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Annual financial results & guidance年度财务业绩与指引
52 · 2024-01-01 → 2026-05-11
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Kweichow Moutai releases annual and quarterly financial results, sets revenue growth targets, and provides operational guidance.贵州茅台发布年度和季度财务业绩，设定营收增长目标并提供运营指引。
2024-01-01Kweichow Moutai released preliminary 2023 results: total revenue ~RMB 149.5B (+17.2% YoY), net profit ~RMB 73.5B (+17.2% YoY); Moutai liquor revenue ~RMB 125.8B (+16.7% YoY), series liquor revenue ~RMB 20.4B (+28% YoY); Moutai base liquor output ~57,200 tons, series liquor base liquor ~42,900 tons.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，系列酒基酒约4.29万吨。
2024-01-01Moutai Group's 2023 total revenue reached RMB 163.9B (+20% YoY), liquor segment revenue exceeded RMB 150B (+18% YoY), and total profit surpassed RMB 100B for the first time (+16% YoY).茅台集团2023年总营收达1639亿元（同比+20%），酒类板块营收超1500亿元（同比+18%），利润总额首超千亿元（同比+16%）。
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 reported 2023 annual results: total operating revenue of RMB 150.560 billion (+18.04% YoY), net profit of RMB 74.734 billion (+19.16% YoY), and proposed a dividend of RMB 308.76 per 10 shares.贵州茅台发布2023年年报：营业总收入1505.60亿元（同比+18.04%），净利润747.34亿元（同比+19.16%），拟每10股派发现金红利308.76元。
2024-04-02Kweichow Moutai set its 2024 target: total operating 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：营业总收入同比增长约15%，完成固定资产投资61.79亿元。
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。
2024-07-10Moutai 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。
2024-08-08Moutai 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。
2024-08-08Moutai 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。
2024-09-02Kweichow 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。
2024-09-09Kweichow 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。
2024-09-09Kweichow 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）。
2024-09-09Kweichow 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 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%。
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: 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%。
2024-10-25Kweichow 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: 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。
2024-10-25Kweichow 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。
2024-12-17Moutai 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%。
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。
2025-01-02Preliminary 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%）。
2025-04-022025 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-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。
2025-04-02Moutai 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%）。
2025-04-292025 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%。
2025-05-01Q1 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%）。
2025-08-12Moutai 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%）。
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%）。
2026-04-16Kweichow Moutai released its 2025 annual report: revenue of 168.838 billion yuan (-1.21% YoY), net profit of 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-1.21%），净利润823.20亿元（同比-4.53%），上市以来首次年度业绩下滑。
2026-04-16Kweichow Moutai proposed a 2025 annual cash dividend of 27.993 yuan per share (tax included), totaling approximately 35.033 billion yuan, and announced a 2026 interim dividend plan with the upper limit not exceeding the net profit of the first half of 2026.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，金额上限不超上半年净利润。
2026-04-16Kweichow Moutai's 2025 annual report showed that direct sales channel revenue (84.543 billion yuan, +12.96%) exceeded wholesale agency channel revenue (84.232 billion yuan, -12.05%) for the first time, accounting for 50.1% of total liquor revenue.贵州茅台2025年年报显示，直销渠道收入（845.43亿元，+12.96%）首次超过批发代理渠道收入（842.32亿元，-12.05%），占酒类主营业务收入比重升至50.1%。
2026-04-16Kweichow Moutai's 2025 annual report disclosed that 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年年报披露，茅台酒基酒设计产能达46395吨，同比新增1800吨产能于2025年10月投产，将在2026年释放。
2026-04-17Kweichow Moutai announced it would not disclose a specific revenue growth target for 2026 in its annual report, shifting from scale pursuit to pragmatic market-oriented reform.贵州茅台在年报中未披露2026年具体营收增长目标，从追求规模数字转向务实的市场化改革。
2026-04-24Kweichow Moutai released its 2026 Q1 report: revenue of 53.909 billion yuan (+6.54% YoY), net profit of 27.243 billion yuan (+1.47% YoY); iMoutai platform revenue surged 267.16% to 21.553 billion yuan.贵州茅台发布2026年一季报：营业收入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，同比大增267.16%。
2026-04-24Kweichow Moutai's 2026 Q1 report showed domestic dealers decreased by 255 to 2,098, while direct sales channel revenue (29.504 billion yuan) surpassed wholesale agency channel revenue (24.382 billion yuan) by over 5.1 billion yuan.贵州茅台2026年一季报显示，国内经销商净减少255家至2098家，直销渠道收入（295.04亿元）反超批发代理渠道收入（243.82亿元）超51亿元。
2026-04-24Kweichow Moutai's 2026 Q1 report: Moutai liquor revenue was 46.005 billion yuan (+5.62% YoY) with sales volume of about 16,800 tons (+21.82%); series liquor revenue was 7.881 billion yuan (+12.22% YoY) with sales volume of about 14,200 tons (+26.61%).贵州茅台2026年一季报：茅台酒收入460.05亿元（同比+5.62%），销量约1.68万吨（+21.82%）；系列酒收入78.81亿元（同比+12.22%），销量约1.42万吨（+26.61%）。
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%）。
2026-05-09Moutai 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。
2026-05-11Moutai 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。
2026-05-11Moutai 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。
2026-05-11Moutai 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。
Moutai 1935 series liquor茅台1935系列酒
34 · 2024-01-01 → 2026-06-18
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Moutai 1935 becomes a RMB 10 billion+ product, undergoes quality upgrades, and faces price volatility.茅台1935成为百亿级大单品，进行品质升级，并面临价格波动。
2024-01-01Moutai 1935 series liquor achieved sales exceeding RMB 10 billion in 2023, doubling from ~RMB 5 billion in 2022.茅台1935系列酒2023年销售额突破100亿元，较2022年的约50亿元翻倍。
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。
2024-03-29Moutai 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。
2024-04-02Kweichow Moutai's sauce-flavor series liquor revenue exceeded RMB 20 billion for the first time in 2023, reaching RMB 20.63 billion (+29.43% YoY); Moutai 1935 became a RMB 10 billion+ single product.贵州茅台酱香系列酒2023年营收首次突破200亿元，达206.3亿元（同比+29.43%）；茅台1935成为营收百亿级大单品。
2024-04-14Kweichow Moutai Sauce-flavor Liquor Marketing Co. stated that Moutai 1935 sales grew 161% YoY in the past year; the company has upgraded the liquor quality of Moutai 1935 since March.贵州茅台酱香酒营销公司表示，过去一年茅台1935销售额同比增长161%；自3月起已对茅台1935酒质进行升级。
