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平理解好生意和护城河的重要指标。它不是随意卖高价的能力，而是因为产品差异化、用户信任和长期价值，让企业在合理范围内拥有不被价格战牵着走的能力。",22.5,{"title":150,"slug":151,"description":152,"category":132,"order":153,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"用户体验","yonghutiyan","段永平对用户体验的关注可以追溯到他做小霸王和步步高时期，那时他用\"消费者导向\"来表达类似的理念。2003年北大演讲中他说：\"对于企业来说，最重要的是产品，而产品又必须以消费者为导向，所以最终你要找准消...",23,{"title":155,"slug":156,"description":157,"category":132,"order":158,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"渠道","qudao","段永平对渠道的理解来源于他在步步高建立全国销售网络的实战经验。1999年在人民大学问答中，被问及步步高在管理上有什么特点时，他提到了\"地区唯一代理制\"的渠道管理模式。这是他最早公开谈论渠道策略的记录。",24,{"title":160,"slug":161,"description":162,"category":132,"order":163,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"平台","pingtai","段永平使用\"平台\"概念主要集中在分析苹果公司的商业模式时。最早出现在2011年他写的\"买入苹果思考\"中：",25,{"title":165,"slug":166,"description":167,"category":132,"order":168,"type":10,"volume":10,"volumeOrder":10,"chapterOrder":10},"生态系统","shengtaixitong","段永平使用\"生态系统\"这一概念主要是在分析苹果公司时。最早出现在2012年前后的投资问答中。当一位网友详细描述了苹果设备之间的联动体验（iPhone、iPad、Mac的无缝协作、App 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CEO、理解乔布斯追求、苹果文化与用户体验。",5230,{"title":848,"slug":849,"description":850,"category":753,"order":851,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"马云：段永平为什么一直认为他了不起","person-mayun","整理段永平对马云的评价：理想主义、现实主义、企业文化、勇气、阿里巴巴与保留。",5240,{"title":853,"slug":854,"description":855,"category":753,"order":856,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"丁磊：段永平为什么说他很有悟性","person-dinglei","整理段永平对丁磊的评价：很有悟性、网易、不卖公司、不会干傻事、单纯与现金克制。",5250,{"title":858,"slug":859,"description":860,"category":753,"order":861,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"马化腾：段永平为什么正面评价他","person-mahuateng","整理段永平对马化腾的评价：人不错、年轻、微信、微信支付、腾讯商业模式与长期影响。",5260,{"title":863,"slug":864,"description":865,"category":753,"order":866,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong","整理段永平对俞敏洪的评价：新东方、面对问题、韧性、好生意人、条汉子与能力边界。",5270,{"title":868,"slug":869,"description":870,"category":753,"order":871,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang","整理段永平对季克良的评价：茅台质量文化、造钟人、长期工艺、质量坚持与企业传承。",5280,{"title":873,"slug":874,"description":875,"category":753,"order":876,"type":771,"volume":10,"volumeOrder":10,"chapterOrder":10},"黄仁勋：段永平为什么欣赏他","person-huangrenxun","整理段永平对黄仁勋的评价：真诚、有能量、长期方向一致、英伟达、AI 与能力圈边界。",5290,{"title":878,"slug":879,"description":880,"category":753,"order":881,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的公司","topic-highly-rated-companies","按段永平视角整理他高度评价过的公司，并区分高度评价、正面关注、曾评价后修正和仍需观察。",5300,"topic",{"title":884,"slug":885,"description":886,"category":753,"order":887,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平高度评价过的人","topic-highly-rated-people","按段永平视角整理他高度评价过的人：投资大师、企业家、创始人和关键经营者。",5310,{"title":889,"slug":890,"description":891,"category":753,"order":892,"type":882,"volume":10,"volumeOrder":10,"chapterOrder":10},"段永平正在重估的公司","topic-revaluated-companies","整理段永平从看不懂、保留或低估，逐步重新评估的公司案例：泡泡玛特、英伟达、阿里、新东方等。",5320,{"id":894,"title":579,"body":895,"category":416,"chapterOrder":25,"date":10,"description":581,"extension":2460,"meta":2461,"navigation":2462,"order":582,"path":2463,"seo":2464,"seoDescription":581,"seoTitle":2465,"slug":580,"source":10,"sourceDate":10,"sourceUrl":10,"stem":2466,"tags":2467,"type":424,"volume":567,"volumeOrder":20,"__hash__":2469,"_collection":2470},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-maotai-01.md",{"type":896,"value":897,"toc":2453},"minimark",[898,903,911,917,920,925,928,933,940,945,948,953,956,961,966,969,974,977,982,994,1006,1018,1027,1030,1045,1050,1053,1056,1059,1064,1067,1072,1078,1092,1106,1109,1114,1123,1130,1139,1145,1148,1160,1163,1168,1171,1180,1183,1188,1191,1194,1197,1200,1207,1231,1236,1248,1257,1265,1271,1275,1278,1283,1286,1289,1292,1295,1298,1301,1304,1307,1310,1313,1316,1324,1341,1347,1353,1356,1361,1364,1369,1374,1379,1383,1386,1389,1392,1395,1398,1401,1404,1407,1410,1413,1416,1419,1424,1427,1430,1453,1466,1484,1491,1497,1500,1505,1508,1513,1516,1521,1524,1527,1532,1538,1546,1555,1558,1563,1566,1571,1574,1577,1582,1585,1590,1593,1598,1601,1606,1609,1614,1617,1622,1625,1630,1633,1638,1643,1646,1654,1657,1662,1665,1670,1673,1676,1681,1684,1689,1692,1697,1703,1728,1731,1736,1739,1744,1749,1752,1755,1760,1763,1768,1773,1781,1793,1802,1822,1825,1831,1837,1845,1857,1860,1865,1873,1876,1882,1894,1905,1908,1928,1931,1943,1949,1955,1961,1964,1967,1973,1976,1979,1982,1997,2009,2014,2017,2023,2026,2036,2039,2045,2048,2051,2060,2066,2071,2077,2080,2083,2089,2095,2101,2104,2107,2110,2119,2128,2137,2142,2153,2156,2165,2168,2171,2174,2180,2183,2186,2192,2195,2198,2207,2210,2221,2231,2234,2239,2242,2247,2250,2255,2258,2263,2266,2273,2278,2284,2292,2298,2305,2314,2319,2324,2329,2332,2343,2355,2358,2361,2364,2368,2374,2377,2383,2389,2395,2407,2416,2422,2431,2440,2445],[899,900,902],"h2",{"id":901},"第一节-产品与品质","第一节 