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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":584,"body":895,"category":416,"chapterOrder":30,"date":10,"description":586,"extension":1837,"meta":1838,"navigation":1839,"order":587,"path":1840,"seo":1841,"seoDescription":586,"seoTitle":1842,"slug":585,"source":10,"sourceDate":10,"sourceUrl":10,"stem":1843,"tags":1844,"type":424,"volume":567,"volumeOrder":20,"__hash__":1848,"_collection":1849},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-maotai-02.md",{"type":896,"value":897,"toc":1829},"minimark",[898,903,907,914,917,922,925,930,943,949,952,955,960,963,966,969,974,977,980,983,988,991,996,999,1004,1028,1036,1039,1044,1047,1052,1058,1069,1079,1082,1085,1094,1100,1103,1106,1109,1118,1121,1127,1137,1150,1161,1165,1168,1173,1176,1186,1191,1194,1205,1211,1214,1217,1220,1225,1240,1246,1251,1257,1264,1270,1276,1294,1297,1300,1303,1306,1312,1317,1321,1333,1336,1342,1345,1354,1367,1375,1378,1381,1384,1387,1393,1402,1405,1408,1411,1414,1417,1420,1426,1432,1444,1447,1450,1455,1464,1467,1473,1476,1480,1485,1497,1500,1503,1515,1520,1523,1529,1532,1538,1541,1559,1574,1577,1586,1598,1602,1614,1617,1622,1625,1630,1633,1636,1642,1653,1662,1673,1682,1685,1709,1726,1735,1738,1741,1746,1748,1750,1754,1760,1781,1787,1790,1802,1823,1826],[899,900,902],"h2",{"id":901},"第一节-管理层与公司治理","第一节 管理层与公司治理",[904,905,906],"p",{},"网友y：其实如果长期跟踪五粮液，管理层前后言行不一。买这样的公司很难放心。晚上睡不好觉！而茅台就可以放心睡懒觉！这就是我不买五粮液买茅台的最大原因！",[904,908,909,913],{},[910,911,912],"strong",{},"段永平："," 要明白自己说啥也不容易。让我想起一家做网络游戏的公司的愿景就是要做别的。（2012-12-18）",[904,915,916],{},"网友：如果遇到一个不错的生意，但管理层不是那么理想该怎么抉择呢？",[904,918,919,921],{},[910,920,912],{}," 补充一下，老有人认为maotai生意不错但管理层不理想。关键是对maotai的理想管理层是什么样的呢？maotai这么多年走过来，越走越好，然后非说人家管理层不好是不是有点不厚道哈。（2013-03-01）",[904,923,924],{},"网友：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。",[904,926,927,929],{},[910,928,912],{}," 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计的。(2013-06-12)",[904,931,932,933,936,937,939,940,942],{},"i",[910,934,935],{},"茅台","这个主意非常好，用户至少知道上哪里去买真酒，应该给管理层一点掌声！