2024-06-13Moutai 1935 batch reference price falls below 800 yuan/bottle to 780 yuan, below the planned purchase price of 798 yuan, indicating price inversion.茅台1935批发参考价跌破800元/瓶至780元，低于计划内进货价798元，出现价格倒挂。
2024-06-20Moutai 1935 holds 'Liquor Body Upgrade Evaluation Meeting'; upgraded version launched in May 2024, focusing on improved aroma, taste, and balance.茅台1935举行“酒体升级鉴评会”；升级版已于2024年5月启动，提升香气、口感和协调性。
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。
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。
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。
2025-07-11Moutai 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。
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。
2025-11-06At 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。
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。
2026-01-12Moutai reportedly cut ex-factory prices for multiple products: Jingpin Moutai from RMB 2,969 to 1,859, Moutai 15-Year from RMB 5,399 to 3,409, and Moutai 1935 from RMB 798 to 668 per bottle.茅台据报下调多款产品出厂价：精品茅台从2969元降至1859元，茅台15年从5399元降至3409元，茅台1935从798元降至668元/瓶。
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》。
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。
2026-06-11Moutai General Manager Wang Li stated at the AGM that the series liquor strategy will focus on a '2+N' product system, building Moutai 1935 and Moutai Prince as two national mega-brands.茅台总经理王莉在股东会上表示，系列酒将聚焦“2+N”产品体系，打造茅台1935和茅台王子酒两个全国性大单品。
2026-06-15Moutai Jiangxiangjiu Company issued a statement clarifying that the origin and factory address labels on Moutai 1935 packaging comply with national food safety standards, following public questions about the discrepancy between the base liquor production site (Xishui County) and the labeled address (Maotai Town).茅台酱香酒公司发布声明，澄清茅台1935包装的产地和厂址标注符合国家标准，回应了基酒产自习水县而厂址标为茅台镇的质疑。
2026-06-18Moutai Group Chairman Chen Hua chaired the 2026 Moutai 1935 Brand Market Work Conference in Beijing, stating that from January to May, Moutai 1935 revenue and sales volume steadily increased, with healthy inventory-to-sales ratios and stable 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，价格平稳。
Moutai sauce-flavor series liquor茅台酱香系列酒
17 · 2024-01-01 → 2026-06-08
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Sauce-flavor series liquor revenue grows, product matrix expands, and distribution channels are optimized.酱香系列酒收入增长，产品矩阵扩大，分销渠道优化。
2024-01-01Moutai series liquor Ganziping production area was completed and put into operation in October 2023, expected to boost 2024 series liquor base liquor capacity.茅台系列酒柑子坪产区于2023年10月建成投产，预计将增加2024年系列酒基酒产能。
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%。
2024-09-09Kweichow 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。
2024-12-06Moutai 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。
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。
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%）。
2025-04-16Moutai 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。
2025-05-06Moutai 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。
2025-05-13Moutai 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。
2025-07-07Moutai 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。
2025-07-18Moutai 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。
2025-07-31Moutai 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。
2026-01-29Kweichow Moutai Jiangxiang Liquor Marketing Co. upgraded its partnership with Meituan Flash Purchase, expanding official certified stores on the platform to nearly 3,000 across 245 cities.贵州茅台酱香酒营销有限公司与美团闪购升级合作，入驻美团闪购的官方认证门店增至近3000家，覆盖245座城市。
2026-06-08Moutai Jiangxiangjiu Company warned consumers of counterfeit products sold at low prices on unofficial channels and published a list of 206 authorized online stores.茅台酱香酒公司提醒消费者非官方渠道存在低价假冒产品，并公布了206家授权网店名单。
Cross-border products (ice cream, chocolate, latte)跨界产品（冰淇淋、巧克力、拿铁）
18 · 2024-01-01 → 2026-06-11
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Moutai launches and later contracts cross-border products like ice cream, chocolate, and sauce-flavor latte.茅台推出并随后收缩冰淇淋、巧克力、酱香拿铁等跨界产品。
2024-01-01Moutai's cross-border products (Moutai ice cream, Moutai chocolate, sauce-flavor latte) achieved total sales of RMB 430M in 2023, up ~50% YoY; Moutai ice cream division revenue was RMB 430M, up 58.24% YoY.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，同比增长58.24%。
2024-01-02Moutai Group's ecological agriculture subsidiary applied to register trademarks for 'Jiangxiang Bingjiu', 'Jiangxiang Guojiu', and 'Dongfang Jiangxiang Guocha Bingjiu' (sauce-flavor ice wine, fruit wine, and fruit tea ice wine).茅台集团生态农业公司申请注册'酱香冰酒''酱香果酒''东方酱香果茶冰酒'等商标。
2024-01-19Moutai and Luckin Coffee announced a second collaboration, launching 'Dragon Year Sauce-Flavor Chocolate' drink on January 22, priced at RMB 38 (discounted to RMB 18), containing Moutai liquor.茅台与瑞幸咖啡再次联名，于1月22日推出'龙年酱香巧克力'饮品，售价38元（优惠价18元），含茅台酒。
2024-01-22Moutai's internal source stated that the 'Dragon Year Sauce-Flavor Chocolate' is not a new collaboration but a continuation of the sauce-flavor latte series; Moutai and Luckin will continue to develop the series.茅台内部人士表示，'龙年酱香巧克力'并非新联名，而是酱香拿铁系列产品的延续；未来茅台和瑞幸将继续开发酱香拿铁系列产品。
2024-01-30Moutai's ecological agriculture subsidiary launched the 'Guizhou Flavor' cocktail series (developed with MOJT) on i Moutai, priced from RMB 539/bottle, containing Moutai liquor and Hanjiang liquor.茅台生态农业公司推出的'贵州味道'系列鸡尾酒（与MOJT莫其托共同研发）上线i茅台，售价539元/瓶起，含茅台酒和汉酱酒。
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。
2024-03-07Moutai 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。
2024-03-29Luckin 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。
2024-04-02The Moutai ice cream flagship store in Chengdu closed; Moutai stated it was a relocation, not a closure, and a new store is under renovation.成都茅台冰淇淋旗舰店关闭；茅台回应称系搬迁而非关店，新店正在装修中。
2024-04-07Moutai ice cream achieved Q1 2024 operating revenue (including tax) growth of 239.62% YoY, with 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%。
2024-05-19iMoutai 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”。
2024-06-027 Moutai ice cream flagship stores in Beijing, Guangzhou, Shenzhen, etc. show 'temporarily closed' on the mini-program; Moutai says it is due to system replacement, stores operate normally.北京、广州、深圳等7家茅台冰淇淋旗舰店在小程序显示“暂停营业”；茅台称系系统更换，门店正常营业。
2024-06-06Moutai launches new ice cream product 'Glutinous Rice Cake Ice Cream' (5 flavors, 49.9 yuan/box), with 1% Moutai liquor content, in partnership with Zhongjie 1946.茅台推出冰淇淋新品“糯米糍冰淇淋”（5种口味，49.9元/盒），茅台酒添加量1%，合作方为中街1946。
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）。
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。
2026-06-11Moutai General Manager Wang Li stated at the AGM that the company will be 'very cautious' about future brand co-branding, as past products like sauce latte and ice cream did not enhance the brand.茅台总经理王莉在股东会上表示，未来品牌联名将“非常谨慎”，因为酱香拿铁、冰淇淋等产品对品牌并非加持。