产品与品质",[904,905,906,910],"p",{},[907,908,909],"strong",{},"段永平："," 最近有机会品尝（抿了抿）了几次茅台，有30年的和50年的。由于自己不喝白酒，所以还是体会不深，但能体会喜欢茅台的人对茅台的感觉，确实不一样。（2010-07-05）",[904,912,913,916],{},[907,914,915],{},"段永平：我发现真茅台确实非常好喝，连我这种不喝白酒的人都会想喝哈"," 。（2013-04-23）",[904,918,919],{},"网友：喝茅台酒是不是真的对肝有好处？段总有没有做过测验？",[904,921,922,924],{},[907,923,909],{}," 那是老季说的，大概意思是喝茅台对肝的坏处比别的酒要少得多，所以就是有好处了？我不太相信喝酒会对肝有好处，喝多了肯定不太好吧？也许适量的情况下没啥大坏处？另外，茅台的制作（酿制）工艺去掉了很多不好的元素，所以才会“不上头”，在喝多的情况下对身体的伤害会相对小很多。但无论如何，什么东西多了都可能不好的。（2013-04-24）",[904,926,927],{},"网友：段总怎么看五粮液，茅台，五粮液很多地方都可以互补，也不见得都是一个定位的。关注茅台的人，一般也关注五粮液。",[904,929,930,932],{},[907,931,909],{}," 我只关注茅台，不关注其他的。我现在偶尔喝点茅台，不喝别的白酒。（2013-05-11）",[904,934,935,936],{},"网友J： ",[937,938,939],"em",{},"广州杨超贸易数据：茅台飞天53度500ml销量为例，2013年6月较2012年6月同比增长：336%；2013年7月较2012年7月同比增长：474%；2013年8月较2012年8月同比增长：436%；2013年9月24日较2012年9月全月同比增长：98%。（只评估团购客户）。",[904,941,942,944],{},[907,943,909],{}," 这是什么数据？哪里来的？团购增加是可以理解的。以前想团购无门而入，现在门开了。我们公司刚刚团购了一批，明年这个时候就知道消耗的速度如何了。这些酒可绝对不是三公消费哈，居然一瓶年份酒都没有。（2013-09-25）",[904,946,947],{},"网友：阿段，看到一个说法：喝过其他品牌白酒的人，都有可能转去喝茅台，但是，喝了茅台后就很难转去喝其他品牌的酒。您认可这句话吗？要是认可能不能说下为什么会这样。",[904,949,950,952],{},[907,951,909],{}," 确实见到有些人会这样。你自己试试吧，我自己试过后好像觉得有点道理，但不是特别确认，毕竟我不喝白酒。（2013-07-24）",[904,954,955],{},"网友：经常喝一种酒会不会喝腻？我不喝酒，身边朋友有的说会腻，有的说不仅不会反而会形成依赖。",[904,957,958,960],{},[907,959,909],{}," 有些酒是有可能喝腻的，比如假酒。喝惯了茅台大概会有一点点依赖。（2013-07-24）",[904,962,963,965],{},[907,964,909],{}," 我们那么多人买了茅台酒，居然没一瓶年份酒，说明年份酒确实不是老百姓喝的。不过，如果茅台能学会加州或法国酒庄推红酒的办法，以后酒出来全部打上年份，50年后就会有很多人喜欢年份酒了。现在大家基本都知道所谓年份酒是勾兑出来的，自己掏钱喝的都不太想花这个钱。（2013-08-31）",[904,967,968],{},"网友：说现在年轻人白酒喝的少，您怎么看对白酒产业和茅台的影响呢？",[904,970,971,973],{},[907,972,909],{}," 听说吗？知道到底是啥意思不？在加州这种产红酒的地方还到处都是卖烈酒的店呢。茅台在中国白酒里的份额极小。对一个份额只有千分之一的好酒你到底着得是哪门子急？（2013-10-28）",[904,975,976],{},"网友：现在每天喝点茅台有没有感觉身体越来越好。",[904,978,979,981],{},[907,980,909],{}," 偶尔喝点儿而已，哪能天天喝呀？酒喝多了总觉得不那么好吧？虽然老季那么说，但有些人茅台喝多了一样不好的，比如许世友。（2013-11-03）",[904,983,984,985,988,989,993],{},"网友：要看懂",[907,986,987],{},"茅台","的",[990,991,129],"a",{"href":992},"\u002Fqiyewenhua","应从哪些方面着眼？",[904,995,996,998,999,1001,1002,1005],{},[907,997,909],{}," ",[907,1000,987],{},"酒质量铁律“四服从原则”已经广为人知，即产量服从质量、速度服从质量、成本服从质量、效益服从质量。",[907,1003,1004],{},"无论是过去还是现在，国酒","茅台始终不渝地把产品质量视同为与生命一样重要。",[904,1007,1008,1009,1011,1012,1014,1015,1017],{},"在市场旺需的情况下，",[907,1010,987],{},"从不为绩效显著的利益诱惑而产生短见和浮躁，当产量与质量、效益与质量、速度与质量、成本与质量这四对矛盾尖锐对立的时候，",[907,1013,987],{},"始终坚定不移地严守“四个服从”，把保持和发扬国酒",[907,1016,987],{},"的质量摆在首位，而产量、效益、速度、成本始终都摆在以质量第一为前提之下的从属地位，一切服从于质量。",[904,1019,1020,1021,1023,1024,1026],{},"“不挖老窖，不卖新酒”“出厂酒品酒龄至少在5年以上”，都显示着",[907,1022,987],{},"人对",[907,1025,987],{},"酒品质的苛刻追求。",[904,1028,1029],{},"上面这段话是网上的。",[904,1031,1032,1033,1035,1036,1038,1039,1041,1042,1044],{},"作为国企，",[907,1034,987],{},"确实是有点东西不是很完美，但做好酒的文化是",[907,1037,987],{},"之所以是",[907,1040,987],{},"的原因。有着这种文化的酒也就",[907,1043,987],{},"了吧？!(2014-01-23)",[904,1046,1047,1049],{},[907,1048,909],{}," 这段话是网上的，忘了注明了。",[904,1051,1052],{},"作为国企，茅台确实是有点东西不是很完美，但做好酒的文化是茅台之所以是茅台的原因。有着这种文化的酒也就茅台了吧？！（2014-01-23）",[904,1054,1055],{},"网友：今年第一次喝到茅台对酒有了一点新认识，打开盖子和别的酒香味不同，是“酱”香，不俗的那种。入口竟然是甘甜，我特意去查“甘”是什么意思。感觉很醇厚入喉热气升腾但不烧，口齿留香，过后也不臭。整个过程很醇，特意喝了别的酒对比。老爸不觉比平常喝多了一倍哈。我想度数高的要保持口感应该更加不容易。",[904,1057,1058],{},"其实之前我是一直排斥白酒的，因为碰到要喝的时候都是拼酒的时候，也吃过亏。喝一点感觉很好！",[904,1060,1061,1063],{},[907,1062,909],{}," 如果你真的能从10年的角度看茅台，你的感觉会很不一样的。（2014-02-02）",[904,1065,1066],{},"网友：茅台经常在央视做新闻联播前的报时广告，不知道效果怎么样，或许改为苹果这种广告效果会更好，把产品融入到家庭节日聚餐或其他喜庆动人的生活场景，融入到亲情、欢乐的气氛中，这样更能传递产品的价值。",[904,1068,1069,1071],{},[907,1070,909],{}," 个人感觉报时广告对茅台似乎不太合适，但想不出合适的是什么。不过，对茅台而言，做点广告比一点不做好。只要茅台持续做，他们会找到更合适的广告的。（2014-09-05）",[904,1073,1074,1075,1077],{},"网友：今年你们有没有人买",[907,1076,987],{},"年份酒呢？",[904,1079,1080,1082,1083,1085,1086,1088,1089,1091],{},[907,1081,909],{}," 好像没有。