年销售额120亿元（同比+近10%）；375ml装于i茅台首发，价格818元/瓶。
2025-05-12At the performance briefing, Moutai management stated that Moutai 1935's off-take during the Spring Festival grew significantly YoY, and from Jan-Apr 2025, market performance was stable with off-take meeting expectations.在业绩说明会上，茅台管理层表示茅台1935春节期间动销同比大幅增长，2025年1-4月市场表现稳定，动销达成预期。
2025-05-21Moutai 1935 launched a new 53% vol 1.935L product, exclusively first-released on JD.com. A summer concert ticket promotion was also launched on JD.com.茅台1935新品53度1.935L在京东超市全网首发，并在京东平台推出购酒得夏日歌会门票活动。
2025-06-11Moutai 1935 online-offline price gap widened to nearly 150 yuan (offline 849 yuan vs Meituan 699 yuan per bottle) during 618 promotions, with dealers reporting chaotic online pricing and limited stock.618促销期间，茅台1935线上线下价差扩大至近150元/瓶（线下849元 vs 美团699元），经销商称线上报价混乱且库存有限。
2025-07-20Moutai 1935 underwent its second quality upgrade, with three core improvements: increased base liquor diversity, higher base liquor age, and innovative blending technology.茅台1935完成第二次酒体升级，三大核心改进：增加基酒多样性、提高基酒酒龄、创新勾兑技术。
2025-08-25Moutai 1935 (high-end) new product pre-sale began on JD, Tmall, and Douyin platforms at 998 yuan per bottle, officially launching on August 28.茅台1935酒（高端）新品在京东、天猫、抖音三大平台开启预售，定价998元/瓶，将于8月28日正式上市。
2025-10-15Moutai Group General Manager Wang Li chairs Jiangxiang series liquor marketing symposium in Qingdao, noting Moutai 1935 terminal sales growth and healthy channel inventory ratio.茅台集团总经理王莉在青岛主持召开酱香系列酒营销座谈会，指出茅台1935终端动销同比增长，渠道存销比回到健康水平。
2025-12-29At the 2026 Moutai Jiangxiang series liquor dealer conference, it was announced that Moutai 1935 sales exceeded 10 billion yuan and Moutai Prince sales exceeded 6 billion yuan in 2025. For 2026, Moutai 1935 supply will not increase, and Moutai Prince aims for 10 billion yuan scale.在2026年茅台酱香系列酒经销商大会上公布，2025年茅台1935销售突破100亿元，茅台王子酒销售突破60亿元；2026年茅台1935投放量不增加，茅台王子酒力争实现百亿规模。
2026-03-14Moutai 1935 (Zunxiang) was officially launched for sale on the i Moutai App on March 13, 2026. The product is an upgraded version of the Moutai 1935 series, featuring an increased proportion of core产区 base liquor and aged tank-stored base liquor, and introduces a 'blend-then-tank-age' process.茅台1935酒（尊享）于3月13日在i茅台App正式上线开售。该产品为茅台1935系列高端升级款，提升核心产区基酒占比，增加年份坛贮基酒比例，创新引入“勾兑后再坛贮”工艺。
2026-04-28Moutai 1935 ex-factory price cut from CNY 798 to CNY 668/bottle in January 2026, a 16% reduction.茅台1935出厂价于2026年1月从798元/瓶下调至668元/瓶，降幅16%。
2026-06-18Moutai Group Chairman Chen Hua presided over the 2026 Moutai 1935 Brand Market Work Conference in Beijing, stating that from January to May, the revenue and sales volume of Moutai 1935 liquor steadily increased, with a healthy inventory-to-sales ratio and stable terminal transaction prices.茅台集团董事长陈华在北京主持召开2026年茅台1935品牌市场工作会，指出1月至5月茅台1935酒营收与销量稳步提升，存销比健康，终端成交价平稳。
2026-07-21iMoutai APP launched promotional event for Moutai 1935 series with up to RMB 590 off per bottle; 53%vol 500ml Moutai 1935 at RMB 688/bottle, Jul 23-31.i茅台APP推出茅台1935酒系列线上活动，单瓶最高立减590元，53度500ml茅台1935活动价688元/瓶，活动时间7月23日至31日。
iMoutai digital platformi茅台数字平台
40 · 2024-01-01 → 2026-08-23
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The evolution of the iMoutai app as a sales, marketing, and anti-counterfeiting platform, including user growth, feature updates, and its increasing role in direct sales.i茅台App作为销售、营销和防伪平台的演变，包括用户增长、功能更新及其在直销中日益重要的作用。
2024-01-01iMoutai app registered users exceeded 53 million, daily active users over 4.8 million, cumulative transaction volume reached 44.3B yuan in 2023.i茅台App注册用户超5300万，日活用户超480万，2023年累计交易额达443亿元。
2024-01-07iMoutai app introduced 'dynamic pickup code' pre-sale mechanism for the Dragon Year Moutai liquor申购.i茅台App为龙年茅台申购推出“动态提货码”预售机制。
2024-01-17iMoutai app daily active users exceeded 8 million, up nearly 70% YoY; daily average of over 6 million users participated in Dragon Year Moutai liquor申购, up 72% YoY; daily new registered users averaged 200,000, peak 400,000, up 146.8% YoY.i茅台App日活用户连续突破800万，同比上升近70%；日均超600万人参与龙年茅台申购，同比上升72%；日均新增注册用户20万，峰值40万，同比提升146.8%。
2024-02-02'i Moutai' WeChat mini-program launched, a digital marketing platform for festive events, integrating cultural promotion, interactive rewards, and marketing campaigns.‘i茅台’微信小程序上线，为茅台专属节庆活动小程序，集文化宣传、有奖互动、营销推广等功能于一体。
2024-03-29i茅台 APP added 'store inquiry' function, allowing users to search all pickup store names, addresses, and contact information.i茅台APP新增“门店查询”功能，可查询所有提货门店名称、地址和联系方式。
2024-04-02In 2023, iMoutai digital platform achieved sales revenue of RMB 22.374 billion, up 88.29% YoY.2023年i茅台数字营销平台实现销售收入223.74亿元，同比增长88.29%。
2024-05-09Moutai stated at the performance briefing that iMoutai had accumulated non-tax revenue of 34.257 billion yuan by end-2023, with over 60 million registered users, and will adjust product投放 strategies based on sales.茅台在业绩说明会上表示，截至2023年末i茅台累计实现不含税收入342.57亿元，注册用户超6000万，将根据销售情况调整投放策略。
2024-05-19iMoutai launched the UMEET blueberry sparkling wine series (3 flavors) at 118 yuan per bottle, and changed Moutai 1935 purchase mode from lottery to direct 'cloud purchase'.i茅台推出UMEET蓝莓气泡酒系列（3种口味），每瓶118元；茅台1935购买模式从抽签改为直接“云购”。
2024-06-03i Moutai digital marketing app has over 65 million registered users and 7 million daily active users as of March 31, 2024.截至2024年3月31日，i茅台数字营销APP注册用户数超过6500万，日活跃用户达700万。
2024-08-08Moutai's H1 2024 report showed 'i Moutai' digital platform achieved RMB 10.25 billion in liquor revenue (ex-tax), up 9.76% YoY.茅台2024年半年报显示，“i茅台”数字营销平台实现酒类不含税收入102.50亿元，同比增长9.76%。
2024-10-25Kweichow Moutai Q3 2024 report: i Moutai digital platform achieved liquor revenue (excluding tax) of 14.766 billion yuan in the first three quarters.贵州茅台三季报：i茅台数字营销平台前三季度实现酒类不含税收入147.66亿元。
2024-11-20iMoutai app launches a whole-box reservation purchase for the 53% vol 500ml Jiachen Year of the Dragon Moutai, priced at 14,994 yuan per box, with 343,338 applicants for 1,099 slots on the first day.i茅台APP上线整箱53%vol 500ml甲辰龙年贵州茅台酒申购，官方售价每箱14994元，首日申购达343338人次，名额1099人。
2025-04-02iMoutai digital platform 2024 revenue 20.024B yuan, down 10.51% YoY, first decline since launch.i茅台数字营销平台2024年销售收入200.24亿元，同比下降10.51%，上线以来首次下滑。
2025-06-29iMoutai platform launched 1L 53%vol Feitian Moutai at 3799 yuan per bottle, available for direct purchase daily 09:00-10:00, with a limit of 1-6 bottles per user; sold out within minutes on launch day.i茅台平台上线1L装53度飞天茅台，售价3799元/瓶，每日09:00-10:00直接购买，每用户限购1-6瓶；上线首日几分钟内售罄。
2025-07-07Feitian 53%vol 1L Kweichow Moutai liquor officially launched on iMoutai APP at 3,799 yuan per bottle, available daily from 09:00-10:00.飞天53%vol 1L贵州茅台酒在i茅台APP正式上架，每瓶售价3799元，每日09:00-10:00限时购买。
2025-12-30iMoutai officially announced that starting in 2026, its product matrix will be adjusted to include 6 series (Classic, Jingpin, Zodiac, Aged, Cultural, Low-Alcohol), and for the first time, 53%vol 500ml Feitian Moutai will be available for purchase at 1499 yuan per bottle.i茅台官方宣布，2026年起将调整产品矩阵至六大系列（经典、精品、生肖、陈年、文化、低度酒），并首次上架53度500ml飞天茅台，售价1499元/瓶。
2025-12-31iMoutai confirmed that the 2026 Feitian Moutai (53%vol, 500ml) will officially go on sale at 9:00 AM on January 1, 2026, with a daily purchase limit of 12 bottles per user.i茅台确认，2026年飞天茅台（53度，500ml）将于2026年1月1日上午9时正式发售，每位用户每日限购12瓶。
2026-01-01Kweichow Moutai launches 53%vol 500ml Feitian Moutai (2026) on iMoutai APP at 1499 yuan/bottle, with a daily purchase limit of 12 bottles per person, selling out within 30 minutes.贵州茅台在i茅台APP上推出53%vol 500ml飞天茅台（2026），售价1499元/瓶，每人每日限购12瓶，半小时内售罄。
2026-01-01iMoutai APP undergoes a major revamp, merging 'Enjoy·Subscription' and 'Enjoy·Cloud Purchase' into a unified 'iPurchase' entrance.i茅台APP进行重大改版，将原有的“享约·申购”与“畅享·云购”整合升级为统一的“i购”入口。
2026-01-01Kweichow Moutai establishes a wholly-owned subsidiary, Guizhou iMoutai Digital Technology Co., Ltd., with a registered capital of 600 million yuan, to operate the iMoutai platform.贵州茅台成立全资子公司贵州爱茅台数字科技有限公司，注册资本6亿元，负责运营i茅台平台。
2026-01-03iMoutai adjusts the daily purchase limit for 53%vol 500ml Feitian Moutai (2026) from 12 bottles to 6 bottles per person, effective from Jan 4 until before the Spring Festival.i茅台将53%vol 500ml飞天茅台（2026）的每日购买限额从每人12瓶调整为6瓶，自1月4日起至春节前执行。
2026-01-09iMoutai starts selling 53%vol 500ml Moutai Premium (Jingpin) at 2299 yuan/bottle, with a daily limit of 6 bottles per person, selling out within one minute.i茅台开始销售53%vol 500ml贵州茅台酒（精品），售价2299元/瓶，每人每日限购6瓶，一分钟内售罄。
2026-01-10iMoutai begins selling 1L Feitian Moutai at 2989 yuan/bottle and 100ml Feitian Moutai gift box set at 299 yuan/bottle, with a daily limit of 6 bottles per person.i茅台开始销售1L飞天茅台，售价2989元/瓶，以及100ml飞天茅台礼盒套装，售价299元/瓶，每人每日限购6瓶。
2026-01-13iMoutai starts selling 53%vol 500ml Aged Moutai 15 (Chennian) at 4199 yuan/bottle, selling out on the first day.i茅台开始销售53%vol 500ml陈年贵州茅台酒（15），售价4199元/瓶，首日售罄。
2026-01-15iMoutai starts selling six vintages (2019-2024) of 53%vol 500ml Feitian Moutai, priced between 1909 and 2649 yuan/bottle, available on the 9th, 19th, and 29th of each month.i茅台开始销售六个年份（2019-2024）的53%vol 500ml飞天茅台，售价在1909元至2649元/瓶之间，每月9日、19日、29日发售。
2026-01-24iMoutai adds two new logistics warehouses in Nanjing and Beijing to cope with surging order volumes, in addition to the existing Guiyang warehouse.i茅台在原有贵阳发货仓基础上，新增南京、北京两大发货仓，以应对订单量激增。
2026-01-29i Moutai platform issued a statement warning against third-party 'sniping plug-in' software, stating it has intercepted 426 million abnormal behaviors since January 1, 2026, and reserved legal rights.i茅台平台发布声明，警告第三方“抢购外挂”软件，称自2026年1月1日以来已拦截4.26亿次异常行为，并保留法律追究权利。
2026-01-29Feitian Moutai (53% vol, 500ml) has been listed on i Moutai since January 1, 2026, at a suggested retail price of 1,499 yuan per bottle, and has been sold out daily for 29 consecutive days.飞天茅台（53度500ml）自2026年1月1日起在i茅台上架，建议零售价1499元/瓶，连续29日上线即售罄。
2026-02-26In January 2026, 'i Moutai' reported 15.31 million monthly active users, over 1.45 million purchasers, 2.12 million orders, including over 1.43 million orders for Feitian 53%vol 500ml Moutai; Feitian Moutai went on sale on i Moutai from Jan 1, generating about 4.3 billion yuan in revenue in one month.2026年1月，“i茅台”月活用户超1531万，超145万消费者购买，成交订单超212万笔，其中飞天53度500ml茅台订单超143万笔；飞天茅台自1月1日起在i茅台销售，单月收入约43亿元。
2026-03-03i Moutai platform launched 1,499 yuan/bottle Feitian Moutai on January 1, 2026; in January, total orders exceeded 2.12 million, with Feitian orders exceeding 1.43 million, contributing an estimated pre-tax revenue of 8.6 billion yuan for January and 12.9 billion yuan before the Spring Festival.i茅台平台自2026年1月1日上线1499元/瓶飞天茅台；1月成交订单超212万笔，其中飞天订单超143万笔，预计1月贡献税前收入86亿元，春节前共计129亿元。
2026-03-09i Moutai platform announced Spring Festival operational data: since the beginning of the year, over 2 million users have successfully purchased products; daily active users during the Spring Festival period (Feb 16 - Mar 3) reached about 900,000, up from an average of 490,000 in January.i茅台公布春节运营数据：年初至今超200万用户成功购酒；春节期间（2月16日-3月3日）日活用户约90万人次，较1月日均49万人次明显提升。
2026-04-24Q1 2026 iMoutai platform revenue CNY 21.553 billion, +267.16% YoY; added nearly 14 million new users, cumulative successful purchase users nearly 4 million.2026年一季度i茅台平台收入215.53亿元，同比+267.16%；新增用户近1400万，成功购酒用户累计近400万。
2026-04-25Moutai's subsidiary Guizhou Ai Moutai Digital Technology Co., Ltd. (iMoutai operator) issued first social recruitment for 35 positions, including AI engineer, cloud architect, R&D engineer, etc., with tech roles >80%.i茅台运营主体贵州爱茅台数字科技有限公司发布首次社会招聘，招聘35人，岗位包括AI工程师、云架构师、研发工程师等，技术类岗位占比超80%。
2026-05-18Moutai adjusts offline store hours to 10:00-20:00 and i Moutai APP daily sales start time to 20:00, effective May 19.茅台调整线下门店营业时间为10:00-20:00，i茅台APP每日开售时间调整为20:00起，自5月19日起生效。
2026-05-19i Moutai lists new products including Aged Moutai (30) priced at 12,999 yuan, 50mlx5 gift sets, and 200ml Feitian Moutai.i茅台上架新品，包括定价12999元的陈年贵州茅台酒（30）、50ml×5礼盒装及飞天200ml贵州茅台酒。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai General Manager Wang Li revealed that the iMoutai platform had accumulated 96.15 million registered users as of May 31, 2026, with 16.67 million new users added in 2026, and approximately 7.13 million orders completed.在2025年度股东会上，贵州茅台总经理王莉透露，截至2026年5月31日，i茅台平台累计注册用户数9615万人，2026年新增1667万人，成交订单约713万笔。
2026-06-15Alibaba Cloud won the bid for the iMoutai public cloud project, providing computing, database, big data, network, and large model resources for the digital marketing platform.阿里云中标i茅台公有云项目，将为该数字营销平台提供计算、数据库、大数据、网络、大模型等资源。
2026-07-02Moutai launched lunar-date appointment purchase service on iMoutai platform for 53%vol 500ml Moutai (Bingwu Horse Year) classic and gift box editions, starting Jun 29.茅台在i茅台平台推出农历日期购酒预约服务，针对53度500ml贵州茅台酒（丙午马年）经典版及礼盒装，自6月29日启动。
2026-07-10Moutai launched product authentication appointment function on 'Xiaomao iMoutai' WeChat official account, complementing iMoutai APP service covering 34 cities.“小茅i茅台”微信公众号上线产品鉴定预约功能，与i茅台APP并行，服务覆盖全国34座城市。
2026-08-23iMoutai APP will add morning sales slots at 09:00 and 09:09 starting August 24, in addition to existing evening slots at 20:00 and 20:09, to better meet consumer demand; purchase rules unchanged.i茅台APP自8月24日起新增上午09:00和09:09两个投放时段，在原有晚间20:00和20:09时段基础上优化调整，购买规则不变。
Series liquor portfolio & strategy系列酒产品组合与战略
12 · 2024-01-01 → 2026-06-11
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Development of the sauce-flavor series liquor business, including Moutai Prince, Hanjiang, and other products, their sales targets, and channel strategies.酱香系列酒业务的发展，包括茅台王子酒、汉酱等产品的销售目标与渠道策略。
2024-01-01Moutai series liquor Ganziping production area was completed and put into operation in October 2023, expected to increase series liquor base liquor capacity by ~7,200 tons in 2024.茅台系列酒柑子坪产区于2023年10月建成投产，预计2024年增加系列酒基酒产能约7200吨。
2024-03-12Moutai launched upgraded Hanjiang (Ingenuity Inheritance) product, with alcohol content raised to classic 53% and new anti-counterfeiting technology.茅台推出升级版汉酱（匠心传承）产品，酒精度提升为经典的53度，使用最新防伪技术。
2024-08-08Moutai's H1 2024 report showed sauce-flavor series liquor revenue hit a record high of RMB 13.147 billion (+30.51% YoY), accounting for 16.09% of total revenue.茅台2024年半年报显示，酱香系列酒营收创历史新高，达131.47亿元（同比+30.51%），占总营收16.09%。
2024-12-23At the 2025 Moutai Sauce-flavor Liquor Dealer Conference, Moutai announces that sauce-flavor liquor has completed 2024 targets; 2025 strategy: Moutai 1935 as main, Prince Moutai and Hanjiang as wings; Prince Moutai aims to become the second 10-billion-yuan product in 2 years.在2025年茅台酱香酒经销商联谊会上，茅台宣布酱香酒已完成2024年指标；2025年策略：以茅台1935为主体，茅台王子酒、汉酱为两翼；茅台王子酒目标2年内成为第二支百亿大单品。
2024-12-23Moutai Sauce-flavor Liquor Company GM Chen Zongqiang says 2025 sales growth target is no less than Moutai's average growth rate over the past 5 years; marketing expenses will increase by 1.5 billion yuan (over 50% YoY).茅台酱香酒公司总经理陈宗强表示，2025年销售额增速目标不低于茅台过去5年平均增速；市场费用将增加15亿元（同比增幅超50%）。
2025-04-02Moutai-flavored series liquor 2024 revenue 24.684B yuan (+19.65% YoY), becoming a key growth driver.茅台酱香系列酒2024年营收246.84亿元（同比+19.65%），成为重要增长极。
2025-05-06Moutai plans to make Moutai Prince liquor (Moutai Wangzijiu) the second 10-billion-yuan series-liquor product within about 2 years, targeting the 200-500 yuan mass/premium price band.茅台计划用2年左右时间将茅台王子酒打造成茅台酱香酒的第二支百亿大单品，聚焦200元至500元大众及次高端价格带。
2025-07-11Moutai sauce-flavor liquor company outlined strategy to build a product cluster centered on Moutai 1935, with Moutai Prince Wine and Han Sauce Wine as the 'two wings', and to benchmark against top domestic and international baijiu brands.茅台酱香酒公司提出以茅台1935为核心、茅台王子酒和汉酱酒为“两翼”的大单品集群战略，并主动对标国内外一线白酒品牌。
2026-04-16Kweichow Moutai's 2025 annual report showed series liquor revenue of 22.275 billion yuan (-9.76% YoY), attributed to product structure adjustments.贵州茅台2025年年报显示，酱香系列酒营收222.75亿元，同比减少9.76%，公司称主要系产品结构调整影响。
2026-04-24Moutai series liquor (e.g., Moutai Prince, Moutai 1935) underperformed; Feitian Moutai's 'CNY 1,499 era' ended after 8 years. Sales expenses rose 28.6% to CNY 7.253 billion.系列酒（茅台王子酒、茅台1935等）表现惨淡；飞天茅台持续8年的“1499时代”落幕。销售费用增长28.6%至72.53亿元。
2026-05-09Moutai sauce-aroma series liquor market work meeting: Q1 revenue reached 7.88 billion yuan (YoY +12.2%), sales volume grew YoY.茅台酱香系列酒市场工作会：一季度营业收入达78.8亿元，同比增长12.2%，销量同比增长。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai General Manager Wang Li outlined the 2026 plan for the series liquor, which includes firmly building Moutai 1935 and Moutai Prince as two national-level big products under a '2+N' product system.在2025年度股东会上，贵州茅台总经理王莉阐述了2026年系列酒规划，将坚定不移打造茅台1935酒和茅台王子酒两个全国性大单品，形成“2+N”产品体系。
Moutai Health Wine & Taiyuan liquor茅台保健酒与台源酒
9 · 2024-01-01 → 2025-08-06
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Performance of the health wine subsidiary, the launch and growth of Taiyuan liquor, and its distribution deals.保健酒公司的业绩、台源酒的推出与增长及其分销合作。
2024-01-01Moutai health wine subsidiary (Baijianjiu) achieved revenue of 4.743B yuan in 2023 (+30% YoY); Taiyuan wine, launched in March 2023 at 156 yuan/bottle, became the first 1B-yuan single product for the subsidiary.茅台保健酒业公司2023年营收47.43亿元（同比+30%）；台源酒（2023年3月上市，定价156元/瓶）成为该子公司首个10亿元级大单品。
2024-01-27Taiyuan wine (156 yuan/bottle), the first 100-yuan price band product, launched on iMoutai app; 300 cases (1,800 bottles) sold out in 17 minutes, with sales exceeding 280,000 yuan.台源酒（156元/瓶）作为i茅台首款百元价格带产品上线，投放300件1800瓶，17分钟售罄，销售额破28万元。
2024-01-29Cudi Coffee started selling two Moutai health wine products (Moutai Bulaojiu Huazhijiu and Maotanjiu Guzhihuan) at 599 yuan/bottle in its stores, authorized exclusively by Moutai Health Wine subsidiary.库迪咖啡在其门店开始销售两款茅台保健酒产品（茅台不老酒花之久和茅坛酒谷之欢），售价599元/瓶，由茅台保健酒业公司授权独家渠道销售。
2024-01-31Cotti Coffee began selling Moutai products on its mini-program: Moutai Bulao Jiu (Huazhijiu) and Maotan Jiu (Guzhihuan), priced at 699 yuan (discounted to 599 yuan), produced by Moutai Group's Health Liquor Company and authorized exclusively to Cotti Coffee.库迪咖啡在小程序上架茅台产品：茅台不老酒（花之久）和茅坛酒（谷之欢），原价699元（折后599元），由茅台集团保健酒业公司生产并授权库迪咖啡独家渠道销售。
2024-02-05Moutai Group subsidiary products, including Youmi blueberry liqueur, MOJT cocktail 'Guizhou Flavor' series, and Taiyuan liquor from Moutai Health Liquor, went online on the i Moutai app.茅台集团子公司产品，包括悠蜜蓝莓精酿、MOJT莫其托鸡尾酒‘贵州味道’系列及茅台保健酒公司台源酒，上线i茅台App。
2024-02-27Moutai Health Liquor reported 2023 revenue of 4.743 billion yuan, a record high, and set a 2024 target to approach 10 billion yuan, focusing on Taiyuan liquor as a major product.茅台保健酒公司2023年营收47.43亿元，创历史新高；2024年目标冲击百亿，聚焦台源酒为大单品。
2024-03-17Moutai Health Liquor Company launched Maoxian liquor new product in Chengdu, designed with Dunhuang 'Flying Apsaras' motif, positioned as mid-end product.茅台保健酒业公司推出茅仙酒新品，设计灵感源自敦煌“飞天仙女”，定位中端产品。
2024-10-21Moutai Health Liquor Company issued a statement warning against unauthorized use of 'Moutai Group' or 'Moutai Co.' names to mislead consumers.茅台保健酒业公司发布声明，警告不得违规利用“茅台集团”“茅台股份公司”名称误导消费者。
2025-08-06Moutai Health Liquor stopped production of the old 'Taiyuan' baijiu (53°, 500ml*6, 2023 launch) and launched a new 'Taiyuan Red' for banquet scenarios at the same price point.茅台保健酒业公司停产旧版‘台源酒’（53°500ml*6，2023年上市款），并推出专为宴席场景打造的新品‘台源红’，价格不变。
Crossover products (ice cream, latte, chocolate)跨界产品（冰淇淋、拿铁、巧克力）
14 · 2024-01-01 → 2026-06-11
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The rise and strategic contraction of Moutai's co-branded consumer products with Luckin Coffee and Mengniu, including store closures and business wind-down.茅台与瑞幸咖啡、蒙牛等联名消费品的兴起与战略收缩，包括门店关闭与业务终止。
2024-01-01Moutai's crossover products (ice cream, chocolate, sauce-flavor latte) achieved total sales of 430M yuan in 2023, +50% YoY; Moutai ice cream unit revenue 430M yuan (+58.24% YoY); sauce-flavor latte sold ~40M cups.茅台冰淇淋、茅台巧克力、酱香拿铁三款跨界产品2023年合计销售额4.3亿元，同比增长约50%；茅台冰淇淋事业部营收4.3亿元（同比+58.24%）；酱香拿铁销售约4000万杯。
2024-01-19Moutai and Luckin Coffee announced second collaboration: 'Dragon Year Sauce-Flavor Chocolate' drink, priced at 38 yuan/cup (discounted 18 yuan), launched on January 22, containing Moutai liquor but no coffee.茅台与瑞幸咖啡宣布二次联名：推出“龙年酱香巧克力”饮品，定价38元/杯（优惠价18元），1月22日上市，含茅台酒但不含咖啡。
2024-01-22Moutai and Luckin Coffee jointly launched the festive 'Year of the Dragon Jiangxiang Chocolate' drink, containing Moutai-infused thick milk and chocolate pre-mix, no coffee.贵州茅台与瑞幸咖啡联名推出贺岁款“龙年酱香巧克力”，含茅台酒风味厚奶和巧克力预调液，不含咖啡。
2024-03-29Luckin Coffee and Kweichow Moutai jointly opened 'Four Seasons and Eight Festivals' themed store in Shenzhen; sauce-aroma latte users exceeded 25 million.瑞幸咖啡与贵州茅台合作“四时八节”主题店在深圳开业；酱香拿铁用户突破2500万。
2024-04-01Luckin Coffee and Kweichow Moutai opened a joint 'Four Seasons and Eight Festivals' themed store in Shenzhen, their third collaboration following the Jiangxiang Latte and Dragon Year Jiangxiang Chocolate.瑞幸咖啡与贵州茅台在深圳联合开设“四时八节”主题店，这是继酱香拿铁和龙年酱香巧克力之后的第三次合作。
2024-04-02Moutai ice cream flagship store in Chengdu closed; Moutai stated it was relocating to a new address as an experience store, not a permanent closure.成都茅台冰淇淋旗舰店关闭；茅台回应称系搬迁至新址改为体验店，并非永久关店。
2024-04-07Moutai ice cream Q1 2024 revenue (incl. tax) grew 239.62% YoY; 35 flagship stores opened, up 48% YoY.茅台冰淇淋2024年一季度营业收入（含税）同比增长239.62%，已开业旗舰店35家，同比增长48%。
2024-06-01Kweichow Moutai's ice cream division was established internally to implement the '+Moutai' strategy.贵州茅台在公司内部成立茅台冰淇淋事业部，以铺设“+茅台”战略布局。
2024-06-027 Moutai ice cream flagship stores in Beijing, Guangzhou, Shenzhen, etc. are temporarily closed; company says it is due to system replacement, stores operate normally.北京、广州、深圳等地的7家茅台冰淇淋旗舰店显示暂停营业；公司称系系统更换，门店正常营业。
2024-06-06Moutai launches new ice cream product 'Glutinous Rice Cake Ice Cream' with 5 flavors, 1% Moutai liquor content, priced at 49.9 yuan per box.茅台推出冰淇淋新品“糯米糍冰淇淋”，5种口味，茅台酒添加量1%，售价49.9元/盒。
2024-06-25Moutai ice cream stores in multiple cities (Beijing, Guangzhou, Shenzhen, Qingdao) show as temporarily closed on the mini-program, though some remain open.茅台冰淇淋在北京、广州、深圳、青岛等多城市门店在小程序上显示暂停营业，部分门店实际正常营业。
2025-01-10Moutai confirmed strategic contraction of its ice cream business; multiple flagship stores closed, team disbanded in Guangzhou, production halted.茅台确认主动收缩冰淇淋业务；多地旗舰店关闭，广州团队解散，产品停产。
2025-02-08Moutai ice cream stores closed and products sold at 30% discount, marking the end of Moutai's cross-border attempt with Mengniu.茅台冰淇淋门店关闭并三折清仓，标志着茅台与蒙牛跨界尝试的结束。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai General Manager Wang Li announced that the company will be very cautious about future brand co-branding, as internal reviews showed that past products like sauce-flavored latte and ice cream did not enhance the brand. The company aims to be a 'long-lasting red' brand, not an 'internet celebrity'.在2025年度股东会上，贵州茅台总经理王莉表示，未来品牌联名将非常谨慎，内部复盘显示酱香拿铁、冰淇淋等对品牌不是加持，茅台要做“长红”品牌，不能做“网红”。