道理上来说，供求平衡的价格是比较接近合理的，目前这种中签率说明",[910,938,935],{},"零售价不是很合理。希望i",[910,941,935],{},"的量会慢慢占到主流，这样能够平滑地解决很多矛盾。(2022-04-01)",[904,944,945,946,948],{},"我要是",[910,947,935],{},"，我就悬赏一个或几个小目标给能彻底解决假货的企业或个人，发动全社会来干这件事情。打假是件非常难的事情，那些说“只要……就……”的一般都是没认真面临过假货问题的。(2023-03-20)",[904,950,951],{},"网友S：不赞同你的意见。我认为茅台的核心管理层应该是中国最优秀的管理团队之一，茅台在大的战略方面几乎没有犯过错，他们一直很专注于企业品牌建设和核心产品的品质保证，虽然管理层默默无闻，但茅台却无人不知。他们心中是没有对手的（不像汾酒），这样的企业是无敌的！对于有些批评茅台不断扩产的论调，我觉得肯定是不了解茅台和中国白酒业现状的。",[904,953,954],{},"请不要一棒子打死国企的管理者，体制虽有问题，但精英并不少。",[904,956,957,959],{},[910,958,912],{}," 人家这么多年下来，做了这么好的酒，然后我们说人家如果水平高点就好了，听着很不合适哈。（2013-11-01）",[904,961,962],{},"网友：一项证明茅台管理层管理营销水平高明的举措：成立贵州茅台酒个性化定制营销有限公司，实施“茅台酒个性化定制营销”战略，是对茅台“八个营销”创新模式的充实和发展。",[904,964,965],{},"上述个性化定制公司针对全球名人、中小企业主、个人与家庭客户、渠道客户、政府或集团客户提供各种品质的茅台酒及系列酒定制服务，例如：区域性地理和历史文化定制、企事业专属定制、特殊纪念日定制、大型事件定制、个性时尚定制等。",[904,967,968],{},"这种定制必然对企业团队客户的纪念性酒的定制市场是个很好的激活，这不就证明茅台管理层的管理其实很高明的。",[904,970,971,973],{},[910,972,912],{}," 其实就是把以前只给小众的产品开放了。（2013-11-18）",[904,975,976],{},"网友：我觉得许多事情弊和利是相互的。比如茅台治理结构不完善，管理人员都要政府部门任命，本来是坏事。但由于茅台类似贡酒的这种定位，导致任何人来做公司领导，为了乌纱帽也不敢不搞好质量，反而有利茅台好企业文化的形成。",[904,978,979],{},"还有，由于茅台股份的“外部董事不过半”，导致“不能实施股权激励措施”，可能应对市场不够灵活，但是管理层因此追求利益至上的动力也不足，也有利于继续保持好的企业文化。",[904,981,982],{},"有一阵担心茅台是否会为了适应新形势追求产能，放松质量，但是看到“未来5－10年，公司将坚持‘质量兴企’、‘环境立企’的战略规划，牢牢把握发展酱香酒这一主导产业地位不动摇，继续稳步提升高端，快速发展中端，保持高端白酒优势地位，进一步坚定茅台酒高品质、高品位、高品牌的路线。”就比较放心。茅台的管理层其实还是不错的。",[904,984,985,987],{},[910,986,912],{}," 你本末倒置了吧？茅台的文化中好的那部分不是来自国企，但不好的那部分确实好像有关系。多数企业一旦有了某年要冲多少亿的目标后，或多或少就可能会对质量产生影响。有时候感觉他们好像自认为手里同时有着什么都可以刺穿的矛和什么都刺不穿的盾。（2014-01-26）",[904,989,990],{},"网友Y：很好的商业模式。来个给力管理层多好啊。就担心七大姑，八大姨的做加法。",[904,992,993,995],{},[910,994,912],{}," 说茅台管理层不给力其实未必公道。（2014-03-26）",[904,997,998],{},"网友：茅台也是一家有利润之外追求的公司。茅台他会创市值之新高的。",[904,1000,1001,1003],{},[910,1002,912],{}," 茅台目前还不太像一家有利润之上追求的公司，不然集团不会有那么多种酒，也不会有某某年要多少营业额的目标。茅台顶多算是取之有道吧，但作为国有企业，相对而言，茅台算是很不错的公司了。当然，由于属性所致，茅台管理层是有可能有利润之外的追求的，这里不是指目前的管理层，只是泛指。