我前几年买了些2003年出的30年",[907,1084,987],{},"，前些天开过一瓶，和去年出的50年",[907,1087,987],{},"比较了一下，大家都认为十来年前出的30年",[907,1090,987],{},"明显比今年出的50年的要好喝。所以，买普茅放够年头后会比年份酒好。(2016-07-31)",[904,1093,1094,1096,1097,1099,1100,1102,1103,1105],{},[907,1095,987],{},"应该学学法国红酒的做法，让每一瓶酒都成为年份酒——每一瓶酒上都写明出厂年份。以后大家喝53度",[907,1098,987],{},"前会说今天喝的是哪年哪年的",[907,1101,987],{},"，而不仅仅是",[907,1104,987],{},"哈。现在的年份在酒瓶上实在是不起眼。",[904,1107,1108],{},"网友：段总，今年你们有没有人买茅台年份酒呢？",[904,1110,1111,1113],{},[907,1112,909],{}," 好像没有。我前几年买了些03年出的30年的茅台，前些天开过一瓶，和去年出的50年的茅台比较了一下，大家都认为十来年前出的30年茅台明显比今年出的50年的要好喝。所以，买普茅放购年头后会比年份酒好。（2016-07-31）",[904,1115,1116,1117,1119,1120,1122],{},"网友：",[907,1118,987],{},"酒换了董事长，说是要大干快上了，",[990,1121,129],{"href":992},"或会变化？",[904,1124,1125,998,1127,1129],{},[907,1126,909],{},[907,1128,987],{},"就是那个53度飞天，谁改谁下台哈。(2018-05-20)",[904,1131,1132,1133,1135,1136,1138],{},"个人觉得",[907,1134,987],{},"的产品文化已经定型了，那么多人盯着，不会有人敢改变的。国营企业的优势在",[907,1137,987],{},"上发挥得淋漓尽致，民营企业可能反而会因为个人的因素而有所变化。(2019-03-15)",[904,1140,1141,1142,1144],{},"我对",[907,1143,987],{},"的产品文化，尤其是53度飞天的产品文化蛮有信心的。(2019-04-05)",[904,1146,1147],{},"“老干妈换辣椒了？”(新闻)",[904,1149,1150,1151,1153,1154,1156,1157,1159],{},"买",[907,1152,987],{},"的时候想清楚了非常重要的一点：这类事情在国营的",[907,1155,987],{},"发生的概率比在私营企业要低很多，因为大概没有人敢动",[907,1158,987],{},"53度飞天的工艺。(2021-06-29)",[904,1161,1162],{},"网友：有一个关于茅台的问题，关于合格性和合适性的问题，相比前任袁仁国，茅台新任董事长李保芳，15年才进入茅台集团，之前一直是政府官员，暂时不论其能力如何，单从合适性和企业文化传承来看，应该是个不稳定因素，大道怎么看？或者，是不是可以夸张来说，茅台已经到了一个即是傻瓜也能经营好的层次？",[904,1164,1165,1167],{},[907,1166,909],{}," 个人觉得茅台的产品文化已经定型了，那么多人盯着，不会有人敢改变的。国营企业的优势在茅台上发挥的淋漓尽致，民营企业可能反而会因为个人的因素而有所变化。（2019-03-15）",[904,1169,1170],{},"网友：段总，看到您的回答----美股市场您最喜欢的是苹果，A股市场您最喜欢的是茅台，您也重仓了这两个公司，我想问您的问题是：苹果是一家不断创造出更适应这个时代的产品，而茅台的产品却以品质稳定著称，网上也有报道说现在年轻人不太喝白酒，您觉得茅台需要在未来逐步地调整酒的口味来适应未来的年轻人吗？",[904,1172,1173,1175,1176,1179],{},[907,1174,909],{}," 你是说让茅台改成红酒的口味么？",[907,1177,1178],{},"跟不喝茅台的人说茅台就像跟鱼说岸上行走的感觉一样，或者跟不会打golf的人说打golf的乐趣一样。茅台之所以是茅台就因为它是茅台，"," 改了就玩完了！茅台酒的销量在酒的总销量里比例非常小，没啥好担心的。",[904,1181,1182],{},"网友：段总：请教你看懂了的“茅台的企业文化”。如要正确企业文化应从哪些方面着眼？",[904,1184,1185,1187],{},[907,1186,909],{}," 茅台酒质量铁律“四服从原则”已经广为人知，即产量服从质量、速度服从质量、成本服从质量、效益服从质量。无论是过去还是现在，国酒茅台始终不渝地把产品质量视同为与生命一样重要。",[904,1189,1190],{},"在市场旺需的情况下，茅台从不为绩效显著的利益诱惑而产生短见和浮躁，当产量与质量、效益与质量、速度与质量、成本与质量这四对矛盾尖锐对立的时候，茅台始终坚定不移地严守“四个服从”，把保持和发扬国酒茅台的质量摆在首位，而产量、效益、速度、成本始终都摆在以质量第一为前提之下的从属地位，一切服从于质量。",[904,1192,1193],{},"“不挖老窖，不卖新酒”、“出厂酒品酒龄至少在5年以上”，都显示着茅台人对茅台酒品质的苛刻追求。",[904,1195,1196],{},"网友：与酱香酒生产工艺有关。不可能只生产飞天。就是同一批酒，不同时段取的酒，品质不一样，印象中飞天的产酒率只占了30%的样子，这也是从工艺上决定了酱香型酒的稀缺性（其他香型的产酒率要高得多）。相当于泡茶一样，如果只喝最好的那一泡，其他几泡就浪费掉了。所以根据品质各个定价，这样就合理了。",[904,1198,1199],{},"大道（转AI回答）：Gemini：（ai有时候可能乱讲的）\n茅台系列酒是53度飞天的副产品吗？\n不是。茅台系列酒绝对不是生产飞天茅台（53度飞天茅台酒）的“副产品”或下脚料。\n民间常有一种误解，认为系列酒（如茅台王子酒、迎宾酒、汉酱、茅台1935等）是用生产飞天茅台剩下的废弃酒醅（丢糟）二次发酵酿造的（即所谓的“翻沙”或“串沙”工艺），但从酿造工艺、生产主体和商业战略来看，事实完全不同：",[1201,1202,1203],"ol",{},[1204,1205,1206],"li",{},"工艺与原料上的本质区别\n茅台酒（飞天\u002F五星）与系列酒属于不同的产品线和工艺路线，各有独立的酿造车间与投料计划：",[1208,1209,1210,1213,1216,1219,1222,1225,1228],"ul",{},[1204,1211,1212],{},"飞天茅台（大曲坤沙工艺）：",[1204,1214,1215],{},"原料严格采用贵州当地的红缨子糯高粱（整粒破碎率小于20%）。",[1204,1217,1218],{},"遵循标准的“12987”工艺（1年生产周期、2次投料、9次蒸煮、8次发酵、7次取酒），基酒需陈化窖藏至少3年以上，再经勾调陈酿，出厂周期至少5年。",[1204,1220,1221],{},"主要系列酒（以独立投料工艺为主）：",[1204,1223,1224],{},"茅台1935 \u002F 汉酱 \u002F 仁酒等中高端系列： 同样采用正宗的大曲坤沙工艺或专属柔和酱香工艺，拥有独立的投粮配额和生产车间，并非副产物。",[1204,1226,1227],{},"茅台王子酒： 采用碎沙工艺（将高粱完全粉碎后酿造）结合部分坤沙基酒勾调，生产周期短于飞天，出酒率更高，主打大众高性价比。",[1204,1229,1230],{},"茅台迎宾酒： 早期历史上曾部分使用过飞天取酒后的酒醅加新粮进行发酵（即“翻沙工艺”），但随着茅台技术改造和品质升级，早已转为严格按标准投料生产的碎沙\u002F翻沙工艺配方，同样有独立的原料配额和质量控制体系。",[1201,1232,1233],{"start":15},[1204,1234,1235],{},"勾调与品质分级（“等级”而非“副产物”）\n酱香白酒的生产遵循“多轮次取酒”和“按质分级”的严苛体系：",[1208,1237,1238,1245],{},[1204,1239,1240,1241,1244],{},"飞天茅台的基酒主要来源于",[907,1242,1243],{},"第3、4、5轮次（核心大回酒","）中品质最顶尖的部分。",[1204,1246,1247],{},"在同批次发酵中，如果某些轮次或某些甑锅取出的基酒达不到飞天茅台的勾调等级，会被降级作为其他产品的基酒储备或调味酒，但这属于质量分级（Grading）与品类调配，绝非工业意义上的“副产品（By-product）”。",[1201,1249,1250],{"start":20},[1204,1251,1252,1253,1256],{},"商业定位：独立的战略支柱\n在茅台集团的战略中，系列酒（以“茅台1935”、“茅台王子酒”为核心）被称为“",[907,1254,1255],{},"双轮驱动”的另一主力轮","：",[1208,1258,1259,1262],{},[1204,1260,1261],{},"茅台拥有独立的贵州茅台酱香酒营销有限公司进行专业化运作。",[1204,1263,1264],{},"茅台在习水县等地投资建设了庞大的3万吨酱香系列酒技改工程及配套设施，系列酒拥有专属的厂房、发酵池和勾储中心，产能与飞天茅台完全独立平行运行。",[1266,1267,1268],"blockquote",{},[904,1269,1270],{},"核心结论：\n飞天茅台与茅台系列酒是茅台集团针对不同价格带、采用不同原料配比与酿造轮次工艺、独立投料生产的不同等级产品，绝非生产飞天过程中的副产品。