Annual & quarterly financial results年度及季度财务业绩
27 · 2024-01-01 → 2026-08-14
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Reporting of Moutai's preliminary, interim, and annual financial results, including revenue, profit, and production figures.茅台初步、中期及年度财务业绩的披露，包括收入、利润和生产数据。
2024-01-01Kweichow Moutai released preliminary 2023 results: total revenue ~149.5B yuan (+17.2% YoY), net profit ~73.5B yuan (+17.2% YoY); Moutai liquor revenue ~125.8B yuan (+16.7% YoY), series liquor revenue ~20.4B yuan (+28% YoY); Moutai base liquor output ~57,200 tons (+0.7% YoY), series liquor base liquor output ~42,900 tons (+22% YoY).贵州茅台发布2023年初步业绩：总营收约1495亿元（同比+17.2%），净利润约735亿元（同比+17.2%）；茅台酒营收约1258亿元（同比+16.7%），系列酒营收约204亿元（同比+28%）；茅台酒基酒产量约5.72万吨（同比+0.7%），系列酒基酒产量约4.29万吨（同比+22%）。
2024-01-01Moutai Group 2023 revenue reached 163.9B yuan (+20% YoY), profit before tax exceeded 100B yuan for the first time (+19% YoY); liquor segment revenue exceeded 150B yuan (+18% YoY).茅台集团2023年营收达1639亿元（同比+20%），利润总额首超千亿元（同比+19%）；酒类板块营收超1500亿元（同比+18%）。
2024-01-31Kweichow Moutai Group reported 2023 revenue of 164.48 billion yuan, up 20.5% YoY; total profit of 108.35 billion yuan, up 18.8% YoY; first time achieving 'double thousand billion' in revenue and profit. 2024 R&D budget set at 880 million yuan, up 13.9% YoY.茅台集团公布2023年营业收入1644.8亿元，同比增长20.5%；利润总额1083.5亿元，同比增长18.8%；首次实现营收、利润“双千亿”。2024年研发投入预算8.8亿元，同比增长13.9%。
2024-02-01Kweichow Moutai Group reported 2023 revenue of 164.48 billion yuan, up 20.5% YoY; total profit of 108.35 billion yuan, up 18.8% YoY, achieving double 'thousand-billion' targets.茅台集团公布2023年营收1644.8亿元，同比增长20.5%；利润总额1083.5亿元，同比增长18.8%，实现‘双千亿’目标。
2024-03-02Moutai Group achieved revenue and profit 'double 100 billion' for the first time in 2023; 2024 designated as 'Creative Beauty and Endeavor Year' with focus on marketing coordination and four-end construction.茅台集团2023年首次达成营收、利润“双千亿”目标；2024年定为“创美奋进年”，重点推进市场营销“一盘棋”和“四端”建设。
2024-03-08Moutai Group's 2023 revenue reached 164.48 billion yuan, up 20.5% YoY; total profit 108.35 billion yuan, up 18.8% YoY; first time achieving double 100 billion.茅台集团2023年营业收入1644.8亿元，同比增长20.5%；利润总额1083.5亿元，同比增长18.8%；首次达成营收、利润“双千亿”。
2024-04-02Kweichow Moutai released 2023 annual report: total revenue of RMB 150.56 billion (+18.04% YoY), net profit of RMB 74.73 billion (+19.16% YoY), and proposed a dividend of RMB 30.876 per 10 shares.贵州茅台发布2023年年报：营业总收入1505.60亿元（同比增长18.04%），净利润747.34亿元（同比增长19.16%），拟每10股派发现金红利308.76元。
2024-04-26Kweichow Moutai reported 2024 Q1 results: operating revenue 46.485 billion yuan (+18.04% YoY), net profit 24.065 billion yuan (+15.73% YoY), both exceeding annual target of 15% growth.贵州茅台发布2024年一季报：营业总收入464.85亿元，同比增长18.04%；净利润240.65亿元，同比增长15.73%，均超年度15%增长目标。
2024-04-26Kweichow Moutai's 2023 annual report showed total revenue of 150.6 billion yuan (+18.0% YoY) and net profit of 74.7 billion yuan (+19.2% YoY), exceeding preliminary guidance.贵州茅台2023年年报显示，营业总收入1506亿元（同比+18.0%），归母净利润747亿元（同比+19.2%），超前期预告。
2024-08-08Moutai released H1 2024 results: revenue RMB 83.451 billion (+17.56% YoY), net profit RMB 41.696 billion (+15.88% YoY), exceeding the annual target.茅台发布2024年半年报：营业总收入834.51亿元（同比+17.56%），净利润416.96亿元（同比+15.88%），超额完成年度目标。
2024-09-09Kweichow Moutai reported H1 2024 revenue of 83.451 billion yuan, up 17.56% YoY; net profit of 41.696 billion yuan, up 15.88% YoY. Series liquor revenue hit a record high of 13.147 billion yuan, up 30.51% YoY.贵州茅台2024年上半年营收834.51亿元，同比增长17.56%；净利润416.96亿元，同比增长15.88%。系列酒营收131.47亿元，同比增长30.51%，创历史新高。
2024-10-25Kweichow Moutai reported Q3 2024 results: revenue 120.776 billion yuan, +16.95% YoY; net profit 60.828 billion yuan, +15.04% YoY.贵州茅台发布2024年三季报：营收1207.76亿元，同比增长16.95%；净利润608.28亿元，同比增长15.04%。
2025-01-02Preliminary 2024 results: total revenue ~CNY 173.8B (+15.44% YoY), net profit ~CNY 85.7B (+14.67% YoY); Moutai base liquor output ~56,300 tons, series liquor base output ~48,100 tons.2024年度初步核算：预计营业总收入约1738亿元（同比增长约15.44%），归母净利润约857亿元（同比增长约14.67%）；生产茅台酒基酒约5.63万吨，系列酒基酒约4.81万吨。
2025-01-16Moutai Group 2024 operating report: revenue reached CNY 187.19 billion (+13.3% YoY); total profit exceeded CNY 120.77 billion (+10.2% YoY).茅台集团2024年度生产经营工作报告：实现营收1871.9亿元（同比增长13.3%），利润总额超1207.7亿元（同比增长10.2%）。
2025-02-07Moutai Group reported 2024 revenue of 187.19 billion yuan (+13.3% YoY) and total profit of 120.77 billion yuan (+10.2% YoY).茅台集团2024年实现营收1871.9亿元（同比增长13.3%），利润总额1207.7亿元（同比增长10.2%）。
2025-02-07Kweichow Moutai estimated 2024 revenue of about 173.8 billion yuan (+15.44% YoY) and net profit of about 85.7 billion yuan (+14.67% YoY); Moutai base liquor output ~56,300 tons, series liquor base liquor ~48,100 tons.贵州茅台预计2024年营业总收入约1738亿元（同比增长15.44%），净利润约857亿元（同比增长14.67%）；茅台酒基酒约5.63万吨，系列酒基酒约4.81万吨。
2025-04-02Kweichow Moutai 2024 annual report: total revenue 174.144B yuan (+15.66% YoY), net profit 86.228B yuan (+15.38% YoY).贵州茅台2024年年报：营业总收入1741.44亿元（同比+15.66%），归母净利润862.28亿元（同比+15.38%）。
2025-04-292025 Q1 results: total revenue 51.443B yuan (+10.67% YoY), net profit 26.847B yuan (+11.56% YoY); series liquor revenue 7.022B yuan (+18.30% YoY).2025年一季报：营业总收入514.43亿元（同比+10.67%），净利润268.47亿元（同比+11.56%）；系列酒营收70.22亿元（同比+18.30%）。
2025-05-01Kweichow Moutai released 2025 Q1 results: total operating revenue of RMB 51.443 billion, +10.67% YoY; net profit attributable to parent of RMB 26.847 billion, +11.56% YoY. Gross margin 91.97%, net margin 54.89%.贵州茅台发布2025年一季报：营业总收入514.43亿元，同比+10.67%；归母净利润268.47亿元，同比+11.56%。毛利率91.97%，净利率54.89%。
2025-08-12Moutai announced H1 2025 results: operating revenue 91.094 billion yuan (+9.16% YoY), net profit 45.403 billion yuan (+8.89% YoY). International revenue reached 2.893 billion yuan (+31.29% YoY).贵州茅台发布2025年半年报：营业总收入910.94亿元（同比增长9.16%），净利润454.03亿元（同比增长8.89%）。国际化营收达28.93亿元（同比增长31.29%）。
2025-10-29Kweichow Moutai reports Q3 2025 results: Q3 revenue 39.064 billion yuan (+0.56% YoY), net profit 19.224 billion yuan (+0.48% YoY); 9M revenue 128.454 billion yuan (+6.36% YoY), net profit 64.627 billion yuan (+6.25% YoY).贵州茅台发布2025年三季报：三季度营收390.64亿元（同比+0.56%），净利润192.24亿元（同比+0.48%）；前三季度营收1284.54亿元（同比+6.36%），净利润646.27亿元（同比+6.25%）。
2026-04-16Kweichow Moutai released its 2025 annual report: revenue 168.838 billion yuan (-1.21% YoY), net profit 82.32 billion yuan (-4.53% YoY), the first annual decline since listing.贵州茅台发布2025年年报：营业收入1688.38亿元，同比下降1.21%；归母净利润823.20亿元，同比下降4.53%，为上市以来首次年度下滑。
2026-04-24Q1 2026 revenue CNY 53.909 billion, +6.54% YoY; net profit CNY 27.243 billion, +1.47% YoY. iMoutai platform revenue CNY 21.553 billion, +267.16% YoY. Feitian Moutai retail price raised to CNY 1,539/bottle, dealer contract price to CNY 1,269/bottle from March 31.2026年一季度营收539.09亿元，同比+6.54%；净利润272.43亿元，同比+1.47%。i茅台平台收入215.53亿元，同比+267.16%。飞天茅台自营零售价提至1539元/瓶，经销商合同价提至1269元/瓶，自3月31日起执行。
2026-04-28Moutai 2025 annual report: revenue CNY 168.838 billion, -1.21% YoY; net profit CNY 82.320 billion, -4.53% YoY — first annual decline since listing. iMoutai 2025 full-year revenue CNY 13.031 billion, -34.92% YoY.茅台2025年年报：营收1688.38亿元，同比-1.21%；净利润823.20亿元，同比-4.53%，为上市以来首次年度下滑。i茅台2025年全年收入130.31亿元，同比-34.92%。
2026-05-03Moutai releases 2025 annual report: total revenue 172.054 billion yuan (YoY -1%), net profit 82.32 billion yuan (YoY -5%). Q4 2025 revenue 41.15 billion yuan (YoY -19%), net profit 17.693 billion yuan (YoY -30%).茅台发布2025年报：总营收1720.54亿元（同比-1%），归母净利润823.20亿元（同比-5%）。2025年Q4营收411.50亿元（同比-19%），归母净利润176.93亿元（同比-30%）。
2026-05-03Moutai releases 2026 Q1 report: revenue 54.703 billion yuan (YoY +6.34%), net profit 27.243 billion yuan (YoY +1.47%). i Moutai revenue 21.553 billion yuan (YoY +267%).茅台发布2026年一季报：营收547.03亿元（同比+6.34%），归母净利润272.43亿元（同比+1.47%）。i茅台营收215.53亿元（同比+267%）。
2026-08-14Released 2026 interim results: revenue RMB 90.703bn (+1.47% YoY), net profit RMB 44.517bn (-1.95% YoY), first H1 profit decline since 2015; Q2 revenue RMB 37.575bn (-5.23%), net profit RMB 17.274bn (-6.9%).发布2026年半年报：营业收入907.03亿元（同比+1.47%），归母净利润445.17亿元（同比-1.95%），为2015年以来首次中期净利下滑；Q2营收375.75亿元（-5.23%），净利172.74亿元（-6.9%）。
Pricing & Market Strategy定价与市场策略
7 · 2024-01-01 → 2026-06-11
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Events related to price adjustments, market-oriented reforms, and dynamic pricing mechanisms.与价格调整、市场化改革和动态定价机制相关的事件。
2024-01-01Moutai raised ex-factory prices of Moutai-flavor classic (Maotai Jiangxiang Jingdian) by 10 yuan to 218 yuan, and Gold Prince (Jin Wangzi) by 20 yuan to 178 yuan, effective before Spring Festival.茅台将酱香经典出厂价上调10元至218元，金王子出厂价上调20元至178元，春节前生效。
2026-01-13Kweichow Moutai board approves the '2026 Kweichow Moutai Liquor Market-oriented Operation Plan', shifting to a 'self-sale + distribution + agency + consignment' model and a dynamic pricing mechanism.贵州茅台董事会审议通过《2026年贵州茅台酒市场化运营方案》，转向“自售+经销+代售+寄售”模式并建立动态价格机制。
2026-04-24Moutai implemented market-oriented reform: from Jan 1, 2026, Feitian Moutai sold on iMoutai at CNY 1,499/bottle; established 'follow-the-market, relatively stable' self-operated retail price system; non-standard products (e.g., Shengxiao, aged) saw quota cuts and price cuts of 30%-38%.茅台实施市场化改革：2026年1月1日起飞天茅台在i茅台上以1499元/瓶销售；确立“随行就市、相对平稳”的自营零售价格体系；非标产品（生肖、陈年等）配额削减，出厂价与零售价下调30%-38%。
2026-05-11Moutai performance briefing: company has established a 'follow-the-market, relatively stable' dynamic retail price adjustment mechanism for its self-operated system and completed the first price adjustment for all Moutai liquor products.茅台业绩说明会：公司已建立“随行就市、相对平稳”的自营体系零售价格动态调整机制，并已完成贵州茅台酒全产品自营体系零售价格首次价格调整。
2026-06-02Kweichow Moutai announced a dynamic adjustment mechanism for the retail price of its self-operated system, based on market conditions, aiming for 'following the market, relatively stable' pricing. It also outlined plans for the market-oriented advancement of its sauce-flavored series liquor and the 'three-step' internationalization strategy.贵州茅台公告，价格端以市场为导向，构建“随行就市、相对平稳”的自营体系零售价格动态调整机制，并推进酱香系列酒营销市场化进阶及国际化“三步走”战略。
2026-06-04Multiple Kweichow Moutai products saw retail price increases on the iMoutai platform, including the 53% vol 500ml Moutai (Premium) from RMB 2,299 to RMB 2,359 per bottle, and the Feitian 53% vol 1L from RMB 2,989 to RMB 3,119 per bottle.i茅台平台上多款贵州茅台酒产品零售价上调，包括53%vol 500ml贵州茅台酒（精品）从2299元/瓶调整为2359元/瓶，飞天53%vol 1L从2989元/瓶调整为3119元/瓶。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai Chairman Chen Hua stated that the company will follow market conditions for pricing, aiming for relative stability without drastic fluctuations, and will maintain a balance between supply, demand, volume, and price.在2025年度股东会上，贵州茅台董事长陈华表示，茅台酒价格将随行就市，相对平稳，不能出现大起大落，做到供需适配、量价平衡。
International expansion & exports国际化拓展与出口
28 · 2024-01-02 → 2026-06-11
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Moutai's strategy to increase overseas revenue, market research trips, international partnerships, and export milestones.茅台提升海外收入、进行海外市场调研、建立国际合作及实现出口里程碑的战略。
2024-01-02Moutai set internationalization target: gradually increase export volume of Moutai liquor, sauce-flavor series liquor and family products from 2024, aiming for overseas revenue exceeding 10B yuan by 2027.茅台设定国际化目标：从2024年起逐步增加茅台酒、酱香系列酒和家族产品出口量，力争2027年国际出口市场营收超百亿元。
2024-03-07Moutai Group signed the 'Global Spirits T3 Dialogue International Cooperation Consensus' with Diageo and Pernod Ricard in 2023, deepening exchanges with global liquor companies.茅台集团2023年与帝亚吉欧、保乐力加签署《全球烈酒T3对话国际合作共识》，深化与世界知名酒企交流。
2024-04-13At the 4th China International Consumer Products Expo, Moutai Chairman Ding Xiongjun stated that 2023 export revenue exceeded RMB 4.3 billion, accounting for 77% of China's baijiu exports.在第四届消博会上，茅台董事长丁雄军表示2023年出口额超43亿元，占中国白酒出口额的77%。
2024-06-13Chairman Zhang Deqin leads a delegation to Hong Kong for market research, clarifying internationalization strategy and increasing investment in overseas markets.董事长张德芹率队赴香港开展市场调研，明确国际化战略，将加大对国际市场的投入。
2024-09-22Moutai Group general manager Wang Li held a meeting with a delegation from the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) to discuss international cooperation.茅台集团总经理王莉与马来西亚中华总商会代表团举行交流座谈，探讨国际化合作。
2024-09-22Kweichow Moutai conducted a series of cultural activities in Japan from September 22-25, including exhibitions and performances, and surveyed local retail channels like Mitsukoshi and Tokyu百货 to promote internationalization.贵州茅台于9月22日至25日在日本举办'一展一夜一晚会'系列文化活动，并调研三越百货、东急百货等渠道终端，推进国际化。
2024-09-25The China National Food Industry Association delegation visited Moutai, discussing international strategy and global market expansion for the brand.中国食品土畜进出口商会代表团到访茅台，就国际化战略和全球市场拓展进行交流。
2024-10-25Kweichow Moutai Q3 2024 report: overseas revenue 3.483 billion yuan, +16.71% YoY.贵州茅台三季报：海外营收34.83亿元，同比增长16.71%。
2024-11-15Moutai Group President Wang Li leads a survey of Moutai Import and Export Company, outlining plans to accelerate internationalization with a target to become a global company by 2035.茅台集团总经理王莉率队调研茅台进出口公司，部署加快国际化工作，目标到2035年成为国际化公司。
2024-11-24Moutai Group Deputy GM Tu Huabin leads a delegation to the UK, Belgium, and the Netherlands for brand promotion, market research, and technical exchanges to explore internationalization paths.茅台集团副总经理涂华彬率队赴英国、比利时、荷兰考察交流，开展品牌推广、市场调研和技术交流，探寻国际化发展新路径。
2024-11-27Moutai acting GM Wang Li states that Moutai's internationalization is still at the product export stage, with a goal to become an international company by 2035, advancing through six major systems.茅台代总经理王莉表示，茅台国际化尚处于产品出口层面，目标到2035年成为国际化公司，将从六大体系推进。
2024-11-28Moutai Vice General Manager Zhang Xu leads a delegation to Australia and New Zealand for market research and brand promotion, advancing Moutai's international strategy in the region.茅台副总经理张旭率队前往澳大利亚和新西兰考察交流，推动茅台国际化战略在澳新市场深入融合。
2024-11-30Moutai Group CFO Liu Gang leads a delegation to Germany, Spain, and France for market research and brand promotion, including 'Moutai Night' events, to further internationalization.茅台集团总会计师刘刚率队赴德国、西班牙、法国考察交流，举办“茅台之夜”品鉴会等品牌推广活动，推进国际化。
2024-12-04Moutai holds an investor meeting in New York with over 10 international institutions (Lazard, Neuberger Berman, Baron Capital) to discuss strategy, channels, and internationalization.贵州茅台在纽约召开美国投资者交流会，与Lazard、Neuberger Berman、Baron Capital等十余家国际机构交流战略、渠道和国际化。
2025-01-17At the 2025 International Distributor Conference, Moutai announced 2024 export revenue exceeded CNY 5 billion for the first time; high-value Moutai liquor export volume exceeded 100 tons (+40% YoY).在2025年度国际渠道商联谊会上宣布，2024年出口营收首次突破50亿元；高附加值茅台酒出口销量突破100吨（同比增长超40%）。
2025-02-27Moutai and Penfolds (Treasury Wine Estates) discussed internationalization of liquor brands, exploring cooperation on global market expansion.茅台与奔富（富邑葡萄酒集团）探讨酒类品牌国际化，寻求全球市场拓展合作。
2025-03-27Moutai Group Chairman Zhang Deqin spoke at the China International Alcoholic Drinks Expo, calling for the industry to embrace international markets and let Chinese baijiu go global.茅台集团董事长张德芹在中国国际酒业博览会上发表演讲，呼吁行业开拓国际市场，让中国白酒香飘世界。
2025-04-02Overseas revenue 5.189B yuan in 2024 (+19.27% YoY), first time exceeding 5B yuan; export sales exceeded 2,100 tons.2024年海外营收51.89亿元（同比+19.27%），首次突破50亿元；出口销量超2100吨。
2025-04-292025 Q1 overseas revenue 1.119B yuan, up 37.53% YoY.2025年一季度海外市场营收11.19亿元，同比增长37.53%。
2025-05-12At the performance briefing, Moutai management disclosed that overseas market revenue in 2024 was RMB 5.19 billion, accounting for ~3% of total liquor revenue. The international strategy follows a 'three-step' approach: export, go-global, and become an internationalized company by 2035.在业绩说明会上，茅台管理层披露2024年海外市场营收51.9亿元，占酒类营收约3%。国际化战略为“三步走”：出口、出海、国际化，目标2035年成为国际化公司。
2025-05-19At the 2024 AGM, Moutai disclosed that overseas revenue exceeded RMB 5 billion for the first time, reaching RMB 5.189 billion in 2024. The international strategy is 'three steps': product export, brand/culture go-global, and becoming an internationalized value creator.在2024年度股东大会上，茅台披露2024年海外营收首次突破50亿元，达51.89亿元。国际化战略为“三步走”：产品出口、品牌文化出海、成为国际化价值创造者。
2025-06-10Moutai participated as the exclusive strategic partner of the China Pavilion at the 2025 Osaka World Expo, hosting 'Moutai Brand Day' and showcasing cultural exhibits.茅台以中国馆唯一战略合作伙伴身份亮相2025年大阪世博会，举办“茅台品牌日”主题活动并展示文化展品。
2025-07-08500 cases of baijiu from Moutai Town, Renhuai, Guizhou, were exported to New York, USA, via Zunyi Comprehensive Bonded Zone, marking a first-time export breakthrough.500件白酒从贵州仁怀茅台镇通过遵义综合保税区出口至美国纽约，实现首次出口突破。
2025-11-28At the 2025 first extraordinary general meeting, Moutai stated that for its internationalization, the main focus for Moutai liquor is on overseas Chinese, Chinese enterprises, and Southeast Asia, while series liquor has higher growth potential in mainstream international price bands.在2025年第一次临时股东大会上，茅台表示国际化方面，茅台酒主力市场在华人华商、中资企业及东南亚，系列酒与国际烈酒主流价格带重合度更高，天花板可能更高。
2026-03-16At the 2026 Kweichow Moutai International Distributor Conference, Chairman Chen Hua disclosed 2025 overseas performance: duty-free channel sales doubled, Southeast Asia market sales grew over 4 times, and zodiac liquor sales increased 135.5% year-on-year. The company has completed the '2026-2030 Kweichow Moutai International Market Marketization Transformation Plan'.在贵州茅台2026国际渠道商联谊会上，董事长陈华披露2025年海外业绩：免税渠道销量翻番，东南亚市场销量超4倍增长，生肖酒销量同比增长135.5%。公司已编制完成《2026—2030年贵州茅台酒国际市场市场化转型方案》。
2026-03-16At the 2026 Kweichow Moutai International Distributor Conference, the company announced plans to develop a low-alcohol Moutai international version, build a 'pyramid' product matrix with 53% Feitian as the base, and promote domestic and international price alignment.在2026国际渠道商联谊会上，茅台宣布计划探索开发低度茅台酒国际版，构建以53度飞天为“塔基”的“金字塔”型产品矩阵，推动国内外价格同轨。
2026-06-09Kweichow Moutai participated in the 2026 Seoul International Food Industry Exhibition in South Korea, showcasing Feitian Moutai and zodiac liquor, and plans to visit Korean alcohol industry associations and companies like HiteJinro and OB Beer for discussions on channel cooperation.贵州茅台参加2026首尔国际食品产业大展，展出飞天茅台、生肖酒等产品，并计划拜访韩国酒类工业协会、海特真露及OB啤酒等机构，交流渠道合作。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai Chairman Chen Hua stated that the company has developed 4 new international product designs, added 23 new international distributors, and now covers 18 key global markets as part of its internationalization push.在2025年度股东会上，贵州茅台董事长陈华表示，公司已完成4款国际化新品设计，新发展国际渠道商23家，覆盖全球18个重点市场。
Moutai Eco-Agriculture & UMEET茅台生态农业与UMEET
5 · 2024-01-02 → 2024-08-09
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Product launches and sales from the eco-agriculture subsidiary, including the UMEET cocktail and blueberry sparkling wine series.生态农业公司的产品发布与销售，包括UMEET鸡尾酒和蓝莓气泡酒系列。
2024-01-02Moutai subsidiary Guizhou Moutai (Group) Eco-Agriculture Industrial Development Co., Ltd. applied for trademarks including 'Jiangxiang Bingjiu', 'Jiangxiang Guojiu', 'Dongfang Jiangxiang Guocha Bingjiu'.茅台子公司贵州茅台（集团）生态农业产业发展有限公司申请注册“酱香冰酒”“酱香果酒”“东方酱香果茶冰酒”等商标。
2024-01-30Moutai Eco-Agriculture subsidiary's 'Guizhou Flavor' cocktail series (MOJT Morito) launched on iMoutai app, priced from 539 yuan/bottle.茅台生态农业公司推出的MOJT莫其托鸡尾酒“贵州味道”系列上线i茅台，价格539元/瓶起。
2024-03-07Moutai ecological agriculture company and MOJT jointly launched 'Guizhou Flavor' cocktail series; first batch of 1,500 cases (9,000 bottles) sold out within a week.茅台生态农业公司与MOJT莫其托共同研发的“贵州味道”系列鸡尾酒上市一周内首批1500箱9000瓶全部售罄。
2024-03-18Moutai Ecological Agriculture Company launched UMEET blueberry sparkling wine, 6% ABV, 375ml, priced at 118 yuan per bottle, available in five flavors; first low-alcohol sparkling drink for young consumers.茅台生态农业公司推出UMEET蓝莓气泡酒，酒精度6度，375ml，售价118元/瓶，共五种口味；首款面向年轻消费者的低度气泡潮饮。
2024-08-09Moutai Eco-agriculture launched a new 'UMEET' blueberry sparkling wine (rose lychee flavor) on the i Moutai platform.茅台生态农业公司在i茅台平台首发新品“UMEET”蓝莓气泡酒（玫瑰荔枝味）。
Zodiac & cultural series products生肖及文化系列产品
31 · 2024-01-06 → 2026-07-13
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Launch and market performance of zodiac (Dragon, Snake, Horse) and cultural series (Sanhua Feitian, Walk into...) products, including pricing and anti-counterfeiting updates.生肖（龙、蛇、马）及文化系列（散花飞天、走进系列等）产品的发布与市场表现，包括定价与防伪更新。
2024-01-06Moutai launched the Year of the Dragon zodiac series products: Moutai liquor (Jiachen Dragon Year) at 2,499 yuan/500ml, Moutai Prince liquor (Jiachen Dragon Year), and Guizhou Daqu (Jiachen Dragon Year). Over 8.58 million people applied for 19,475 bottles on iMoutai.茅台发布甲辰龙年生肖系列产品：贵州茅台酒（甲辰龙年）2499元/500ml、茅台王子酒（甲辰龙年）、贵州大曲（甲辰龙年）；i茅台申购人次超858万，中签19475瓶。
2024-01-10Wholesale price of Dragon Year Moutai zodiac liquor dropped sharply from 6,000 yuan/bottle to around 4,100 yuan/bottle, due to large initial supply.龙年茅台生肖酒批价大跌，从6000元/瓶一度跌至4100元/瓶左右，主因首发量较大。
2024-01-17Moutai Group applied for the trademark 'Sanhua Feitian' (散花飞天), international class for alcohol, currently under substantive examination.茅台集团申请注册“散花飞天”商标，国际分类为酒，当前状态为等待实质审查。
2024-01-22Moutai confirmed it has no plan to continue developing the 24 Solar Terms series liquor, making the existing series a limited edition.茅台确认目前没有继续开发二十四节气系列酒的计划，已发布系列成为“限量版”。
2024-01-29Moutai's new product 'Sanhua Feitian' (散花飞天) set subscription price at 2,699 yuan/bottle on iMoutai, with first batch of 9,999 bottles; requires passing a cultural quiz to qualify for purchase.茅台新品“散花飞天”在i茅台申购价定为2699元/瓶，首批发售9999瓶，需通过文化答题获得资格。
2024-01-30Moutai launched 'Sanhua Feitian' (Scattered Flower Flying Fairy) baijiu at a subscription price of 2699 yuan per bottle, significantly higher than classic Feitian Moutai, requiring a quiz on Chinese culture and Moutai culture to purchase.茅台推出“散花飞天”茅台酒，申购价2699元/瓶，远高于经典飞天茅台，需答题（含中国传统文化、酒文化、茅台文化）方可申购。
2024-02-04Moutai launched 'Sanhua Feitian' (Scattered Flowers Flying Apsaras), the first product in its new cultural series, featuring Dunhuang-inspired design.茅台推出‘散花飞天’，为文化系列首款产品，瓶身采用敦煌文化散花飞天仙女设计元素。
2024-04-15Kweichow Moutai launched the 'Spring Series' cultural products (6 varieties, 500ml and 100ml), a digital-physical integrated product available exclusively via Xunfeng digital world.贵州茅台发布“春系列”文化产品（6款，500ml和100ml规格），为数实融合产品，仅通过巽风数字世界发售。
2024-04-19Kweichow Moutai's new product 'Sanhua Feitian' (a cultural飞天 series) wholesale reference price reportedly fell from about 7200 yuan/bottle to 3800 yuan/bottle, a drop of about 47%, but dealers said terminal scarcity persists.贵州茅台新品“散花飞天”批发参考价据报从约7200元/瓶大幅下降至3800元/瓶，跌幅约47%，但经销商称终端稀缺局面仍存。
