EPISODE · Aug 16, 2026 · 7 MIN
茅台半年报大反转：增收不增利背后的巨变
from 深度
茅台2026年上半年营收907亿微增1.47%，净利润445亿却降1.95%，上市首现增收不增利。成本暴增21.81%，直销占比达57.31%，i茅台收入402.64亿增274%。渠道革命下经销商变服务商，价格博弈加剧，基金持仓大降但现金储备1848亿。
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茅台半年报大反转：增收不增利背后的巨变
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