（2026-08-18）",[899,1272,1274],{"id":1273},"第二节-品牌与消费者心智","第二节 品牌与消费者心智",[904,1276,1277],{},"网友：茅台企业文化理念",[904,1279,1280,1282],{},[907,1281,909],{}," 使命：酿造高品位的生活",[904,1284,1285],{},"愿景：健康永远 国酒永恒",[904,1287,1288],{},"企业精神：爱我茅台为国争光",[904,1290,1291],{},"核心竞争力：品质 品牌 工艺 环境 文化",[904,1293,1294],{},"领导理念：务本兴业 正德树人",[904,1296,1297],{},"人才理念：以才兴企 人企共进",[904,1299,1300],{},"经营理念：稳健经营 持续成长 光大民族品牌",[904,1302,1303],{},"质量理念：崇本守道 坚守工艺 贮足陈酿 不卖新酒",[904,1305,1306],{},"营销理念：坚持八个营销 追求和谐共赢",[904,1308,1309],{},"服务理念：行动换取心动 超值体现价值",[904,1311,1312],{},"核心价值观：以人为本 以质求存 恪守诚信 继承创新（2013-02-21）",[904,1314,1315],{},"网友：现在喝白酒的人应该是在递减的，不知道白酒以后会不会成为小众化的商品？",[904,1317,1318,1320,1321,1323],{},[907,1319,909],{}," 多年前我就以为喝白酒的人会递减的，结果好像和我想象的不太一样。即使递减，喝",[907,1322,987],{},"的人也很难减，因为人们会倾向少喝酒和喝好酒。(2013-04-05)",[904,1325,1326,1328,1329,1331,1332,1334,1335,1337,1338,1340],{},[907,1327,987],{},"酒量非常小，你说的这些东西不会影响喝",[907,1330,987],{},"酒的人。我认识的很多喝白酒的朋友都是除了",[907,1333,987],{},"什么白酒都不喝的人。试想想，大家聚会时说：“我们今天不喝",[907,1336,987],{},"喝xx酒。”估计很多人会马上说今天不想喝白酒……社会发展带来的结果是经济条件好的人越来越多，所以",[907,1339,987],{},"的成长应该也是大概率的。(2019-09-12)",[904,1342,1343,1344,1346],{},"在加州这种产红酒的地方还到处都是卖烈酒的店呢。",[907,1345,987],{},"在中国白洒里的份额极小。对一个份额只有千分之一的好酒你到底着的是哪门子急？(2013-10-28)",[904,1348,1349,1350,1352],{},"我很怀疑年轻人不喝酒的说法。这几天正好有机会跟几个年轻人吃晚餐、每次我拿酒出来大家都是很想喝的，好酒是很难抗拒的(对不起不是",[907,1351,987],{},")。其实喝酒的害处喝酒的人都知道，我说的是好酒很难抗拒。有些人会有喝得起的那一天的。(2023-11-23)",[904,1354,1355],{},"网友：现在喝白酒的人应该是在递减的，原来我也能喝二三两白酒，现在一年最多也就喝个一两次，基本都是朋友小聚或者应酬的时候喝一点，好像身边会喝白酒的朋友也差不多是这种情况，现在喝的量是之前的十分之一。不知道白酒以后会不会成为小众化的商品？段总怎么看？",[904,1357,1358,1360],{},[907,1359,909],{}," 多年前我就以为喝白酒的人会递减的，结果好像和我想象的不太一样。即使递减，喝茅台的人也很难减，因为人们会倾向少喝酒和喝好酒。（2013-04-05）",[904,1362,1363],{},"网友：不知道茅台会不会趁行业低迷做一些收购？如果想收购，但似乎收购全国性的知名品牌难度很大，而收购地方小品牌是不是又会影响茅台品牌形象？段总如果是您会考虑并购吗？",[904,1365,1366,1368],{},[907,1367,909],{}," 我认为茅台应该做减法而不是加法。好像茅台正在做的也有点这个意思，慢慢地把非53度飞天的酒分出上市公司。（2014-03-25）",[904,1370,1116,1371,1373],{},[907,1372,987],{},"提价的本质是什么？",[904,1375,1376,1378],{},[907,1377,909],{}," 需求。(2019-08-21)",[899,1380,1382],{"id":1381},"第三节-商业模式供需与长期优势","第三节 商业模式、供需与长期优势",[904,1384,1385],{},"网友：53°茅台出厂价上涨时间表：",[904,1387,1388],{},"1986年，零售价为8元加120张侨汇券",[904,1390,1391],{},"1987年，零售价120元",[904,1393,1394],{},"1988年，零售价140元",[904,1396,1397],{},"2001年8月，出厂价提高至218元",[904,1399,1400],{},"2003年10月，出厂价提高至268元",[904,1402,1403],{},"2006年2月10日，出厂价提高至308元",[904,1405,1406],{},"2007年3月1日，出厂价提高至358元",[904,1408,1409],{},"2008年1月11日，出厂价提高至439元",[904,1411,1412],{},"2010年1月1日，出厂价提高至499元",[904,1414,1415],{},"2010年12月16日，出厂价提高至619元",[904,1417,1418],{},"2012年9月1日，出厂价提高至819元",[904,1420,1421,1423],{},[907,1422,909],{}," 看上去这个提价速度有点赶不上通胀率啊。茅台的提价似乎不太有章法，其实每年小幅提两到三次价钱可能会好很多吧？每个季度涨1-2%大家都没啥感觉，存酒的人也觉得很舒服，管理上解决起来似乎也没那么难的，一方之言而已，不知道公司具体情况。（2014-04-19）",[904,1425,1426],{},"网友：（补充大道以前的发言）",[904,1428,1429],{},"大道：早年我当CEO时曾在一次供应商会议上向所有供应商提供了我的手机号码，告诉他们如果有人不守信就可以打我电话投诉。好像一直没人打过。（2010-03-12）",[904,1431,1432,1433,1436,1437,1439,1440,1442,1443,1445,1446,1448,1449,1452],{},"网友：您对那些",[907,1434,1435],{},"生意模式","和",[990,1438,129],{"href":992},"能力二缺一的企业怎么看？一是比如",[907,1441,987],{},"这样的，",[907,1444,1435],{},"让人叫好，",[990,1447,129],{"href":992},"和能力实在是太蹩脚了；二是像",[907,1450,1451],{},"步步高","这样的，文化和能力一流，生存的行业竞争激烈。",[904,1454,1455,1457,1458,1460,1461,1463,1465],{},[907,1456,909],{}," 虽然我不是很了解",[907,1459,987],{},"，但不是很同意你说的",[907,1462,987],{},[990,1464,129],{"href":992},"和能力很蹩脚的说法，但可能不是你想象的那种完美文化吧。",[904,1467,1468,1469,1471,1472,1474,1475,1477,1478,1480,1481,1483],{},"很难想象一个没能力和没",[990,1470,129],{"href":992},"的公司能够建立一个好的",[907,1473,1435],{},"。如果",[907,1476,987],{},"没有",[990,1479,129],{"href":992},"，",[907,1482,987],{},"的产量早就上去了，用不了等这么多年。(2011-05-09)",[904,1485,1486,1487,1490],{},"网友：请教段先生，您对那些生意模式和企业文化能力二缺一的企业怎么看呢。一是比如茅台这样的，生意模式让人叫好，企业文化和能力实在是太蹩脚了；二是像步步高这样的，文化和能力一流，生存的行业竞争激烈。从长期来看，缺失文化和能力的生意模式",[990,1488,68],{"href":1489},"\u002Fhuchenghe","会逐渐变窄。企业文化和能力应该是最核心最坚固的护城河吧。",[904,1492,1493,1496],{},[907,1494,1495],{},"段永平：虽然我不是很了解茅台，但不是很同意你说的茅台企业文化和能力很蹩脚的说法，但可能不是你想象的那种文化或完美吧。很难想象一个没能力和没企业文化的公司能够建立一个好的生意模式。如果茅台没有企业文化，茅台的产量早就上去了，用不了等这么多年。"," （2011-05-09）",[904,1498,1499],{},"网友：新浪有新闻直接说段总疑似做空茅台！结果后面的评论好几个在骂段总！怨不怨啊，段总目前应该是从不做空吧。",[904,1501,1502,1504],{},[907,1503,909],{}," 很对呀，我不做空，当然不可能做空茅台。其实我是茅台多头哈，已经开始持有茅台了。（2013-01-29）",[904,1506,1507],{},"网友：不明白白酒市场还能再大多少。",[904,1509,1510,1512],{},[907,1511,909],{}," 对茅台而言，不需要更大。对别的白酒而言，我不知道。