2024-04-25Moutai's product 'Huamao Jiancang' (a collector's edition) has been discontinued; it was a 3L坛装 baijiu with annual price appreciation of 10%-15%.茅台旗下产品“华茅·鉴藏”已停产，该产品为3L坛装收藏级白酒，年增值幅度10%-15%。
2024-06-27Moutai holds a special scheduling meeting, launches product identification skill training, and accelerates anti-counterfeiting technology upgrade for Moutai (Jiachen Dragon Year).茅台召开专题调度会，举办产品鉴定技能提升专项培训班，加快推进贵州茅台酒（甲辰龙年）防伪技术升级。
2024-06-27New bottle-cap anti-counterfeiting technology for 500ml Moutai (Jiachen Dragon Year) enters the fourth round of testing; official launch expected soon.500ml贵州茅台酒（甲辰龙年）瓶盖新防伪技术进入第四轮测试阶段，将于近期正式启用。
2024-06-28Daily allocation of Dragon-year Moutai zodiac liquor on iMoutai app at some stores returns to original level of 12 bottles per day.i茅台上部分门店龙年茅台生肖酒每日投放量恢复至原水平12瓶。
2024-08-24Moutai began rolling out new anti-counterfeit labels for its Dragon Year (Jiachen) Moutai, with full market launch scheduled for September 15.茅台开始逐步投放使用新防伪标签的甲辰龙年茅台酒，计划于9月15日全面上市。
2024-11-27Moutai acting GM Wang Li announces that replacement products for Feitian Moutai (Sanhua Feitian) and the Year of the Dragon zodiac Moutai are currently under development.茅台代总经理王莉透露，贵州茅台酒（散花飞天）和龙年生肖酒的替代产品正在研发中。
2025-01-05Launched the Yisi Snake Year zodiac liquor (乙巳蛇年), the 12th and final edition completing the 12-year zodiac cycle; MSRP 2,499 yuan/bottle.发布乙巳蛇年生肖酒，为12年轮回的收官之作，市场指导价2499元/瓶。
2025-06-04Moutai launched a new 'Walk into Civilization, Dialogue with the World' product series, including five 53%vol 350ml/375ml bottles (UK, France, Italy, Greece, Japan), priced at 1619-1719 yuan, available on iMoutai from June 5.茅台发布全新“走进文明，对话世界”产品系列，共五款53度350ml/375ml产品（英国、法国、意大利、希腊、日本），售价1619-1719元，6月5日起在i茅台开售。
2025-07-04Kweichow Moutai launched new 'Zoujin' (Into) series overseas editions during the 2025 Japan Osaka World Expo, covering Greece, Italy, UK, France, and Japan, 350ml each, priced at 1,619 yuan.贵州茅台在2025年日本大阪世博会期间发布了贵州茅台酒“走进”系列海外版新品，涵盖希腊、意大利、英国、法国、日本，每瓶350ml，定价1619元。
2025-08-05Moutai will launch a limited edition 'Five-Star Trademark 70th Anniversary' baijiu on August 8, priced at 7,000 yuan per bottle, limited to 25,568 bottles, sold only via iMoutai App.贵州茅台将于8月8日推出‘五星商标上市70周年纪念’限量版茅台酒，定价7000元/瓶，限量25568瓶，仅通过i茅台App发售。
2025-08-08Moutai's 'Five-Star Trademark 70th Anniversary' limited edition (25,568 bottles at 7,000 yuan/bottle) sold out within 2 minutes on iMoutai, generating approximately 179 million yuan in revenue.贵州茅台‘五星商标上市70周年纪念’限量版（25568瓶，7000元/瓶）在i茅台App上2分钟内售罄，销售额约1.79亿元。
2025-09-03Moutai launched a new product 'Kweichow Moutai (Five-Star Trademark 70th Anniversary Commemorative Edition)' at 7,000 yuan per bottle, which sold out within 2 minutes, generating approximately 179 million yuan in revenue.茅台新品'贵州茅台酒（五星商标上市70周年纪念）'正式开售，单瓶价格7000元，2分钟内售罄，收入约1.79亿元。
2025-09-09Moutai launched a revamped 'Kweichow Moutai (Premium)' product at the 14th China (Guizhou) International Alcoholic Beverages Expo, priced at 3,299 yuan per bottle, available on the iMoutai platform.茅台在第十四届中国（贵州）国际酒类博览会上发布焕新升级的贵州茅台酒（精品），售价3299元/瓶，同步在i茅台发售。
2025-10-18Moutai launches 'date-selection' service for Snake Zodiac Moutai on iMoutai app, allowing buyers to choose production date from Oct 20.茅台在i茅台APP推出蛇年生肖茅台酒‘日期自选’服务，10月20日起消费者可自选生产日期。
2025-11-30Kweichow Moutai launched a new product in its 'Walk into' series, 'Walk into Singapore', a 53% ABV 350ml bottle with a launch price of RMB 1,619.贵州茅台“走进系列”再添新品“走进新加坡”，53度350ml，发售价1619元。
2025-12-08Moutai launched the limited-edition '110th Anniversary of Panama Pacific International Exposition Gold Medal' commemorative liquor (53% ABV, 1.1L) on iMoutai at 11,000 yuan per bottle, which sold out instantly.茅台在i茅台推出限量版‘巴拿马万国博览会金奖110周年纪念酒’（53度，1.1升），售价11000元/瓶，上线即售罄。
2026-01-05Kweichow Moutai officially launches the Bingwu Horse Year zodiac liquor (53%vol 500ml) at 1899 yuan/bottle, along with the 'Gule Feitian' cultural series at 2699 yuan/bottle.贵州茅台正式发布丙午马年生肖酒（53%vol 500ml），售价1899元/瓶，以及“鼓乐飞天”文化系列酒，售价2699元/瓶。
2026-01-21Moutai confirms a printing error on the packaging of the Bingwu Horse Year zodiac liquor, where the character '昴' (Mao) was mistakenly printed as '昂' (Ang), and offers replacements at self-operated stores.茅台确认丙午马年生肖酒包装存在印刷错误，将“昴”字误印为“昂”字，并提供在自营店更换的服务。
2026-01-23Moutai announces the corrected packaging for the Bingwu Horse Year zodiac liquor has resumed production, and offers replacement services at self-operated stores until Dec 31, 2026.茅台宣布丙午马年生肖酒修正后的包装已恢复生产，并在2026年12月31日前于自营店提供更换服务。
2026-02-27Kweichow Moutai added a lunar calendar date customization feature on i Moutai for the Horse zodiac Moutai classic and gift box editions, allowing consumers to choose a specific lunar production date.贵州茅台在i茅台为马年生肖茅台经典版及礼盒装新增农历生产日期自选功能，消费者可选择指定农历生产日期。
2026-05-16Moutai raises self-operated retail prices for four non-standard products via i Moutai: Aged Moutai (15) to 4279 yuan, Premium Moutai to 2359 yuan, Ma Year Zodiac to 2699 yuan, 1L Feitian to 3119 yuan.茅台通过i茅台上调四款非标产品自营零售价：陈年茅台酒（15）调至4279元/瓶，精品茅台调至2359元/瓶，丙午马年珍享版调至2699元/瓶，飞天1L装调至3119元/瓶。
2026-07-13Moutai announced 'Shenlai zhibi' repair tool for Moutai (Bingwu Horse Year) packaging where '昴' character was misprinted as '昂'; consumers can register for repair on iMoutai Jul 14-Aug 12.茅台推出“神来之笔”补笔工具，针对马年茅台包装“昴”字误印为“昂”的瑕疵，消费者可于7月14日至8月12日在i茅台登记修补。
Moutai Kechuang & Jinshi investment funds茅台科创与金石投资基金
17 · 2024-01-11 → 2026-04-20
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Equity investments made by Moutai's investment funds in various technology, biotech, and new energy companies.茅台旗下投资基金对多家科技、生物技术及新能源公司的股权投资。
2024-01-11Moutai Kechuang (Beijing) Investment Fund became a shareholder of Guizhou Jiaqui Energy Technology Co., Ltd., a new energy materials company, with registered capital increased from 2M to ~2.67M yuan.茅台科创（北京）投资基金合伙企业成为贵州珈硅能源科技有限公司股东，注册资本由200万增至约266.67万元，该公司主营新能源技术研发。
2024-04-10Moutai Kechuang (Beijing) Investment Fund became a shareholder of Qingdao Single-Cell Biotechnology Co., Ltd., holding 2.2222% stake.茅台科创（北京）投资基金合伙企业（有限合伙）成为青岛星赛生物科技有限公司股东，持股比例2.2222%。
2024-04-23Moutai Kechuang (Beijing) Investment Fund Partnership (a Moutai subsidiary) invested strategically in Qingdao Single-Cell Biotechnology Co., Ltd. (Xingsai Bio), focusing on single-cell Raman technology for baijiu brewing.茅台科创（北京）投资基金合伙企业战略投资青岛星赛生物科技有限公司，聚焦单细胞拉曼技术在白酒酿造领域的应用。
2024-05-09Moutai announced that虹摹生物科技 (Shanghai) Co., Ltd. added Moutai Kechuang (Beijing) Investment Fund and CICC Capital as shareholders, with registered capital rising from ~62.22 million yuan to ~72.80 million yuan.茅台宣布虹摹生物科技（上海）有限公司新增茅台科创（北京）投资基金和中金资本为股东，注册资本从约6222万元增至约7280万元。
2024-08-02Moutai funds (Moutai Kechuang, Moutai Jinshi) invested in Shanghai SmartLogic, a chip design company, marking Moutai's first foray into the chip industry.茅台旗下基金（茅台科创、茅台金石）投资芯片设计公司上海思朗科技，首次涉足芯片产业。
2024-08-23Moutai Jinshi Fund invested in Lanzhi Zhide New Energy Materials, a solid-state battery material company, marking Moutai's entry into the solid-state battery sector.茅台金石基金投资固态电池材料公司兰溪致德新能源材料有限公司，标志着茅台入局固态电池领域。
2024-09-09Kweichow Moutai disclosed that its two industry funds (Moutai Jinshi and Moutai Zhaohua) have received 4.408 billion yuan in capital and invested 230 million yuan in three projects: Taihe Weiye, Silang Technology, and Lanxi Zhide.贵州茅台披露旗下两只产业基金（茅台金石和茅台招华）已到位资金44.08亿元，已投资泰和伟业、思朗科技、兰溪致德三个项目，金额合计2.3亿元。
2024-10-29Moutai plans to participate in setting up the Zhaohua Health Fund with He's Ophthalmology, investing in synthetic biology and other fields.茅台拟与何氏眼科合作设立招华健康基金，投资合成生物等领域。
2024-11-04Moutai (Guizhou) High-Quality Growth Equity Investment Partnership invests in Chengdu Taihe Weiye Biotechnology Co., Ltd., a company specializing in protected amino acids.茅台（贵州）高质量成长股权投资合伙企业入股成都泰和伟业生物科技有限公司，该公司专注于保护氨基酸产品研发生产。
2025-07-01Moutai (Guizhou) High-Quality Growth Equity Investment Partnership, a fund under Kweichow Moutai, invested in AI large-model company Beijing Mianbi Intelligent Technology Co., Ltd. (ModelBest), with registered capital increasing from about 590,000 yuan to about 640,000 yuan.茅台（贵州）高质量成长股权投资合伙企业（茅台旗下基金）投资了AI大模型公司北京面壁智能科技有限责任公司，注册资本从约59万元增至约64万元。
2025-07-28Moutai Jinshi (Guizhou) Industrial Development Fund Partnership, a fund under Moutai, invested in Leju (Shenzhen) Robot Technology Co., Ltd., a smart robot company, with registered capital increasing from about 1.9 million yuan to about 2.27 million yuan.茅台旗下茅台金石（贵州）产业发展基金合伙企业投资了乐聚（深圳）机器人技术有限公司，注册资本从约190万元增至约227万元。
2025-09-10Moutai participated in the Series B financing of Kangweijian Biomedical Co., Ltd., a company specializing in bio-enzymatic production of ascorbyl palmitate (AP), alongside other investors.贵州茅台参与康维健生物医药有限公司B轮融资，该公司专注于生物酶法生产抗坏血酸棕榈酸酯（AP）。
2025-11-12Kweichow Moutai (via its subsidiary Moutai Fund) jointly established Jinshi Shenshen (Guizhou) Digital Technology Equity Investment Partnership (Limited Partnership) with a capital contribution of RMB 2 billion.贵州茅台（通过旗下茅台基金）参与设立金石深合（贵州）数字科技股权投资合伙企业（有限合伙），出资额20亿元。
2025-12-15Moutai Group invested 1 billion yuan to become the third-largest shareholder of Guizhou Rural Commercial United Bank, holding a 9.562% stake.茅台集团出资10亿元入股贵州农商联合银行，持股9.562%，成为第三大股东。
2026-02-28Kweichow Moutai participated in the A++ round financing of intelligent robot manufacturer Xiaoyu Zhizao, alongside Guizhou Technology Venture Capital, CMB International, and Huaye Tiancheng.贵州茅台参与智能机器人制造商小雨智造A++轮融资，联合投资方包括贵州科技风投、招银国际及华业天成。
2026-03-22Embodied intelligence robot company Zhishen Technology announced the completion of a hundreds of millions of yuan Series B financing round, with investment from industrial capital including Kweichow Moutai.具身智能机器人企业智身科技宣布完成数亿元B轮融资，投资方包括贵州茅台等产业资本。
2026-04-20Huagui Life Insurance Co., Ltd. completed a strategic financing round of 615 million yuan, with Kweichow Moutai as one of the participating investors.华贵人寿保险股份有限公司完成战略融资，融资额6.15亿元，贵州茅台为参与投资机构之一。
Moutai Group & subsidiary restructuring茅台集团及子公司重组
9 · 2024-01-15 → 2026-08-14
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Changes in the structure of Moutai Group and its subsidiaries, including deregistrations, capital increases, and new entities.茅台集团及其子公司结构的变动，包括注销、增资和新设实体。
2024-01-15Moutai's subsidiary Guizhou Moutai Distillery Hongyingzi Agricultural Technology Co., Ltd. increased registered capital from 5M to 55M yuan (1,000% increase).茅台子公司贵州茅台酒厂红缨子农业科技发展有限公司注册资本由500万增至5500万元（增幅1000%）。
2024-01-19Moutai's customized marketing subsidiary 'Guojiu Moutai Customized Marketing (Guizhou) Co., Ltd.' was deregistered (cancelled).茅台定制营销子公司“国酒茅台定制营销（贵州）有限公司”注销。
2024-03-21Xunfeng Technology (Guizhou) Co., Ltd., a joint venture between Moutai Group (51%) and NetEase (49%), changed its business scope to include digital cultural creativity, blockchain, livestreaming, and auction services; legal representative changed from Chen Woquan to Wang Yinan.巽风科技（贵州）有限公司（茅台集团持股51%、网易持股49%）经营范围新增数字文化创意、区块链、直播、文物拍卖等；法定代表人由陈我权变更为王轶楠。
2024-06-07Moutai (Guizhou) High-Quality Growth Equity Investment Partnership established with a capital of 1.2 billion yuan for private equity investment.茅台（贵州）高质量成长股权投资合伙企业成立，出资额12亿元，从事私募股权投资。
2024-07-01Moutai Jinshi Biotechnology Industry Fund Partnership was established with a registered capital of 1.5 billion yuan, with partners including Moutai Jinshi Industrial Development Fund, Jinshi Investment, etc.茅台金石生物科技产业基金合伙企业成立，注册资本15亿元，合伙人包括茅台金石产业发展基金、金石投资等。
2024-11-29Moutai establishes Guizhou Chiyuan Enterprise Management Consulting Partnership (2 billion yuan) with Moutai High-Quality Growth Equity Investment Partnership and Moutai Guizhou Private Fund as partners.茅台成立贵州赤源企业管理咨询合伙企业（出资额20亿元），合伙人为茅台高质量成长股权投资合伙企业和茅台贵州私募基金。
2025-04-17Moutai Rural Commercial Bank approved to transfer shares in 6 village banks to local rural commercial banks/credit cooperatives.贵州仁怀茅台农商行获批转让所持6家村镇银行股份，受让方为当地农商行或农信社。
2025-07-09Guizhou Moutai Distillery (Group) Guiyang Commerce Co., Ltd., a wholly-owned subsidiary of China Kweichow Moutai Distillery (Group), was listed as operating abnormally for failing to file annual report on time.贵州茅台酒厂（集团）贵阳商务有限责任公司（茅台集团全资子公司）因未按时公示年度报告被列入经营异常名录。
2026-08-14Board approved transferring iMoutai digital marketing platform assets (systems, domain names) free of charge to wholly-owned subsidiary Guizhou Ai Moutai Digital Technology, with sub-licensing of 'MOUTAI' trademark.董事会审议通过将i茅台数字营销平台相关信息系统及域名等资产无偿划转至全资子公司贵州爱茅台数字科技有限公司，并转授权使用“MOUTAI”等商标。
Corporate social responsibility & donations企业社会责任与捐赠
5 · 2024-01-16 → 2026-07-08
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Moutai's charitable donations and public welfare initiatives.茅台的慈善捐赠和公益举措。
2024-01-16Moutai Public Welfare Foundation donated 30M yuan over 3 years to the China Foundation for Cultural Heritage Conservation for the Asian Cultural Heritage Protection Fund, with first installment of 10M yuan.贵州茅台公益基金会分3年向中国文物保护基金会捐赠3000万元用于亚洲文化遗产保护基金，首笔1000万元已交付。
2024-09-22Kweichow Moutai held the 2024 Sichuan Maoyou Carnival in Chengdu, and donated 550,000 yuan to the Sichuan Youth Development Foundation through the Moutai Public Welfare Foundation.贵州茅台在成都举办2024年四川茅友嘉年华，并通过贵州茅台公益基金会向四川省青少年发展基金会捐赠55万元。
2024-10-25Kweichow Moutai's board approved a donation of 100 million yuan to the China Youth Development Foundation for the 2024 'China Moutai, Pillar of the Nation' education aid program.贵州茅台董事会批准向中国青少年发展基金会捐赠1亿元，用于2024年“中国茅台·国之栋梁”公益助学活动。
2025-01-08Board approved a donation of CNY 20 million to the Tibet Autonomous Region Charity Federation for earthquake relief in Dingri County, Shigatse.董事会决定向西藏自治区慈善总会捐赠2000万元，用于日喀则市定日县地震抗震救灾。
2026-07-08Moutai donated RMB 10 million in cash to Guangxi Charity Federation for flood disaster relief and recovery.贵州茅台向广西慈善联合总会捐赠1000万元现金，用于支持广西洪涝灾害救灾及灾后恢复工作。
Executive leadership & governance高管领导与治理
46 · 2024-02-02 → 2026-08-24
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Changes in top leadership, including chairman succession, board appointments, and related governance adjustments.高层领导的变动，包括董事长更替、董事会任命及相关治理调整。
2024-02-02Former Moutai chairman Gao Weidong was sentenced to life imprisonment for accepting bribes totaling 110 million yuan.茅台原董事长高卫东因受贿1.1亿元被判无期徒刑。
2024-03-07Moutai Group general manager Wang Li was selected in Forbes China 2024 Outstanding Business Women 100 list.茅台集团总经理王莉入选福布斯中国2024杰出商界女性100榜单。
2024-03-08Moutai Group disclosed 2022 executive compensation: Chairman Ding Xiongjun's pre-tax remuneration was 1.0078 million yuan.茅台集团公布2022年度高管薪酬：董事长丁雄军税前报酬100.78万元。
2024-04-27Rumors that Moutai Group Party Secretary and Chairman Ding Xiongjun would be transferred to Guizhou Market Regulation Bureau, and Xijiu Chairman Zhang Deqin would take over as Moutai Group Chairman; insider said 'wait and see'.传闻茅台集团党委书记、董事长丁雄军将调任贵州省市场监督管理局局长，习酒董事长张德芹将接任茅台集团董事长；内部人士回应“拭目以待”。
2024-04-29Kweichow Moutai announced that per Guizhou provincial government document, Zhang Deqin is recommended as director and chairman candidate, and Ding Xiongjun is proposed to no longer serve as chairman and director.贵州茅台公告，根据贵州省人民政府文件，推荐张德芹为董事、董事长人选，建议丁雄军不再担任董事长、董事职务。
2024-04-29Kweichow Moutai announced that the Guizhou Provincial People's Government recommended Zhang Deqin as director and chairman of the company, replacing Ding Xiongjun who was transferred to head the Guizhou Provincial Market Supervision Bureau.贵州茅台公告，贵州省人民政府推荐张德芹为公司董事、董事长人选，丁雄军调任贵州省市场监督管理局局长。
2024-04-30Ding Xiongjun submitted written resignation as chairman and director of Kweichow Moutai, effective upon board receipt, due to work adjustment; he was appointed director of Guizhou Market Regulation Bureau (Guizhou Intellectual Property Office).丁雄军因工作调整辞去贵州茅台董事长、董事职务，辞职报告送达董事会时生效；他被任命为贵州省市场监督管理局（贵州省知识产权局）局长。
2024-05-06New chairman Zhang Deqin chaired the Moutai Group Party Committee (enlarged) meeting, emphasizing anti-corruption and the need to build a nationally important baijiu production base in the Chishui River basin.新任董事长张德芹主持茅台集团党委（扩大）会，强调反腐和建设赤水河流域全国重要白酒生产基地。
2024-05-08Moutai board nominated Zhang Deqin as a candidate for the fourth board of directors and scheduled the 2023 annual general meeting for May 29.茅台董事会提名张德芹为第四届董事会董事候选人，定于5月29日召开2023年度股东大会。
2024-06-02Zhang Deqin elected as chairman of Kweichow Moutai at the 2023 annual general meeting on May 29, 2024.张德芹在2024年5月29日的2023年度股东大会上当选为贵州茅台董事长。
2024-06-12Zhang Deqin officially completes industrial and commercial registration as legal representative and chairman of Kweichow Moutai, replacing Ding Xiongjun.张德芹完成工商变更，正式接替丁雄军担任贵州茅台法定代表人、董事长。
2024-08-14Moutai announced the proposed appointment of Xiang Ping and Zhang Xu as deputy general managers, replacing Tu Huabin and Wang Xiaowei, pending board approval.茅台公告推荐向平、张旭为副总经理人选，建议涂华彬、王晓维不再担任副总经理职务，待董事会审议。
2024-08-16Moutai's board officially appointed Xiang Ping and Zhang Xu as deputy general managers, effective immediately.茅台董事会正式聘任向平、张旭为公司副总经理，任期与本届董事会一致。
2024-08-22Moutai (Shanghai) Finance Leasing appointed Chen Yanhong as general manager, replacing acting GM Li Li.茅台（上海）融资租赁有限公司任命陈艳红为总经理，李莉不再代行总经理职责。
2024-09-02Kweichow Moutai changed two deputy general managers: Xiang Ping was appointed as assistant to the general manager, and Zhang Xu was appointed as deputy general manager.贵州茅台变更两位副总经理：向平担任总经理助理，张旭担任副总经理。
2024-09-19Zhang Guichao was officially appointed as Party Secretary and Chairman of Guizhou Moutai Jiangxiang Liquor Marketing Co., Ltd., succeeding Zhang Xu who became deputy general manager of Kweichow Moutai.张贵超正式出任贵州茅台酱香酒营销有限公司党委书记、董事长，接替已升任贵州茅台副总经理的张旭。
2024-10-21Wei Fang was elected as the employee director of the fourth board of directors of Kweichow Moutai Co., Ltd., replacing Xie Qinqing.韦芳当选贵州茅台酒股份有限公司第四届董事会职工董事，谢钦卿不再担任。
2024-10-25Kweichow Moutai's board nominated Zheng Shangxun as a candidate for supervisor of the fourth supervisory board.贵州茅台董事会提名郑尚勋为第四届监事会监事候选人。
2024-11-02Zhang Xu, Vice General Manager of Kweichow Moutai, concurrently serves as Party Secretary and Chairman of Moutai Liquor Sales Co., Ltd.贵州茅台副总经理张旭兼任茅台酒销售公司党委书记、董事长。
2024-11-11Fu Xiaobo is appointed as General Manager of Moutai Liquor Sales Co., Ltd., completing the adjustment of the company's top management along with Chairman Zhang Xu.付小波出任茅台酒销售公司总经理，与董事长张旭共同完成该公司一二把手调整。
2024-12-06Moutai Sauce-flavor Liquor Sales Company changes its legal representative and chairman from Wang Xiaowei to Zhang Xu.贵州茅台酒销售有限公司法定代表人、董事长由王晓维变更为张旭。
2025-01-02Yu Siming approved as director and chairman of Kweichow Moutai Group Finance Co., Ltd. by Guizhou Financial Regulatory Bureau.贵州金融监管局核准余思明任贵州茅台集团财务有限公司董事、董事长。
2025-02-20Guizhou provincial government recommended Liu Shizhong as candidate for vice general manager of China Kweichow Moutai Distillery (Group) Co., Ltd.贵州省政府推荐刘世仲任中国贵州茅台酒厂（集团）有限责任公司副总经理人选。
2025-03-25Wan Bo, former Moutai Group Vice President and Party Committee member, was nominated as Vice Chairman and General Manager of Xijiu Group, marking a major executive move.原茅台集团党委委员、副总经理万波被提名为习酒集团副董事长、总经理，这是一项重大高管变动。
2025-04-24Director Liu Shizhong to resign; Zhou Xue nominated as director candidate.董事刘世仲因工作调整拟辞职，提名周雪为董事候选人。
2025-05-09Moutai Cultural Tourism completed a legal representative and chairman change: Chen Woquan stepped down and was replaced by Lou Lifeng.茅台文旅完成工商变更，法定代表人及董事长由陈我权变更为娄立峰。
2025-06-10Moutai Group held a Party Committee (enlarged) meeting; Xiang Ping (former VP of Kweichow Moutai) and Zhang Guichao (former chairman of Moutai Sauce-flavor Liquor Marketing Co.) attended as new Party Committee members, signaling senior management changes.茅台集团召开党委（扩大）会议，向平（原贵州茅台副总经理）和张贵超（原茅台酱香酒营销公司董事长）以新党委委员身份出席，标志高层人事变动。
2025-06-19Guizhou provincial government recommended Xiang Ping and Zhang Guichao as candidates for VP of China Kweichow Moutai Distillery (Group) Co., Ltd., formalizing their senior management appointments.贵州省人民政府推荐向平、张贵超为中国贵州茅台酒厂（集团）有限责任公司副总经理人选，正式确认其高管任命。
2025-07-30Kweichow Moutai announced that Tian Peng was elected as a staff representative supervisor of the fourth board of supervisors, replacing Wen Yong.贵州茅台公告，田鹏被选举为公司第四届监事会职工监事，闻勇不再担任。
2025-10-25Moutai Group announces leadership change: Zhang Deqin removed as chairman, replaced by Chen Hua, former director of Guizhou Provincial Energy Bureau.茅台集团宣布重大人事调整：张德芹不再担任董事长，贵州省能源局局长陈华接任。
2025-10-27Guizhou Moutai announces Zhang Deqin resigns as chairman; provincial government recommends Chen Hua as chairman of both Moutai Group and Kweichow Moutai.贵州茅台公告张德芹辞去董事长职务；贵州省人民政府推荐陈华为茅台集团及贵州茅台董事长人选。
2025-10-27New Moutai Group Party Secretary Chen Hua chairs first Party Committee meeting, emphasizing channel resilience and modern corporate governance.茅台集团新任党委书记陈华主持首次党委（扩大）会议，强调维护渠道生态韧性和完善现代企业治理体系。
2025-10-30Guizhou provincial government recommends Mou Mingyue as vice general manager of Xijiu Investment Holding Group; Mou previously served as production management head at Moutai.贵州省人民政府推荐牟明月任贵州习酒投资控股集团副总经理，牟此前任贵州茅台生产管理部部长。
2025-11-28Kweichow Moutai's 2025 first extraordinary general meeting elected Chen Hua as chairman of the fourth board of directors.贵州茅台2025年第一次临时股东大会选举陈华为公司第四届董事会董事长。
2025-11-28Kweichow Moutai's 2025 first extraordinary general meeting approved the proposal to abolish the board of supervisors, in compliance with the new Company Law.贵州茅台2025年第一次临时股东大会审议通过了《关于撤销监事会的议案》，以符合新《公司法》规定。
2025-12-05Former chairman Zhang Deqin was confirmed to have taken up a post at the Guizhou Provincial Federation of Industry and Commerce, heading the Party group work.原董事长张德芹被确认已赴贵州省工商业联合会任职，分管党组工作。
2025-12-17Chen Hua officially completed the industrial and commercial registration change to become the legal representative and chairman of Kweichow Moutai Co., Ltd., succeeding Zhang Deqin.陈华正式完成工商变更登记，成为贵州茅台酒股份有限公司法定代表人及董事长，接替张德芹。
2026-03-13Jiang Yan, member of the Party Committee, Vice General Manager, Chief Financial Officer, and Board Secretary of Kweichow Moutai Co., Ltd., is suspected of serious disciplinary and legal violations and is under disciplinary review and supervisory investigation by the Guizhou Provincial Commission for Discipline Inspection and the Zunyi Municipal Supervisory Commission.贵州茅台酒股份有限公司党委委员、副总经理、财务总监、董事会秘书蒋焰涉嫌严重违纪违法，目前正接受贵州省纪委监委纪律审查和遵义市监委监察调查。
2026-03-30Kweichow Moutai's 4th Board of Directors 2026 4th meeting decided to remove Jiang Yan from her positions as Vice General Manager, Chief Financial Officer, and Board Secretary.贵州茅台第四届董事会2026年度第四次会议决定，免去蒋焰公司副总经理、财务总监、董事会秘书职务。
2026-04-03Kweichow Moutai's Vice President, CFO and Board Secretary Jiang Yan is under disciplinary review and supervisory investigation for suspected serious violations of discipline and law.贵州茅台党委委员、副总经理、财务总监、董事会秘书蒋焰涉嫌严重违纪违法，正接受纪律审查和监察调查。