Product & pricing adjustments产品与价格调整
7 · 2024-01-01 → 2025-02-14
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Price hikes, product launches, upgrades, and discontinuations including the 24 Solar Term series.包括提价、新品发布、升级和停产（如二十四节气系列）等产品与价格调整。
2024-01-01Moutai raised ex-factory prices of Moutai Sauce-flavor Classic (Moutai Jiangxiang Jingdian) by RMB 10 to RMB 218, and Gold Prince (Jin Wangzi) by RMB 20 to RMB 178, effective for Spring Festival season.茅台将茅台酱香经典出厂价上调10元至218元，金王子上调20元至178元，于春节旺季前生效。
2024-01-22Moutai confirmed it has no plans to continue developing the 24 Solar Term liquor series, making the existing 24 bottles 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，已发布的24款节气酒成为限量版。
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。
2024-04-08Kweichow Moutai responded that the 375ml Xunfeng liquor (Moutai liquor category) planned volume accounts for a small proportion of annual supply and will not affect the Moutai liquor price system; current sales are good.贵州茅台回应称，375ml巽风酒计划量占全年投放量比重小，不会对茅台酒价格体系产生影响，目前茅台酒动销情况良好。
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%。
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。
2025-02-14After 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。
i Moutai digital platformi茅台数字平台
32 · 2024-01-02 → 2026-06-15
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i Moutai app grows users and transaction volume, becomes key direct sales channel, and undergoes major platform upgrades.i茅台应用用户和交易额增长，成为关键直销渠道，并进行重大平台升级。
2024-01-02Moutai's 'i Moutai' app had over 53 million registered users in 2023, with daily active users exceeding 4.8 million and total transaction volume reaching RMB 44.3 billion.2023年'i茅台'App注册用户超5300万，日活用户超480万，交易额达443亿元。
2024-01-17i Moutai app daily active users exceeded 8 million, up nearly 70% YoY; daily average of 6 million users participated in Dragon zodiac liquor subscription, up 72% YoY; daily new registered users averaged 200,000, 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600余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，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。
2024-04-02Kweichow Moutai's iMoutai digital marketing platform achieved sales revenue of RMB 22.374 billion in 2023, up 88.29% YoY.贵州茅台i茅台数字营销平台2023年实现销售收入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。
2024-05-17iMoutai 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。
2024-06-01Kweichow Moutai's iMoutai digital marketing app achieved revenue of 22.374 billion yuan in 2023, becoming a key direct sales channel.贵州茅台的数字营销App“i茅台”2023年实现营收223.74亿元，成为重要直销渠道。
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 launched 53%vol 500ml Feitian Moutai (2026) on its iMoutai app at the official guide price of RMB 1,499/bottle, with a daily limit of 12 bottles per person, selling out within 30 minutes.贵州茅台在i茅台APP上以1499元/瓶的官方指导价上线53度500ml飞天茅台（2026），每人每日限购12瓶，半小时内售罄。
2026-01-01Kweichow Moutai established a wholly-owned subsidiary, Guizhou AiMoutai Digital Technology Co., Ltd., with a registered capital of RMB 600 million, to operate the iMoutai platform and digital marketing.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茅台平台及数字营销业务。
2026-01-01iMoutai app underwent a major revamp, merging the 'Enjoy Appointment' and 'Free Cloud Purchase' sections into a unified 'iBuy' portal for direct purchasing.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，支持直接购买。
2026-01-03iMoutai halved the daily purchase limit for 2026 Feitian Moutai from 12 bottles to 6 bottles per person, effective until the Spring Festival, after over 100,000 users purchased in the first three days.i茅台将2026年飞天茅台每人每日限购量从12瓶减半至6瓶，有效期至春节前；此前三天已有超10万名用户购买。
2026-01-09iMoutai started selling Jingpin Moutai (53%vol 500ml) at RMB 2,299/bottle, which sold out within a minute; 1L Feitian Moutai (RMB 2,989) and 100ml Feitian gift set (RMB 299) were scheduled for Jan 10.i茅台开售精品茅台（53度500ml），售价2299元/瓶，一分钟内售罄；1L飞天茅台（2989元）和100ml飞天礼盒（299元）定于1月10日开售。
2026-01-09Moutai Chairman Chen Hua revealed that in the first 9 days of Feitian Moutai sales on iMoutai, the platform gained over 2.7 million new users and over 400,000 transacting users.茅台董事长陈华透露，飞天茅台在i茅台开售前9天，平台新增用户超270万，成交用户超40万。
2026-01-15iMoutai began selling six vintages (2019-2024) of 53%vol 500ml Feitian Moutai at prices ranging from RMB 1,909 to 2,649 per bottle, available on the 9th, 19th, and 29th of each month.i茅台开始销售2019-2024六个年份的53度500ml飞天茅台，售价从1909元至2649元/瓶不等，每月9日、19日、29日开售。
2026-01-24iMoutai added two new distribution warehouses in Nanjing and Beijing, in addition to the original Guiyang warehouse, to cope with surging order volume and winter logistics challenges.i茅台在原有贵阳发货仓基础上，新增南京和北京两个发货仓，以应对订单量激增和冬季物流挑战。
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。
2026-04-03The iMoutai platform adjusted the purchase rule for Feitian Moutai to a daily limit of 1 purchase per person, down from the previous limit of 6 bottles per day.i茅台平台将飞天茅台抢购规则调整为每人每天限购1次，此前为每人每天累计限购6瓶。
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。
2026-06-11Moutai General Manager Wang Li announced at the AGM that the iMoutai platform had 96.15 million cumulative registered users as of May 31, 2026, with 16.67 million new users added in 2026, and approximately 7.13 million orders completed.茅台总经理王莉在股东会上透露，截至2026年5月31日，i茅台平台累计注册用户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、网络及大模型等资源。
New product launches (cultural, zodiac, limited edition)新产品发布（文化、生肖、限量版）
24 · 2024-01-02 → 2026-02-27
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Moutai launches zodiac, cultural, and limited-edition products including Sanhua Feitian and Dragon Year liquor.茅台推出生肖、文化和限量版产品，包括散花飞天和龙年生肖酒。
2024-01-02Moutai released new products: Sanhua Feitian (retail price RMB 1,999) on i Moutai, and Xunfengjiu (for Xunfeng game platform), along with 24 solar term liquor series continuing.茅台推出新品：散花飞天（零售价1999元）在i茅台投放，巽风酒（针对巽风游戏），以及持续推出二十四节气酒。
2024-01-06Moutai officially launched the Year of the Dragon zodiac liquor (Jiachen Longnian) on i Moutai app, 500ml retail price RMB 2,499; also launched Moutai Prince (Longnian) and Guizhou Daqu (Longnian).茅台甲辰龙年生肖酒在i茅台正式发售，500ml装市场指导价2499元/瓶；同时发布茅台王子酒（甲辰龙年）和贵州大曲（甲辰龙年）。
2024-01-07Moutai's Dragon zodiac liquor (Longmao) saw 8.59 million subscription attempts on i Moutai, with only 19,475 successful buyers (0.23% success rate); third-party platform prices surged to RMB 5,499-7,759 per bottle.龙年茅台生肖酒在i茅台申购人次达859万，仅19475人申购成功（中签率0.23%）；第三方平台价格炒至5499-7759元/瓶。
2024-01-10Moutai Dragon zodiac liquor wholesale price plunged from RMB 6,000 to around RMB 4,100 per bottle, as market supply increased and speculative demand cooled.龙年茅台生肖酒批价大跌，从6000元/瓶一度跌至4100元/瓶左右，因市场供应增加和投机需求降温。
2024-01-27Moutai's Taiyuanjiu (priced at RMB 156/bottle) launched on i Moutai as the first baijiu product under RMB 200; 1,800 bottles sold out in 17 minutes, with sales exceeding RMB 280,000.台源酒（156元/瓶）登陆i茅台，成为首款百元价格带白酒产品；1800瓶17分钟售罄，销售额超28万元。
