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茅台交出首次下滑的成绩单，白酒行业的库存周期还要熬多久
2026-06-24
网络整理
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Key Point:导读:茅台在2025年财报中出现的负增长，这并非是茅台用户的消费大幅度降级，而是厂家为了稳住市场实际交易价格，主动减少发货所带来的。
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