2026-04-13Moutai Group's Deputy Party Secretary, Vice Chairman and General Manager Wang Li was rumored to be under investigation; Moutai responded that she was on a two-month study trip in Beijing and would return in early May.茅台集团党委副书记、副董事长、总经理王莉被传被调查；茅台回应称其在北京学习两个月，将于5月初返回。
2026-04-14Kweichow Moutai's board appointed Yu Siming as CFO and designated him to act as Board Secretary, replacing Chairman Chen Hua who had been acting in that role.贵州茅台董事会聘任余思明为公司财务总监，并指定其代行董事会秘书职责，公司董事长陈华不再代行董事会秘书职责。
2026-05-21Moutai board nominates Chen Hua, Wang Li, Zhou Xue as director candidates; appoints Yu Siming as Board Secretary.茅台董事会提名陈华、王莉、周雪为董事候选人，聘任余思明为董事会秘书。
2026-06-11Kweichow Moutai held a board meeting, electing Chen Hua as chairman, appointing Wang Li as acting general manager, and appointing Yu Siming as the board secretary and chief financial officer.贵州茅台召开董事会，选举陈华为董事长，聘任王莉代行总经理职责，聘任余思明为董事会秘书、财务总监。
2026-08-14Former deputy Party secretary of China Kweichow Moutai Distillery (Group) Zhao Shuyue is under disciplinary and supervisory investigation for suspected serious violations of discipline and law by Guizhou Provincial Commission for Discipline Inspection.中国贵州茅台酒厂（集团）有限责任公司党委原副书记赵书跃涉嫌严重违纪违法，正接受贵州省纪委监委纪律审查和监察调查。
2026-08-24Former deputy Party secretary and GM of Kweichow Moutai Sauce-flavor Liquor Marketing Co. Chen Zongqiang is under disciplinary and supervisory investigation for suspected serious violations of discipline and law.贵州茅台酱香酒营销有限公司原党委副书记、总经理陈宗强涉嫌严重违纪违法，正接受纪律审查和监察调查。
Industry standards & cooperation行业标准与合作
9 · 2024-02-03 → 2025-10-28
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Moutai's role in setting industry standards, participating in industry forums, and cooperating with peers like Wuliangye and Xijiu.茅台在制定行业标准、参与行业论坛以及与五粮液、习酒等同行合作中的角色。
2024-02-03Moutai Group, Xijiu Group, and Langjiu Group held a joint Spring Festival symposium at Langjiu Estate, with top management attending; Moutai chairman Ding Xiongjun visited Langjiu for the first time in over two years.茅台集团、习酒集团、郎酒集团在郎酒庄园举行新春恳谈会，核心管理层出席；茅台董事长丁雄军两年多来首次到访郎酒。
2024-02-07Guizhou plans to build a national key liquor production base, targeting 600,000 kiloliters of liquor output and 300 billion yuan in output value by 2027.贵州计划建设全国重要白酒生产基地，到2027年白酒产量达60万千升，产值突破3000亿元。
2024-02-22Moutai chairman Ding Xiongjun proposed six joint initiatives for Moutai, Xijiu, and Langjiu, including ESG practices and酱酒 internationalization.茅台董事长丁雄军提出茅台、习酒、郎酒六项共同倡议，包括ESG实践和酱酒国际化。
2024-05-29Zhang Deqin stated that Moutai's innovation must be based on坚守 its essence, and that competition with Xijiu will intensify; Moutai will not use resources to help Xijiu but will encourage it.张德芹表示茅台创新必须基于坚守本质，与习酒的竞争将加剧；茅台不会动用资源帮助习酒，但会鼓励其前进。
2024-06-03Moutai leads the revision of national standard GB/T 10781.4-2024 'Baijiu Quality Requirements Part 4: Jiangxiang Baijiu', to be implemented on June 1, 2025.茅台牵头修订国家标准GB/T 10781.4-2024《白酒质量要求第4部分：酱香型白酒》，将于2025年6月1日实施。
2024-06-03Guizhou Qiancheng State-owned Assets Operation Co. plans to acquire 51% equity of Guizhou Xijiu Investment Holding Group.贵州省黔晟国有资产经营有限责任公司拟收购贵州习酒投资控股集团有限责任公司51%的股权。
2025-05-17Moutai Group and Wuliangye Group held a discussion in Yibin. Moutai's acting GM Wang Li and Wuliangye's chairman Zeng Congqin agreed to deepen cooperation, practice long-termism, and jointly promote the healthy development of the baijiu industry through 'co-opetition'.茅台集团与五粮液集团在宜宾交流座谈。茅台代总经理王莉与五粮液董事长曾从钦同意深化合作，践行长期主义，以“竞合”破局，共同推动白酒行业健康发展。
2025-05-28Moutai hosted the national standard drafting meeting for 'General Principles of Baijiu Quality' (Bai Zhiliang Tongze) in Maotai. The standard uses a flavor wheel to define baijiu types, aiming to unify industry standards and promote cultural export.茅台承办《白酒质量通则》国家标准起草工作会议，该标准采用白酒风味轮定义白酒类型，旨在统一行业标准并促进白酒文化输出。
2025-10-28First Chishui River Forum held in Moutai Town, co-organized by Moutai and Xinhua China Economic Information Service; 20+ global liquor companies issue 'International Famous Liquor Chishui River Declaration'.首届赤水河论坛在茅台镇举办，由茅台与新华社中经社联合主办，20余家国际名酒企业发布《国际名酒赤水河宣言》。
Executive & Governance高管与治理
27 · 2024-02-05 → 2026-06-21
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Leadership changes, board meetings, AGM, and governance-related announcements.领导层变动、董事会会议、股东大会和治理相关公告。
2024-02-05Moutai Group held a Party Committee (enlarged) meeting, emphasizing marketing efforts for a strong Q1 2024 'door-opening' performance.茅台集团召开党委（扩大）会议，强调市场营销确保一季度‘开门红’。
2024-05-27Moutai moved its 2023 AGM venue to the larger Moutai Conference Center due to over 1,700 registered attendees exceeding the hotel's capacity.因登记参会人数超1700人，茅台将2023年度股东大会地点改至容量更大的茅台会议中心。
2024-05-29Zhang Deqin outlined Moutai's five core competencies (quality, brand, craftsmanship, environment, culture) and set 2024 targets: revenue +15%, capex ~6.179 billion yuan.张德芹提出茅台五大核心竞争力（品质、品牌、工艺、环境、文化），设定2024年目标：营收增长15%，固定资产投资约61.79亿元。
2024-07-10Moutai Group held a Party Committee (enlarged) meeting, stating that the first half of the year completed all targets, and the second half will focus on main business and ensure annual goals.茅台集团召开党委（扩大）会议，称上半年圆满完成各项目标任务，下半年聚焦主责主业确保年度目标。
2024-07-24Moutai chairman Zhang Deqin visited the quality department, emphasizing quality culture, talent training, and market-oriented innovation.茅台董事长张德芹调研质量部，强调质量文化、人才培养和市场导向创新。
2024-09-02Kweichow Moutai announced it will hold its 2024 semi-annual performance briefing on September 9, 2024.贵州茅台公告将于2024年9月9日召开2024年半年度业绩说明会。
2024-12-30Guizhou Securities Regulatory Bureau visits Moutai for research, encouraging the company to fully utilize capital market tools for market value management and better investor returns.贵州证监局赴贵州茅台走访调研，鼓励公司充分运用资本市场工具做好市值管理，更好回报投资者。
2025-01-02Former Moutai chairman Ding Xiongjun is under investigation for suspected serious violations of discipline and law by the Guizhou Provincial Commission for Discipline Inspection.茅台原董事长丁雄军因涉嫌严重违纪违法，接受贵州省纪委监委纪律审查和监察调查。
2025-02-26Former Moutai chairman Ding Xiongjun was investigated, becoming the third former Moutai chairman to fall after Yuan Renguo and Gao Weidong.茅台原董事长丁雄军被查，成为继袁仁国、高卫东之后落马的第三位茅台原董事长。
2025-05-14Moutai announced it would change the venue of the 2024 annual general meeting to the Moutai Conference Center in Maotai Town, Renhuai City, due to registered attendees exceeding the original venue's capacity.茅台公告因登记参会人数超过原定会场容量，将2024年度股东大会现场会议地点调整至贵州省仁怀市茅台镇茅台会议中心。
2025-05-19At the 2024 annual general meeting, Moutai chairman Zhang Deqin proposed 'three beliefs' (quality, culture, innovation) and set the 2025 revenue growth target at ~9%. The company will focus on five tasks including building a 'T'-shaped diversified product matrix and advancing 'Smart Moutai 2.0'.在2024年度股东大会上，茅台董事长张德芹提出“三个相信”（质量、文化、创新），设定2025年营收增长目标约9%，将重点构建“T”型多元化产品矩阵和推进“智慧茅台2.0”。
2025-05-19At the 2024 AGM, acting GM Wang莉 stated that Moutai's price adjustments require considering 'timing, location, and harmony' (market environment, channel control, stakeholder interests). The company will maintain the stability of the Moutai pyramid product and price structure, including 500ml, 1000ml, 750ml, 100ml Feitian, cultural products, and premium/aged Moutai.在2024年度股东大会上，代总经理王莉表示茅台酒价格调整需考虑“天时、地利、人和”（市场环境、渠道掌控、各方诉求），将维护包括500ml、1000ml、750ml、100ml飞天及文化产品、精品/珍品/陈年茅台在内的金字塔产品价格体系稳固。
2025-05-19At the 2024 AGM, Moutai chairman Zhang Deqin responded to the new regulation banning alcohol at official working meals, stating he fully supports it and that it is time for Chinese baijiu to return to its original purpose. He expressed confidence in Moutai's ability to adapt.在2024年度股东大会上，茅台董事长张德芹回应公务接待工作餐“不上酒”新规，表示发自内心赞成，是时候让中国白酒回归初心，并相信茅台的适应能力。
2025-05-19Moutai's 2024 AGM approved the 2025 financial budget plan and the appointment of auditors. The company plans to complete fixed asset investment of RMB 4.711 billion in 2025.茅台2024年度股东大会审议通过2025年度财务预算方案和聘请审计机构议案，2025年计划完成固定资产投资47.11亿元。
2025-11-28At the 2025 first extraordinary general meeting, new chairman Chen Hua stated that Moutai will fully promote marketing market-oriented transformation, adhere to 'four obediences', and will not sacrifice long-term development for short-term interests.在2025年第一次临时股东大会上，新任董事长陈华表示茅台将全力推进营销市场化转型，遵循“四个服从”，不会以牺牲长远发展换取短期利益。
2025-11-28At the 2025 first extraordinary general meeting, Moutai announced it is steadily advancing the formulation of the '15th Five-Year Plan' and will actively promote digital transformation of marketing and integrated development of online and offline channels.在2025年第一次临时股东大会上，茅台表示正在稳步推进“十五五”规划编制工作，并将积极推动营销数字化转型和线上线下渠道融合发展。
2025-11-28At the 2025 first extraordinary general meeting, Moutai stated that its 'younger generation' strategy is not narrow, and it is debatable whether low-alcohol liquor (around 20% ABV) can attract young consumers.在2025年第一次临时股东大会上，茅台表示其年轻化战略绝不是狭义的年轻化，低度白酒（20多度）能否打动年轻群体仍值得商榷。
2025-11-28At the 2025 first extraordinary general meeting, Moutai stated that the pace of capacity release is determined by ecological carrying capacity and craftsman training, and it will produce as much base liquor as possible on the premise of ensuring quality.在2025年第一次临时股东大会上，茅台表示产能投放节奏取决于生态承载和工匠培养，在保证基酒质量的基础上尽可能多投料、多生产基酒。
2025-12-01New chairman Chen Hua made his debut at the extraordinary general meeting, proposing a 'moderate reform' strategy, emphasizing not to sacrifice long-term development for short-term interests, and setting a 'proactive, scientific, and rational' tone for the 15th Five-Year Plan.新任董事长陈华在临时股东大会上首次亮相，提出‘温和变革’策略，强调不会牺牲长远发展换取短期利益，并为‘十五五’规划定调‘积极、科学、理性’。
2026-04-16Kweichow Moutai proposed to renew the appointment of Tianjian Certified Public Accountants (Special General Partnership) as its 2026 financial and internal control auditor, with total audit fees of 1.66 million yuan.贵州茅台拟续聘天健会计师事务所（特殊普通合伙）为2026年度财务审计机构和内部控制审计机构，审计费用共计166万元。
2026-04-17Kweichow Moutai announced it would not disclose a specific revenue growth target for 2026 in its annual report, shifting focus from scale targets to market-oriented reforms.贵州茅台在2025年年报中未披露2026年具体营收增长目标，标志着从追求规模数字转向务实的市场化改革。
2026-04-28Moutai announced it will hold 2025 annual and 2026 Q1 performance briefing on May 11, 2026, via online text interaction on Panorama Roadshow platform.茅台公告将于2026年5月11日通过全景路演平台以网络文字互动方式召开2025年度及2026年第一季度业绩说明会。
2026-05-08Former Moutai chairman Ding Xiongjun indicted for suspected bribery and money laundering by Guizhou prosecutors.贵州检察机关对茅台原董事长丁雄军涉嫌受贿、洗钱案提起公诉。
2026-05-11Moutai holds 2025 annual and 2026 Q1 performance briefing. Management states 2026 theme is 'consumer-centric' market reform, shifting fully 'To C'. No specific 2026 operating target set.茅台召开2025年度及2026年第一季度业绩说明会。管理层表示2026年主基调是“以消费者为中心”的市场化改革，全面向“C”。未设定2026年具体经营目标。
2026-06-02Kweichow Moutai announced its 2025 annual general meeting materials, proposing a 2025 annual profit distribution of RMB 28.02423 per share (pre-tax), totaling approximately RMB 35.033 billion, and a 2026 interim dividend arrangement.贵州茅台发布2025年度股东会会议资料，拟实施2025年度利润分配，每股派发现金红利28.02423元（含税），合计约350.33亿元，并安排2026年中期利润分配。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai Chairman Chen Hua stated that the company currently has no plan for a stock split, as shareholder opinions are divided.在2025年度股东会上，贵州茅台董事长陈华表示，股东对拆股观点不统一，公司目前暂无拆股计划。
2026-06-21Kweichow Moutai announced the implementation plan for its 2025 annual equity distribution, with a record date of June 25, 2026, and an ex-dividend and payment date of June 26, 2026. The company will distribute a cash dividend of RMB 28.02423 per share (pre-tax), totaling approximately RMB 35.033 billion.贵州茅台发布2025年年度权益分派实施公告，股权登记日为2026年6月25日，除权除息日及现金红利发放日为2026年6月26日，每股派发现金红利28.02423元（含税），合计约350.33亿元。
Trademark & IP litigation商标与知识产权诉讼
50 · 2024-02-07 → 2026-07-27
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Moutai's legal actions to protect its trademarks, including infringement lawsuits, appeals, and anti-counterfeiting enforcement.茅台为保护其商标而采取的法律行动，包括侵权诉讼、上诉及防伪执法。
2024-02-07Moutai won a trademark infringement lawsuit; the court rejected the appeal of Xi'an Lvshi Donggang Industrial Co. and Xi'an Jiajun Trading Co., upholding the original verdict.茅台在商标侵权案中胜诉，法院驳回西安吕氏东港实业有限公司和西安佳骏商贸有限公司的上诉，维持原判。
2024-02-07Moutai withdrew a trademark infringement lawsuit against Fengcheng Fenghuang Old Cellar Liquor Co. and Shenyang Zuntai Trading Co., with the court permitting withdrawal.茅台撤回对凤城市凤凰老窖酒业有限公司和沈阳尊泰商贸有限公司的商标侵权诉讼，法院准许撤诉。
2024-03-14Moutai market rights protection team assisted law enforcement in cracking a major counterfeit Moutai case, arresting 54 suspects, destroying 66 dens, seizing 2,838 bottles of fake Moutai and 28,000 sets of packaging materials, with total case value over 600 million yuan.茅台市场维权队伍配合执法部门破获特大假冒茅台酒案，抓获犯罪嫌疑人54名，捣毁制假售假窝点66个，查扣假冒茅台酒2838瓶、包装材料28000余套，涉案总金额6亿余元。
2024-03-15Moutai was reported to have sued Tinghuajiu (Yibin Tinghua Liquor Industry) for trademark infringement, among other legal disputes.贵州茅台酒股份有限公司起诉宜宾听花酒业发展有限责任公司，涉及商标侵权等法律纠纷。
2024-03-15Moutai announced reward of up to 100,000 yuan for reporting distributors or suppliers involved in counterfeiting or infringement.茅台宣布举报经销商或供应商制售假冒产品最高奖励10万元。
2024-03-18Moutai Group sued Guizhou Jike Brewing Co., Ltd. for unfair competition; court ruled in Moutai's favor, with defendant becoming judgment debtor for 163,800 yuan.茅台集团诉贵州季克酿酒业有限公司不正当竞争纠纷案胜诉，被执行人执行标的163800元。
2024-04-11Kweichow Moutai sued Beijing Erguotou Liquor Industry Co., Ltd. for trademark infringement and unfair competition, demanding a stop to production/sales of infringing products, RMB 300,000 in damages, and a public apology.贵州茅台起诉北京二锅头酒业股份有限公司商标侵权及不正当竞争，要求停止生产销售侵权产品、赔偿30万元并公开道歉。
2024-04-28Moutai carried out trademark and name rights protection work for 'Ji Keliang' (former chief brewer) during National Intellectual Property Publicity Week.茅台在全国知识产权宣传周开展关于“季克良”商标和姓名权的维权工作。
2024-05-24Moutai sued four companies (Guizhou Tianziyan Liquor, Guizhou Renhuai Guomiao Liquor, etc.) for trademark infringement over 'Guizhou Moutai Guzhen' fake products, seeking 500,000 yuan in damages.茅台起诉贵州天子宴酒业等四家公司生产“贵州茅台古镇”仿冒产品，索赔50万元。
2024-06-29A court in Jieyang, Guangdong rules that a家居 company infringed Moutai's trademark by selling 'I am not Moutai' wine-bottle-shaped thermos, ordering 20,000 yuan compensation.广东揭阳中院审结一起侵害商标权案，判令某家居公司因销售“我不是茅台”酒瓶式保温杯赔偿贵州茅台2万元。
2024-09-05Kweichow Moutai sued Guizhou Laiguichou Liquor Co., Ltd. and Renhuai Moutai Town Qianxinian Liquor Co., Ltd. for trademark infringement on 'Moutai Town Yuanjiang Liquor', demanding 200,000 yuan in compensation.贵州茅台起诉贵州赖贵初酒业有限责任公司和仁怀市茅台镇千喜年酒业有限公司，指控其在'茅台镇原浆酒'上侵犯商标权，索赔20万元。
2024-09-30Kweichow Moutai has a new trademark infringement lawsuit scheduled for October 22, 2024, against a retailer in Urumqi, with 234 historical court filings in the past year, mostly for trademark infringement.贵州茅台新增一起侵害商标权纠纷案，将于2024年10月22日在乌鲁木齐开庭。近一年内以贵州茅台为当事人的历史开庭公告有234则，主要为侵害商标权纠纷。
2024-11-12Kweichow Moutai faces a trademark infringement lawsuit as a defendant in Liaoning Provincial High People's Court, scheduled for hearing on November 14.贵州茅台作为被告/被上诉人，涉及一起在辽宁省高级人民法院审理的侵害商标权纠纷案，开庭日期为2024年11月14日。
2024-12-01Kweichow Moutai initiates a trademark infringement lawsuit against Kashi Xin Kunyuan Commerce, Urumqi Kunxinlun Liquor, and Xinjiang Kunlunte Liquor, with a hearing on Dec 4.贵州茅台对喀什市新昆源商贸、乌鲁木齐昆鑫仑酒业、新疆昆仑特酒业提起商标侵权诉讼，12月4日开庭。
2024-12-18Moutai subsidiary Guizhou Lai Mao Liquor warns e-commerce platforms selling counterfeit 'Lai Mao' products; 176 out of 375 bottles sampled were fake (46.9%).茅台子公司贵州赖茅酒业警告电商平台销售假冒赖茅产品，采样375瓶中176瓶为假冒（占比46.9%）。
2025-01-07Moutai filed a trademark infringement lawsuit against Suqian Yanghe Zhen Guocai Brewing Co. and others; hearing scheduled for January 7, 2025 at Zunyi Bozhou District People's Court.茅台就侵害商标权纠纷起诉宿迁市洋河镇国彩酿酒有限公司等，开庭日期为2025年1月7日。
2025-01-08Moutai filed a trademark infringement lawsuit against Shanghai Xiyao Wine Co. and others; hearing scheduled for January 8, 2025 at Shanghai Yangpu District People's Court.茅台就侵害商标权纠纷起诉上海禧耀酒业有限公司等，开庭日期为2025年1月8日。
2025-01-16Moutai filed a criminal lawsuit for counterfeiting registered trademark against Gao and Ding; hearing scheduled for January 16, 2025 at Shanghai Baoshan District People's Court.茅台就假冒注册商标罪起诉高某某、丁某某，开庭日期为2025年1月16日。
2025-01-21Moutai filed a trademark infringement lawsuit against Ningbo Yinzhou Zhonggongmiao Taorui Daily-use Goods Shop and others; hearing scheduled for January 21, 2025.茅台就侵害商标权纠纷起诉宁波市鄞州钟公庙涛瑞日用品商行等，开庭日期为2025年1月21日。
2025-01-21Moutai is the appellant in a trademark infringement appeal against Jiangsu Liangxintongjiu Co. and Jiangsu Menggongfangjiu Co.; case filed at Jiangsu Suqian Intermediate People's Court.茅台作为上诉人，就侵害商标权纠纷上诉江苏两心同酒业股份有限公司等，案件由江苏省宿迁市中级人民法院审理。
2025-01-23Moutai filed a trademark infringement lawsuit against Shanghai Xiyao Wine Co. and Liu; hearing scheduled for January 23, 2025 at Shanghai Yangpu District People's Court.茅台就侵害商标权纠纷起诉上海禧耀酒业有限公司、刘某某，开庭日期为2025年1月23日。
2025-02-11Moutai filed a trademark infringement lawsuit against Jiangsu Cangjiu Tianxia Trading Co., Ltd., with a hearing scheduled for February 14, 2025.茅台对江苏藏酒天下贸易有限公司提起侵害商标权诉讼，开庭日期为2025年2月14日。
2025-02-14Moutai was sued by Guizhou Maoquan Jiuye (Group) Co., Ltd. for trademark infringement, with a hearing scheduled for February 17, 2025.贵州茅泉酒业（集团）有限公司起诉茅台侵害商标权，开庭日期为2025年2月17日。
2025-02-14Moutai filed a trademark infringement lawsuit against Huayi Liandong Commerce (Gu'an) Co., Ltd., with a hearing scheduled for February 17, 2025.茅台对华亿联动商贸（固安）有限责任公司提起侵害商标权诉讼，开庭日期为2025年2月17日。
2025-03-16Beijing Fengtai District Court, together with Moutai, destroyed 1,559 counterfeit Moutai trademark items (bottles, packaging, ribbons, bags) from a criminal case of selling illegally manufactured registered trademark labels.北京市丰台区人民法院联合贵州茅台集中销毁假冒茅台注册商标的酒瓶、外包装盒、飘带、手提袋等共计1559件物品，来源于一起销售非法制造的注册商标标识罪刑事案件。
2025-03-24Kweichow Moutai filed a trademark infringement lawsuit (case no. (2025) Nei 0102 Zhi Min Chu 192) in Hohhot Xincheng District Court, scheduled for March 27, 2025.贵州茅台作为原告提起侵害商标权纠纷诉讼（案号：(2025)内0102知民初192号），在呼和浩特市新城区人民法院开庭，日期为2025年3月27日。
2025-03-30Kweichow Moutai filed a trademark infringement lawsuit (case no. (2025) Hu 0110 Min Chu 1583) in Shanghai Yangpu District Court, scheduled for April 1, 2025.贵州茅台作为原告提起侵害商标权纠纷诉讼（案号：(2025)沪0110民初1583号），在上海市杨浦区人民法院开庭，日期为2025年4月1日。
2025-03-30Kweichow Moutai filed a trademark infringement lawsuit (case no. (2024) Su 0114 Min Chu 7089) in Nanjing Yuhuatai District Court against multiple defendants, scheduled for April 2, 2025.贵州茅台作为原告提起侵害商标权纠纷诉讼（案号：(2024)苏0114民初7089号），在南京市雨花台区人民法院开庭，被告包括多家企业，日期为2025年4月2日。
2025-04-07Moutai involved in trademark infringement lawsuit as plaintiff, hearing scheduled for Apr 7, 2025.茅台作为原告的侵害商标权纠纷案于2025年4月7日开庭。
2025-06-12Moutai filed a trademark infringement lawsuit against Hubei Debang Logistics and others, scheduled for hearing on June 12, 2025, at Putian Intermediate People's Court.茅台对湖北德邦物流有限公司等提起侵害商标权纠纷诉讼，2025年6月12日在福建省莆田市中级人民法院开庭。
2025-06-17Moutai filed a trademark infringement lawsuit against Zhengding County Shengshi Tobacco & Liquor Store, scheduled for hearing on June 20, 2025, at Shijiazhuang Railway Transport Court.茅台对正定县盛世烟酒商行提起侵害商标权纠纷诉讼，2025年6月20日在石家庄铁路运输法院开庭。
2025-06-23Moutai filed a trademark infringement lawsuit against Dongyang Shenglai Xi Commerce Co., Ltd., scheduled for hearing on June 24, 2025, at Dongyang People's Court.茅台对东阳市盛来喜商贸有限公司提起侵害商标权纠纷诉讼，2025年6月24日在东阳市人民法院开庭。
2025-06-28Moutai filed an enforcement objection lawsuit (case 2025 Zhe 0381 Min Chu 10135) at Rui'an People's Court, scheduled for July 1, 2025.茅台作为原告提起执行异议之诉（案号2025浙0381民初10135），2025年7月1日在瑞安市人民法院开庭。
2025-08-02Moutai has two upcoming court hearings as plaintiff for trademark infringement, scheduled for August 5, 2025.贵州茅台作为原告有两起侵害商标权纠纷开庭公告，开庭日期为2025年8月5日。
2025-08-11Moutai filed a trademark infringement lawsuit against Jiangxi Ganjiu Liquor Co., Ltd. and three other defendants, with a hearing scheduled for August 14.贵州茅台对江西赣酒酒业有限责任公司等4家企业提起侵害商标权诉讼，开庭日期为8月14日。
2025-09-01Moutai as plaintiff in a trademark infringement lawsuit (case no. (2025) Hei 0109 Min Chu 7031) was permitted to withdraw the lawsuit by Harbin Songbei District People's Court.贵州茅台作为原告的商标权属、侵权纠纷案（案号(2025)黑0109民初7031号）获哈尔滨市松北区人民法院准许撤诉。
2025-09-01Two new court hearings for Moutai as plaintiff in trademark infringement cases were scheduled for September 4, 2025.贵州茅台作为原告的两起侵害商标权纠纷案开庭公告公布，开庭日期为2025年9月4日。
2025-09-02A new court hearing for Moutai as plaintiff in a trademark infringement case against Shanghai Minhang District Shuoyun Food Store was scheduled for September 5, 2025.贵州茅台作为原告起诉上海市闵行区硕云食品店的侵害商标权纠纷案开庭公告公布，开庭日期为2025年9月5日。
2025-09-07Moutai confirmed that a 'Five-Star Moutai' product sold online at 138 yuan for two bottles is counterfeit; the company stated it never produced such a product.贵州茅台确认网上售价138元两瓶的'五星茅台'为假酒，公司表示从未生产过该产品。
2025-11-06At the Q3 2025 performance briefing, Moutai stated it is working to establish a rapid green channel for counterfeit infringement information with major online platforms and cooperating with law enforcement for collaborative governance.在2025年第三季度业绩说明会上，茅台表示正在努力与各大网络平台建立假冒侵权信息绿色处置通道，配合相关执法部门协同共治。
2026-03-11A court hearing was scheduled for March 9, 2026, in which Kweichow Moutai Co., Ltd. is the plaintiff in a trademark infringement lawsuit against Hangzhou Xihu District Lihe Convenience Store.贵州茅台酒股份有限公司作为原告/上诉人，诉杭州市西湖区理禾便利店侵害商标权纠纷案，于2026年3月9日在杭州市西湖区人民法院开庭。
2026-03-18A court hearing was scheduled for March 18, 2026, in which Kweichow Moutai Co., Ltd. is the plaintiff in a trademark infringement lawsuit against Jinhua Maoxiang Taiyuan Technology Co., Ltd.贵州茅台酒股份有限公司作为原告/上诉人，诉金华茅香台源科技有限公司侵害商标权纠纷案，于2026年3月18日在义乌市人民法院开庭。
2026-04-24Moutai's trademark infringement lawsuit against Jiangxi Ganjiu: court ruled Ganjiu's 'slash-three-segment' logo and back-label wheat-ear design infringed Moutai's trademarks, ordered CNY 90,000 compensation; Moutai's CNY 990,000 claim mostly rejected. Case enters second-instance appeal.茅台诉江西赣酒商标侵权案：法院认定赣酒“斜杠三段式”标识及背标麦穗设计构成商标侵权，判赔9万元；茅台99万元索赔大部分被驳回。案件进入二审。
2026-04-28A consumer fraud case: a buyer spent over CNY 380,000 on 100+ boxes of fake Moutai via WeChat; seller Wang was prosecuted for selling counterfeit registered trademark goods.消费者通过微信花费38万余元购买百余箱假茅台，卖家汪某因销售假冒注册商标商品被提起公诉。