（2014-08-07）",[904,1005,1006,1007,1009,1010,1012,1013,1015,1016,1018,1019,1021,1022,1024,1025,1027],{},"网友：除了",[910,1008,935],{},"手机、",[910,1011,935],{},"空调，其他都会有的。",[910,1014,935],{},"机场、",[910,1017,935],{},"文化中心、",[910,1020,935],{},"生态园区、",[910,1023,935],{},"旅游园区也会有的。",[910,1026,935],{},"留了很多钱，总要发展嘛，不然钱有什么用？管理层能力怎么体现？",[904,1029,1030,1032,1033,1035],{},[910,1031,912],{}," 地方的东西可能是不得已而为之的，冠名的东西有时候也说得过去。最怕",[910,1034,935],{},"扩展产品线，不过似乎目前还比较清醒，在减掉一些不太合适的东西。(2015-02-17)",[904,1037,1038],{},"网友：茅台在筹划股权激励，段大哥会不会担心茅台管理层为追求快而大而让严苛质量的企业文化有所变化。",[904,1040,1041,1043],{},[910,1042,912],{}," 不担心！茅台的品质文化已经形成，相当长时间里大概没人敢动的。（2015-04-21）",[904,1045,1046],{},"网友：酒的质量对于公司的重要性，觉得管理层有着清晰的认识。其他的都好，就是觉得“注重做大做强”这个策略还是怪怪的，而且把大放在强的前面，自己觉得留了点小遗憾。",[904,1048,1049,1051],{},[910,1050,912],{}," “做大做强”是果不是因，这话像说给领导听的？（2015-04-21）",[904,1053,1054,1055,1057],{},"网友：大道老师您好，对于今天官宣的",[910,1056,935],{},"集团换帅您有什么看法吗？",[904,1059,1060,1061,1065,1066,1068],{},"大道：又又又换帅了？！确实有点太频繁了！不过这也确实说明",[1062,1063,64],"a",{"href":1064},"\u002Fshangyemoshi","强大，就是巴芒说的这是个傻子都能经营的企业。只要没人改53度飞天",[910,1067,935],{},"的流程，似乎换谁都是伤害不大的事情。（2025-10-26）",[904,1070,1071,1072,1074,1075,1078],{},"网友：",[910,1073,935],{},"的",[1062,1076,175],{"href":1077},"\u002Fzaozhongren","是季克良吗？",[904,1080,1081],{},"大道：他起了至关重要的作用。（2025-12-13）",[904,1083,1084],{},"网友：记得他老早就这么说过了",[904,1086,1087,1088,1090,1091,1093],{},"大道：是的，我一直认为季克良在让",[910,1089,935],{},"成为今天的",[910,1092,935],{},"上起了至关重要的作用。（2025-12-14）",[904,1095,1096,1097,1099],{},"网友：大道做CEO，",[910,1098,935],{},"股价上1万指日可待。",[904,1101,1102],{},"大道：站着说话不腰疼！（2026-01-21）",[904,1104,1105],{},"网友（川糖周掌门）：严重同意，尤其是回头看去年底25年11月、12月的情况，我相信管理层顶着压力冒风险做的决策。",[904,1107,1108],{},"大道：顶着压力有可能，商业风险是零。（2026-02-03）",[904,1110,1111,1112,1114,1115,1117],{},"网友：因为有差价，黄牛就用各种手段在i",[910,1113,935],{},"上抢，转手每瓶加价100–150卖给他人，这种行为技术手段解决，不如加价来解决，我上周已经给",[910,1116,935],{},"管理层提过建议，不知他们能否采纳？",[904,1119,1120],{},"大道：加价不可能完全解决的，但技术上很可能有办法。