2024-01-29Moutai's new product 'Sanhua Feitian' (Scattered Flowers Flying to the Sky) set final subscription price at RMB 2,699/bottle on i Moutai, with initial release of 9,999 bottles; subscription requires passing a cultural quiz.茅台新品'散花飞天'在i茅台最终申购价定为2699元/瓶，首批发售9999瓶；申购需通过茅台文化答题。
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 styles, 500ml and 100ml), a third digital-physical integrated product, available via Xunfeng Digital World.贵州茅台发布'春系列文化产品'（6款风格，500ml和100ml规格），为第三款数实融合产品，通过巽风数字世界获取。
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）。
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。
2026-01-05Moutai held the 2026 Oriental Traditional Color Launch, unveiling the Bingwu Horse Year zodiac liquor (53%vol 500ml) in Classic (RMB 1,899), Gift Box (RMB 3,789), and Zhenxiang (RMB 2,499) editions, with 'Qizi' purple as the theme color.茅台举办2026年度东方传统色发布会，发布丙午马年生肖酒（53度500ml），经典版1899元、礼盒装3789元、珍享版2499元，以“齐紫”为主色调。
2026-01-21Moutai confirmed a printing error on the Bingwu Horse Year zodiac liquor packaging, where the character '昴' (Mao) was mistakenly printed as '昂' (Ang), and offered replacement at self-operated stores.茅台确认丙午马年生肖酒包装印刷错误，将“昴”字误印为“昂”，提供在自营店更换服务。
2026-01-23Moutai announced that the corrected packaging for the Bingwu Horse Year zodiac liquor classic edition resumed production on Jan 23, after fixing the character error within 48 hours.茅台宣布丙午马年生肖酒经典版修正后的包装于1月23日恢复生产，此前在48小时内完成了错字修正。
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。
2026-02-27Kweichow 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。
International expansion & exports国际化拓展与出口
25 · 2024-01-02 → 2026-06-11
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Moutai sets internationalization targets, grows export revenue, and expands overseas market presence.茅台设定国际化目标，出口收入增长，海外市场布局扩大。
2024-01-02Moutai set internationalization target: gradually increase exports of Moutai liquor, sauce-flavor series liquor, and family products from 2024, aiming for overseas revenue exceeding RMB 10 billion 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。
2024-04-13At the 4th China International Consumer Products Expo, Kweichow Moutai Chairman Ding Xiongjun stated that 2023 export revenue exceeded RMB 4.3 billion, accounting for 77% of China's baijiu exports.第四届消博会上，贵州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%。
2024-06-16Moutai Group Chairman Zhang Deqin leads a team to Hong Kong for market research, clarifying internationalization strategy and increasing investment in overseas markets.茅台集团董事长张德芹率队赴香港开展市场调研，明确国际化战略，加大国际市场投入。
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。
2024-11-15Moutai 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。
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。
2026-06-09Moutai participated in the 2026 Seoul International Food Industry Expo, exhibiting Feitian Moutai and zodiac liquor, and plans to visit Korean alcohol industry associations and companies like HiteJinro for channel cooperation.茅台参加2026首尔国际食品产业大展，展出飞天茅台和生肖酒，并计划拜访韩国酒类工业协会及海特真露等企业探讨渠道合作。
2026-06-11Moutai Chairman Chen Hua reported at the AGM that the company developed 4 new international products, added 23 new international distributors, and covered 18 key overseas markets.茅台董事长陈华在股东会上报告，公司完成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。
Strategic investments (venture capital, funds)战略投资（风投、基金）
12 · 2024-01-11 → 2026-03-22
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Moutai's venture capital arm invests in battery materials, biotech, AI, and robotics companies.茅台风投部门投资电池材料、生物科技、人工智能和机器人公司。
2024-01-11Moutai's venture capital arm, Moutai Kechuang (Beijing) Investment Fund, invested in Guizhou Jiagui Energy Technology Co., Ltd., a battery materials startup, increasing its registered capital from RMB 2M to ~RMB 2.67M.茅台科创（北京）投资基金合伙企业投资贵州珈硅能源科技有限公司，后者注册资本由200万元增至约266.67万元，涉足电池材料领域。
2024-04-10Moutai Kechuang (Beijing) Investment Fund Partnership invested in Qingdao Xingye Biotechnology Co., Ltd., holding a 2.2222% stake.茅台科创（北京）投资基金合伙企业投资青岛星赛生物科技有限公司，持股比例2.2222%。
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。
2024-10-29Moutai 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）。
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。
Moutai Ecological Agriculture & UMEET茅台生态农业与UMEET
1 · 2024-01-15
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Moutai's ecological agriculture subsidiary launches UMEET blueberry sparkling wine and other products.茅台生态农业子公司推出UMEET蓝莓气泡酒等产品。
2024-01-15Moutai's agricultural subsidiary, Hongyingzi Agricultural Technology, increased registered capital by 1000% from RMB 5M to RMB 55M, focusing on crop seeds and grain planting.茅台酒厂红缨子农业科技公司注册资本由500万元增至5500万元（增幅1000%），主营农作物种子和谷物种植。
Corporate donations & public welfare企业捐赠与公益
4 · 2024-01-16 → 2025-01-08
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Moutai makes charitable donations to cultural heritage, education, and disaster relief funds.茅台向文化遗产、教育和救灾基金进行慈善捐赠。
2024-01-16Moutai Public Welfare Foundation donated RMB 30M over 3 years to the China Foundation for Cultural Heritage Conservation for the Asian Cultural Heritage Protection Fund, with an initial RMB 10M payment.贵州茅台公益基金会将分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。
Trademark & IP applications商标与知识产权申请
3 · 2024-01-17 → 2024-03-15
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Trademark filings for 'Sanhua Feitian', 'Maoxiang', 'Kuihua Moutai' and other IP-related actions.申请'散花飞天'、'茅香'、'葵花茅台'等商标及其他知识产权相关行动。
2024-01-17Moutai Group applied to register the trademark 'Sanhua Feitian' (scattered flowers flying to the sky) under international class for liquor, 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。
2024-02-28Moutai 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。
Subsidiary & JV restructuring子公司与合资企业重组
4 · 2024-01-19 → 2025-07-09
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Dissolution of customized liquor subsidiary, JV scope changes, and abnormal operation listings.定制酒子公司注销、合资公司经营范围变更、经营异常名录等。
2024-01-19Moutai's customized liquor subsidiary, Guojiumoutai Customized Marketing (Guizhou) Co., was dissolved, with business status changed from 'existing' to 'cancelled'.国酒茅台定制营销（贵州）有限公司注销，企业状态由存续变更为注销。
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。
2024-05-28Moutai (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。
2025-07-09Guizhou 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。
Moutai Health Liquor & Taiyuanjiu茅台保健酒与台源酒
6 · 2024-01-29 → 2026-06-01
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Moutai Health Liquor achieves record revenue and launches new products like Taiyuanjiu.茅台保健酒创下营收纪录，并推出台源酒等新产品。
