华鑫证券研报指出，贵州茅台2025H1归母净利润454.03亿元（同增9%），其中2025Q2归母净利润185.55亿元（同增5%）。产品端来看，2025Q2茅台酒/系列酒营收分别为320.32/67.40亿元，分别同比+10.99%/-6.53%;其中，茅台酒营收占比同增2.61pct至82.62%。茅台酒同增主要系公司加大公斤装投放，二季度公斤茅台快速放量，带动茅台酒营收占比提升，系列酒同比下滑主要系2024年同期高基数所致。截至2025H1末，公司目前拥有2395家经销商，较年初净增加148家。分区域看，国外营收快速增长，国际化进程持续推进。2025Q2国内/国外营收分别为369.98/17.74亿元，分别同增6.68%/27.64%；其中，国外营收占比同比+0.72pct至4.58%。二季度公司在动销压力下仍保持业绩韧性，渠道压力控制在良性水平，后续公司继续精细化投放调控、优化经销架构，全年达成营收目标可期。维持“买入”投资评级。
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