（2026-02-03）",[904,1122,1123,1124,1126],{},"网友（川糖周掌门）：（发布对于",[910,1125,935],{},"1月成绩的判断）",[904,1128,1129,1131,1132],{},[910,1130,912],{}," 链接：",[1062,1133,1134],{"href":1134,"rel":1135},"https:\u002F\u002Fxueqiu.com\u002F8106514687\u002F374513146",[1136],"nofollow",[904,1138,1139,1140,1143,1144,1146,1147,1149],{},"网友：请问大家有哪些",[1062,1141,155],{"href":1142},"\u002Fqudao","可以联系到",[910,1145,935],{},"管理层？我想告诉他们，现在西瓜视频、抖音直播卖假",[910,1148,935],{},"太猖獗了。",[904,1151,1152,1154,1155,1157,1158,1160],{},[910,1153,912],{}," 我觉得真的喝",[910,1156,935],{},"的人大概率是不会上当的。（2025-09-22）\n今天买了点",[910,1159,935],{},"。（2025-10-13）",[899,1162,1164],{"id":1163},"第二节-渠道直销与价格体系","第二节 渠道、直销与价格体系",[904,1166,1167],{},"网友：我在华致酒行买了两箱茅台24支，价格到了1000元。我对现在茅台的渠道管理有点担心，专营店卖1500，其他经销商卖1200-1300，网上卖900多元，这样假酒有了新渠道，打假难度大了。不知道有什么好的解决之道？",[904,1169,1170,1172],{},[910,1171,912],{}," 希望你别买到假酒啊。最近我在美国的华人超市居然买到了假茅台。我严重怀疑现在拼命降价的大多是假茅台（我后来找到真茅台的买法了）。",[904,1174,1175],{},"除了喝以外我没有别的办法，所以找到一个只卖真酒的人就行。国内也许到公司直营店买比较靠谱？不要去贪便宜，外面传的那些便宜的非常可能就是假酒。（2013-04-24）",[904,1177,1178,1179,1181,1182,1185],{},"网友Y：今天在深圳SAM。整箱拿是11760．平均单价是980\u002F瓶。看了有15分钟。买了6箱。不知道其他",[1062,1180,155],{"href":1142},"买的怎么样。SAM我是每周都调研的（离家比较近）。感觉销量比较",[1062,1183,216],{"href":1184},"\u002Flixing","。昨天看的50箱酒有20箱是8月\u002F31日。有30箱是9月3日。全国就8家SAM。没有代表性。有其他渠道了解信息的博友吗。",[904,1187,1188,1190],{},[910,1189,912],{}," 我们公司的人建了个微信群，我在群里问大家团购价的茅台要不？结果大家要了不到3吨。我们自己派车去茅台拉的，一路直播，就为了是真货。（2013-09-29）",[904,1192,1193],{},"网友：段兄的这句话，我琢磨了一天，大家都在说茅台现在处于困难时期，我也这样认为，但经段兄这么一说，我才认真考虑茅台现在困难吗？茅台现在只是没有了加速度，但速度并没有变慢，仍在大把的赚钱而且手里有大把地现金，护城河没有变窄，这算困难吗？世界上没有如何一个事物可以一直有加速度。",[904,1195,1196,1197,1200,1201,1204],{},"老巴与段兄多次说过要站在企业所有人和",[1062,1198,82],{"href":1199},"\u002Fxianjinliu","的角度考虑问题，我完全认可，但能否完全融到骨髓里，则不一定，当我笼统的认为茅台困难的时候，实际上我潜意识里还是用",[1062,1202,119],{"href":1203},"\u002Ftouji","的思维惯性考虑这个问题。",[904,1206,1207,1210],{},[910,1208,1209],{},"段永平：从企业所有人的角度考虑是关键！"," （2014-10-20）",[1212,1213],"hr",{},[904,1215,1216],{},"07．私募网友：我们用买股票就是买公司的理念看3～5年，还没到您的段位可以看10年，但实践中在国内做私募基金会遇到净值回撤的问题，尤其今年的A股市场，渠道或客户会有压力反馈过来，很难做到越跌越买，因为仓位重了一跌可能会涉及平仓线，国内合同一般下跌20%平仓。好像李录早期也遇到这个问题芒格建议他改成有限合伙。请教段总有没什么好的建议）。",[904,1218,1219],{},"网友：我身边买过茅台的朋友，都有一个感觉：除了到厂家拉货，其他渠道都不敢100%保证是真货，即使是人民大会堂供应的茅台，都有人觉得不对。