2024-01-29Cudi Coffee started selling two Moutai health liquor products (Moutai Bulaojiu Huazhijiu and Maotanjiu Guzhihuan) at RMB 599/bottle in its stores, authorized exclusively by Moutai Health Liquor Company.库迪咖啡开始在其门店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，由茅台保健酒公司授权独家销售。
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。
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”。
2025-08-06Moutai 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。
2026-06-01Moutai Health Liquor subsidiary terminated cooperation with Qianmao Planning Company for unauthorized 'Moutai Cooperation Summit' that required buying 1 bottle Feitian Moutai bundled with 4 bottles of Qianmao liquor; legal action to be pursued.茅台保健酒业子公司终止与黔茅策划公司的合作，因其擅自举办“茅台合作峰会”，要求买1瓶飞天茅台捆绑4瓶黔茅酒；将追究法律责任。
Regulatory & legal compliance监管与法律合规
5 · 2024-02-02 → 2026-04-10
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Former chairman investigations, tax clarification, false rumor denial, and anti-counterfeiting actions.前董事长被调查、税务澄清、辟谣及防伪行动。
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。
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。
2025-05-20Moutai 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。
2026-04-10Kweichow Moutai signed an 'Internet False and Infringing Information Retrieval and Analysis Service Project' contract with Beijing Qihoo Technology Co., Ltd. for a winning bid amount of 1.98 million yuan.贵州茅台与北京奇虎科技有限公司签订《互联网虚假侵权信息检索分析服务项目》合同，中标金额198万元。
Industry collaboration & competition行业协作与竞争
5 · 2024-02-03 → 2024-06-03
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Joint symposiums with Xijiu and Langjiu, T3 dialogue with Diageo and Pernod Ricard, and competitive dynamics.与习酒、郎酒联合举办座谈会，与帝亚吉欧、保乐力加T3对话，以及竞争动态。
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。
2024-02-22Moutai 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。
2024-03-07Moutai 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。
2024-05-29Zhang 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。
2024-06-03Guizhou Xijiu's equity change: Qiancheng State-owned Assets to acquire 51% stake; after transaction, Qiancheng holds 51%, Guizhou SASAC holds 49%.贵州习酒股权变动：黔晟国资拟收购51%股权；交易后黔晟国资持股51%，贵州省国资委持股49%。
Marketing & channel development市场营销与渠道建设
10 · 2024-02-05 → 2025-12-04
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Market work meetings, distributor symposiums, new store openings, advertising tenders, and younger-generation strategy.市场工作会议、经销商座谈会、新店开业、广告招标及年轻化战略。
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’。
2024-06-14Moutai Group Chairman Zhang Deqin surveys Guangdong market and holds channel distributor symposium in Shenzhen, emphasizing dynamic brand value and consumer groups.茅台集团董事长张德芹调研广东市场并在深圳召开渠道商座谈会，强调品牌价值与消费群体的动态关系。
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。
2024-09-23Kweichow 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'。
2024-12-02Macau 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。
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。
2025-09-05Moutai 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。
2025-10-21Moutai 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。
2025-12-04Moutai 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。
Trademark & IP lawsuits商标与知识产权诉讼
37 · 2024-02-07 → 2026-06-12
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Moutai actively defends its trademarks through numerous infringement lawsuits and anti-counterfeiting actions.茅台通过大量侵权诉讼和防伪行动积极维护商标权。
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。
2024-03-15Moutai 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。
2024-03-18Moutai 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 Wine Industry Co., Ltd. for trademark infringement and unfair competition, demanding cessation of infringement, 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，要求停止侵权、赔偿30万元并公开道歉。
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。
2024-09-05Kweichow 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。
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。
2025-03-24Kweichow 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。
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。
2026-06-05Moutai is a defendant in a trademark infringement lawsuit filed by Guizhou Qianjiu Co., Ltd., with a court hearing scheduled for June 8, 2026 at Jinhua Intermediate People's Court.茅台作为被告，涉及贵州黔酒股份有限公司提起的侵害商标权纠纷案，将于2026年6月8日在金华市中级人民法院开庭。
2026-06-09Moutai is a defendant in a trademark infringement lawsuit filed by Guizhou Guniangfang Winery (Group) Co., Ltd., with a court hearing scheduled for June 12, 2026 at Shanghai Intellectual Property Court.茅台作为被告，涉及贵州古酿坊酒业（集团）有限公司提起的侵害商标权纠纷案，将于2026年6月12日在上海知识产权法院开庭。
2026-06-12Moutai is a plaintiff in a trademark infringement lawsuit against Wenling Taiping Fuxing Tobacco and Liquor Store, with a court hearing scheduled for June 15, 2026 at Wenling People's Court.茅台作为原告，起诉温岭市太平赋兴烟酒商行侵害商标权，将于2026年6月15日在温岭市人民法院开庭。
Industry standards & regulations行业标准与监管
5 · 2024-02-07 → 2025-05-28
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Moutai leads revision of baijiu national standards and responds to regulatory policies.茅台主导白酒国家标准修订，并回应监管政策。
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。
2024-06-03Moutai 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。
2024-12-30Guizhou 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。
2025-05-19At 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。
2025-05-28Moutai 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。
ESG & sustainabilityESG与可持续发展
9 · 2024-02-18 → 2026-06-23
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Moutai advances ESG practices, receives green factory awards, and sets carbon reduction targets.茅台推进ESG实践，获得绿色工厂奖项，并设定碳减排目标。
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。
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。
2025-01-23Moutai 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%。
2026-06-23Moutai received an AAA ESG rating from the China Securities Index, ranking first among 8 listed companies in the baijiu industry.茅台获得中证指数AAA级ESG评级，在白酒行业8家上市公司中排名第一。
Capacity expansion & infrastructure projects产能扩张与基础设施项目
19 · 2024-02-26 → 2026-06-11
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Moutai invests in new production capacity, technical renovations, and infrastructure projects.茅台投资新产能、技改和基础设施项目。
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。
2024-04-02Kweichow Moutai's Moutai liquor base liquor design capacity increased by 52.50 tons in 2023, and series liquor base liquor design capacity increased by 6,400 tons, both to be released in 2024.贵州茅台2023年茅台酒基酒设计产能新增52.50吨，系列酒基酒设计产能新增6400吨，均将于2024年释放。
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。
2025-05-12At 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。
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。