（2013-02-01）",[904,1514,1515],{},"网友：您曾经说过国家如果认真反腐，茅台会怎么样？现今从各种方面看这次反腐应该是动真格的。您怎么看？",[904,1517,1518,1520],{},[907,1519,909],{}," 难道你认为我们以前的都不是动真格的？茅台和腐败没有直接关系，但减少公款消费确实会减少很多浪费，短期内应该也会影响到茅台以及很多东西的销量。但公款消费应该不是茅台的大头。茅台之被很多人喜欢是因为茅台是很特别的好酒，喜欢喝的人依然会喜欢喝的，只是以后用公款喝的机会少了而已。茅台如果短期销量下降些，那年份酒的产量就可以提高了？",[904,1522,1523],{},"还真是很少见不怕有库存的生意模式。（2013-02-13）",[904,1525,1526],{},"网友：茅台的优点太多了：不怕库存、追加固定资产较少、好产品、国内的面子送礼文化，当我们普通人有能力消费时，肯定会首选茅台，如同现在的中华烟。（2013-02-18）",[904,1528,1529,1531],{},[907,1530,909],{}," 酒这个行业确实不错，毛利高但新牌子少（其实很久没见过新牌子了，哪怕有些很有实力想建新品牌的公司好像也没啥办法）。（2019-04-11）",[904,1533,1534,1535,1537],{},"网友：以前我周围的朋友喝酒都很喜欢五粮液，不太喜欢",[907,1536,987],{},"。这两个企业有什么差异呢？",[904,1539,1540,1542,1543,1545],{},[907,1541,909],{}," 多认识些喜欢喝",[907,1544,987],{},"的人也许会对你有帮助的。(2013-02-23)",[904,1547,1548,1549,1551,1552,1554],{},"我只关注",[907,1550,987],{},"，不关注其他的。我现在偶尔喝点",[907,1553,987],{},"，不喝别的白酒。(2013-05-11)",[904,1556,1557],{},"网友：有个问题来了，赤水河环境污染问题是不是一个令我们头痛的事呢。真想亲自去看看那个地方的环境情况。最近会抽时间去看看，是报纸炒作还是确有其事，影响是否大，是否已经从长远考虑在整改。",[904,1559,1560,1562],{},[907,1561,909],{}," 我看到报纸上的那个照片了，看上去像是记者带着观点找地方拍的。在国内，哪条河回水的地方不会浮点东西？（2013-03-04）",[904,1564,1565],{},"网友：如何估算出茅台未来的销量？",[904,1567,1568,1570],{},[907,1569,909],{}," 我认为从长期来看，茅台销量出现大幅度下滑的可能性很小。（2013-03-13）",[904,1572,1573],{},"网友：找到一个让自己放心的算法，中国15岁以上人口约11.5亿，2011年人均消费酒精6升位于世界中下水平。",[904,1575,1576],{},"假设11.5人口中只5%有能力消费茅台约6000万人，再假设这些人酒精消费量只有人均值的一半3L，其中50%是白酒1.5升，其中茅台占0.5升，则这群人一年消费纯酒精3万吨，换算成白酒约6万吨，现在茅台年产量不到4万吨，则至少可以增长50%，每年通胀2%，则10年为20%茅台有提价能力。所以10年业绩至少可以翻一倍吧，10%+。（2013-03-19）",[904,1578,1579,1581],{},[907,1580,909],{}," 我没算过，但认为茅台只要能解决假酒问题，销量还会上升，而且价钱也会至少赶上通胀。（2013-03-19）",[904,1583,1584],{},"网友X：请教一下学长真茅台的买法，在机场免税店买到的应该都是真的吧？",[904,1586,1587,1589],{},[907,1588,909],{}," 这个不好说。取决于他们和谁进的货。前段时间看到酒店员工从库房领真酒但换成假的给顾客的事情，很恐怖。（2013-04-23）",[904,1591,1592],{},"网友H：段总找到的真茅台的买法是从茅台公司的直营店系统买吗？",[904,1594,1595,1597],{},[907,1596,909],{}," 固定找可以信任的地方和人，买一箱开一瓶试试。（2013-04-27）",[904,1599,1600],{},"网友：最近茅台有两个好消息：1、茅台真酒的身份证有了，消费者可以放心买了；2、茅台销售的转型开始了，从重视机构到重视个人消费者，而且去库存的过程也结束了。",[904,1602,1603,1605],{},[907,1604,909],{}," 如果普通消费者能够轻易鉴别真假茅台的话，首次消费茅台的用户应该会显著增加的。（2013-06-11）",[904,1607,1608],{},"网友S：我就是这种典型，以前总是觉得要买到真货太费劲，直接不予考虑。长期看，感觉这种增量与存量的比例不低。",[904,1610,1611,1613],{},[907,1612,909],{}," 几乎所有用户都有类似问题，所以能解决是非常大的变化，长期来讲对销售的影响可以是数以倍记的。（2013-06-12）",[904,1615,1616],{},"网友：茅台不但有好的生意模式，而且还有好的企业文。茅台有好的生意模式是一看懂的，但是否有好的企业文化，我是最近才看懂的。茅台这不是降价销售，而是好的产品买个合理的价钱。长期来看对于消费者、茅台自己、经销商，都是件好事。茅台若能很好的利用网上销售，使自己和消费者零距离接触就更好了。",[904,1618,1619,1621],{},[907,1620,909],{}," 原来的零售价确实高了些，现在降价也算是顺势而为。（2013-07-26）",[904,1623,1624],{},"网友：最近商场的茅台降价了，华润都是999元。一个月前是1250元，迎接中秋节降价销售，市场环境依然严峻。",[904,1626,1627,1629],{},[907,1628,909],{}," 819的出厂价，卖999应该算合理了吧？喜欢茅台的人或许该买点儿回家存起来。最重要是真的就行。（2013-08-27）",[904,1631,1632],{},"网友：自2012年下半年起，茅台酒的标签上都有了很明显的年份标识（如2012年，2013年字样，都是单行字），另外封口处还有黑体字的批号和具体生产日期时间的标识。对判断年份已经很明确了。",[904,1634,1635,1637],{},[907,1636,909],{}," 那个东西早就有，但感觉好像有点不太一样。（2013-09-05）",[904,1639,1640,1642],{},[907,1641,909],{}," 顺便说下，以前不知道茅台可以团购，所以平时大家也不知道去哪里买真酒。这次这么一闹，我听说我们公司的各方面军也凑钱买了几千瓶哈。（2013-09-09）",[904,1644,1645],{},"网友：经常喝一种酒会不会喝腻？",[904,1647,1648,1650,1651,1653],{},[907,1649,909],{}," 有些酒是有可能喝腻的，比如假酒。喝惯了",[907,1652,987],{},"大概会有一点点依赖。(2013-09-17)",[904,1655,1656],{},"网友：让暴风雨来的更猛烈些吧！茅台140了。",[904,1658,1659,1661],{},[907,1660,909],{}," 茅茅雨哈。用五年十年的眼光看，中间的起跌都不是事儿。（2013-09-17）",[904,1663,1664],{},"网友：请问段大哥：你们公司的同事在哪团购的茅台酒？有机会我也想团购。",[904,1666,1667,1669],{},[907,1668,909],{}," 我们直接派车去茅台酒厂运的，有人跟进，从仓库封装开始全程微信直播，到公司后再发往各地。我们有运自己货的车，贴好封条就行了。（2013-10-31）",[904,1671,1672],{},"网友：2005年茅台酒产量12400吨，2010年茅台酒及系列产品32611.75吨，茅台酒产量26000吨，总营收116.3亿，茅台高度酒98.4亿（出厂价563元），低度酒10.1亿，其他7.8亿，茅台高度酒销售量约为0.87万吨，2010年全国白酒产量890.8万千升（850万吨），市场占比千分之一。",[904,1674,1675],{},"2006年茅台酒产量14900吨，2011年茅台酒及系列酒39532.62吨，茅台酒产量30026吨，总营收184亿，茅台高度酒营收157.3亿（出厂价619元），低度酒12.2亿，其他系列14.5亿，茅台高度酒销售量约为1.27万吨，2011年全国白酒产量1025.6万千升（978万吨），占比千分之一点三。",[904,1677,1678,1680],{},[907,1679,909],{}," 一、茅台酒酿制技艺需五年后包装出厂，即2003年生产的茅台酒要到2008年卖。二、茅台年报没有公布高度酒的销售量，下面茅台高度酒销售量为大概（含有年份酒）。三、茅台酒的市场占比是指茅台高度酒（53度）按当年全国白酒产量计算，会有误差。四、茅台酒每年都有提价，今年会不会例外呢？",[904,1682,1683],{},"五、以下是2008年到2012年五年的一些数据：2003年茅台酒产量10000吨，2008年生产茅台酒及系列产品25077.96吨，茅台酒产量20400吨，总营收82.4亿，茅台高度酒66.9亿（出厂价439元），低度酒10.7亿，其他系列酒4.7亿，茅台高度酒销售量约为0.76吨，2008年全国白酒产量为569.3（2014-02-17）",[904,1685,1686],{},[907,1687,1688],{},"1）供不应求",[904,1690,1691],{},"网友：技术这方面可以通过向其他软件公司发掘，引进，参照或直接招软件人才来开发完成．