每个人都到茅台镇拉酒不太现实，我个人的推荐是：永辉超市茅台专柜，看上去是挺靠谱。段总，问您个问题，你们每年从厂家拉的几吨酒，都是内部消化喝掉了？",[904,1221,1222,1224],{},[910,1223,912],{}," 别人喝没喝我不知道，我买的好像大部分还在。以后缺钱时就拿瓶酒去换钱去。（2016-08-12）",[904,1226,1227,1228,1230,1231,1233,1234,1236,1237,1239],{},"网友：大道，我对",[910,1229,935],{},"消费量进行毛估估后有个疑问：",[910,1232,935],{},"2024年营收1700亿元，每瓶飞天出厂成本价约1500元，对应",[910,1235,935],{},"销量约1亿瓶（忽略其他系列酒影响），若平均到全国，每14个人应消费1瓶（假设均摊，不考虑重复消费和青少年人群）。但是以我自身观察，",[910,1238,935],{},"消费群体占社会总人数的比例少于1\u002F100。",[904,1241,1242,1243,1245],{},"我对1\u002F14和1\u002F100之间差距过大存在矛盾和疑问：是",[1062,1244,155],{"href":1142},"库存大，群体复购量大，还是我的推导依据有问题？",[904,1247,1248,1250],{},[910,1249,912],{}," 感觉像是逻辑有问题？（2025-08-11）",[904,1252,1253,1254,1256],{},"网友（川糖周掌门）：（分享",[910,1255,935],{},"经销商大会后的想法）",[904,1258,1259,1260],{},"链接：",[1062,1261,1262],{"href":1262,"rel":1263},"https:\u002F\u002Fxueqiu.com\u002F8106514687\u002F371070135",[1136],[904,1265,1266,1267,1269],{},"大道：感觉i",[910,1268,935],{},"至少基本解决了两个问题：1. 假酒问题基本解决，这个释放的购买力是难以想象的。2. 价格高企问题，这个释放的购买力也是巨大的。（2026-01-15）",[904,1271,1272,1273,1275],{},"网友（川糖周掌门）：最近我们的数据，不仅ⅰ",[910,1274,935],{},"的申购，我们经销商端飞天、精品、年份都卖的好，需求量上来很多，还有开瓶率也变的特别高。",[904,1277,1278,1279,1281,1282,1284,1285,1287,1288,1290,1291,1293],{},"大道：不意外，要过年了嘛。i",[910,1280,935],{},"这个时机非常好（其实任何时候都一样），大家可以看到",[910,1283,935],{},"的真实需求。很多家庭一年消费一瓶",[910,1286,935],{},"是不过分的（虽然很多人都是一箱一箱买的），i",[910,1289,935],{},"可以解决",[1062,1292,155],{"href":1142},"问题哈。我觉得这部分消费群体扩大完全可以弥补（甚至超过）因为大环境改变导致的消费减少。（2026-01-29）",[904,1295,1296],{},"网友：飞天从来没有抢到过，市场价卖1800左右，直营专卖店卖1719。",[904,1298,1299],{},"大道：要是一直抢不到的话，说明价格还没到位？那年底以前恐怕还会再涨一点。小步慢跑比较好。（2026-07-30）",[904,1301,1302],{},"网友：从茅台半年报数据看，系列酒营收大幅下滑，几乎全靠飞天放量支撑稳住了，而且i茅台增速特别快。这是大道说的“i茅台会再造一个茅台”以及“茅台就是那个53度飞天”的意思吗？",[904,1304,1305],{},"大道：我猜这个说明茅台开始不搭配系列酒了吧？这是个非常理智的选择，长期有利于健康。（2026-08-15）",[904,1307,1308,1309,1311],{},"网友：有个问题想了很久也没搞清楚，只好请教段总，像",[910,1310,935],{},"对经销商限制最低和最高零售价这种行为对企业会有什么好处呢？一般会产生什么影响？",[904,1313,1314,1316],{},[910,1315,912],{}," 假设你想做个百年老店，你也许能想明白。