2026-05-06Moutai 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。
2026-06-11Moutai Chairman Chen Hua said at the AGM that the '14th Five-Year' technical renovation project for Moutai liquor, adding 19,800 tons of capacity, has completed two workshops, with the rest under construction.茅台董事长陈华在股东会上表示，茅台酒“十四五”技改项目规划新增1.98万吨产能，现已建成投产两个车间，其余工程有序推进。
Moutai Group & subsidiary results茅台集团及子公司业绩
2 · 2024-02-27 → 2024-03-08
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Moutai Group and its subsidiaries (Health Liquor, Cultural Tourism) report annual revenues and profits.茅台集团及其子公司（保健酒、文旅）公布年度营收和利润。
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。
2024-03-08Moutai 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。
Brand value & rankings品牌价值与排名
7 · 2024-02-29 → 2025-07-25
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Moutai ranks as China's most valuable brand and receives global brand recognition.茅台被评为中国最具价值品牌，并获得全球品牌认可。
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。
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。
Awards & certifications奖项与认证
4 · 2024-03-07 → 2024-07-03
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EFQM Global Award (7 Diamond), National Intangible Cultural Heritage base, and Forbes list recognition.EFQM全球奖（7钻）、国家级非物质文化遗产生产性保护示范基地、福布斯榜单等。
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。
2024-04-01Kweichow 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'。
2024-06-06Moutai awarded EFQM Global Award (7 Diamond) and 'Inspiring Culture' Outstanding Achievement Award in Istanbul, becoming the first Chinese company to win 7 Diamond under new criteria.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，成为新标准下首家获七钻的中国企业。
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。
Digital transformation & IT projects数字化转型与IT项目
3 · 2024-03-07 → 2026-03-06
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Smart Moutai 2.0, iMoutai system maintenance, digital framework, and cloud service contracts.智慧茅台2.0、i茅台系统运维、数字化框架及云服务合同。
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。
2025-05-15Moutai 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。
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。
Executive & governance高管与治理
15 · 2024-03-08 → 2026-06-11
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Executive compensation, board meetings, AGM venue changes, market value management, and governance reforms.高管薪酬、董事会会议、股东大会地点变更、市值管理及治理改革。
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。
2024-05-27Moutai 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。
2024-07-01Moutai 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。
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。
2025-03-18Kweichow 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。
2025-05-14Moutai 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。
2025-05-19Moutai'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。
2025-11-28Kweichow 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。
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。
2026-06-11Moutai Chairman Chen Hua stated at the AGM that the company currently has no plan for a stock split, as shareholder opinions are divided.茅台董事长陈华在股东会上表示，股东意见分化，公司目前暂无拆股计划。
2026-06-11Moutai Chairman Chen Hua stated at the AGM that the company will continue to advance the 'comprehensive to C' market-oriented reform, with prices following the market and remaining relatively stable.茅台董事长陈华在股东会上表示，将继续推进“全面向C”市场化改革，价格随行就市、相对平稳。
R&D & technology研发与技术
13 · 2024-03-13 → 2026-05-03
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Moutai invests in R&D, publishes research, and develops digital and anti-counterfeiting technologies.茅台投入研发，发表研究成果，开发数字化和防伪技术。
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。
2025-04-03Moutai 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%。
2025-07-22Kweichow 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。
Other developments其他动态
8 · 2024-03-13 → 2025-05-08
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Assorted one-off developments.零散的一次性动态。
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。
2024-03-30Moutai 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。
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。
2024-07-31Moutai 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。
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。
2025-04-17Moutai 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。
2025-05-08Moutai 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。
Anti-counterfeiting & brand protection防伪与品牌保护
21 · 2024-03-14 → 2026-05-07
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Moutai strengthens anti-counterfeiting measures, cracks down on counterfeits, and warns consumers about fake products.茅台加强防伪措施，打击假冒产品，并提醒消费者警惕假货。
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 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。
2024-06-22Moutai responds to 'self-made fake Moutai identified as genuine' incident; admits appraisers Cai and Chen were careless, strengthens product identification process.茅台回应“自制假茅台被鉴定为真”事件，承认鉴定员蔡某、陈某操作不严谨，将加强鉴定流程管理。
2024-06-24Moutai plans to comprehensively review identification management process, conduct targeted training for appraisers, and accelerate anti-counterfeiting upgrade for zodiac Moutai.茅台将全面梳理鉴定管理流程，开展鉴定员专业培训，并加紧推进生肖茅台防伪升级工作。
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。
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。
2024-12-18Moutai 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%）。
2025-03-13Media 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。
2025-03-16Beijing 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。
2025-03-26Moutai 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%）。
2025-08-23Moutai 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。
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。
2025-10-22Moutai 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。
2025-11-06At 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。
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 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。
2026-01-04Moutai Group issued a warning against false investment promotion online, claiming 'direct sourcing of Feitian Moutai at RMB 1,169', stating it never authorized such information.茅台集团发布防范虚假招商提示，称线上出现“1169元飞天直采”等虚假信息，从未授权或委托任何主体发布。
2026-01-18Moutai issued another warning against false online promotions claiming 'corporate direct supply channels' for Feitian Moutai at RMB 1,499, stating it never authorized such channels.茅台再次发布声明，警告线上出现“企业直供通道”等虚假招商信息，声称从未授权任何主体发布此类信息。
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。
Feitian Moutai pricing & supply飞天茅台定价与供应
39 · 2024-04-02 → 2026-06-04
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Feitian Moutai experiences wholesale price fluctuations, supply policy adjustments, and price stabilization measures.飞天茅台经历批发价波动、供应政策调整和稳价措施。