2026-06-05A court hearing for a trademark infringement lawsuit filed by Guizhou Qianjiu Co., Ltd. against Kweichow Moutai Co., Ltd. is scheduled for June 8, 2026, at the Jinhua Intermediate People's Court in Zhejiang Province.贵州黔酒股份有限公司诉贵州茅台酒股份有限公司侵害商标权纠纷一案，将于2026年6月8日在浙江省金华市中级人民法院开庭审理。
2026-06-09A court hearing for a trademark infringement lawsuit involving Kweichow Moutai Co., Ltd. as a defendant is scheduled for June 12, 2026, at the Shanghai Intellectual Property Court. The plaintiff is Guizhou Guniangfang Liquor Industry (Group) Co., Ltd.贵州古酿坊酒业（集团）有限公司诉贵州茅台酒股份有限公司等侵害商标权纠纷一案，将于2026年6月12日在上海知识产权法院开庭审理。
2026-06-12A court hearing for a trademark infringement lawsuit filed by Kweichow Moutai Co., Ltd. against Wenling Taiping Fuxing Tobacco & Liquor Store is scheduled for June 15, 2026, at the Wenling City People's Court in Zhejiang Province.贵州茅台酒股份有限公司诉温岭市太平赋兴烟酒商行侵害商标权纠纷一案，将于2026年6月15日在浙江省温岭市人民法院开庭审理。
2026-07-01Kweichow Moutai filed a trademark infringement lawsuit against Guangxi Nanning Jinyuan Liquor Sales Co., Ltd.; hearing scheduled for Aug 24 at Nanning Liangqing District Court.贵州茅台对广西南宁市金源酒类销售有限公司提起侵害商标权诉讼，定于8月24日在南宁市良庆区人民法院开庭。
2026-07-07Police in Shanghai arrested legal representative and 4 others of a company that sold 623 cases of counterfeit Moutai Feitian liquor via a fake 'Moutai authorized collection hall'; RMB 6 million+ payment recovery stalled.上海警方刑拘一假冒“茅台官方授权品藏馆”企业法人及4名责任人，其销售623箱假冒飞天茅台，600多万元货款追讨陷入僵局。
2026-07-27Moutai filed two more trademark infringement lawsuits in Nanning Liangqing District Court against Wang, Guangxi Shengsheng Trading Co., and Nanning Jiangnan Junseshun Liquor Business; hearings Sep 24.茅台在南宁市良庆区人民法院对王某、广西晟中商贸有限公司及南宁市江南区骏瑟顺酒业经营部等提起两起侵害商标权诉讼，9月24日开庭。
ESG & sustainabilityESG与可持续发展
8 · 2024-02-18 → 2026-06-23
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Moutai's environmental, social, and governance initiatives, including green factory awards, ESG ratings, and sustainability goals.茅台在环境、社会和治理方面的举措，包括绿色工厂奖项、ESG评级和可持续发展目标。
2024-02-18Moutai held its 2024 'Bai Qian Wan · Ecological Action' spring tree-planting event, emphasizing green development and ESG principles.茅台举行2024年‘百千万·生态行’新春植树活动，强调绿色发展和ESG理念。
2024-08-28Moutai was awarded national and provincial 'Green Factory' titles by the Ministry of Industry and Information Technology and Guizhou Provincial Department.茅台被工业和信息化部及贵州省工业和信息化厅分别授予国家级与省级“绿色工厂”称号。
2024-08-29MSCI upgraded Moutai's ESG rating from 'B' to 'BBB', the highest among Chinese baijiu companies, with a score of 5.7.MSCI将茅台的ESG评级从“B”级上调至“BBB”级，为中国白酒行业最高评级，得分5.7分。
2024-10-16Moutai Chairman Zhang Deqin stated at the 2024 ESG Global Leaders Conference that Moutai has promoted the planting of sorghum for liquor-making over 30 million mu, creating total agricultural output value of over 75 billion yuan.茅台董事长张德芹在2024ESG全球领导者大会上表示，累计推广酒用高粱种植面积3000万亩以上，创造农业总产值750亿元以上。
2025-01-23Moutai Group general manager Wang Li announced at WEF Davos that by 2030, the full-industry-chain carbon emissions per bottle of Moutai will be reduced by 20%; nationwide recycling of post-consumer packaging will start in 2025.茅台集团总经理王莉在达沃斯宣布，到2030年一瓶茅台酒全产业链减碳20%；2025年起在全国省会城市启动饮用后包装物回收利用。
2025-04-08Moutai 2024 ESG report published for 4th consecutive year, first time introducing dual-materiality analysis framework and benchmarking MSCI ratings.茅台发布2024年ESG报告，首次引入双重重要性分析框架，对标MSCI评级。
2025-05-16Moutai was the only liquor company listed on the 2025 Fortune China ESG Impact List. The company incorporated supplier carbon footprints into its 'Moutai bill', with ESG assessment weighting fixed at 15%.茅台是唯一上榜2025年《财富》中国ESG影响力榜的酒类企业。公司将供应商碳足迹纳入“茅台账单”，ESG考核评价固定占比15%。
2026-06-23Kweichow Moutai received an AAA ESG rating from the China Securities Index, ranking first in the baijiu industry (Shenwan tertiary industry classification).贵州茅台获得中证指数AAA级ESG评级，在申万三级白酒行业中排名第一。
Capacity expansion & plant projects产能扩张与厂区项目
26 · 2024-02-26 → 2026-07-28
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Investments in new production capacity, technical renovations, and infrastructure projects across Moutai's production bases.在茅台各生产基地的新增产能、技术改造和基础设施项目上的投资。
2024-02-2611 Moutai projects, including the Renhuai Tongmin demonstration zone, Zhonghua district 30-barn liquor storage, and '14th Five-Year' technical renovation, were listed as Guizhou provincial major projects for 2024.茅台11个项目，包括仁怀同民集聚示范区、中华片区30栋酒库建设、‘十四五’技改等，被列入贵州省2024年省级重大工程项目。
2024-03-06Moutai's '14th Five-Year' sauce-aroma liquor Xishui Tongminba Phase I project is accelerating, with total investment of about 4.11 billion yuan, planned capacity of 12,000 tonnes of liquor-making, 29,400 tonnes of qu-making, and 36,000 tonnes of storage; about 40% completed, trial production of 11 workshops expected by September 2024.茅台“十四五”酱香酒习水同民坝一期项目加速推进，总投资约41.1亿元，规划制酒产能1.2万吨、制曲产能2.94万吨、贮酒能力3.6万吨；工程总量完成约40%，预计2024年9月完成11栋制酒厂房试生产。
2024-04-02In 2023, Moutai base liquor production capacity increased: Moutai liquor base liquor design capacity reached 42,795 tonnes (+52.50 tonnes), series liquor base liquor design capacity reached 44,460 tonnes (+6,400 tonnes); new capacity to be released in 2024.2023年茅台基酒产能增加：茅台酒基酒设计产能42795吨（新增52.50吨），系列酒基酒设计产能44460吨（新增6400吨）；新增产能将于2024年释放。
2024-04-26Kweichow Moutai announced that in 2024, Moutai base liquor output will increase by about 3,000 tons, series liquor output by about 4,000 tons, and Moutai liquor ex-factory price will rise by 200 yuan per bottle.贵州茅台宣布2024年茅台基酒增加投放约3000吨，系列酒增加约4000吨，茅台酒出厂价上涨200元/瓶。
2024-08-08Moutai approved adjustments to its sauce-flavor series liquor technical renovation projects: total investment for one project cut to RMB 2.419 billion, another increased to RMB 10.18 billion.茅台批准调整酱香型系列酒技改项目：一个项目总投资调减至24.19亿元，另一个调增至101.80亿元。
2024-08-08Moutai approved a ~RMB 405 million investment to build the Yintan Phase II wastewater treatment plant and established the 31st liquor-making workshop.茅台批准投资约4.05亿元建设银滩二期污水处理厂，并成立制酒三十一车间。
2024-09-09Kweichow Moutai chairman Zhang Deqin stated the company will ensure the 15% annual revenue growth target is met. The '14th Five-Year' technical renovation project, with an investment of about 15.516 billion yuan, will add 19,800 tons/year of Moutai liquor capacity. The 31st workshop will start production on Chongyang Festival 2024.贵州茅台董事长张德芹表示将确保年度15%营收增长目标完成。投资约155.16亿元的'十四五'技改项目将新增茅台酒产能约1.98万吨/年，制酒三十一车间计划于2024年重阳投产。
2024-11-27Moutai's 2024 first extraordinary general meeting approves an adjustment to the investment scale of the sauce-flavor series liquor production technical renovation project, reducing it from 3.583 billion yuan to 2.419 billion yuan.贵州茅台2024年第一次临时股东大会审议通过调整酱香型系列酒制酒技改工程及配套设施项目建设规模及总投资，总投资由35.83亿元调整至24.19亿元。
2025-04-02Moutai liquor base liquor design capacity increased by 1,800 tons (commissioned Oct 2024); series liquor base liquor design capacity increased by 8,000 tons (commissioned Nov 2024), both to be released in 2025.茅台酒基酒设计产能新增1800吨（2024年10月投产），系列酒基酒设计产能新增8000吨（2024年11月投产），均于2025年释放。
2025-08-12Moutai board approved a 774 million yuan investment for the Phase 2 drainage network renovation project at its main distillery workshops (workshops 9-18, 21-30, etc.), self-funded.贵州茅台董事会批准出资约7.74亿元，用于茅台本部制酒车间（二期）排水管网维修改造项目，资金自筹。
2025-11-28Kweichow Moutai's board approved an investment of no more than RMB 122 million to implement a 10kV dual-power supply system renovation project in the Moutai plant area.贵州茅台董事会批准投资不超过1.22亿元，用于实施茅台厂区10kV高压双电源供电系统改造项目。
2026-03-03Kweichow Moutai announced the winning bid for the '14th Five-Year' sauce-flavor liquor Xishui Tongmin Dam Phase I wine tank warehouse process equipment procurement and installation project, with Puruite Machinery Manufacturing Co., Ltd. winning the bid at 41,866,710.50 yuan.贵州茅台公告“十四五”酱香酒习水同民坝一期酒罐库工艺设备采购安装项目中标结果，普瑞特机械制造股份有限公司以4186.67105万元中标。
2026-03-03Kweichow Moutai announced the winning bid for the Zhonghua 60,000-ton blending center and hazardous/general cargo parking lot comprehensive project equipment procurement and installation supervision service, with Jianji Engineering Consulting Co., Ltd. winning the bid.贵州茅台公告中华6万吨勾调中心及危普货停车场综合项目设备购置安装监理服务中标候选人，建基工程咨询有限公司中标。
2026-03-04Kweichow Moutai announced the winning bid for the Moutai factory boiler water treatment system renovation project construction, with Guizhou Construction Engineering Group First Construction Engineering Co., Ltd. winning the bid at 16,391,103.52 yuan.贵州茅台公告茅台厂区锅炉水处理系统改造项目施工中标候选人，贵州建工集团第一建筑工程有限责任公司以1639.110352万元中标。
2026-03-05Kweichow Moutai announced the winning bid for the '14th Five-Year' technical renovation construction project Huajiaoping wine storage area 15 wine storage buildings and related supporting facilities construction (Section 2), with China Construction Third Engineering Bureau First Construction Engineering Co., Ltd. winning the bid at 725,440,560.28 yuan.贵州茅台公告茅台酒“十四五”技改建设项目花椒坪酒库片区15栋酒库及相关配套设施施工（标段二）中标结果，中建三局第一建设工程有限责任公司以7.2544亿元中标。
2026-03-23Kweichow Moutai announced the completion of the packaging logistics park project Phase I 10kV power dedicated line project, with Zunyi Tengrui New Energy Co., Ltd. winning the bid at 20,121,161.19 yuan.贵州茅台公告包装物流园项目一期工程10kV电力专线项目完成交易，遵义腾锐新能源有限公司以2012.116119万元中标。
2026-03-24Kweichow Moutai announced the winning candidate for the '14th Five-Year' technical renovation construction project chaff workshop construction, with China Railway 17th Bureau Group City Construction Co., Ltd. winning the bid at 31,043,801.86 yuan.贵州茅台公告茅台酒“十四五”技改建设项目谷壳车间施工中标候选人，中铁十七局集团城市建设有限公司以3104.380186万元中标。
2026-04-16Kweichow Moutai's 2025 annual report showed Moutai base liquor design capacity reached 46,395 tons, with an additional 1,800 tons of new capacity put into production in October 2025, to be released in 2026.贵州茅台2025年年报显示，茅台酒基酒设计产能为46395吨，同比新增1800吨，新增产能于2025年10月投产，将在2026年释放。
2026-05-06Moutai signs a 41.87 million yuan equipment procurement and installation contract for the '14th Five-Year' sauce-aroma liquor Xishui Tongminba Phase I wine tank warehouse project with Puruite Machinery Manufacturing Co., Ltd.茅台与普瑞特机械制造股份有限公司就“十四五”酱香酒习水同民坝一期酒罐库工艺设备采购安装项目签署合同，金额4186.67万元。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai Chairman Chen Hua disclosed that the '14th Five-Year Plan' technical renovation project, which plans to add 19,800 tons of new production capacity, has seen two workshops completed and put into operation, with the rest progressing in an orderly manner.在2025年度股东会上，贵州茅台董事长陈华透露，茅台酒“十四五”技改项目规划新增的1.98万吨产能，现已建成投产两个车间，其余工程有序推进。
2026-06-25Kweichow Moutai published a tender for the civil construction of the Ganziping wastewater treatment plant, part of the 30,000-ton sauce-flavored series liquor technical renovation project, with China Railway Construction Engineering Group as the winning bidder for RMB 58.92 million.贵州茅台发布3万吨酱香系列酒技改工程及其配套设施项目-柑子坪污水处理厂土建施工中标候选人公示，中标方为中铁建工集团有限公司，金额5891.64万元。
2026-07-02Moutai issued tender for boiler room water quality online monitoring system construction project at its Maotai town plant; bids due Jul 8.茅台发布茅台镇厂区锅炉房水质在线监测系统建设项目询比采购公告，投标截止7月8日。
2026-07-04Zhuhai Gree Electromechanical Engineering Co., Ltd. won Moutai packaging logistics park phase 1 HVAC (cold/heat source) contract worth RMB 117.36 million, signed Dec 19, 2024.珠海格力机电工程有限公司中标茅台包装物流园项目一期暖通工程（冷热源标段），合同金额1.1736亿元，合同签订于2024年12月19日。
2026-07-07Moutai issued tender plan for new Yintan phase 2 wastewater treatment plant supervision project; bidding expected Aug 7 at Guizhou Public Resources Trading Center.茅台发布新建银滩二期污水处理厂项目监理招标计划，预计8月7日在贵州省公共资源交易中心招标。
2026-07-22China Railway Construction Engineering Group won Moutai's 30,000-ton sauce-aroma liquor technical renovation project - Ganziping wastewater treatment plant civil construction bid at RMB 58.92 million.中铁建工集团有限公司中标茅台3万吨酱香系列酒技改工程柑子坪污水处理厂土建施工项目，中标价5891.64万元。
2026-07-28Moutai issued supervision tender for Ganziping wastewater treatment plant of 30,000-ton sauce-aroma liquor technical renovation project, approved by Xishui County DRC; building area about 2,384.4 sqm.茅台发布3万吨酱香系列酒技改工程柑子坪污水处理厂监理招标公告，项目获习水县发改局批准，总建筑面积约2384.4平方米。
Trademarks & IP商标与知识产权
3 · 2024-02-28 → 2026-05-21
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Trademark applications, IP protection, and related legal matters.商标申请、知识产权保护及相关法律事务。
2024-02-28Moutai Group applied to register the 'Maoxiang' trademark (Class 33, alcoholic beverages) for the third time, currently under substantive examination.茅台集团第三次申请注册‘茅香’商标（33类酒精饮料），目前处于等待实质审查状态。
2024-03-15Moutai Group applied to register 'Kuihua Moutai' trademark, international class for liquor, currently under review.茅台集团申请注册“葵花茅台”商标，国际分类为酒，当前状态为申请中。
2026-05-21Moutai proposes to renew trademark license agreement with controlling shareholder Moutai Group for 106 trademarks from 2027 to 2029, with a fee of 1.5% of annual sales revenue.茅台拟与控股股东茅台集团续签《商标许可协议》，许可使用106件商标，期限2027-2029年，许可费按年销售收入1.5%计算。
Brand value & recognition品牌价值与认可
12 · 2024-02-29 → 2026-07-21
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Moutai's rankings in brand value lists, awards, and recognitions from various organizations.茅台在品牌价值榜单上的排名、奖项及来自各机构的认可。
2024-02-29Moutai ranked first on the 2023 Hurun China Brand List for the sixth consecutive time, with a brand value of 1.05 trillion yuan, the only trillion-yuan brand.茅台连续第六次位居2023胡润品牌榜首位，品牌价值10500亿元，为唯一万亿级品牌。
2024-03-01Kweichow Moutai ranked as the most valuable Chinese brand for the sixth consecutive time in the 2023 Hurun Brand List, with brand value of 1.05 trillion yuan.贵州茅台在2023胡润品牌榜中连续第六次成为最具价值中国品牌，品牌价值10500亿元。
2024-04-01Kweichow Moutai was recognized as a '2023-2025 National Intangible Cultural Heritage Productive Protection Demonstration Base' by the Ministry of Culture and Tourism.贵州茅台被文化和旅游部认定为“2023-2025年国家级非物质文化遗产生产性保护示范基地”。
2024-06-06Kweichow Moutai awarded EFQM Global Award (7 Diamond) and 'Inspiring Culture' Outstanding Achievement Award in Istanbul.贵州茅台在伊斯坦布尔获颁EFQM全球奖（七钻）及“鼓舞人心的文化”杰出成就奖。
2024-07-03Moutai shared its EFQM Global Award (7 diamonds) and 'Inspiring Culture' achievement award experience in Beijing, becoming the first Chinese company to win under new standards.茅台在北京分享EFQM全球奖（七钻）和“鼓舞人心的文化”成就奖经验，成为新标准下首家获奖中国企业。
2025-01-22Moutai brand value rose 17% to USD 58.4 billion, ranking 20th globally and AAA+ brand strength in Brand Finance 2025 Global 500.茅台品牌价值上升17%至584亿美元，位列Brand Finance 2025年全球品牌价值500强第20位，品牌强度AAA+。
2025-02-28Kweichow Moutai was listed among the first batch of China's famous consumer brands by the Ministry of Industry and Information Technology.贵州茅台入选工业和信息化部首批中国消费名品名单。
2025-04-11Moutai selected as 'Historical Classic' in first batch of 'China Consumer Famous Brands' by MIIT.茅台入选工信部首批“中国消费名品”名单（食品行业“历史经典”）。
2025-05-13Moutai ranked first in the spirits category on the 2025 China Brand Value 500 list with a brand value of USD 58.38 billion, up 16.5% YoY.茅台在2025年中国品牌价值500强中蝉联烈酒板块首位，品牌价值583.8亿美元，同比增长16.5%。
2025-07-25Kweichow Moutai ranked 156th on the 2025 Fortune China 500 with revenue of US$24.203 billion, and topped the profitability list for the second consecutive year with a net profit margin of 49.5%.贵州茅台在2025年《财富》中国500强中排名第156位，营收242.03亿美元，并以49.5%的净利润率连续第二年蝉联利润率最高的公司榜首。
2026-07-03Moutai ranked 15th in 2026 China's 500 Most Valuable Brands by World Brand Lab with brand value of RMB 502.745 billion, 14th consecutive year as No.1 in food & beverage.茅台以5027.45亿元品牌价值位列世界品牌实验室2026年《中国500最具价值品牌》第15位，连续14年居食品饮料行业第一。
2026-07-21Moutai ranked 149th in 2026 Fortune China 500 with revenue of USD 23.937 billion, 4th in net profit margin at 47.8%, 11th in ROE.茅台以239.37亿美元营收位列2026年《财富》中国500强第149位，净利润率47.8%居第4位，ROE居第11位。
Strategic Initiatives & Digital Transformation战略举措与数字化转型
3 · 2024-03-07 → 2026-08-21
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Digital transformation, strategic plans, and long-term initiatives.数字化转型、战略规划和长期举措。
2024-03-07Moutai Group's digital transformation framework is formed; Moutai Cloud, big data, and backbone network digital base basically completed; ready to enter Smart Moutai 2.0 era.茅台集团数字化转型框架形成，茅台云、大数据、骨干网数字底座基本建成，有能力进入智慧茅台2.0建设时代。
2025-05-12At the 2024 annual performance briefing, Moutai management stated: no plan for an H-share listing; no plan for the listed company to use brand ambassadors; 2025 revenue growth target is ~9%; the 'Moutai 14th Five-Year Technical Renovation Project' (investment ~RMB 15.516 billion) will add ~19,800 tons/year of Moutai liquor capacity and 84,700 tons of storage capacity.在2024年度业绩说明会上，茅台管理层表示：目前没有港股上市计划；上市公司没有考虑代言人；2025年营收增长目标约9%；“茅台酒‘十四五’技改建设项目”投资约155.16亿元，可新增茅台酒产能约1.98万吨/年、储酒能力约8.47万吨。
2026-08-21At the briefing, Chairman Chen Hua said the company will implement age-based operations for the 18-45 age group, with strategies for guidance, introduction, growth, and stabilization phases to address youth consumption barriers.在业绩说明会上，董事长陈华表示公司将围绕18-45岁年轻群体实施分龄运营，针对引导期、导入期、成长期和稳定期制定不同策略，破解年轻化壁垒。
Moutai Cultural Tourism茅台文旅
6 · 2024-03-08 → 2025-08-26
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Development of the cultural tourism segment, including revenue growth, new stores, and brand ambassador appointments.文旅板块的发展，包括收入增长、新店开业及品牌大使任命。
2024-03-08Moutai Group's cultural tourism segment achieved revenue of 3.228 billion yuan in 2023, up 211.89% YoY; positioned as second growth engine.茅台文旅板块2023年实现营收32.28亿元，同比增长211.89%；定位为第二增长线。
2024-05-20Moutai文旅 launched a 2024 Dragon Boat Festival gift box containing two 200ml Feitian Moutai and a incense burner, priced at 3,600 yuan (estimated到手价 2,899 yuan).茅台文旅推出2024年端午礼盒，含2瓶200ml飞天茅台和铜香炉，定价3600元（预估到手价2899元）。
2024-11-05Moutai Cultural Tourism opens its first cultural and creative space store in Shanghai, located in Qibao Town, Minhang District.茅台文旅在上海闵行区七宝镇开设首家文创空间店。
2025-03-05Moutai Cultural Tourism issued a statement denying any authorization for 'Moutai Collection Summit' or 'Moutai Cultural Creative New Product Launch' events, warning against unauthorized collection of deposits and franchise fees.茅台文旅发布声明，从未授权任何机构或个人组织开展“茅台集采峰会”“茅台文创新品上市发布会”等活动，并警告未经授权收取履约保证金和加盟费的行为。
2025-05-07Moutai officially announced that Zhang Yixing (Lay Zhang) became the brand ambassador for Moutai Cultural Tourism (Moutai Wenlv), a wholly-owned subsidiary of Moutai Group, not the listed company. He will appear at the 'Huang Xiaoxi T² Music & Art Festival' on May 17-18.茅台官方宣布张艺兴成为茅台文旅（茅台集团全资子公司，非上市公司）代言人，将于5月17-18日出席“黄小西T²音乐与艺术节”。
2025-08-26Three Moutai Cultural Experience Halls were simultaneously launched in Urumqi (Xinjiang) and Zhengzhou (Henan), numbered 66, 45, and 60, expanding the national cultural experience network.三家茅台文化体验馆在新疆乌鲁木齐与河南郑州同步启动，分别编号第66号、45号及60号，拓展全国文化体验版图。
R&D & technology innovation研发与技术创新
15 · 2024-03-13 → 2026-05-03
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Moutai's research and development efforts, including software copyrights, brewing science, and digital transformation projects.茅台的研发工作，包括软件著作权、酿造科学和数字化转型项目。
2024-03-13Moutai registered a new software copyright 'Moutai Daqu Fermented Grain Sample Metagenome Automatic Processing Software V1.0'; R&D spending in H1 2023 was 72.77 million yuan, up 21.04% YoY.贵州茅台新注册《茅台大曲酒醅样品宏基因组自动处理软件V1.0》软件著作权；2023上半年研发投入7277.07万元，同比增21.04%。
2024-03-31Moutai published research results 'Comprehensive Analysis and Resource Mining of Yeast in Moutai Liquor Brewing Process', scientifically confirming the uniqueness of the core production area.茅台发布科研成果《茅台酒酿造过程酵母菌全程解析与资源挖掘》，科学佐证核心产区不可复制性。
2024-12-05Moutai GM Wang Li announces at the Synthetic Biology Manufacturing Conference that Moutai will use synthetic biology to enter bio-economy tracks (food, green materials, digitalization) and integrate IT, BT, FT, MT technologies in 3-5 years.茅台总经理王莉在合成生物制造产业大会上宣布，茅台将利用合成生物学布局生物经济新赛道（食美、绿色材料、数字化），未来3-5年集成IT、BT、FT、MT技术。
2024-12-05Moutai releases two 'open competition' projects for synthetic biology: bio-based白酒 packaging film and bottle base, with a total project fund of 6 million yuan.茅台发布两个合成生物学揭榜挂帅项目：基于生物基材料的白酒包装覆膜和酒瓶底座研究，项目经费合计600万元。
2025-02-24Shandong University of Science and Technology claimed its professor's technology increased Moutai output by 30-50%, but Moutai denied any R&D cooperation, stating the tech was only for packaging inspection.山东科技大学称其教授技术使茅台产量提升30%-50%，茅台否认有研发合作，表示该技术仅用于包装检测。
2025-03-20Moutai Group Chairman Zhang Deqin stated at the Synthetic Biology Innovation and Development Forum that Moutai will invest via industrial funds in synthetic biology startups to build a full-chain ecosystem from R&D to market application.茅台集团董事长张德芹在合成生物学创新与发展大会上表示，茅台将通过产业基金战略投资合成生物创新企业，构建“技术攻关-成果转化-市场应用”全链条生态。
2025-04-03Moutai to accelerate synthetic biology exploration for new quality productive forces.茅台加快布局合成生物学，发展新质生产力。
2025-04-03Moutai packaging automation demonstration line put into normal operation, significantly improving yield rate and production efficiency.茅台酒包装自动化生产示范线已投入正常运行，良品率和生产效率显著提升。
2025-05-07Moutai registered 2 new software copyrights in 2025, including 'Tianchen Product In/Out Warehouse Handheld Software V1.0' and 'Tianchen Production Line Quality Inspection Handheld Software V1.0'. R&D spending in 2024 was RMB 218 million, +38.76% YoY.茅台2025年新注册2个软件著作权，包括《天臣产品出入库手持机软件V1.0》和《天臣产线质检手持机软件V1.0》。2024年研发投入2.18亿元，同比+38.76%。
2025-05-24Moutai Group GM Wang Li led a team to visit Tsinghua University, Shanghai Jiao Tong University, and the Shenzhen Institute of Advanced Technology, CAS, to discuss building a 'second growth curve' in biomanufacturing. Five consensuses were reached on biotech development directions.茅台集团总经理王莉率队拜访清华大学、上海交通大学和中国科学院深圳先进技术研究院，谋划生物制造第二增长曲线，就生物科技发展方向形成五点共识。
2025-07-22Kweichow Moutai announced it will jointly invest with controlling shareholder Moutai Group to establish Guizhou Moutai Distillery (Group) Science and Technology Research Institute Co., Ltd., with registered capital of 1 billion yuan. Moutai contributes 490 million yuan (49%) in cash and lab equipment, Moutai Group contributes 510 million yuan (51%) in cash and a tech building.贵州茅台公告，与控股股东茅台集团共同出资成立贵州茅台酒厂（集团）科学与技术研究院有限责任公司，注册资本10亿元。茅台以货币+实验仪器出资4.9亿元（占股49%），茅台集团以货币+科技大楼出资5.1亿元（占股51%）。
2025-09-04Moutai registered a new software copyright for 'Stacked Column Chart Drawing Software V1.0.0', bringing total new software copyrights in 2025 to 5, a 400% increase year-on-year.贵州茅台新注册《堆叠柱形图绘制软件V1.0.0》软件著作权，2025年以来新注册软件著作权5个，较去年同期增加400%。
2026-03-06Kweichow Moutai issued a tender for the procurement of a water quality online biosafety monitoring and early warning system for a scientific research project.贵州茅台发布科研项目采购水质在线生物安全监测预警系统招标公告。