我觉得不难，至于成本嘛设置一个坐标范围内的：比如100万开发费用。前期先找腾讯等这些公司了解先，看如何做然后再作决定。",[904,1693,1694,1696],{},[907,1695,909],{}," 茅台如果能够做到让消费者放心地买到绝对的真酒，投个十个八个亿都是极为合算的。（2015-01-28）",[904,1698,1699,1700,1702],{},"网友：有报道说现在年轻人不太喝白酒，您觉得",[907,1701,987],{},"需要逐步地调整酒的口味来适应未来的年轻人吗？",[904,1704,1705,1707,1708,1710,1711,1713,1714,1716,1717,1038,1719,1721,1722,1724,1725,1727],{},[907,1706,909],{}," 你是说让",[907,1709,987],{},"改成红酒的口味么？跟不喝",[907,1712,987],{},"的人说",[907,1715,987],{},"就像跟鱼说岸上行走的感觉一样，或者跟不会打高尔夫的人说打高尔夫的乐趣一样。",[907,1718,987],{},[907,1720,987],{},"就因为它是",[907,1723,987],{},"，改了就玩完了！",[907,1726,987],{},"酒的销量在酒的总销量里比例非常小，没啥好担心的。(2015-06-13)",[904,1729,1730],{},"网友：现在茅台零售价混乱，厂家指导价是1299，市场都超过1500元，还断货，存在炒作存货问题，如果蔓延下去，过去的酒价断崖下跌将会重演，请教一下您有什么好的处理方法？",[904,1732,1733,1735],{},[907,1734,909],{}," 你希望怎么样？为什么？（2017-08-14）",[904,1737,1738],{},"网友：对于茅台的金融布局段总如何评价？",[904,1740,1741,1743],{},[907,1742,909],{}," 增加股东风险的有效办法。希望只是有限的很小的风险。（2017-08-14）",[904,1745,1746],{},[907,1747,1748],{},"2）．假酒",[904,1750,1751],{},"网友：正好有关于白酒想请教下，就是大概5年前也看过茅台，当时感觉就是单价上涨有限制，只能从销量上看，但销量又受制于产量，看了几篇文章都说是很难复制生产环境，这样就把它放入低增长的类别了。现在往前看，16年之前产量和销量都还平稳，不知怎么到了16年产量大幅增长，看组成估计是其他系列酒的大幅增长（没有15年对比），17年上半年产量增长更为迅猛。",[904,1753,1754],{},"想请教段总的就是飞天茅台每年产量现在能大幅增长呢？如果是的话，飞天茅台可以复制环境呢？如果不是，那茅台销售额的增长中，除了其他系列酒销售额增长外，那飞天茅台的销量增长主要是多销售了五年前的存货呢？因为只喝过一次茅台，也没去过茅台镇，确实感觉看不懂。",[904,1756,1757,1759],{},[907,1758,909],{}," 茅台的生意模式好，别的你自己慢慢看吧。（2017-11-24）",[904,1761,1762],{},"网友：茅台酒换了董事长，说是要大干快上了，企业文化或会变化？",[904,1764,1765,1767],{},[907,1766,909],{}," 茅台就是那个53度飞天，谁改谁下台哈。（2018-05-20）",[904,1769,1770,1772],{},[907,1771,909],{}," 芒格的建议很好。另外，看三年五年是比看十年难的，基本上可以说，看得越短越难。（2018-10-09）",[904,1774,1116,1775,1777,1778,1780],{},[907,1776,987],{},"的优点太多了，不怕库存、追加固定资产较少、好产品、国内的面子送礼文化。当我们普通人有能力消费时，肯定会首选",[907,1779,987],{},"，如同现在的中华烟。",[904,1782,1783,998,1785,1788,1789,1792],{},[907,1784,909],{},[907,1786,1787],{},"酒这个行业确实不错，毛利高但新牌子少","。(其实很久没见过新牌子了，哪怕有些很有实力想建新",[990,1790,135],{"href":1791},"\u002Fpinpai","的公司好像也没啥办法。)(2019-04-11)",[904,1794,1795,1796,1436,1799,1801],{},"网友：在你看来",[907,1797,1798],{},"苹果",[907,1800,987],{},"有哪些共性？",[904,1803,1804,1806,1807,1809,1810,1812,1813,1815,1816,1818,1819,1821],{},[907,1805,909],{}," 产品文化和",[907,1808,1435],{},"都很好。整个",[990,1811,129],{"href":992},"方面，",[907,1814,987],{},"由于某些原因不如",[907,1817,1798],{},"，但",[907,1820,1435],{},"的强大能弥补一些。(2019-06-19)",[904,1823,1824],{},"网友：大道，茅台提价的本质是什么？",[904,1826,1827,1830],{},[907,1828,1829],{},"段永平"," ：需求。（2019-08-21）",[904,1832,1833,1834,1836],{},"网友：请教",[907,1835,987],{},"核心价值的源头在哪里？",[904,1838,1839,1841,1842,1844],{},[907,1840,909],{}," 好喝！对喜欢喝",[907,1843,987],{},"的人来说。(2020-11-30)",[904,1846,1847,1848,1850,1851,1853,1854,1856],{},"最近有机会品尝(抿了抿)了几次",[907,1849,987],{},"，有30年的和50年的。由于自己不喝白酒，所以还是体会不深，但能体会喜欢",[907,1852,987],{},"的人对",[907,1855,987],{},"的感觉，确实不一样。(2010-07-05)",[904,1858,1859],{},"网友：对于我来说喝酒不如喝杯奶茶开心。",[904,1861,1862,1864],{},[907,1863,909],{}," We don't know what we don't know.(我们不知道我们不知道的东西。)(2024-06-29)",[904,1866,1116,1867,1869,1870,1872],{},[907,1868,987],{},"的搭售长期看违背市场经济底层逻辑。就好像",[907,1871,1798],{},"公司如果搞搭售，那是什么状况。",[904,1874,1875],{},"大道：任何人搞搭售都是短视的。（2025-01-04）",[904,1877,1878,1879,1881],{},"网友：大道，如果今天的",[907,1880,987],{},"由您来操盘，您会重点在哪些方面发力？",[904,1883,1884,1885,1887,1888,1890,1891,1893],{},"大道：如果让我管",[907,1886,987],{},"，我会尽全力找到杜绝假",[907,1889,987],{},"，同时加强网上的销售和管理的办法，比如在天猫京东拼多多都卖按",[907,1892,987],{},"统一的零售价的飞天，不按规矩的就不再给他们货就好。？不在其位，其实很难知道在发生什么，我说的都是直觉而已哈。（2025-10-26）",[904,1895,1116,1896,1898,1899,1901,1902,1904],{},[907,1897,987],{},"三季度利润已经零增长了，如果",[907,1900,987],{},"未来两三年开启负增长阶段，再过三年出现个位数增长，导致用了好几年才重回双位数增长状态，您会下修对",[907,1903,987],{},"的价值判断吗？",[904,1906,1907],{},"大道：不会。（2025-10-31）",[904,1909,1910,1911,1913,1914,1916,1917,1919,1920,1922,1923,988,1925,1927],{},"网友：大道老师，在i",[907,1912,987],{},"上看到上线了",[907,1915,987],{},"葡萄酒，在新闻上也看到了",[907,1918,987],{},"想要产品结构多元化，以多价位、多场景产品矩阵覆盖不同消费层级，分流飞天",[907,1921,987],{},"的单一需求压力。您怎么看待品类的扩展？会对",[907,1924,987],{},[990,1926,135],{"href":1791},"有影响么？",[904,1929,1930],{},"大道：只要飞天不变，别的影响都不大。（2025-11-03）",[904,1932,1933,1934,1936,1937,1939,1940,1942],{},"网友：我了解到",[907,1935,987],{},"酒过去这么年，喝掉的都是比出厂的少，那长此以往社会上堆积的",[907,1938,987],{},"酒会越来越多，增速会大幅超过社会消费和财富的增速，有个大致的估算，如果",[907,1941,987],{},"不减产，即便按比较乐观消费需求计算，十年以后，社会库存会超过10亿瓶。您怎么看这个社会库存无限增长，以致最终超出库存的最大承载力的问题呢？",[904,1944,1945,1946,1948],{},"大道：我不知道世界名酒里哪个酒不是销量大于消费量的。