（2013-02-23）",[899,1318,1320],{"id":1319},"第三节-i茅台与数字化销售","第三节 i茅台与数字化销售",[904,1322,1323,1324,1326,1327,1329,1330,1332],{},"网友：大道你好，最近",[910,1325,935],{},"宣布取消分销模式，在i",[910,1328,935],{},"上以1499的价格直销飞天",[910,1331,935],{},"，想请教一下您对这一举措的看法，谢谢！",[904,1334,1335],{},"大道：虽然任何一个新的政策都是需要经过时间检验的，但这个看上去非常好。对消费者和公司都好。（2026-01-02）",[904,1337,1338,1339,1341],{},"网友：老段很早就希望",[910,1340,935],{},"这么干。",[904,1343,1344],{},"大道：确实是的。其实我猜他们也知道，只是没逼到那一步而已。谁都不傻，但很多历史问题需要契机来解决的。（2026-01-02）",[904,1346,1347,1348,1350,1351,1353],{},"网友：i",[910,1349,935],{},"上抢两天没抢到，",[910,1352,935],{},"下步会不会持股一手每个月可以买一瓶，稳定了股价，带动了消费。大道：绝不应该跟股权挂上钩的！（2026-01-04）",[904,1355,1356,1357,1359,1360,1363,1364,1366],{},"网友：如何看待i",[910,1358,935],{},"可以购买500ml飞天？是否能和01年",[910,1361,1362],{},"苹果","在弗吉尼亚州和加州开放官方零售店来类比？大道：哈，这个比喻很有趣。我当年非常惊讶",[910,1365,1362],{},"会那么做，后来才意识到那是因为他们真有那个实力哈。（2026-01-04）",[904,1368,1347,1369,1371,1372,1374],{},[910,1370,935],{},"开卖飞天真的很好，今天就抢到几瓶，再也不用担心碰到假货。就是天津不能门店自提，目前只能从仁怀快递，",[1062,1373,155],{"href":1142},"还需要时间去捋顺。",[904,1376,1377],{},"大道：自提会有门店混假的可能？现在快递费用够低，用这个办法对付假货是很有道理的。（2026-01-08）",[904,1379,1380],{},"网友：确实是这样，前几年不知道去哪里买真酒，超市的3000多，买不下手，现在好了，我觉得哪怕不是特别豪的，家里逢年过节开几瓶还是可以实现的。不过目前还是没有抢到呢，想着过年送几瓶给父母的。",[904,1382,1383],{},"大道：你说的这个是非常真实的消费场景。现在大家都知道哪里能买到真的了，总有一天会买到的。（2026-01-15）",[904,1385,1386],{},"网友：已到货，生产日期2026.1.19，发货日期2026.1.19，当天生产当天发货。",[904,1388,1389,1390,1392],{},"大道：这么说",[910,1391,935],{},"出货量是受到了生产量的限制了。由于工艺的要求（5年），53度飞天的产量是无法快速提起来的。（2026-01-23）",[904,1394,1395,1396,1398,1399,1401],{},"网友：大道怎么看虽然i",[910,1397,935],{},"做直销了，但是非标的出厂价跌了30%左右，直销的增长能弥补这个吗？大道：直销这个卖法，应该直接简单超过以前的营业额和利润了。解决了假冒问题，释放的购买力应该是非常惊人的。",[910,1400,935],{},"估计一时半会儿不敢放开来卖，毕竟这还是个新生事物，需要试试水哈。（2026-01-21）",[904,1403,1404],{},"网友：是的，一周前的订单都没有发货，影响购买体验感了。那倒推的话月底前就大概不用抢了，因为买了也收不到春节要喝的酒了。",[904,1406,1407],{},"大道：如果是实情的话，很可能是物流有点跟不上。毕竟刚刚开始做，需要时间去调整。也许明年这个瓶颈就能解决了。（2026-01-22）",[904,1409,1410],{},"网友：上周一抢了一件2斤装的飞天体验一下，已经10天了还没发货，打电话去门店问，说实在是太多订单，只能保证15个工作日内给发货。",[904,1412,1413],{},"大道：2斤装的比较合算。（2026-01-22）",[904,1415,1416],{},"网友：我1.13买的，现在还没发货，快10天了",[904,1418,1419],{},"大道：概率上都有可能发生。