2026-03-20Kweichow Moutai newly registered 2 software copyrights: 'Supply Chain Internet of Things Platform V1.0' and 'Campus Green Plant Maintenance Management Platform V1.0.0'.贵州茅台新注册2个软件著作权，包括《供应链物联网平台V1.0》、《园区绿植养护管理平台V1.0.0》。
2026-05-03Moutai's 'Moutai Quality Intelligent Detection and Process Optimization' case selected as a 2025 digital transformation typical case by the Ministry of Industry and Information Technology.茅台申报的“茅台质量智能检测与工艺优化”案例入选工信部2025年度数字化转型典型案例。
Supply Chain & Production供应链与生产
5 · 2024-03-13 → 2026-03-06
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Production, supply chain, and procurement-related events.生产、供应链和采购相关事件。
2024-03-13Huaci Porcelain disclosed it maintains long-term stable supply relationship with Kweichow Moutai and Wuliangye.华瓷股份披露与贵州茅台和五粮液保持长期稳定供应关系。
2024-05-18Moutai published a recruitment notice for 178 male baijiu makers (full-time) for its production and brewing work in Maotai town.茅台发布招聘公告，对外公开招聘178名男性制酒工，从事茅台酒生产酿造工作。
2024-11-05Moutai Group releases its fifth batch of professional talent recruitment for 2024, offering 23 positions with a planned hiring of 46 people.茅台集团发布2024年第五批专业人才引进岗位表，涉及23个岗位，拟聘46人。
2025-12-15CIMC Enric's subsidiary CIMC Chunko won the bid for Moutai's liquor blending and storage equipment procurement project, covering full-process automation for multiple workshops.中集安瑞科旗下中集醇科中标贵州茅台勾贮设备采购项目，涵盖多个车间的全流程自动化装备。
2026-03-06Kweichow Moutai announced the winning bid for the 2026 general automatic control system maintenance project, with Tianren Construction and Installation Co., Ltd. winning the bid at 4,058,080.00 yuan.贵州茅台公告股份公司2026年度通用自动控制系统维保项目中标结果，天人建设安装有限公司以405.808万元中标。
Marketing & Promotions营销与推广
7 · 2024-03-29 → 2025-12-04
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Marketing campaigns, promotional activities, and brand engagement initiatives.营销活动、促销活动和品牌互动举措。
2024-03-29Moutai 1935 'Seeking Dao China' second season launched along the Beijing-Hangzhou Grand Canal, starting in Kaifeng, with science exploration and cultural activities.“茅台1935·寻道中国”第二季在京杭大运河线启动，首站开封，开展科学探索和文化活动。
2024-03-30Moutai Pinzangjia 2024 Spring Festival gathering (5th season) held in Shenzhen; first Moutai aged liquor Greater Bay Area trading festival opened, featuring over 100 rare aged Moutai products and free professional authentication.茅台品藏家2024新春联谊会（第五季）在深圳举行；首届茅台老酒大湾区交易节开幕，展出百余种珍稀茅台老酒并提供免费专业鉴定。
2025-05-29Zunyi Maotai Airport launched a flight-purchase lottery activity (May 30 - June 30, 2025): passengers on designated routes can win the right to buy one bottle of Feitian Moutai (53% vol, 500ml) at RMB 1,499, with a 100% win rate for the first phase.遵义茅台机场推出乘机抽取购酒资格活动（5月30日-6月30日）：乘坐指定航线航班旅客可抽中按1499元/瓶购买飞天茅台1瓶，第一阶段中签率100%。
2025-05-30Zunyi Maotai Airport cancelled the second phase (June 5-30) of its flight-purchase lottery activity due to an upgrade of the 'Maotai Airport App'.遵义茅台机场因“茅台机场App”升级，取消原定于6月5日至6月30日开展的第二阶段乘机购酒资格活动。
2025-10-13Moutai Airport launches flight-purchase lottery for 1499 yuan Feitian Moutai, with win rate up to 80%-90%.茅台机场推出乘机抽购1499元飞天茅台活动，中签率提升至80%-90%。
2025-12-02The 'Maotai Airport Flight Lottery Purchase Qualification Activity' was extended to December 31, allowing winning passengers to buy Feitian Moutai at the official guide price of 1499 yuan per bottle.‘茅台机场乘机抽取购酒资格活动’延长至12月31日，中签旅客可按1499元/瓶官方指导价购买飞天茅台。
2025-12-04Moutai launched the official Douyin account 'Xiaomao iMoutai' to reach younger users, with the account verified by Kweichow Moutai Co., Ltd.茅台推出抖音官方账号‘小茅i茅台’，账号主体为贵州茅台酒股份有限公司，旨在触达年轻用户。
Moutai liquor (Feitian) pricing & supply茅台酒（飞天）价格与供应
38 · 2024-04-02 → 2026-08-13
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Tracking ex-factory price hikes, wholesale price volatility, supply adjustments, and distribution policy changes for the core Feitian Moutai product.追踪核心产品飞天茅台酒的出厂价上调、批发价波动、供应调整及渠道政策变化。
2024-04-02Kweichow Moutai raised the ex-factory price of 53% vol Feitian and Wuxing Moutai by about 20% effective November 1, 2023.贵州茅台自2023年11月1日起上调53%vol飞天、五星茅台出厂价格，平均上调幅度约20%。
2024-06-05Moutai suspends new enterprise customer applications to purchase Feitian Moutai at 1499 yuan/bottle in multiple provinces due to quota saturation.茅台在多个省份暂停新企业客户以1499元/瓶申购飞天茅台的申请，因名额饱和。
2024-06-14Moutai holds a video conference with dealers in a province to address recent price declines of Feitian Moutai.茅台某省区召开视频会议，讨论近期飞天茅台掉价事宜，要求各单位负责人参加。
2024-06-17Some provincial Moutai dealer associations hold meetings to stabilize prices, calling for unity and not to follow price cuts; wholesale price slightly recovers.部分省区茅台经销商联谊会召开会议沟通稳价，号召团结不跟风降价；批发参考价小幅回升。
2024-06-23Moutai cancels the 12-bottle case Feitian Moutai distribution and the box-opening policy; suspends delivery of 15-year aged Moutai and Jingpin Moutai in some regions.茅台取消12瓶装飞天茅台投放及开箱政策；暂停部分地区15年陈年茅台和精品茅台发货。
2024-06-23Moutai cancels the distribution of 12-bottle cases of Feitian Moutai, cancels the box-opening policy, and suspends delivery of 15-year aged Moutai and Premium Moutai in some regions.茅台取消12瓶装飞天茅台的投放，取消飞天茅台开箱政策，部分区域暂停15年陈年茅台和精品茅台的发货。
2024-06-24Multiple pawnshops in Guangdong stop accepting Moutai as collateral due to unstable prices; pawn value of Feitian Moutai drops 25% since early 2024.广东多家典当行因价格不稳定不再接受茅台酒典当业务；飞天茅台典当金额较年初跌25%。
2024-06-24Wholesale reference price of 2024 Feitian Moutai (loose bottle) falls to 2080 yuan/bottle, down 60 yuan from the previous day and over 400 yuan from the beginning of the month.2024年飞天茅台散瓶批发参考价跌至2080元/瓶，较上一日下跌60元，较月初下跌逾400元。
2024-06-25Moutai suspends accepting enterprise customer applications for purchasing Feitian Moutai at parity price in some provinces.茅台部分省份暂停接受企业客户申请平价购买飞天茅台。
2024-06-25Moutai temporarily suspends supply of Q3 Feitian Moutai quota to some dealers, and suspends supply of Premium Moutai and 15-year aged Moutai.贵州茅台暂缓向部分经销商供应三季度飞天茅台配额，并暂缓精品茅台和茅台酒15年供应。
2024-06-25Wholesale reference price of 2024 Feitian Moutai (original case) rises 30 yuan to 2450 yuan/bottle; loose bottle price rises to 2150 yuan/bottle after policy adjustment.2024年飞天茅台原箱批发参考价上涨30元至2450元/瓶，散瓶批价上涨至2150元/瓶。
2024-06-26Multiple Moutai dealers in western and northern China set minimum selling price for standard Moutai at 2400-2500 yuan/bottle to stabilize prices.多地茅台经销商护盘稳价，原则上普茅出货价不低于2400-2500元/瓶。
2024-07-02Moutai adjusted supply policies: canceled 12-bottle case Feitian Moutai distribution, abolished case-opening policy, and suspended delivery of aged 15-year Moutai and premium Moutai in some regions.茅台调整供给政策：取消12瓶装飞天茅台投放，废除开箱政策，部分区域暂停15年陈年茅台和精品茅台发货。
2024-09-06Moutai's new chairman Zhang Deqin reportedly suspended new enterprise applications for 1499 yuan Feitian Moutai purchases nationwide due to quota saturation, as a price stabilization measure.据报道，茅台新任董事长张德芹暂停了全国范围内新企业客户申请1499元飞天茅台平价购酒服务，因名额已满，此举旨在稳价。
2024-11-04Moutai adjusts its distribution strategy, suspending supply to certain e-commerce channels to stabilize Feitian Moutai wholesale prices, which rise by over 100 yuan per bottle to around 2,300 yuan.茅台调整投放策略，暂停向部分电商渠道供货以稳定飞天茅台批发价，批价每瓶上涨超100元至约2300元。
2024-12-03Moutai denies market rumor that the suggested retail price of Feitian Moutai will rise from 1,499 yuan to 1,699 yuan per bottle, stating 'no relevant plan'.茅台否认飞天茅台建议零售价从1499元/瓶提至1699元/瓶的市场传言，称“暂无相关计划”。
2024-12-25At the 2025 Moutai Liquor Dealer Conference, Moutai announces 2025 product allocation adjustments: slightly increase 500ml Feitian, reduce Zhenpin, increase 1000ml Feitian; develop 750ml and 400ml Moutai for catering and international markets; launch new zodiac and Sheng Le Feitian products on Jan 5, 2025.在2025年茅台酒经销商联谊会上，茅台宣布2025年产品投放调整：略增500ml飞天、减少珍品、增加1000ml飞天；开发750ml和400ml茅台酒用于餐饮和国际市场；2025年1月5日发布生肖酒和笙乐飞天新品。
2025-01-022025 product mix adjustment: reduce supply of 500ml standard Feitian and Zhenpin Moutai; increase supply of 1L Feitian, 100ml Feitian, and new developed products.2025年产品结构调整：减少500ml普通飞天茅台、珍品茅台投放量；适度调增1L装飞天、100ml飞天，增加开发产品。
2025-02-07At the 2025 distributor conference, Moutai said it will adjust the supply of Feitian 53% vol 500ml, Zhenpin, and Feitian 53% vol 1000ml products, strengthening the core Feitian as the base of the olive-shaped product matrix.在2025年经销商大会上，茅台表示将调整飞天53度500ml、珍品茅台、飞天53度1000ml等产品投放量，强化普茅大单品作为橄榄型产品矩阵金字塔底座的地位。
2025-02-19Market rumors said Moutai raised the payment price for 1kg Feitian Moutai (53% vol 1000ml) by about 22% to 3,419 yuan per bottle, but Moutai VP Zhang Xu denied the plan, saying 'not considered for now'.市场传闻茅台将公斤飞天茅台（53度1000ml）打款价上调约22%至3419元/瓶，但茅台副总经理张旭否认，称“暂时没有考虑”。
2025-06-05Feitian Moutai wholesale price fell to 2000 yuan per bottle (500ml, loose), down 60 yuan in a week; retail price at some stores dropped to 2100 yuan, with online platforms offering as low as 1970 yuan.飞天茅台批发价跌至2000元/瓶（500ml散瓶），一周内下跌60元；部分门店零售价降至2100元，电商平台低至1970元。
2025-06-16Moutai dealers in several provinces agreed on 'price stabilization' measures: restricting supply to e-commerce, wholesale markets, and out-of-province channels; violators face suspension or contract cancellation.茅台部分省区经销商联谊会就“稳市稳价”达成一致：限制向电商、批发市场、省外等渠道供货；违规者将面临停货或取消合同。
2025-06-25Feitian Moutai (loose) wholesale price fell below 1800 yuan per bottle, down 70 yuan in a single day, and 20% from the start of 2025; original case price dropped to 1830 yuan.飞天茅台散瓶批发价跌破1800元/瓶，单日下跌70元，较2025年初下跌20%；原箱价格跌至1830元/瓶。
2025-08-11Moutai added a new 500ml Feitian Moutai (1x4) case specification, offering a 4-bottle case option alongside the existing 6-bottle and 12-bottle cases.贵州茅台新增500ml飞天茅台酒（1×4）整箱规格，即每箱四瓶装，此前主要为每箱6瓶和12瓶。
2025-10-28Feitian Moutai wholesale reference price drops to 1690 yuan per bottle, falling below 1700 yuan for the first time.飞天茅台散瓶批发参考价跌至1690元/瓶，首次跌破1700元大关。
2025-11-06At the Q3 2025 performance briefing, Moutai stated that from June to August, it moderately reduced market supply of Moutai liquor to maintain market resilience. Since August, terminal sales have improved month-on-month.在2025年第三季度业绩说明会上，茅台表示6-8月适度减少茅台酒市场投放以维护市场韧性，8月以来终端动销环比逐步向好回升。
2025-12-13Moutai implemented a volume control policy: suspending all product shipments to dealers from December 2025 until January 1, 2026, and planning to significantly cut quotas for non-standard products in 2026, including a 50% cut for zodiac Moutai and a complete halt of Caiyou Zhenpin Moutai.茅台推出控量政策：2025年12月内暂停向经销商发放所有产品，直至2026年1月1日；并计划在2026年大幅削减非标产品配额，包括生肖茅台削减50%、完全停止供应彩釉珍品茅台。
2025-12-28At the 2026 national dealer conference, Moutai announced it would abandon the distribution model in 2026, reduce high-value-added product supply, fully stop supplying Zhenpin Moutai, and focus on a 'pyramid' product system with Feitian, Jingpin, and Chennian as core SKUs.在2026年全国经销商大会上，茅台宣布2026年不再使用分销方式，减少高附加值产品投放，全面停止供应珍品茅台，打造以飞天、精品、陈年为核心的‘金字塔’型产品体系。
2026-01-12Moutai reportedly cuts ex-factory prices for multiple products: Jingpin Moutai from 2969 to 1859 yuan/bottle, Moutai 15 from 5399 to 3409 yuan/bottle, and Moutai 1935 from 798 to 668 yuan/bottle.据报茅台下调多款产品出厂价：精品茅台从2969元/瓶降至1859元/瓶，茅台15年从5399元/瓶降至3409元/瓶，茅台1935从798元/瓶降至668元/瓶。
2026-02-26Market rumor that Kweichow Moutai raised ex-factory price of 53%vol Feitian Moutai from 1169 yuan/bottle to 1299 yuan/bottle, but was denied by dealers; official suggested retail price remains 1499 yuan/bottle.市场传闻贵州茅台将53度飞天茅台出厂价从1169元/瓶上调至1299元/瓶，但被经销商否认；官方建议零售价仍为1499元/瓶。
2026-03-30Kweichow Moutai announced that from March 31, 2026, the sales contract price of Feitian 53%vol 500ml Kweichow Moutai (2026) will be adjusted from 1,169 yuan/bottle to 1,269 yuan/bottle, and the self-operated retail price will be adjusted from 1,499 yuan/bottle to 1,539 yuan/bottle.贵州茅台公告，自2026年3月31日起，飞天53%vol 500ml贵州茅台酒（2026）销售合同价由1169元/瓶调整为1269元/瓶，自营体系零售价由1499元/瓶调整为1539元/瓶。
2026-03-31Kweichow Moutai raised the contract price of Feitian 53%vol 500ml Moutai (2026) from 1169 yuan/bottle to 1269 yuan/bottle, and the self-operated retail price from 1499 yuan/bottle to 1539 yuan/bottle, effective March 31, 2026.贵州茅台自2026年3月31日起，将飞天53%vol 500ml贵州茅台酒（2026）销售合同价由1169元/瓶调整为1269元/瓶，自营体系零售价由1499元/瓶调整为1539元/瓶。
2026-04-24Moutai raised Feitian Moutai ex-factory price from CNY 1,169 to CNY 1,269/bottle and self-operated retail price from CNY 1,499 to CNY 1,539/bottle, effective March 31, 2026 — first price hike in 8 years.茅台自2026年3月31日起将飞天茅台出厂价从1169元/瓶提至1269元/瓶，自营零售价从1499元/瓶提至1539元/瓶，为八年来首次提价。
2026-07-17Moutai raised iMoutai platform retail price of Feitian 53%vol 500ml (2026) from RMB 1539 to 1639 per bottle and sales contract price from 1269 to 1369, effective Jul 18; also raised 1L Feitian retail price from 3119 to 3269.贵州茅台自7月18日起将飞天53度500ml（2026）i茅台平台零售价由1539元/瓶上调至1639元/瓶，销售合同价由1269元/瓶上调至1369元/瓶；1L装飞天零售价由3119元/瓶上调至3269元/瓶。
2026-07-17Moutai also adjusted prices of aged Moutai (15) from 4199 to 4279, premium Moutai from 2299 to 2359, and Horse Year Zhenxiang edition from 2499 to 2699 per bottle, effective Jul 18.茅台同步调整陈年茅台酒（15）由4199元/瓶调至4279元/瓶、精品茅台由2299元/瓶调至2359元/瓶、马年珍享版由2499元/瓶调至2699元/瓶，自7月18日起执行。
2026-07-27Moutai direct-sale stores in Beijing, Shanghai and other cities raised Feitian 53%vol 500ml retail price to RMB 1719/bottle, RMB 80 higher than iMoutai platform price, creating dual pricing system.北京、上海等地茅台直营店将飞天53度500ml零售价上调至1719元/瓶，较i茅台平台1639元高出80元，形成线上线下双价格体系。
2026-08-08Moutai raised retail prices at its 42 direct-sale stores: Feitian Moutai to RMB 1,753/bottle (from 1,719), Wuxing to 1,743, Horse zodiac (classic) to 1,951, and Premium Moutai to 2,410, opening sales to individual consumers; iMoutai price remains at 1,639, widening the gap to 114 yuan.茅台全国42家自营店上调零售价：飞天茅台涨至1753元/瓶（原1719元），五星茅台涨至1743元，经典版马年生肖涨至1951元，精品茅台涨至2410元，并首次向散客开放购买；i茅台价格维持1639元，价差扩大至114元。
2026-08-13Some dealers raised consignment-sale price of 53% 500ml Premium Moutai to RMB 2,410/bottle, above iMoutai's 2,359; Feitian Moutai at dealer stores priced at RMB 1,820/bottle, above iMoutai's 1,639.部分经销商将代售模式下的53度500ml精品茅台售价提升至2410元/瓶，高于i茅台2359元；门店飞天茅台售价1820元/瓶，高于i茅台1639元。
Financial Results & Targets财务业绩与目标
18 · 2024-04-02 → 2026-08-14
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Quarterly/annual financial results, revenue targets, and cash flow statements.季度/年度财务业绩、收入目标和现金流量表。
2024-04-02Kweichow Moutai set 2024 target: total revenue growth of about 15% YoY, and fixed asset investment of RMB 6.179 billion.贵州茅台设定2024年目标：营业总收入较上年度增长15%左右，完成固定资产投资61.79亿元。
2024-04-26In Q1 2024, Moutai liquor revenue was 39.707 billion yuan (+17.75% YoY), series liquor revenue 5.936 billion yuan (+18.39% YoY); iMoutai platform achieved 5.343 billion yuan in liquor revenue (ex-tax), up 8.97% YoY.2024年一季度，茅台酒营收397.07亿元（同比+17.75%），系列酒营收59.36亿元（同比+18.39%）；i茅台平台实现酒类不含税收入53.43亿元，同比增长8.97%。
2024-04-26Kweichow Moutai's Q1 2024 contract liabilities (advances from customers) reached 10.669 billion yuan, a high level indicating strong distributor willingness to pay.贵州茅台2024年一季度预收账款（合同负债）达106.69亿元，保持高位，显示经销商打款意愿强。
2024-04-26Kweichow Moutai's Q1 2024 operating cash flow was 9.187 billion yuan, up 75.17% YoY, mainly due to increased cash receipts from sales.贵州茅台2024年一季度经营活动现金流净额91.87亿元，同比增长75.17%，主因销售商品收到的现金增加。
2024-04-26Kweichow Moutai's Q1 2024 sales expenses were 1.141 billion yuan, up 50.73% YoY; taxes and surcharges were 7.199 billion yuan, up 31.85% YoY, impacting net profit margin.贵州茅台2024年一季度销售费用11.41亿元，同比增长50.73%；税金及附加71.99亿元，同比增长31.85%，影响净利率。
2024-05-09At the 2023 performance briefing, Moutai confirmed its 2024 revenue growth target of ~15% YoY, and explained that Q1 net profit growth (15.73%) lagged revenue growth (18.04%) due to higher consumption tax base and increased marketing expenses.在2023年度业绩说明会上，茅台确认2024年营收同比增长约15%的目标，并解释一季度净利润增速（15.73%）低于营收增速（18.04%）系消费税基提高和销售费用增加所致。
2024-08-08Moutai's H1 2024 report indicated base liquor production: Moutai-flavor ~39,100 tons, sauce-flavor ~22,700 tons, both decreased year-on-year.茅台2024年半年报显示，茅台酒基酒产量约3.91万吨，系列酒基酒产量约2.27万吨，均同比减少。
2024-09-09Kweichow Moutai's semi-annual report shows net cash flow from operating activities was -5.093 billion yuan in H1 2024, a decrease of 89.45% YoY.贵州茅台半年报显示，2024年上半年经营活动产生的现金流量净额为-50.93亿元，同比下滑89.45%。
2024-10-25Kweichow Moutai Q3 2024 report: Moutai liquor revenue 101.126 billion yuan, +15.88% YoY; series liquor revenue 19.393 billion yuan, +24.36% YoY.贵州茅台三季报：茅台酒营收1011.26亿元，同比增长15.88%；系列酒营收193.93亿元，同比增长24.36%。
2024-10-25Kweichow Moutai Q3 2024 report: net cash flow 4.827 billion yuan, -30.67% YoY; operating cash flow 44.421 billion yuan.贵州茅台三季报：净现金流48.27亿元，同比下滑30.67%；经营性现金流444.21亿元。
2024-10-25Kweichow Moutai Q3 2024 report: advance receipts 11.166 billion yuan, reflecting dealer confidence.贵州茅台三季报：预收账款111.66亿元，反映经销商信心。
2024-12-17Moutai holds Q3 2024 performance briefing; Chairman Zhang Deqin says the company is confident in achieving the 15% annual revenue growth target; Q1-Q3 revenue reached 123.123 billion yuan, up 16.91% YoY.贵州茅台召开2024年第三季度业绩说明会，董事长张德芹表示有信心完成年度15%营收增长目标；前三季度营收1231.23亿元，同比增长16.91%。
2025-04-022025 revenue growth target set at ~9% YoY, planned fixed asset investment 4.711B yuan.2025年营收增长目标定为9%左右，计划完成固定资产投资47.11亿元。
2025-04-02Moutai liquor 2024 revenue 145.928B yuan (+15.28% YoY), production 56,270 tons (-1.63% YoY).茅台酒2024年营收1459.28亿元（同比+15.28%），产量5.627万吨（同比-1.63%）。
2025-10-299M 2025: Moutai liquor revenue 110.514 billion yuan (+9.28% YoY), series liquor revenue 17.884 billion yuan (-7.78% YoY); iMoutai platform revenue 12.692 billion yuan (-14.05% YoY).2025年前三季度：茅台酒收入1105.14亿元（同比+9.28%），系列酒收入178.84亿元（同比-7.78%）；i茅台平台收入126.92亿元（同比-14.05%）。
2026-04-24Q1 2026 Moutai liquor revenue CNY 46.005 billion, +5.62% YoY, volume ~16,800 tons, +21.82% YoY. Series liquor revenue CNY 7.881 billion, +12.22% YoY, volume ~14,200 tons, +26.61% YoY.2026年一季度茅台酒收入460.05亿元，同比+5.62%，销量约1.68万吨，同比+21.82%；系列酒收入78.81亿元，同比+12.22%，销量约1.42万吨，同比+26.61%。
2026-04-28Moutai 2025 Q4 revenue dropped ~19.43% YoY, net profit dropped ~30.34% YoY. iMoutai Q4 revenue dropped 93.5% YoY. Contract liabilities fell for 3 consecutive years to CNY 8.007 billion.茅台2025年第四季度营收同比骤降约19.43%，净利润同比暴跌30.34%。i茅台第四季度收入同比降93.5%。合同负债连续三年下降至80.07亿元。
2026-08-14H1 2026: Moutai liquor revenue RMB 77.724bn (+2.82%), series liquor revenue RMB 12.934bn (-6.02%); iMoutai revenue RMB 40.264bn (+274.18%), accounting for 43.63% of total revenue; operating cash flow RMB 70.691bn (+438.84%).2026年上半年：茅台酒营收777.24亿元（+2.82%），系列酒营收129.34亿元（-6.02%）；i茅台收入402.64亿元（+274.18%），占总营收43.63%；经营现金流706.91亿元（+438.84%）。
Moutai Group & NetEase JV (Xunfeng)茅台集团与网易合资（巽风）
2 · 2024-04-08 → 2024-06-11
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Updates on the Xunfeng digital world joint venture, including business scope changes and product launches.巽风数字世界合资企业的更新，包括经营范围变更和产品发布。
2024-04-08Moutai responded to market rumors that 375ml Xunfeng liquor (20 million bottles) would impact Feitian Moutai prices, stating its planned volume is small and will not affect the price system; current sales are normal.茅台回应巽风酒（375ml）放量20万瓶影响飞天茅台价格的传闻，称其计划量占比小，不会对价格体系产生影响，目前动销情况良好。
2024-06-11Moutai suspends digital collectible synthesis and exercise of 'Xunfeng Wine' (375ml) after trial operation on June 19 for optimization.茅台宣布“巽风酒”（375ml）在6月19日试运营结束后暂停数字藏品合成行权，进行优化。
Capital & shareholder actions资本与股东行动
54 · 2024-04-30 → 2026-08-21
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Dividend policies, share buybacks, shareholder changes, and market value management initiatives.分红政策、股份回购、股东变动及市值管理举措。
2024-04-30Two private equity funds, Jinhui Rongsheng and Ruifeng Huibang, reduced their holdings in Kweichow Moutai in Q1 2024, exiting the top 10 shareholders; they held at least 792.25 and 675.10 thousand shares respectively at end-2023.金汇荣盛和瑞丰汇邦两只私募基金在2024年一季度减持贵州茅台，退出前十大股东；2023年末分别持股792.25万股和675.10万股。
2024-05-29At the 2023 AGM, Zhang Deqin was elected chairman of the fourth board of directors. The meeting approved a cash dividend of 308.76 yuan per 10 shares (total ~38.786 billion yuan).在2023年度股东大会上，张德芹当选第四届董事会董事长，会议通过每10股派发现金红利308.76元（合计约387.86亿元）的利润分配方案。
2024-06-11Moutai announces 2023 annual dividend: 30.876 yuan per share (tax included), total 38.786 billion yuan, record date June 18, payment date June 19.茅台公告2023年度权益分派：每股派发现金红利30.876元（含税），合计387.86亿元，股权登记日6月18日，发放日6月19日。
2024-06-25Moutai's market capitalization falls to 1,854.8 billion yuan, overtaken by ICBC (1,862.8 billion yuan) as the largest A-share company by market cap.贵州茅台市值跌至18548亿元，被工商银行（18628亿元）超越，失去A股市值第一位置。
2024-06-25Moutai's share price has fallen 12.68% year-to-date; total market cap falls below 2 trillion yuan after a 3.1% drop on June 11.贵州茅台年初至今股价累计下跌12.68%，6月11日大跌3.1%，总市值失守两万亿大关。
2024-07-01Moutai held an investor conference in Beijing, where acting general manager Wang Li discussed market value management, pledged to become a benchmark in A-shares, and emphasized dividends and regular communication.茅台在北京召开投资者交流会，代总经理王莉讨论市值管理，承诺成为A股标杆，强调分红和常态化沟通。
2024-08-08Moutai announced a 2024-2026 cash dividend plan, committing to distribute no less than 75% of annual net profit, with semi-annual and annual payments.茅台公布2024-2026年现金分红规划，承诺每年现金分红总额不低于当年净利润的75%，分年度和中期两次实施。
2024-09-09Kweichow Moutai announced a 2024-2026 cash dividend plan: annual dividend payout ratio no less than 75% of net profit, with two distributions per year (annual and interim).贵州茅台公布2024-2026年度现金分红规划：每年度现金红利总额不低于当年归母净利润的75%，每年进行两次分红（年度和中期）。
2024-09-20Kweichow Moutai announced its first-ever share buyback plan: to repurchase 3-6 billion yuan of shares at no more than 1795.78 yuan per share, for cancellation and capital reduction.贵州茅台宣布上市23年来首次股份回购计划：拟以30-60亿元自有资金回购股份，回购价格不超过1795.78元/股，用于注销并减少注册资本。
2024-10-16Moutai Chairman Zhang Deqin stated at the 2024 ESG Global Leaders Conference that Moutai has cumulatively distributed dividends exceeding 271.4 billion yuan over 23 years since listing.茅台董事长张德芹在2024ESG全球领导者大会上表示，上市23年来累计分红超2714亿元。
2024-11-08Kweichow Moutai announces a 2024 interim profit distribution plan, proposing a cash dividend of 23.882 yuan per share (pre-tax), totaling approximately 30.001 billion yuan.贵州茅台公布2024年中期利润分配方案，拟每股派发现金红利23.882元（含税），合计拟派发现金红利约300.01亿元。
2024-11-08Kweichow Moutai's board approves a proposal to convene the 2024 first extraordinary general meeting on November 27 to vote on the interim dividend, share buyback, and other proposals.贵州茅台董事会审议通过召开2024年第一次临时股东大会的议案，将于11月27日审议中期分红、股份回购等议案。
2024-11-27Kweichow Moutai's 2024 first extraordinary general meeting approves all five proposals, including the 2024-2026 cash dividend plan (minimum 75% payout), interim dividend of 30 billion yuan, and a share buyback of 3-6 billion yuan for cancellation.贵州茅台2024年第一次临时股东大会高票通过全部五项议案，包括2024-2026年度现金分红回报规划（分红率不低于75%）、中期分红300亿元、以及30-60亿元股份回购注销方案。