不用担心",[907,1947,987],{},"是不是会减产的问题，该减时他们自然会减的。（2025-11-05）",[904,1950,1951,1952,1954],{},"网友：Costco（美国）又有",[907,1953,987],{},"卖啦。",[904,1956,1957,1958,1960],{},"大道：",[907,1959,987],{},"“国际化”的标志哈。（2025-12-02）",[904,1962,1963],{},"网友：据说基本卖给的是华人，外国人也有，但非常少。",[904,1965,1966],{},"大道：99%以上吧，我猜。（2025-12-03）",[904,1968,1969,1970,1972],{},"网友：今天买到了跟大道成本很接近的",[907,1971,987],{},"。",[904,1974,1975],{},"大道：140？（2025-12-08）",[904,1977,1978],{},"网友：应该是大道最近一次加仓成本。",[904,1980,1981],{},"大道：这个是正解哈。（2025-12-09）",[904,1983,1984,1985,1987,1988,1990,1991,1993,1994,1996],{},"网友：上周日在西贝吃饭，我旁边有两个中年男人带孩子吃饭，正在聊天，说到了白酒和",[907,1986,987],{},"，其中一个说：“自从那次喝了",[907,1989,987],{},"酒，改变了自己对",[907,1992,987],{},"的认知”，另一个说：“之前喝的都是假",[907,1995,987],{},"”。",[904,1998,1999,2000,2002,2003,2005,2006,2008],{},"大道：这个很像我以前说过的那个例子：我的一个朋友以前除了",[907,2001,987],{},"什么酒都喝，后来搬到温哥华后突然变成除了",[907,2004,987],{},"别的（白）酒都不喝了。我问他为什么，他说他在加拿大喝到真",[907,2007,987],{},"了。（2025-12-26）",[904,2010,1116,2011,2013],{},[907,2012,987],{},"的系列酒需要经销商来大力推广。飞天五星都走电商，系列酒咋办？",[904,2015,2016],{},"大道：系列酒能卖多少卖多少呗，搭售是我见过的最不明智的销售方式之一。（2026-01-02）",[904,2018,2019,2020,2022],{},"网友：段总，搭售其实是个好手段，类似爱马仕的配货，是极大提高利润率的。",[907,2021,987],{},"的老酒取之不尽用之不竭，比如八十年礼盒，每个年份随便掺一点点就能卖小二十万，全世界的烈酒公司没有这种先例。",[904,2024,2025],{},"大道：搭售几乎都是愚蠢的，虽然有些可以短期赚到粉丝的钱。（2026-01-08）",[904,2027,2028,2029,2031,2032,2035],{},"网友（川糖周掌门）：（发布文章《退货率1% vs 20%：一个",[907,2030,987],{},"经销商直播的实证比较，",[907,2033,2034],{},"腾讯","视频号的“后发制人”》）",[904,2037,2038],{},"链接：https：\u002F\u002Fxueqiu.com\u002F8106514687\u002F369625965",[904,2040,2041,2042,2044],{},"大道：关注了。难得见到",[907,2043,987],{},"销售前线的人出来说话，所以一定要关注一下哈。（2026-01-14）",[904,2046,2047],{},"网友：你要买就买，说什么对他产生100%信任。你这么说分明就是想甩锅给他。",[904,2049,2050],{},"大道：是啊，也不想想他怎么能爬到巨人的肩膀上的，不怕摔下来么？（2026-01-15）",[904,2052,2053,2054,2056,2057,2059],{},"网友：大道似乎和方丈一样，把打击",[907,2055,987],{},"假货放在首位。不知道是",[907,2058,987],{},"假货量太大，还是危害太大的原因？或者两者原因同样重要？",[904,2061,2062,2063,2065],{},"大道：假",[907,2064,987],{},"量其实未必很大，但心理威胁很大。（2026-01-21）",[904,2067,1116,2068,2070],{},[907,2069,987],{},"销量和人口数量弱相关，和财富总量强相关。大道是否认同这一点？",[904,2072,2073,2074,2076],{},"大道：只和想喝",[907,2075,987],{},"的人直接或间接相关，短期有很多干扰因素，相关系数不明。（2026-01-21）",[904,2078,2079],{},"网友：我是普通老百姓，每次聚在一起都是喝酒聊天，只有喝酒了才觉得其实人与人相处真的是很快乐。",[904,2081,2082],{},"大道：我能理解，我正在喝红酒，哈哈。（2026-01-21）",[904,2084,2085,2086,2088],{},"网友：大道昨天都加了（",[907,2087,987],{},"），今天早上梭哈了，作为大道老师的信徒，唯一能做的就是跟和梭哈了，几年后看结果。",[904,2090,2091,2092,2094],{},"大道：你着哪门子急？拿别人壮胆是没有用的。",[907,2093,987],{},"一时半会儿也许不会“反弹”，你这种梭哈心态很可能会难受很久的。（2026-01-22）",[904,2096,2097,2098,2100],{},"网友：段总你发这么多关于",[907,2099,987],{},"的帖子是想稳住股民的军心害怕踩踏，还是你急了？",[904,2102,2103],{},"大道：哈，我为什么会急？我是希望多跌一点的。你很急吗？（2026-01-22）",[904,2105,2106],{},"网友：能到1200嘛，我想买。",[904,2108,2109],{},"大道：什么都有可能的，但真到1200的时候，你大概率也是不会买的。（2026-01-22）",[904,2111,2112,2113,2115,2116,2118],{},"网友：国内顶级白酒只有",[907,2114,987],{},"和其他，相信不久",[907,2117,987],{},"就能走向世界，受到绝大多数人的认可和购买，对标世界名酒拉菲、康帝。",[904,2120,2121,2122,2124,2125,2127],{},"大道：拉菲和康帝就不是一个级别的酒。",[907,2123,987],{},"早就走向世界了，因为",[907,2126,987],{},"的客户走向世界了。（2026-01-26）",[904,2129,1116,2130,2132,2133,2136],{},[907,2131,987],{},"和喜诗一样可以提价，",[907,2134,2135],{},"可口可乐","靠的是销量，不好提价。",[904,2138,1957,2139,2141],{},[907,2140,2135],{},"以前是5分钱一罐。（2026-01-26）",[904,2143,2144,2145,2147,2148,2150,2151,1972],{},"网友：i",[907,2146,987],{},"天天抢不上有什么担心的，真要到1200了我拿",[907,2149,2034],{},"换",[907,2152,987],{},[904,2154,2155],{},"大道：这两天我用神华换了些。（2026-01-29）",[904,2157,2158,2159,2161,2162,2164],{},"那天卖了一些神华（港股）换了一些",[907,2160,987],{},"，没想到机会窗口那么小。其实这个交易还蛮麻烦的，要先卖了港股，再换成人民币再买",[907,2163,987],{},"。然后刚刚开始忙就收盘了。上午11:30收盘这个规矩让我很麻烦哈。（2026-02-03）",[904,2166,2167],{},"网友：今天的大涨不会是大道的账户买上去的吧。",[904,2169,2170],{},"大道：今天真没买，一看涨了很多就跑来看雪球了。（2026-01-29）",[904,2172,2173],{},"网友：掌门，请教个一直很困惑但小白的问题，开瓶率是怎么统计出来的？",[904,2175,2176,2177,2179],{},"大道：对呀，开瓶率怎么能知道呢？ 手机可以看到激活码，",[907,2178,987],{},"现在这么先进了吗？（2026-01-29）",[904,2181,2182],{},"网友：存酒的话两斤装的和一斤装的哪种更好啊？",[904,2184,2185],{},"大道：两斤装的好像放久了确实要好很多，不知道是不是心理作用。我现在有时候会在睡前喝点两斤装的（塑化剂事件时买的），感觉能睡得更好。（2026-01-29）",[904,2187,2188,2189,2191],{},"我有过几次睡前喝了点",[907,2190,987],{},"，结果发现深睡眠到了三个多小时，平时到两个小时就很好了。（2026-02-02）",[904,2193,2194],{},"网友：当时看的时候印象深刻，我还以为以后不会碰到掉下来的情况了呢。没想到真的碰到了。",[904,2196,2197],{},"大道：以后还会有的。