据网上说现在每天有二十多万瓶，而且是个新业务，有点乱是正常的。运气好的一两天，运气还不错的（至少抢到了）的稍微晚一点很正常哈。（2026-01-22）",[904,1421,1422,1423,1425],{},"网友（茅粉事务所）：（发布一篇文章《i",[910,1424,935],{},"正在影响哪些人？市场化分歧背后的数据｜调研》）",[904,1427,1259,1428],{},[1062,1429,1430],{"href":1430,"rel":1431},"https:\u002F\u002Fxueqiu.com\u002F8944076365\u002F372510384",[1136],[904,1433,1434,1435,1437,1438,1440,1441,1443],{},"大道：我们公司就不用i",[910,1436,935],{},"（员工个人行为除外），因为我们可以直购。大致程序是先向",[910,1439,935],{},"公司申请总量，",[910,1442,935],{},"公司再给出配额（目前依然是受限的），目前已经不搭售了。（2026-01-23）",[904,1445,1446],{},"网友：亲测，现在应该是飞天优先级发货，精品比飞天早个把星期下单，结果发货一前一后！",[904,1448,1449],{},"大道：年份酒存货不多的。（2026-01-23）",[904,1451,932,1452,1454],{},[910,1453,935],{},"上年份酒也很难抢到吗？为什么人们不买年份酒呢？新酒好像有点冲。我觉得逢年过节的，贵点就贵点儿吧？ 再贵也就贵一瓶？（2026-01-29）",[904,1456,1457,1458,1460,1461,1463],{},"网友：我的账号是",[910,1459,935],{},"15年比精品难抢，",[910,1462,935],{},"15年每次刷都是售罄，精品还抢到过两次。飞天和生肖把手指点破了都抢不到。",[904,1465,1466],{},"大道：哦，原来年份酒也抢啊，看来想得开的人还是蛮多的。（2026-01-29）",[904,1468,1469,1470,1472],{},"网友：1月9号抢到（",[910,1471,935],{},"），29号发的货，31号收到，生产日期居然是28号。可见多么缺货……",[904,1474,1475],{},"大道：那是够快的，物流很不错！（2026-02-01）",[904,1477,1123,1478,1126],{},[910,1479,935],{},[904,1481,1259,1482],{},[1062,1483,1134],{"href":1134,"rel":1484},[1136],[904,1486,1487,1488,1490,1491,1493,1494,1496],{},"大道：1吨就是2000瓶，100吨就是20万瓶。我猜",[910,1489,935],{},"一天大概是25万瓶左右吧。这个年过完很多人大概率还是会继续抢的，因为明年还要喝哈。早点抢到还可以多存点时间，酒到时还更好喝。i",[910,1492,935],{},"开卖53度飞天确实解决了",[910,1495,935],{},"最大的心腹之患。（2026-02-03）",[904,1498,1499],{},"网友（川糖周掌门）：大道，一吨是2124瓶，酒的密度低于水，500ml的酒不到500克。",[904,1501,1502],{},"大道：对哦，酒的密度小一点。（2026-02-03）",[904,1504,1505,1506,1508,1511,1512,1514],{},"“据介绍，仅一个月，i",[910,1507,935],{},[1062,1509,160],{"href":1510},"\u002Fpingtai","系统已成功拦截各类异常行为5.4亿次”， 这个其实就是有人在用软件抢单，这会让普通老百姓很难抢到。技术上也许是有办法的，比如同一个人（iP）一个月内不能买两次……。另外·，要是一直抢的话（目前这个价位我估计会一年抢到头），",[910,1513,935],{},"也许应该考虑每年温和涨价，比如每年涨个5-8%？",[904,1516,1517,1519],{},[910,1518,935],{},"是有涨价能力的，以前这种能力被价差和假货给侵蚀掉了。（2026-02-03）",[904,1521,1522],{},"网友：关键是基本杜绝了假货，这点非常关键；此外，2C转型是良好开端。",[904,1524,1525,1526,1528],{},"大道：这两点相当于再造了一两个",[910,1527,935],{},"。