2024-11-27Moutai's first extraordinary general meeting in 2024 approves the 2024 interim profit distribution plan of 23.882 yuan per share (total 30 billion yuan) and the 2024-2026 cash dividend plan of no less than 75% of annual net profit.贵州茅台2024年第一次临时股东大会审议通过2024年中期利润分配方案（每股23.882元，合计300亿元）及2024-2026年度现金分红回报规划（每年不低于净利润的75%）。
2024-12-17Moutai responds to stock split suggestion at Q3 briefing; Chairman Zhang Deqin says the board will prudently consider the pros and cons from a long-term perspective.贵州茅台在三季度业绩说明会上回应拆股建议，董事长张德芹表示董事会将从长期角度审慎考虑利弊。
2024-12-27Moutai releases its share buyback report: plans to repurchase 3-6 billion yuan of shares via centralized bidding at a price not exceeding 1,771.90 yuan per share, for cancellation and capital reduction.贵州茅台发布回购报告书：拟以集中竞价交易方式回购30-60亿元股份，回购价格不超过1771.90元/股，用于注销并减少注册资本。
2025-01-02First share buyback executed: 200,900 shares repurchased at CNY 1,480.02-1,507.41/share, total amount ~CNY 300M, for cancellation and capital reduction.首次回购股份：回购20.09万股，价格区间1480.02-1507.41元/股，总金额约3亿元，用于注销并减少注册资本。
2025-02-06Kweichow Moutai repurchased 685,100 shares (0.0545% of total equity) for about 1 billion yuan in January 2025, at prices between 1,436.48 and 1,507.41 yuan per share.贵州茅台2025年1月以约10亿元回购68.51万股（占总股本0.0545%），回购价格区间1436.48-1507.41元/股。
2025-02-08Moutai chairman Zhang Deqin responded to stock split questions, stating the board will consider long-term sustainable development and shareholder interests before making a decision.茅台董事长张德芹回应拆股问题，表示董事会将从公司长期可持续发展及股东利益角度审慎决策。
2025-03-04Kweichow Moutai repurchased 822,200 shares (0.0655% of total share capital) as of end-Feb 2025, paying a total of CNY 1.1999 billion (max price CNY 1,507.41, min CNY 1,417.01). The shares will be cancelled to reduce registered capital.截至2025年2月底，贵州茅台累计回购82.22万股（占总股本0.0655%），支付总金额约11.999亿元（最高价1507.41元，最低价1417.01元），回购股份将用于注销并减少注册资本。
2025-03-18Kweichow Moutai held its 4th Board of Directors 3rd meeting of 2025 via communication on March 17, approving the 'Company Market Value Management Measures' and 'Company Investor Relations Management Measures'.贵州茅台第四届董事会2025年度第三次会议于3月17日以通讯表决方式召开，审议通过了《公司市值管理办法》《公司投资者关系管理办法》等议案。
2025-04-022024 annual dividend plan: 34.671B yuan cash dividend (276.24 yuan per 10 shares, including tax), total 2024 dividends 64.7B yuan, payout ratio 75%.2024年度分红方案：拟派发现金红利346.71亿元（每10股派276.24元，含税），2024年合计分红647亿元，分红率75%。
2025-04-02Share buyback: as of end-Mar 2025, 1.0827M shares repurchased for 1.59B yuan; plan to complete remaining ~4.05B yuan buyback and cancel shares.股份回购：截至2025年3月底，累计回购108.27万股，金额15.9亿元；计划完成剩余约40.5亿元回购并注销。
2025-04-08Company has started drafting a new round of share buyback plan; controlling shareholder Moutai Group has started drafting a share increase plan.公司已着手起草新一轮回购股份方案；控股股东茅台集团已着手起草增持方案。
2025-05-07Moutai announced share buyback progress: as of end-April 2025, it had repurchased 2,017,483 shares (0.1606% of total) for a total of RMB 3.039 billion, at prices between RMB 1,417.01 and 1,584.06 per share. The buyback is for cancellation and capital reduction.茅台公告回购进展：截至2025年4月底，累计回购2,017,483股（占总股本0.1606%），总金额30.39亿元，回购价格区间1417.01-1584.06元/股。回购股份用于注销并减少注册资本。
2025-05-16Moutai updated share buyback progress: as of May 16, 2025, it had repurchased 2,642,100 shares (0.2103% of total) for a total of RMB 4.05 billion, at prices between RMB 1,417.01 and 1,639.99 per share.茅台更新回购进展：截至2025年5月16日，累计回购2,642,100股（占总股本0.2103%），总金额40.5亿元，回购价格区间1417.01-1639.99元/股。
2025-05-19At the 2024 AGM, Moutai's 2024 annual profit distribution plan was approved: a cash dividend of RMB 27.624 per 10 shares (total ~RMB 34.671 billion). Combined with the interim dividend of RMB 30.001 billion, the total 2024 cash dividend reached RMB 64.672 billion, with an effective payout ratio of ~80% including buybacks.在2024年度股东大会上，审议通过利润分配方案：每10股派发现金红利276.24元（合计约346.71亿元）。加上中期分红300.01亿元，2024年度累计现金分红646.72亿元，含回购实际分红率约80%。
2025-06-04Moutai announced that as of end-May 2025, it had repurchased 3.31 million shares (0.2635% of total shares) for about 5.1 billion yuan, with prices ranging from 1417.01 to 1639.99 yuan per share, for cancellation and capital reduction.茅台公告截至2025年5月底，已累计回购股份约331万股（占总股本0.2635%），支付金额约51亿元，回购价格区间1417.01-1639.99元/股，用于注销并减少注册资本。
2025-06-13Moutai adjusted its 2024 annual dividend per share from 27.624 yuan to 27.673 yuan (tax included), maintaining total payout at 34.671 billion yuan, due to share repurchase reducing the share base.茅台调整2024年度每股分红金额，由27.624元调整为27.673元（含税），维持分红总额346.71亿元不变，因回购导致股本基数变化。
2025-06-20Moutai announced 2024 annual equity distribution: 27.673 yuan per share (tax included), total 34.671 billion yuan, with record date June 25 and ex-dividend date June 26, 2025.茅台公告2024年度权益分派：每股27.673元（含税），合计346.71亿元，股权登记日2025年6月25日，除权除息日6月26日。
2025-06-27Moutai adjusted its share buyback price cap from 1771.90 yuan to 1744.30 yuan per share, reflecting the 2024 annual dividend of 27.624 yuan per 10 shares.茅台将回购股份价格上限由1771.90元/股调整为1744.30元/股，因2024年度每股分红27.624元（每10股）。
2025-07-02Kweichow Moutai announced that as of end-June 2025, it had cumulatively repurchased 3.3821 million shares (0.2692% of total share capital) for a total of 5.202 billion yuan, with prices ranging from 1,408.29 to 1,639.99 yuan per share.贵州茅台公告，截至2025年6月底，累计回购股份338.21万股（占总股本0.2692%），总金额52.02亿元，回购价格区间为1408.29元/股至1639.99元/股。
2025-08-04Moutai announced that as of July 2025, it has repurchased 3.4517 million shares (0.2748% of total) for a total of 5.301 billion yuan, to be cancelled to reduce registered capital.贵州茅台公告，截至2025年7月底，已累计回购股份345.17万股（占总股本0.2748%），支付总金额53.01亿元，回购股份将用于注销并减少注册资本。
2025-08-29Moutai completed its share buyback plan, repurchasing 3.9276 million shares (0.3127% of total) for a total of 6 billion yuan, to be cancelled on September 1, 2025.贵州茅台完成股份回购计划，实际回购392.76万股（占总股本0.3127%），使用资金总额60亿元，将于2025年9月1日注销。
2025-08-29Moutai's controlling shareholder, Moutai Group, announced a plan to increase its stake in the company by 3.0 to 3.3 billion yuan via open market purchases over the next 6 months.贵州茅台控股股东茅台集团计划在未来6个月内，通过集中竞价交易方式增持公司股票，拟增持金额不低于30亿元且不高于33亿元。
2025-09-01Moutai Group announced a share buyback plan of 3.0-3.3 billion yuan, and on the same day executed the first tranche of 67,821 shares for 100 million yuan.茅台集团宣布30至33亿元增持计划，并于当日首次增持67,821股，金额1亿元。
2025-09-01Moutai completed its 6 billion yuan share repurchase plan, buying back 3.9276 million shares at prices between 1408.29 and 1639.99 yuan per share.茅台完成60亿元股份回购计划，实际回购392.76万股，回购价格区间1408.29元/股至1639.99元/股。
2025-09-05Moutai's controlling shareholder Moutai Group received a loan commitment letter from Agricultural Bank of China Guizhou Branch for up to 2.7 billion yuan to support its share buyback plan.茅台集团获得中国农业银行贵州省分行出具的贷款承诺函，贷款额度不高于27亿元，用于支持增持计划。
2025-11-05Kweichow Moutai announced a 2025 interim profit distribution plan of RMB 23.957 per share (pre-tax), totaling approximately RMB 30.001 billion (pre-tax).贵州茅台宣布2025年中期利润分配方案，每股派发现金红利23.957元（含税），合计拟派发现金红利约300.01亿元（含税）。
2025-11-05Kweichow Moutai announced a second share buyback plan to repurchase RMB 1.5-3.0 billion of its own shares at up to RMB 1,887.63 per share, for cancellation and capital reduction.贵州茅台宣布第二轮回购计划，拟以不低于15亿元且不超过30亿元的自有资金回购公司股份，回购价格不超过1887.63元/股，用于注销并减少注册资本。
2025-11-05Kweichow Moutai's controlling shareholder, China Kweichow Moutai Distillery (Group) Co., Ltd., is advancing a share increase plan of RMB 3.0-3.3 billion.贵州茅台控股股东中国贵州茅台酒厂（集团）有限责任公司正在推进30亿至33亿元的增持计划。
2025-12-10The 2025 interim profit distribution plan was approved, distributing a cash dividend of 23.957 yuan per share (pre-tax), totaling approximately 30.001 billion yuan, with the record date on December 18 and ex-dividend date on December 19.2025年中期利润分配方案获批，每股派发现金红利23.957元（含税），共计派发约300.01亿元，股权登记日为12月18日，除权除息日为12月19日。
2025-12-24Moutai announced a second share buyback plan, repurchasing 1.5-3 billion yuan of shares at a price not exceeding 1863.67 yuan per share, for cancellation and capital reduction.茅台公告第二次股份回购计划，拟回购15-30亿元，回购价格不超过1863.67元/股，用于注销并减少注册资本。
2025-12-29Moutai Group completed its shareholding increase plan, purchasing 2,071,359 shares (0.17% of total) for approximately 3 billion yuan, raising its total stake to 56.63%.茅台集团完成增持计划，增持2,071,359股（占总股本0.17%），金额约30亿元，合计持股比例升至56.63%。
2026-01-04Kweichow Moutai completes its first share buyback on Dec 31, 2025, repurchasing 87,059 shares for 120 million yuan, as part of a 1.5-3.0 billion yuan buyback plan.贵州茅台于2025年12月31日完成首次股份回购，回购87,059股，耗资1.2亿元，作为15-30亿元回购计划的一部分。
2026-03-03Kweichow Moutai announced that as of the end of February 2026, it had repurchased a total of 572,503 shares (0.0457% of total share capital) for a total amount of 801 million yuan, with the highest purchase price at 1,499.74 yuan/share and the lowest at 1,322.60 yuan/share.贵州茅台公告，截至2026年2月底，公司已累计回购股份57.25万股（占总股本0.0457%），支付总金额8.01亿元，购买最高价1499.74元/股，最低价1322.60元/股。
2026-04-02Kweichow Moutai announced it had repurchased 794,200 shares (0.0634% of total share capital) as of end-March 2026, spending 1.112 billion yuan, with a price range of 1322.60-1499.74 yuan/share.贵州茅台公告，截至2026年3月底，公司已累计回购股份79.42万股，占总股本比例为0.0634%，累计支付金额为11.12亿元，回购价格区间在1322.60元/股至1499.74元/股。
2026-04-28Moutai 2025 full-year dividend: total CNY 65.033 billion, payout ratio 79%, up 4ppt from prior year. Cumulative dividends since listing expected to reach CNY 401.146 billion.茅台2025年度全年分红合计650.33亿元，分红率79%，较上年提高4个百分点。上市以来累计分红预计达4011.46亿元。
2026-04-28Moutai launched second round of cancellation-style share buyback in November 2025, with upper limit of CNY 3 billion.茅台于2025年11月启动第二轮注销式回购，金额上限30亿元。
2026-05-07Moutai announces share buyback progress: as of end-April 2026, cumulatively repurchased 1.0833 million shares for 1.521 billion yuan.茅台公告回购进展：截至2026年4月底，已累计回购股份108.33万股，支付金额15.21亿元。
2026-05-27Moutai completes share buyback program, repurchasing 2.1886 million shares for approximately 3 billion yuan. All shares to be cancelled to reduce registered capital.茅台完成股份回购，实际回购218.86万股，使用资金约30亿元。回购股份将全部用于注销并减少注册资本。
2026-06-11At the 2025 annual general meeting, Kweichow Moutai Chairman Chen Hua reported that the company completed its first share buyback plan of RMB 6 billion and launched a second round of share buyback. The 2025 cumulative cash dividend reached RMB 65.033 billion.在2025年度股东会上，贵州茅台董事长陈华报告，公司完成首次60亿元股票回购方案，并启动第二轮股票回购计划，2025年累计派发现金红利650.33亿元。
2026-08-14Central Huijin and China Securities Finance Corp exited the top-ten shareholders list in Q2 2026; China Life added over 2.91 million shares to hold over 5.58 million shares.中央汇金和证金公司在2026年二季度退出贵州茅台前十大股东名单；中国人寿增持超291万股，总持股超558万股。
2026-08-21At the briefing, acting GM Wang Li said the company is formulating a three-year (2027-2029) market value management plan and will use market value management tools in accordance with regulations.在业绩说明会上，代总经理王莉表示公司正系统制订未来三年（2027-2029年）市值管理整体方案，将依法依规用好市值管理工具组合。
Sales channels & e-commerce销售渠道与电子商务
18 · 2024-05-10 → 2026-01-29
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Management of distribution channels, including dealer networks, e-commerce platforms, and instant retail partnerships.分销渠道的管理，包括经销商网络、电商平台和即时零售合作。
2024-05-10New chairman Zhang Deqin held a symposium with distributors from Zhejiang, Fujian and Jiangsu provinces, calling distributors 'family' and vowing to continue respecting and supporting them.新任董事长张德芹在杭州主持召开浙闽苏三省经销商座谈会，称经销商是“家人”，将继续尊敬和爱护经销商。
2024-08-11Moutai's sauce-flavor flagship store on Douyin (TikTok) launched its first live-stream, achieving sales over RMB 1 million on the first day.茅台酱香酒旗舰店在抖音开启首场直播，当日销售额突破100万元。
2024-09-09Kweichow Moutai confirmed no new Moutai liquor dealers were added in H1 2024; the 18 new dealers were all for series liquor. Dealer policy for Moutai liquor remains unchanged.贵州茅台确认2024年上半年未增加茅台酒经销商，新增的18家均为系列酒经销商，茅台酒经销商政策不变。
2024-10-25Kweichow Moutai Q3 2024 report: wholesale agency revenue 68.529 billion yuan, +20.95% YoY; direct sales revenue 51.989 billion yuan, +12.51% YoY.贵州茅台三季报：批发代理收入685.29亿元，同比增长20.95%；直销收入519.89亿元，同比增长12.51%。
2024-10-25Kweichow Moutai Q3 2024 report: domestic dealers increased by 42 to 2,122; overseas dealers unchanged at 106.贵州茅台三季报：国内经销商增加42家至2122家；国外经销商106家不变。
2024-12-06Moutai Sauce-flavor Liquor Company publicly recruits operators for its flagship stores on JD.com and Tmall, planning 11 self-operated products, 108 tons quota, and 100 million yuan per store contract for 2025.茅台酱香酒公司公开招募京东、天猫旗舰店运营商，计划提供11款自营产品，配额108吨，2025年单个店铺合同金额1亿元。
2025-04-16Moutai sauce-flavor series liquor company recruits operators for Meituan, Ele.me, and Douyin platforms for 5,000-7,000 themed terminal stores.茅台酱香酒公司面向社会招募美团、饿了么、抖音平台运营商，覆盖约5000-7000家主题终端店。
2025-06-17Moutai Group GM Wang Li visited JD.com and Alibaba Group (June 17-19), discussing e-commerce sales and channel cooperation; both platforms reported stable growth for Moutai products in Jan-May 2025.茅台集团总经理王莉率队拜访京东集团和阿里巴巴集团（6月17-19日），讨论电商销售与渠道合作；两大平台报告2025年1-5月茅台产品稳定增长。
2025-07-07Moutai sauce-flavor liquor released a list of authorized e-commerce platform stores on JD, Douyin, Tmall, WeChat Video, Kuaishou, Suning, and Vipshop, as part of channel management.茅台酱香酒发布了京东、抖音、天猫、微信视频号、快手、苏宁、唯品会等平台的电商授权店铺名单，作为渠道管理的一部分。
2025-07-31Moutai sauce-flavor liquor's 'Moutai Jiangxiang · Wanjia Gongxiang' theme terminal stores began nationwide onboarding onto Meituan Flash Delivery, accelerating the buildout of an instant retail network.茅台酱香酒“茅台酱香·万家共享”主题终端店开始在全国范围陆续上线美团闪购，加速构建即时零售网络。
2025-08-01Moutai official authorized stores began to launch on Meituan Flash Purchase nationwide, expanding into instant retail.茅台官方授权店开始在全国范围内上线美团闪购，拓展即时零售渠道。
2025-08-13Moutai Sauce-Flavor Liquor Marketing Co. launched a deep cooperation with Meituan Flash Purchase; the first batch of over 1,000 'Moutai Jiangxiang · Wan Jia Gong Xiang' certified stores went online for 30-minute delivery.贵州茅台酱香酒营销有限公司与美团闪购启动深度合作，首批超千家‘茅台酱香·万家共享’官方认证门店上线，提供30分钟送达服务。
2025-08-20Moutai Sauce-Flavor Liquor Marketing Co. launched a cooperation with Taobao Flash Purchase; the first batch of over 1,000 'Moutai Jiangxiang · Wan Jia Gong Xiang' official stores went online for 30-minute delivery.贵州茅台酱香酒营销有限公司与淘宝闪购启动深度合作，首批超1000家‘茅台酱香·万家共享’官方门店上线，提供30分钟送达服务。
2025-10-22Moutai publishes official sales channels and warns consumers to buy from authorized sources ahead of Double 11.茅台公布官方线上线下销售渠道，提醒消费者双11期间通过正规渠道购酒。
2025-11-10Douyin e-commerce launched a special campaign to govern false advertising of Moutai, targeting abnormally low prices suspected of being counterfeit, and notifying merchants that selling below market price would be penalized as suspected counterfeits.抖音电商发起针对茅台虚假宣传的专项治理行动，重点治理有假货嫌疑的异常低价行为，并通知酒商销售茅台价格低于市场行情价将按假货存疑处罚。
2025-11-15Douyin platform shut down unauthorized Moutai sales stores and removed low-priced links for Feitian Moutai, with only official flagship stores and Douyin Supermarket remaining active.抖音平台关停非授权茅台销售店铺，下架飞天茅台低价链接，仅保留官方旗舰店和抖音超市等正规渠道。
2025-11-28At the 2025 first extraordinary general meeting, Moutai stated it is researching a plan for traditional distributors to compliantly enter e-commerce platforms, expected to be implemented next year.在2025年第一次临时股东大会上，茅台表示正在研究推动传统经销商合规入驻电商平台的具体路径，预计明年可落地实施。
2026-01-29Kweichow Moutai's sauce-flavor liquor marketing company upgraded cooperation with Meituan Flash Purchase; official certified stores on the platform increased to nearly 3,000 across 245 cities, focusing on authenticity guarantee and one-on-one express delivery in 2026.贵州茅台酱香酒营销有限公司宣布与美团闪购升级合作，平台官方认证门店增至近3000家，覆盖全国245座城市，2026年以正品保真、一对一急送为核心。
Moutai Group procurement & supply chain茅台集团采购与供应链
18 · 2024-05-17 → 2026-07-30
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Tenders and contracts for logistics, raw materials, and supply chain services.物流、原材料和供应链服务的招标与合同。
2024-05-17Logistics company路歌 won the bid for Moutai's logistics digitalization project, aiming to enhance干线运输 and self-operated logistics systems.路歌中标茅台物流数字化项目，旨在提升干线运输和自营物流体系建设。
2024-12-27Moutai holds its 2025 Procurement and Supply Chain Conference, releasing the 'Green Indicator System for Suppliers' and promoting green supply chain practices.茅台召开2025年度采购与供应链大会，发布《供应商可持续发展实施方案和绿色指标体系》，推动绿色供应链建设。
2025-09-03Moutai issued a tender announcement for a national key city light show advertising service project (Package 4), with winning bidder Zhengzhou Ruitong Culture Communication Co., Ltd. at 1.59 million yuan.茅台发布2025年全国重点城市灯光秀广告服务项目（包四）询比采购公告，中标方郑州睿通文化传播有限公司，中标金额159万元。
2025-09-03Moutai issued a tender announcement for a water-saving and bathing efficiency improvement renovation project.茅台发布洗浴节水提升改造项目招标公告。
2025-09-04Moutai issued a tender announcement for civil engineering maintenance suppliers (design and waterproofing units), Package 2: factory area waterproofing, with winning bidders including Beijing Hongyu Construction Engineering Co., Ltd.茅台发布土建维修供应商（设计单位、防水施工单位）采购入库包2：厂区防水招标采购公告，中标方包括北京洪雨建设工程有限公司等。
2025-09-05Moutai issued a tender announcement for 'Phoenix Brand Promotion Service', with winning bidder Guangdong Advertising Group Co., Ltd. at approximately 7.98 million yuan.茅台发布凤凰品牌推广服务中标候选人公示，中标方广东省广告集团股份有限公司，中标金额约798万元。
2025-09-07Moutai issued a tender announcement for 2026 raw material and auxiliary material handling (Package 3) labor outsourcing project, with winning bidder Guizhou Huangwu Comprehensive Service Co., Ltd. at approximately 2.97 million yuan.茅台发布2026年度原辅料搬运（包3）劳务外包项目成交候选人公示，中标方贵州黄武综合服务有限责任公司，中标金额约297万元。
2025-10-13Kunshan Intelligent Technology Co., Ltd. wins a 5.58 million yuan WMS project bid from Kweichow Moutai.昆船智能技术股份有限公司中标贵州茅台558万元包装物流园仓储管理系统项目。
2026-04-10Kweichow Moutai awarded a contract for an internet false and infringing information retrieval and analysis service project to Beijing Qihoo Technology Co., Ltd. for 1.98 million yuan.贵州茅台将互联网虚假侵权信息检索分析服务项目合同授予北京奇虎科技有限公司，中标金额198万元。
2026-04-25Moutai awarded internet false infringement information retrieval and analysis service project to Beijing Qihoo Technology (CNY 1.98 million).茅台将互联网虚假侵权信息检索分析服务项目授予北京奇虎科技有限公司，中标金额198万元。
2026-04-25Moutai awarded Zhonghua wastewater treatment plant system renovation construction supervision to Zhonglian Luhai Group (CNY 1.1686 million).茅台将中华污水处理厂系统改造工程建设监理项目授予中联路海集团有限公司，中标金额116.86万元。
2026-04-25Moutai awarded Dadi production area water tank upgrade equipment procurement to Shaanxi Diao Environmental Protection Group (CNY 4.5053 million).茅台将大地生产区水池升级改造配套设备采购项目授予陕西迪奥环保集团有限公司，中标金额450.53万元。
2026-04-26Moutai awarded 2026 Moutai campus security system O&M service to China Mobile System Integration Co. (CNY 3.768 million).茅台将2026年茅台园区安防系统运维服务项目授予中移系统集成有限公司，中标金额376.8万元。
2026-04-26Moutai awarded liquor storage center fire water supply system repair to China Railway Fourth Bureau Group Installation Engineering Co. (CNY 13.5712 million).茅台将勾贮中心一车间酒库消防供水系统维修项目授予中铁四局集团安装工程有限公司，中标金额1357.12万元。
2026-04-27Moutai's Moutai Cloud expansion project awarded to China Mobile System Integration Co. (CNY 26.8667 million).茅台云扩容项目授予中移系统集成有限公司，中标金额2686.67万元。
2026-07-03Guangzhou Chengyi Import & Export Co., Ltd. won Moutai's 2025 sample processing lab instruments procurement bid at RMB 1.203 million.广州市诚屹进出口有限公司以120.3万元中标茅台2025年采购样品处理类实验仪器项目。
2026-07-22Moutai issued tender for 2027 production year raw/auxiliary materials handling service; Guizhou Huanyu Labor Service Co., Ltd. won at RMB 39.96 million.茅台发布2027生产年度原辅料搬运服务项目，贵州环宇劳务有限责任公司以3995.74万元中标。
2026-07-30Moutai issued 2027 annual seal mud mining and delivery project; Guizhou Huanyu Labor Service Co., Ltd. won at RMB 1.986 million.茅台发布2027年度封窖泥采挖及配送项目，贵州环宇劳务有限责任公司以198.6万元中标。
Moutai Group finance & leasing茅台集团财务与租赁
4 · 2024-05-28 → 2025-08-14
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Activities of Moutai's financial leasing and finance subsidiaries, including bond issuances and investments.茅台融资租赁和财务子公司的活动，包括债券发行和投资。
2024-05-28Moutai (Guizhou) Private Fund Management Co., Ltd. was listed as 'unreachable' by the market supervision bureau and placed on the abnormal operation list.茅台（贵州）私募基金管理有限公司因无法联系被市场监督管理局列入经营异常名录。
2025-01-21Moutai Group Finance Co. participated in a national bond auction, winning a face value of CNY 240 million, and later traded the bond for a total investment return of CNY 3.6426 million (annualized yield 13.23%).茅台集团财务公司参与国债投标并全额中标面额2.4亿元，后续交易实现投资总收益364.26万元（年化收益率13.23%）。
2025-03-06Moutai Leasing issued its second asset-backed securities (ABS) on the Shanghai Stock Exchange, raising CNY 1.639 billion, with coupon rates of 1.98% (A1), 2.23% (A2), and 2.29% (A3).茅台租赁在上海证券交易所发行第二期资产支持专项计划（ABS），规模16.39亿元，优先A1级、A2级、A3级票面利率分别为1.98%、2.23%、2.29%。
2025-08-14Moutai Financing Leasing Co. issued its 4th tranche of ultra-short-term commercial paper (SCP) with a face value of 500 million yuan, a 252-day term, and a coupon rate of 1.69%.茅台融资租赁公司发行第四期超短期融资券（SCP），发行规模5亿元，期限252天，票面利率1.69%。
Anti-counterfeiting technology & enforcement防伪技术与执法
9 · 2024-06-22 → 2025-11-28
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Upgrades to anti-counterfeiting labels, software, and verification processes, along with actions against counterfeiters.防伪标签、软件和验证流程的升级，以及对制假售假者的打击行动。
2024-06-22Moutai admits that its appraisers wrongly identified a self-made fake Moutai as genuine due to careless operation; promises to strengthen appraisal process.茅台承认鉴定员因操作不细致将自制假茅台误鉴定为真，承诺加强鉴定流程管理。
2024-06-24A reporter's self-made counterfeit rabbit-year Moutai zodiac liquor is mistakenly identified as genuine by an official Moutai anti-counterfeiting office in Wuhan.记者自制的兔年茅台生肖酒在武汉茅台官方打假办被误鉴定为真。
2024-07-01Moutai admitted that a fake self-made Moutai was wrongly identified as genuine by its anti-counterfeiting staff in Wuhan, and held a special training session on product identification skills and accelerated the anti-counterfeiting technology upgrade for Moutai (Jiachen Dragon Year).茅台承认武汉打假办将自制假茅台误鉴定为真，举办产品鉴定技能专项培训班，加快推进贵州茅台酒（甲辰龙年）防伪技术升级。
2025-03-13Media reports revealed that counterfeit Moutai (Feitian) bottles with fake barcodes and NFC chips can pass the official 'i Moutai' APP verification, exposing anti-counterfeiting loopholes.媒体报道称，假飞天茅台酒瓶上的伪造条形码和NFC芯片能通过茅台官方APP“i茅台”验证，暴露出防伪漏洞。
2025-03-26Moutai confirmed it has noted widespread issues of high-counterfeit Moutai and fake accessory sales, and will continuously upgrade anti-counterfeiting measures.茅台公司确认已关注到高仿茅台及伪造配件被售卖等问题普遍存在，并表示会持续对防伪技术进行优化升级。
2025-04-17Moutai registered new software copyright 'Important Product Mobile Anti-counterfeiting Traceability Software V1.0'; 2024 R&D spending 218M yuan (+38.76% YoY).茅台新注册《重要产品手机防伪追溯软件V1.0》著作权；2024年研发投入2.18亿元（同比+38.76%）。