2024-04-02Kweichow Moutai raised the ex-factory price of 53% vol Feitian and Wuxing Moutai liquor by about 20% on average, effective November 1, 2023.贵州茅台自2023年11月1日起上调53%vol飞天、五星茅台酒出厂价格，平均上调幅度约20%。
2024-06-05Moutai suspends new enterprise customer applications for 1499 yuan Feitian Moutai in multiple provinces due to quota saturation; existing customers continue.茅台在多个省份暂停新企业客户1499元飞天茅台申购，因名额饱和；现有客户继续。
2024-06-11Feitian Moutai batch price drops to around 2445 yuan/bottle, down about 245 yuan from the beginning of the year; Moutai says production and sales are normal.飞天茅台批价跌至约2445元/瓶，较年初下跌约245元；茅台称生产经营正常。
2024-06-14Feitian Moutai (scattered bottles) batch price plunges to around 2230 yuan/bottle, down 190 yuan in a single day; Moutai says company's sales are normal.飞天茅台散瓶批价暴跌至约2230元/瓶，单日下跌190元；茅台称公司动销正常。
2024-06-23Moutai cancels 12-bottle case Feitian Moutai distribution and unboxing policy; suspends delivery of 15-year aged Moutai and Premium 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。
2024-07-02Moutai 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”。
2025-04-02Moutai 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。
2025-05-19At 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。
2025-06-05Feitian 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。
2025-07-08Moutai 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。
2025-08-11Moutai 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。
2025-10-28Moutai 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。
2025-11-06At 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。
2025-11-06At 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。
2025-11-24Kweichow 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。
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。
2026-01-04Moutai distributor Chengdu Chuansong Supply Chain offered 2026 Feitian Moutai at RMB 1,499/bottle to old clients, with prices synchronized with iMoutai (Feitian 1,499, Jingpin 2,299, Kg Moutai 3,998).茅台经销商成都川糖供应链向老客户以1499元/瓶供应2026年飞天茅台，价格与i茅台同步（飞天1499元、精品2299元、公斤茅台3998元）。
2026-01-13Moutai's board approved the '2026 Kweichow Moutai Liquor Market-Oriented Operation Plan', shifting from 'self-sale + distribution' to a multi-dimensional model including agency and consignment, with dynamic retail pricing.茅台董事会审议通过《2026年贵州茅台酒市场化运营方案》，从“自售+经销”转向“自售+经销+代售+寄售”多维协同模式，建立动态零售价格机制。
2026-01-16Moutai self-operated stores relaxed corporate client purchase policy: private enterprises with annual tax payment of RMB 1 million can apply to buy Feitian Moutai at RMB 1,499 without bundling other products.茅台自营门店放宽企业客户申购政策：年纳税额达100万元的民企可申请以1499元申购飞天茅台，无需搭售其他产品。
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。
2026-03-13Kweichow 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）。
2026-03-30Kweichow 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 sales 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。
2026-04-08Moutai's non-standard product consignment model was implemented, with dealers acting as pickup points for iMoutai orders, earning a 5% commission, and the first batch of consigned products began shipping.茅台非标产品代售模式落地，经销商作为i茅台订单提货点，获得5%佣金，首批代售产品已陆续发货。
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。
2026-06-02Moutai announced a dynamic retail price adjustment mechanism for its self-operated system in 2026, with prices 'following the market' and remaining 'relatively stable'.茅台宣布2026年自营体系零售价格动态调整机制，实行“随行就市、相对平稳”的定价策略。
2026-06-04Moutai raised retail prices on iMoutai platform for several products: 53%vol 500ml Moutai (Premium) to RMB 2,359/bottle, Feitian 53%vol 1L to RMB 3,119/bottle, and 53%vol 100ml×6 gift box to RMB 1,819/box.茅台在i茅台平台上调多款产品零售价：53%vol 500ml精品茅台酒涨至2359元/瓶，飞天53%vol 1L涨至3119元/瓶，100ml×6礼盒涨至1819元/盒。
Executive changes & leadership高管变动与领导层
39 · 2024-04-29 → 2026-06-11
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Moutai undergoes chairman succession, executive appointments, and leadership transitions.茅台经历董事长更替、高管任命和领导层交接。
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。
2024-05-06New 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。
2024-05-29At 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。
2024-06-02Zhang Deqin elected chairman of Kweichow Moutai at the 2023 annual general meeting, attended by over 1,700 shareholders.张德芹在2023年度股东大会上当选贵州茅台董事长，参会股东超1700人。
2024-06-12Zhang Deqin officially completes industrial and commercial registration as legal representative and chairman of Kweichow Moutai, replacing Ding Xiongjun.张德芹正式完成工商变更，成为贵州茅台法定代表人、董事长，接替丁雄军。
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。
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。
2025-12-01New 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’。
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 executive, Jiang Yan (Party Committee member, Vice General Manager, CFO, and Board Secretary), 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。
2026-04-13Rumors circulated that Moutai Group General Manager Wang Li was under investigation; Moutai responded that she was on a two-month study assignment in Beijing and would return in early May.市场传闻茅台集团总经理王莉被调查，茅台回应称其在北京学习两个月，将于5月初返回公司。
2026-04-14Kweichow Moutai 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。
2026-05-08Former 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。
2026-05-21Moutai 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。
2026-06-11Moutai announced the appointment of Yu Siming as the new Board Secretary, and elected Chen Hua as Chairman, with Wang Li acting as General Manager.茅台公告聘任余思明为董事会秘书，选举陈华为董事长，由王莉代行总经理职责。
Distributor & channel management经销商与渠道管理
3 · 2024-05-10 → 2025-11-28
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Moutai adjusts distributor policies, manages channel inventory, and resolves distributor disputes.茅台调整经销商政策，管理渠道库存，解决经销商纠纷。
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。
2024-11-18A 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。
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。
Moutai logistics & supply chain茅台物流与供应链
2 · 2024-05-17 → 2025-10-13
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Moutai digitizes logistics, upgrades supply chain, and expands warehouse network.茅台实现物流数字化，升级供应链，并扩大仓储网络。
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。
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。
Production & supply chain生产与供应链
5 · 2024-05-18 → 2025-09-07
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Recruitment of baijiu makers, production volume changes, raw material handling tenders, and maintenance projects.酿酒工招聘、产量变化、原料搬运招标及维修项目。
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。
2025-09-03Moutai 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。
2025-09-07Moutai 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。