（2026-01-30）",[904,2199,2200,2201,2203,2204,2206],{},"网友：段叔您好 您觉得",[907,2202,987],{},"有没有必要做一些i",[907,2205,987],{},"的公仔出来 搭配酒里送给顾客 这样大家摆放家里或者送小朋友 在生活中对年轻客户也形成一种持续推广 因为那公仔形象还是挺可爱的。",[904,2208,2209],{},"大道：小朋友，喝酒的这些都是大人，谁能挂个拉布布在酒瓶上面？我猜，大部分喝酒的人都不是那么希望他们的小朋友对酒感兴趣的。（2026-02-03）",[904,2211,1116,2212,2214,2215,2217,2218,2220],{},[907,2213,987],{},"召开媒体见面会时透露了一个数据，说：“",[907,2216,987],{},"酒应该说前几年一直非常紧张，但是",[907,2219,987],{},"的库房现在有120多栋，每栋库存有6层楼，我们储存了接近14万吨基酒。”14万吨酒按500元\u002F斤算就是1400亿，现在的价怎么算也不亏。",[904,2222,2223,998,2225,2227,2228,2230],{},[907,2224,909],{},[907,2226,987],{},"这个生意和我们的消费电子比较起来，最大的差别可能就在库存上。我们这个行业的库存几乎就是垃圾，",[907,2229,987],{},"几乎就是个宝。",[904,2232,2233],{},"网友：几千和几万一瓶的红酒喝起来的口感到底有啥不一样呢？",[904,2235,2236,2238],{},[907,2237,909],{}," 没啥不一样，就是“钱多人傻”呗。",[904,2240,2241],{},"网友：送股的意义何在？",[904,2243,2244,2246],{},[907,2245,909],{}," 长期而言，送股除了能增加一点交易费用外是没有任何意义的！",[904,2248,2249],{},"网友：高度酒没有保质期，可以长期存放，茅台这个生意模式还有个极大的好处是不需要售后服务。",[904,2251,2252,2254],{},[907,2253,909],{}," 酒都如此。",[904,2256,2257],{},"网友：个人认为这个东东如果真做的很到位，对业绩的促进会很恐怖。",[904,2259,2260,2262],{},[907,2261,909],{}," 主要是那些本来偶尔想喝一点茅台庆祝一下某件事的人们的采购机会大幅度提高了。以前人们多数是不敢买的，因为不知道真假。",[904,2264,2265],{},"网友：我老家在遵义，有几个高中和大学同学的父母在里面任职。茅台产量就那么多，永远是供不应求。",[904,2267,2268,998,2270],{},[907,2269,909],{},[907,2271,2272],{},"2）量价齐升",[904,2274,2275],{},[907,2276,2277],{},"1）．多元化",[904,2279,2280,2281,2283],{},"网友：2025年申请直购",[907,2282,987],{},"的资格是不是变得容易了？",[904,2285,2286,2288,2289,2291],{},[907,2287,909],{}," 到目前为止我这个朋友还没有。（2025-06-21）（指还没能够申请到直购",[907,2290,987],{},"的资格）大家在害怕什么呢？有点意思！",[904,2293,2294,2295,2297],{},"网友：大道，",[907,2296,987],{},"的中报出了，您怎么看？",[904,2299,2300,998,2302,2304],{},[907,2301,909],{},[907,2303,987],{},"出财报了？有什么好看的？（2025-08-13）",[904,2306,2307,2308,2310,2311,2313],{},"网友：段总，关于",[907,2309,987],{},"有一种说法：库存的",[907,2312,987],{},"量太大，消化库存需要很长时间，有“堰塞湖”效应。请问您怎么看？",[904,2315,2316,2318],{},[907,2317,909],{}," 你看看我的说法，别拿这些不着调的东西来打扰我。（2025-08-14）",[904,2320,1116,2321,2323],{},[907,2322,987],{},"销售价一直下降你就不担心吗？",[904,2325,2326,2328],{},[907,2327,909],{}," 你担心什么？（2025-10-14）",[904,2330,2331],{},"网友：阿段，如果需要在A股市场矮子里面选将军的话，你会选择那几只？",[904,2333,2334,2336,2337,2339,2340,2342],{},[907,2335,909],{}," 我说过，两只啊。一只是",[907,2338,987],{},"，另一只也是",[907,2341,987],{},"。（2025-10-19）",[904,2344,2345,2346,2348,2349,2351,2352,2354],{},"网友：买",[907,2347,987],{},"睡觉确实要安心点，但是",[907,2350,987],{},"的增长感觉没",[907,2353,2034],{},"高呢，大道能都指点一下。",[904,2356,2357],{},"大道：要钱还是找你爸妈吧，我该说的都说过了。（2026-02-04）",[904,2359,2360],{},"网友：不太想分析二季报，因为对我来说看财报还是个麻烦事儿。我还是那个逻辑：人们不会缺少对美好生活的向往，适量的酒精一定会给到人情绪价值，中国条件好的一些人一定会有兴趣尝一尝茅台。所以茅台利润不涨或者微降，甚至可以很多年不涨，对我来说都是可以接受的。",[904,2362,2363],{},"大道：其实就是53度飞天量价齐升。其他酒量价齐跌？以前是靠53度飞天去拉升其他酒，现在回归本源了。以后的销量和价钱都会原来越真实了。（2026-08-18）",[899,2365,2367],{"id":2366},"第四节-塑化剂往事与品牌信心","第四节 塑化剂往事与品牌信心",[904,2369,2370,2371,2373],{},"网友：纠结年轻人喝不喝白酒的，大概率不会买",[907,2372,987],{},"；担忧泡泡玛特能否持续制造爆款IP的，也大概不会买泡泡玛特，因为两者都不是本质问题。",[904,2375,2376],{},"大道：年轻人一直都不喝白酒的，overall。（2026-04-04）",[904,2378,2379,2380,2382],{},"网友：段总好！请问您怎么看待10年后的",[907,2381,987],{},"？",[904,2384,2385,2386,2388],{},"大道：我对",[907,2387,987],{},"的观点10年后大概率不会有啥变化。（2026-04-10）",[904,2390,2391,2392,2394],{},"网友：段总公开支持",[907,2393,987],{},"后，一年内又再跌了一半。没有人能预估市场，但最终会涨回它应有的价值。",[904,2396,2397,2398,2400,2401,2403,2404,2406],{},"大道：你新来的不要乱讲好不好！大道公开支持",[907,2399,987],{},"是塑化剂期间，大道在美国送检",[907,2402,987],{},"然后在雪球上公布了化验结果，大道就是那个时候开始买",[907,2405,987],{},"的。早年看我的东西的人都知道的。不过，大多看了也是白看的。（2026-04-14）",[904,2408,2409,2410,2412,2413,2415],{},"大道（转AI回答）：（大道随后让AI检索了“美国送检”的源头帖并转贴）时间是2013年1月28日凌晨，雪球网友“地面静风”发表博客，披露在美国送检3瓶",[907,2411,987],{},"酒的检测结果：购酒地点是美国加州山景城99 Ranch Market，外加一瓶自己收藏的30年",[907,2414,987],{},"；送检机构为Applied Technical Service、Exova、Impact Analytical三家实验室；结果是三瓶中两瓶未超标，一瓶53度飞天DEHP超标约60%，引发市场“美版塑化剂风波”。",[904,2417,2418,2419,2421],{},"多家媒体当时报道，市场普遍怀疑“地面静风”背后真正出资送检的是",[907,2420,1829],{},"本人。",[904,2423,2424,2425,2427,2428,2430],{},"以上是AI找到了。送检之后我认为",[907,2426,987],{},"绝对没有故意加塑化剂的动机，然后开始买的",[907,2429,987],{},"。大概2013年的事情。（2026-04-14）",[904,2432,2433,2434,2436,2437,2439],{},"大道：有个小笑话：送检的53度飞天我们一共买了两瓶，一瓶送检一瓶保留做比对样本。送检完了后我还对比着喝过，觉得我的30年的酒比刚买的新酒好喝很多。那时还不是那么了解",[907,2435,987],{},"，一直觉得99大华买的",[907,2438,987],{},"可能是假的。好几年后才突然醒悟到不好喝是因为那是新酒，和放了一段时间的30年的老酒真是天差地别哈。（2026-04-14）",[904,2441,2294,2442,2444],{},[907,2443,987],{},"业绩怎么看？",[904,2446,1957,2447,2449,2450,2452],{},[907,2448,987],{},"还是那个",[907,2451,987],{},"啊，what's your 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