2025-05-13Moutai launched a new anti-counterfeiting label and traceability QR code on Moutai Prince liquor, Moutai Welcome liquor, and some Guizhou Daqu and Hanjiang liquor products, to be gradually extended to all Moutai sauce-aroma series products.茅台启用全新防伪标签和溯源二维码，已在茅台王子酒、茅台迎宾酒及部分贵州大曲、汉酱酒产品中应用，后续将逐步推广到所有茅台酱香酒产品。
2025-07-18Moutai sauce-flavor liquor company issued a consumer advisory warning that low-priced Moutai sauce-flavor liquor sold on unauthorized platforms is counterfeit, and released an updated list of authorized online stores, removing 24 stores including 6 from Geying Xiangxiang.茅台酱香酒公司发布消费指引，警告非官方平台销售的低价茅台酱香酒为假冒产品，并更新授权电商名单，清退24家店铺，包括歌德盈香旗下6家。
2025-11-28At the 2025 first extraordinary general meeting, Moutai stated it will build a comprehensive anti-counterfeiting technology system featuring 'multi-carrier, multi-subject, and multi-technology', with significant progress expected in the digital traceability system next year.在2025年第一次临时股东大会上，茅台表示将构建“多载体、多主体、多技术”的综合性防伪技术体系，明年数字化溯源体系将有非常大的进步。
Other developments其他动态
12 · 2024-06-28 → 2026-08-14
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Assorted developments not part of a running storyline.未归入某条故事线的零散动态。
2024-06-28Moutai Group President Wang Li leads market research in Shanghai, Zhejiang, Jiangsu, Beijing, and convenes market work meetings in Nanjing and Beijing.茅台集团总经理王莉率队到上海、浙江、江苏、北京等地开展市场调研，并在南京、北京召开市场工作会。
2024-12-25Moutai GM Wang Li states at the dealer conference that Moutai liquor is expected to successfully complete its 2024 targets, with revenue and profit maintaining double-digit growth.茅台总经理王莉在经销商联谊会上表示，茅台酒预计将顺利完成2024年既定目标，营收和利润保持两位数增长。
2025-05-01Q1 2025 product breakdown: Moutai liquor revenue RMB 43.557 billion (+9.70% YoY); series liquor revenue RMB 7.022 billion (+18.30% YoY). Channel breakdown: direct sales RMB 23.22 billion (+20.19% YoY); wholesale RMB 27.36 billion (+3.93% YoY). iMoutai platform revenue RMB 5.87 billion (+9.88% YoY).2025年一季度产品拆分：茅台酒收入435.57亿元（同比+9.70%）；系列酒收入70.22亿元（同比+18.30%）。渠道拆分：直销232.20亿元（同比+20.19%）；批发273.60亿元（同比+3.93%）。i茅台收入58.70亿元（同比+9.88%）。
2025-06-12A major liquor dealer in Ningbo ran a 'Moutai futures' Ponzi scheme, defaulting on billions of yuan in delivery obligations and absconding, with multiple stores closed; the dealer was not an authorized Moutai distributor.宁波一大商运作“茅台期货”庞氏骗局爆雷，涉及数亿元待兑付货品及资金窟窿，该商跑路、多家门店关闭；该商并非茅台授权经销商。
2025-08-23Moutai stopped production of the old 'Caizhou Zhenpin' (Color Glaze Treasure) baijiu due to counterfeiting risks, and launched a new version with upgraded red cap anti-counterfeiting technology.贵州茅台因‘彩釉珍品’易被‘拔头’造假，停产老款并推出新款，新款采用红色胶帽，防伪技术升级。
2026-04-16Kweichow Moutai proposed a 2025 annual cash dividend of 27.993 yuan per share (pre-tax), totaling approximately 35.033 billion yuan, and announced a 2026 interim dividend plan with an upper limit not exceeding H1 2026 net profit.贵州茅台拟实施2025年年度利润分配，每股派发现金红利27.993元（含税），合计约350.33亿元，并计划2026年实施中期分红，上限不超上半年净利润。
2026-04-16Kweichow Moutai's 2025 annual report showed direct sales revenue of 84.543 billion yuan (+12.96% YoY), accounting for 50.1% of total liquor revenue, surpassing wholesale channels for the first time.贵州茅台2025年年报显示，直销渠道营收845.43亿元，同比增长12.96%，占酒类主营业务收入比重升至50.1%，首次超过批发代理渠道。
2026-04-24Q1 2026 direct sales revenue CNY 29.504 billion, +27.1% YoY; wholesale agency revenue CNY 24.382 billion, -10.9% YoY. Domestic dealers net decreased by 255 to 2,098.2026年一季度直销收入295.04亿元，同比+27.1%；批发代理收入243.82亿元，同比-10.9%。国内经销商净减少255家至2098家。
2026-05-11Moutai performance briefing: Q1 contract liabilities fell 65.6% from end-2025 to 3.027 billion yuan due to increased direct sales via i Moutai and new consignment model.茅台业绩说明会：一季度合同负债较2025年末减少65.6%至30.27亿元，原因包括加大i茅台直销比例及推行代售新模式。
2026-06-15Kweichow Moutai Jiangxiang Liquor Marketing Co., Ltd. issued a statement clarifying that the origin and factory address labels on its Moutai 1935 product packaging comply with national food safety standards, addressing public concerns about the discrepancy between the production base location and the labeled address.贵州茅台酱香酒营销有限公司发布说明，澄清茅台1935产品外包装产地、厂址标注符合国家食品安全标准，回应了关于基酒产地与标注地址不符的质疑。
2026-07-14At Moutai sauce-aroma liquor marketing company 2026 H1 marketing work meeting, chairman Chen Hua emphasized five 'fights' for market transformation and shift from 'selling goods' to 'building market'.在贵州茅台酱香酒营销公司2026年半年营销工作会上，董事长陈华提出五个“拼”，强调从“把货卖出去”到“把市场做起来”的转变。
2026-08-14H1 2026: Moutai liquor base liquor production 41,000 tons, series liquor base liquor production 31,000 tons; domestic dealers decreased by 46 to 2,307, overseas dealers decreased by 7 to 119.2026年上半年：茅台酒基酒产量4.1万吨，系列酒基酒产量3.1万吨；国内经销商减少46家至2307家，国外经销商减少7家至119家。
Moutai sales policy & market stabilization茅台销售政策与市场稳价
14 · 2024-07-01 → 2026-08-21
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Measures taken to stabilize market prices, adjust sales policies, and manage distributor relationships.为稳定市场价格、调整销售政策和管理经销商关系而采取的措施。
2024-07-01Moutai held market work meetings in Nanjing and Beijing for several provinces, proposing 'three transformations' (customer group, scenario, service) and 'three communities' (emotion, interest, destiny) to stabilize prices and boost confidence.茅台在南京、北京召开多省区市场工作会，提出“三个转型”（客群、场景、服务）和“三个共同体”（情感、利益、命运）以稳价和提振信心。
2024-07-23Moutai held the 2024 half-year market work meeting, proposing a 'new business' transformation with three shifts: customer group (targeting unicorns, specialized and new enterprises), scenario, and service.茅台召开2024年半年市场工作会，提出向“新商务”转型，包括客群转型（瞄准独角兽、专精特新企业）、场景转型和服务转型。
2024-11-27Moutai acting GM Wang Li states at the shareholder meeting that Moutai has no 'bailout' issue but faces supply-demand adaptation; the company will strengthen channel construction and expand private domain channels.茅台代总经理王莉在股东大会上表示，茅台不存在纾困问题，但有供需适配问题，将加强渠道建设，拓展私域渠道。
2025-04-02Moutai and dealers reached five strategic consensuses on customer transformation, scenario transformation, and service transformation to address supply-demand mismatch.茅台与经销商达成五大战略共识，围绕客群转型、场景转型、服务转型解决供需不适配问题。
2025-07-08Moutai Liquor Sales Co., Ltd. held its 2025 H1 market work meeting, stating it completed its set operating tasks for the first half of the year, and Chairman Zhang Deqin called for a shift from 'channel-centric' to 'consumer-centric'.贵州茅台酒销售有限公司召开2025年半年市场工作会，表示完成上半年既定经营任务，董事长张德芹提出从“渠道为王”向“消费者为王”转变。
2025-07-18Moutai is planning to set up provincial joint venture companies led by provincial dealer associations, with functions to stabilize Feitian Moutai prices and develop provincial customized cultural Moutai products.茅台正计划由各省经销商联谊会牵头成立省级联营公司，功能包括稳定飞天茅台价格和开发本省定制文化茅台酒。
2025-11-06At the Q3 2025 performance briefing, Moutai management stated that the company is actively relieving pressure on distributors by allowing them to use more bank acceptance bills for payments, with notes receivable rising to RMB 5.21 billion.在2025年第三季度业绩说明会上，茅台管理层表示公司主动纾解渠道商压力，提高了经销商使用银行承兑汇票打款的比例，应收票据余额升至52.10亿元。
2025-11-06At the Q3 2025 performance briefing, Moutai stated that the channel inventory-to-sales ratio for Feitian Moutai is at a healthy level, and for Moutai 1935, it is at a relatively healthy level after market policy adjustments.在2025年第三季度业绩说明会上，茅台表示当前飞天茅台酒渠道存销比处于良性水平，茅台1935酒渠道存销比处于相对健康的水平。
2025-12-13Moutai held provincial dealer association meetings, discussing the 2026 channel strategy: focusing on three core SKUs (Moutai 1935, Feitian Moutai, and Jingpin Moutai), anchoring price bands of 600+, 1500+, and 2000+ yuan respectively, and stopping the allocation of unfinished 2025 planned quotas.茅台召开各省区经销商联谊会，讨论2026年渠道战略：聚焦茅台1935、飞天茅台、精品茅台三大核心单品，分别锚定600元+、1500元+、2000元+价格带，并停止投放未完成的2025年计划外配额。
2026-03-13Kweichow Moutai announced that non-standard products such as aged Moutai 15, premium Moutai, zodiac Moutai, and kilogram Moutai will fully implement a consignment system: products must be sold through i Moutai at official unified prices, and distributors can receive a 5% sales commission (monthly settlement).贵州茅台明确陈年茅台15年、精品茅台、生肖茅台及公斤茅台等非标产品全面实行代销制：须通过i茅台按官方统一价格销售，渠道可提取5%销售佣金（月结）。
2026-04-08Moutai's non-standard product consignment model was implemented, with dealers acting as service providers receiving a 5% commission, and all transactions completed via the iMoutai app.茅台非标产品代售模式落地，经销商作为服务商收取5%佣金，所有交易通过i茅台APP完成。
2026-04-24Moutai adopted consignment model for personalized products (e.g., Shengxiao liquor) starting early April; many dealers reported stockouts of consigned products.茅台自4月初起对生肖酒等个性化产品采取代售模式；多地经销商反映代售产品缺货。
2026-08-21At the interim results briefing, Chairman Chen Hua said the market-oriented reform has completed its 'four beams and eight pillars', with five price adjustments in seven months; Moutai 1935 will not increase market supply in 2026, with channel contract execution near 80%.在半年度业绩说明会上，董事长陈华表示市场化改革“四梁八柱”搭建完毕，7个月内完成五次价格调整；2026年茅台1935不再新增市场投放量，渠道商合同执行计划已近80%。
2026-08-21At the briefing, acting GM Wang Li said social channel inventory of Moutai liquor has monthly sell-in ratio below 1.0, and speculative inventory has been compressed to low levels, refuting the 'barrier lake' concern.在业绩说明会上，代总经理王莉表示社会渠道体系库存茅台酒每月存销比均小于1.0，投机性库存已被压缩到较低水平，驳斥“堰塞湖”担忧。
Moutai Group & external partnerships茅台集团与外部合作
6 · 2024-07-13 → 2025-04-19
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Strategic partnerships with companies like Huawei, CATL, and others for digital transformation and other initiatives.与华为、宁德时代等公司在数字化转型及其他领域的战略合作。
2024-07-13Moutai Group and Guangxin Group held a meeting to deepen cooperation in overseas markets, biotechnology research, brand building, and cultural communication.茅台集团与广新集团座谈，深化在海外市场、生物科技研究、品牌建设和文化传播等方面的合作。
2024-08-01Moutai Chairman Zhang Deqin met with CITIC Securities, discussing deepening strategic cooperation and expressing confidence in Moutai's fundamentals.茅台董事长张德芹与中信证券座谈，讨论深化战略合作，并对茅台基本面表示信心。
2024-08-07Moutai Chairman Zhang Deqin met with CITIC Bank Chairman Fang Heying to discuss further cooperation in finance, fintech, and internationalization.茅台董事长张德芹与中信银行董事长方合英座谈，讨论在金融、金融科技和国际化方面的进一步合作。
2024-12-12Huawei Cloud CEO Zhang Ping'an visits Moutai and meets with Chairman Zhang Deqin; both parties discuss deepening cooperation in digital transformation, intelligent upgrade, and talent training.华为云CEO张平安到访茅台，与董事长张德芹座谈，双方探讨在数字化转型、智能化升级和人才培养等领域深化合作。
2025-04-14Moutai Chairman Zhang Deqin visited BYD and Huawei to explore digital and intelligent transformation cooperation.茅台董事长张德芹先后拜访比亚迪、华为，探讨数字化、智能化转型合作。
2025-04-19Moutai Group signed strategic cooperation with CATL to jointly build zero-carbon parks, green logistics, and photovoltaic energy storage applications.茅台集团与宁德时代签署战略合作，共建零碳园区、绿色物流及光伏储能应用。
Investor Relations & Market Perception投资者关系与市场认知
3 · 2024-07-29 → 2024-11-18
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Investor meetings, analyst ratings, and market perception events.投资者会议、分析师评级和市场认知事件。
2024-07-29UBS Securities downgraded Kweichow Moutai from buy to neutral, citing expected EPS CAGR slowdown from 19% to 8% for 2023-2025.瑞银证券将贵州茅台评级从买入下调至中性，预计2023-2025年每股收益复合年增长率从19%放缓至8%。
2024-09-23Kweichow Moutai chairman Zhang Deqin held an investor meeting in Shanghai, discussing production, sales, and internationalization strategy, and emphasizing marketing system reform and the shift from 'selling liquor' to 'selling lifestyle'.贵州茅台董事长张德芹在上海主持召开投资者交流会，就生产经营、销售及国际化战略进行交流，强调加强营销体制改革，推动'卖酒向卖生活方式转变'。
2024-11-18A former Moutai distributor receives a letter of acceptance from Moutai Liquor Sales Co., Ltd. regarding a petition over the cancellation of distribution rights, with a response deadline set for December 22, 2024.一位茅台前经销商收到茅台酒销售公司发出的《受理告知书》，就经销权被取消的信访事项，将于2024年12月22日前作出处理意见。
Rumors & Clarifications谣言与澄清
11 · 2024-07-31 → 2026-08-25
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Official denials and clarifications regarding market rumors and false information.针对市场谣言和虚假信息的官方否认和澄清。
2024-07-31Moutai denied involvement in a Hongqi car promotion that offered Feitian Moutai with car purchases, stating it did not authorize the use of its logo.茅台否认参与红旗汽车购车送飞天茅台活动，称未授权使用其logo。
2024-08-01Moutai stated it did not participate in or authorize the use of its logo in a Hongqi car promotion that offered Feitian Moutai as a purchase gift.茅台声明未参与或授权红旗汽车促销活动中使用其商标赠送飞天茅台。
2025-05-20Moutai clarified that it does not owe back taxes. The company stated that after internal investigation and verification with the local tax authority, there is no tax arrears. The earlier report of a RMB 14,235 environmental protection tax arrears was inaccurate and has been removed.茅台澄清不存在欠税情况。公司表示经内部调查并向属地税务部门核实，不存在欠税。此前关于欠税1.4万余元（环境保护税）的信息不实，已被撤下。
2025-10-21Moutai denies rumor of adding 650 new specialty stores nationwide, calling it false information.茅台辟谣‘全国新增650家专营店’传闻，称系虚假消息。
2025-10-28Moutai denies rumor of open corporate purchase channel for Feitian Moutai at 1169 yuan.茅台辟谣‘开放企业用户1169元无限申购飞天茅台’传闻。
2025-11-24Kweichow Moutai officially refuted rumors that it plans to open 850 direct-sale stores and provide a massive supply of Feitian Moutai at RMB 1,499, calling them false information.贵州茅台官方辟谣，否认“拟开放850家直营终端门店”及“1499元飞天茅台海量配额直供”等传闻，称均为不实消息。
2026-01-04Moutai Group issues a warning against false investment solicitations online claiming '1169 yuan Feitian direct sourcing', stating it has never authorized such information.茅台集团发布防范虚假招商的提示，称线上平台出现“1169元飞天直采”等虚假信息，公司从未授权发布。
2026-01-29Kweichow Moutai officially denied market rumors that it participated in SpaceX's Series A funding round, calling the information false.贵州茅台官方否认市场传言其参与SpaceX上市A轮融资，称该消息不实。
2026-05-07Moutai warns of false investment recruitment online using its name for 'Moutai Clubs' and similar concepts; reports to market regulators.茅台发布防范虚假招商提示，称线上平台出现冒用茅台名义发布“茅台会所”等虚假招商信息，已向市场监管部门举报。
2026-06-01Kweichow Moutai (Group) Health Liquor Co., Ltd. issued a statement saying that the 'Moutai Group 2026 National Project Cooperation Summit' was an unauthorized event by Guizhou Qianmao Marketing Planning Co., Ltd., which misled consumers by requiring the purchase of 1 bottle of Feitian Moutai to be bundled with at least 4 bottles of Qianmao liquor. The company has suspended all cooperation and will pursue legal action.贵州茅台酒厂（集团）保健酒业有限公司发布声明称，“茅台集团2026年全国项目合作峰会”是贵州黔茅营销策划有限公司擅自开展的误导消费者的活动，要求买1瓶飞天茅台最低捆绑4瓶黔茅酒。公司已暂停一切合作并将追究其法律责任。
2026-08-25Moutai Group issued a warning against fraudulent franchise recruitment scams falsely using 'Moutai Group' and 'Kweichow Moutai' names for 'county-level direct-sale terminals', stating it has no such plans and has not authorized any third party.茅台集团发布特别提示，谨防冒用“茅台集团”和“贵州茅台”名义发布“县城茅台直营终端”等虚假招商诈骗信息，表示近期未开展也无计划开展相关招商工作。
Corporate Culture & Ceremonies企业文化与仪式
2 · 2024-10-09 → 2024-10-11
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Cultural events, ceremonies, and corporate handbook releases.文化活动、仪式和企业手册发布。
2024-10-09Moutai Group held the 2024 Chongyang Festival Moutai Liquor Ceremony and released the corporate culture handbook 'Moutai Jiuzhang'.茅台集团举办甲辰龙年（2024）茅台酒节，并发布企业文化手册《茅台玖章》。
2024-10-11Moutai Group officially released the corporate culture handbook 'Moutai Jiuzhang' at the Moutai International Hotel.茅台集团在茅台国际大酒店正式发布企业文化手册《茅台玖章》。
Moutai Group & Hong Kong market茅台集团与香港市场
2 · 2024-10-17 → 2025-02-14
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Market research in Hong Kong and price adjustments following the reduction of liquor tax.香港市场调研及烈酒税下调后的价格调整。
2024-10-17After Hong Kong reduced the烈酒 tax, a Moutai专卖店 in Hong Kong lowered the price of 2024 Moutai from 3,380 HKD to 2,680 HKD per bottle, a reduction of 20.7%.香港降低烈酒税后，香港一家茅台专卖店将2024年出产茅台酒售价由3380港元下调至2680港元，降幅20.7%。
2025-02-14After Hong Kong's liquor tax cut, some Hong Kong distributors reduced Moutai prices by several hundred HKD; 2024 Feitian Moutai now at 2,680-2,899 HKD per bottle.香港烈酒税下调后，部分香港渠道商将茅台价格下调数百港元，2024年飞天茅台现价2680-2899港元/瓶。
Moutai Group & Macau market茅台集团与澳门市场
1 · 2024-12-02
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Opening of a cultural experience center and flagship store in Macau.在澳门开设文化体验中心和旗舰店。
2024-12-02Macau Moutai Cultural Experience Center and the third-generation Moutai flagship store open in Taipa, Macau, operated by dealer Xinweihao Import & Export Trade.澳门茅台文化体验馆及澳门第三代茅台专卖店在氹仔开幕，由经销商新伟浩进出口贸易有限公司承办。
Moutai Wine (Baijianjiu) subsidiary茅台葡萄酒（白金酒）子公司
2 · 2024-12-21 → 2025-03-31
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Performance and strategy of the Moutai Wine subsidiary, including product launches and market positioning.茅台葡萄酒子公司的业绩与战略，包括产品发布和市场定位。
2024-12-21Moutai Group Chairman Zhang Deqin states at the Moutai Wine 2025 Market Work Conference that the group will firmly support the wine subsidiary, positioning it to 'enrich product lines, guard the Moutai brand, and spread Moutai culture'.茅台集团董事长张德芹在茅台葡萄酒2025年度市场工作会上表示，集团将继续坚定支持葡萄酒公司发展，定位为“丰富产品线、拱卫品牌、传播文化”。
2025-03-31Moutai Group subsidiaries (Moutai Cultural Tourism, Moutai Eco-Agriculture, Moutai Wine, Moutai Sauce-flavor Wine, Lai Mao, Moutai Health Wine) jointly exhibited at the 22nd China International Alcoholic Drinks Expo in Luzhou, showcasing core products.茅台集团旗下茅台文旅、茅台生态农业公司、茅台葡萄酒公司、茅台酱香酒公司、赖茅酒业、茅台保健酒公司等共同亮相第二十二届中国国际酒业博览会（泸州），展出多款核心产品。
Moutai Group & Asian Tour sponsorship茅台集团与亚巡赛赞助
1 · 2025-05-08
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Sponsorship of the Asian Tour golf series as the official exclusive Chinese baijiu brand.作为官方独家中国白酒品牌赞助亚巡赛高尔夫系列赛。
2025-05-08Moutai participated as the official exclusive Chinese baijiu brand of the Asian Tour (International Series Japan), with plans to also feature at the Hong Kong Open and Singapore Open in 2025.茅台作为亚巡赛官方唯一指定中国高端白酒品牌参与国际系列赛日本站，2025年还将深度参与中国香港公开赛和新加坡公开赛。
Moutai Group & Alibaba/Taobao cooperation茅台集团与阿里巴巴/淘宝合作
1 · 2025-05-15
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E-commerce and cloud computing cooperation with Alibaba Group and its subsidiaries.与阿里巴巴集团及其子公司的电商和云计算合作。
2025-05-15Moutai announced the winning bidder for the '2025 iMoutai System Operation and Maintenance Service Project' is Alibaba Cloud, with a bid price of RMB 3,084,060.茅台公布“2025年i茅台系统运维服务项目”中标候选人为阿里云，投标报价3,084,060元。
Moutai Group & Virent Group pilot cooperation茅台集团与Virent集团试点合作
4 · 2025-09-01 → 2026-05-01
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Pilot cooperation agreement for converting distiller's grains into insect protein for pet food.关于将酒糟转化为宠物食品昆虫蛋白的试点合作协议。
2025-09-01Moutai and Virent Group's subsidiary signed a pilot cooperation agreement for a project converting distiller's grains into insect protein (black soldier fly) for pet food.茅台与维尔利集团子公司签署中试合作协议，开展酒糟黑水虻昆虫转化资源利用项目，打造酱酒糟-昆虫蛋白-宠粮产业链。
2026-03-18Moutai Group's subsidiary, Moutai Circular Production Investment Company, officially announced its entry into the insect protein pet food track. Its pilot project for black soldier fly conversion based on high-quality sauce-flavor liquor distiller's grains started trial operation on March 12.茅台集团旗下子公司茅台循环产投公司正式宣布进军昆虫蛋白宠粮赛道，其基于优质酱酒酒糟进行黑水虻昆虫转化的中试项目已于3月12日启动试运行。
2026-04-07Moutai Group officially announced its entry into the insect protein pet food sector, using black soldier flies to consume distiller's grains and converting them into insect protein for pet food.茅台集团正式官宣进军昆虫蛋白宠物食品赛道，利用黑水虻吃掉酒糟，再转化为昆虫蛋白用于宠物粮。
2026-05-01Moutai launches insect-based pet food project using distiller's grains; trial run in March 2026, product expected within the year.茅台启动利用酿酒酒糟喂养昆虫制作高端宠物食品项目，2026年3月试运行，预计年内产品上市。
Moutai Group & JD.com cooperation茅台集团与京东合作
1 · 2025-11-05
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E-commerce cooperation with JD.com, including product launches and channel partnerships.与京东的电商合作，包括产品发布和渠道合作。
2025-11-05Kweichow Moutai and JD.com's European online retail platform Joybuy reached a strategic cooperation, making Joybuy the online retailer for Moutai's full range of export products in the UK.贵州茅台与京东欧洲线上零售业务Joybuy达成战略合作，Joybuy成为茅台英国出口全系列产品线上零售商。
Consumer Complaints & After-sales消费者投诉与售后
5 · 2026-01-29 → 2026-02-28
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Consumer complaints and after-sales service issues on platforms like 12315.在12315等平台上的消费者投诉和售后服务问题。
2026-01-29Kweichow Moutai added 8 new consumer complaint records on the 12315 platform, mainly involving after-sales service issues such as failure to fulfill warranty obligations, with some cases resulting in refusal to mediate.贵州茅台新增8件12315消费者投诉，主要涉及售后服务问题如不履行三包义务，部分案件被投诉人拒绝调解。
2026-01-30Kweichow Moutai added 2 new consumer complaint records on the 12315 platform; one case was withdrawn by the complainant, the other involved after-sales service issues.贵州茅台新增2件12315消费者投诉，其中一件投诉人撤回投诉，另一件涉及售后服务问题。
2026-01-31Kweichow Moutai added 3 new consumer complaint records on the 12315 platform, involving delayed warranty obligations and return requests; one case reached a mediation agreement.贵州茅台新增3件12315消费者投诉，涉及拖延履行三包义务和退货要求，其中一件达成调解协议。
2026-02-26Kweichow Moutai launched the Bingwu Year of the Horse zodiac series on its self-operated platform 'i Moutai' in early January 2026; consumers complained on Black Cat platform about order fulfillment issues.贵州茅台于2026年1月初在自营平台“i茅台”发售丙午马年生肖系列酒；消费者在黑猫平台投诉订单履约问题。
2026-02-28Two new consumer complaints against Kweichow Moutai were published on the 12315 platform, involving after-sales service disputes over delivery/installation obligations from a December 2025 online purchase; mediation failed.12315平台公示贵州茅台新增2件消费者投诉，涉及2025年12月网购的售后服务（送货/安装）纠纷，调解未达成协议。
Moutai 1935 cultural & co-branded products茅台1935文化及联名产品
1 · 2026-03-08
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Development of cultural creative products and co-branded items under the Moutai 1935 line.茅台1935系列下文化创意产品和联名产品的开发。
2026-03-08Kweichow Moutai newly registered 4 art work copyrights, including 'Moutai 1935', 'Moutai 1935 (Marquis Hou Yi Wine)', 'Kweichow Moutai (Drum Music Feitian)', and 'Moutai 1935 · China National Geographic Cultural and Creative Wine'.贵州茅台新注册4个美术作品著作权，包括《茅台1935酒》、《茅台1935酒（宫侯以酒）》、《贵州茅台酒（鼓乐飞天）》、《茅台1935·中国国家地理文创酒》。
Moutai Group & Tencent cooperation茅台集团与腾讯合作
1 · 2026-08-26
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Partnerships with Tencent, including cloud services and AI tools.与腾讯的合作，包括云服务和AI工具。
2026-08-26Guizhou Ai Moutai Digital Technology Co. (Moutai Digital) partnered with Tencent Cloud to promote AI tools such as WorkBuddy and CodeBuddy across all office scenarios.贵州爱茅台数字科技有限公司（茅台数科）与腾讯云达成合作，将推动WorkBuddy、CodeBuddy等AI工具在公司所有办公场景普及。