Investor relations & financial disclosures投资者关系与财务披露
5 · 2024-05-29 → 2025-05-19
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Investor conferences, shareholder meetings, financial reports, dividend pledges, and analyst downgrades.投资者交流会、股东大会、财务报告、分红承诺及分析师降级。
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。
2024-07-29UBS 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%。
2024-08-08Moutai'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。
2024-12-04Moutai 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。
2025-05-19At 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”。
Capital actions (buybacks, dividends, funds)资本运作（回购、分红、基金）
52 · 2024-06-07 → 2026-06-21
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Moutai executes share buybacks, pays dividends, and establishes investment funds.茅台实施股份回购、分红并设立投资基金。
2024-06-07Moutai (Guizhou) High-Quality Growth Equity Investment Partnership established, with registered capital of 1.2 billion yuan, for private equity investment and venture capital.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，从事私募股权投资和创业投资。
2024-06-11Moutai announces 2023 annual dividend plan: 30.876 yuan per share (including tax), total 38.786 billion yuan, record date June 18, ex-dividend 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，除权除息日6月19日。
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。
2024-09-09Kweichow 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。
2024-09-20Kweichow 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%）。
2024-11-29Moutai 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。
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。
2025-01-21Moutai 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%）。
2025-02-06Kweichow 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。
2025-03-04Kweichow 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。
2025-03-06Moutai 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%。
2025-04-022024 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。
2025-08-14Moutai 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%。
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。
2025-11-12Kweichow 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。
2025-12-10The 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。
2025-12-15Moutai 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。
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 completed its first share buyback on Dec 31, 2025, repurchasing 87,059 shares (0.007% of total) for RMB 120 million, as part of a RMB 1.5-3.0 billion buyback plan for capital reduction.贵州茅台于2025年12月31日完成首次股份回购，回购87,059股（占总股本0.007%），耗资1.2亿元，作为15-30亿元注销式回购计划的一部分。
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 that as of end-March 2026, it had repurchased 794,200 shares (0.0634% of total share capital) for a total of 1.112 billion yuan, with the repurchase price ranging from 1,322.60 yuan/share to 1,499.74 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0.0634%），累计支付金额11.12亿元，回购价格区间为1322.60元/股至1499.74元/股。
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。
2026-06-02Moutai proposed a 2025 annual cash dividend of RMB 28.02423 per share (pre-tax), totaling RMB 35.033 billion, and a 2026 interim dividend arrangement.茅台提议2025年度每股派发现金红利28.02423元（含税），合计350.33亿元，并安排2026年中期利润分配。
2026-06-11Moutai's 2025 annual general meeting approved a final dividend of RMB 28.02423 per share (total RMB 35.033 billion) and a 2026 interim dividend plan; the company completed its first RMB 6 billion share buyback and launched a second buyback plan.茅台2025年度股东会批准每股28.02423元的分红方案（合计350.33亿元）及2026年中期分红安排；完成首次60亿元股份回购并启动第二轮回购计划。
2026-06-21Moutai announced the implementation plan for the 2025 annual equity distribution: a cash dividend of RMB 28.02423 per share (pre-tax), totaling RMB 35.033 billion, with the record date on June 25 and payment on June 26, 2026.茅台公布2025年年度权益分派实施公告：每股派发现金红利28.02423元（含税），合计350.33亿元，股权登记日为6月25日，发放日为6月26日。
Partnerships & strategic cooperation合作伙伴与战略合作
10 · 2024-07-13 → 2025-12-15
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Moutai forms strategic partnerships with tech companies (Huawei, Alibaba, CATL) and industry peers.茅台与科技公司（华为、阿里巴巴、宁德时代）及行业同行建立战略合作。
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。
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。
2025-05-24Moutai 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。
2025-09-01Moutai 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。
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。
E-commerce & instant retail partnerships电商与即时零售合作
3 · 2024-08-11 → 2025-11-05
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Moutai expands e-commerce channels via JD.com, Meituan, Douyin, and Taobao Flash Purchase.茅台通过京东、美团、抖音和淘宝闪购拓展电商渠道。
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。
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。
2025-11-05Kweichow 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。
Moutai Cultural Tourism & cultural events茅台文旅与文化事件
8 · 2024-10-09 → 2025-10-28
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Moutai Cultural Tourism expands retail, hosts cultural events, and appoints brand ambassadors.茅台文旅拓展零售，举办文化活动，并任命品牌大使。
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》。
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。
2025-03-31Moutai 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。
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。
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》。
Moutai synthetic biology & biotech strategy茅台合成生物学与生物技术战略
1 · 2025-03-20
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Moutai explores synthetic biology for packaging materials and invests in biotech startups.茅台探索合成生物学用于包装材料，并投资生物科技初创公司。
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。
Consumer & retail promotions消费者与零售促销
6 · 2025-05-29 → 2026-02-28
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Airport flight-purchase lotteries, Ponzi scheme incident, consumer complaints, and Hong Kong price adjustments.机场购酒抽奖、庞氏骗局事件、消费者投诉及香港调价。
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。
2025-06-12A 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。
2025-10-13Moutai 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。
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 circular economy & new business茅台循环经济与新业务
3 · 2026-03-18 → 2026-05-01
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Moutai enters insect protein pet food business using distiller's grains, advancing circular economy.茅台利用酒糟进入昆虫蛋白宠物食品业务，推进循环经济。
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 track, using black soldier flies to process distiller's grains into insect protein for pet food and organic fertilizer.茅台集团正式官宣进军昆虫蛋白宠物食品赛道，利用黑水虻处理酒糟，转化为昆虫蛋白宠物粮和有机肥。
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。