这个一两年内就能看得很清楚了。（2026-02-03）",[904,1530,1531],{},"网友：每年涨5%，那么开瓶率估计会很难看，各种人都会买来囤着等升值，它每年涨1%还相对合理。",[904,1533,1534,1535,1537],{},"大道：1%太少了，至少要和通胀持平的。每年温和涨价比每几年涨一次要好很多。",[910,1536,935],{},"过去大概是每隔几年涨一次价，我觉得那样似乎会更费劲一些。涨多少合适是要去摸索的，也许每年涨3%-5%可能更合适？无论如何，涨多少都应该跟通胀匹配，多了少了可能都不合适。（2026-02-03）",[904,1539,1540],{},"可信度和可控度都高出很多倍（2026-02-03）",[904,1542,1543,1544,1546,1547,1549,1550,1552,1553,1555,1556,1558],{},"想想看，你是愿意去",[910,1545,1362],{},"店买",[910,1548,1362],{},"还是愿意在亚马逊买？而且",[910,1551,1362],{},"手机大概率是不用担心假的，",[910,1554,935],{},"酒就不一样了。i",[910,1557,935],{},"最大的好处其实就是让人知道哪里可以买到真酒。",[904,1560,1561,1562,1564,1565,1567,1568,1570,1571,1573],{},"假",[910,1563,935],{},"大概率其实没有传说的那么大量，但对消费者的心理威胁非常大，导致相当多的想喝",[910,1566,935],{},"（包括试试）的人们望而却步，有了i",[910,1569,935],{},"后大家看到的销量才会真的趋于真实消费。看个一两年，两三年就会很清楚知道i",[910,1572,935],{},"的威力了。（2026-02-04）",[904,1575,1576],{},"网友：（补充大道以前的发言）",[904,1578,1579,1580,1582,1583,1585],{},"大道：i",[910,1581,935],{},"真的是个蛮好的主意，假以时日应该可以解决目前",[910,1584,935],{},"面临的一些棘手的问题。不知道需要多久，但似乎已经有办法了。我猜五年内应该就可以了吧？而且，这么多人每天刷，广告费可以省大了去了哈。（2022-04-02）",[904,1587,1588,1589,1591,1592,1594,1595,1597],{},"也许以后就可以叫电商",[910,1590,935],{},"了，感觉",[910,1593,935],{},"是有资格这么做的！西南航空公司的机票好像就是只在自己的网站卖的，省下很多中间的费用，和用户的沟通也更直接。",[910,1596,935],{},"要完全过渡到电商不知道行不行，毕竟有很多历史的因素在里面，但慢慢过渡到大比例在网上卖想不出有什么不可以的吧？（2022-04-02）",[899,1599,1601],{"id":1600},"第四节-打假与经营问题","第四节 打假与经营问题",[904,1603,1604,1605,1607,1608,1610,1611,1613],{},"我觉得",[910,1606,935],{},"最重要的事情可能是打假和防假。",[910,1609,935],{},"实际上是很有条件杜绝假货的，不太理解为什么会有那么多假货。现在IT技术这么发达，",[910,1612,935],{},"飞天绝对有条件可以让每一瓶真酒都有自己的身份证。(2013-02-24)",[904,1615,1616],{},"网友：建酒店是集团公司的事情，跟股份制公司（上市公司）无关。至于多个子品牌，也有很多是集团公司的。不过：低端的茅台王子酒和茅台迎宾酒（售价在100元左右）的这两个子品牌貌似销量不佳。",[904,1618,1619,1621],{},[910,1620,912],{}," 哦，是集团的，那会有点不同。不过集团搞多个子品牌也不是很明智。我觉得茅台最重要的事情可能是打假和防假。茅台实际上是很有条件基本杜绝假货的，不太理解为什么会有那么多假货。现在IT技术这么发达，茅台飞天绝对有条件可以让每一瓶真酒都有自己的身份证的。（2013-02-24）",[904,1623,1624],{},"网友：我在贵州出差，一位当地四大国有商业银行的分行行长告诉我，现在，即使你盯着从茅台酒厂出来的车卖货，都有可能买到假的。为什么？是因为有的人收买了门卫，说我把车从你厂里过一圈，给你什么好处。他现在买茅台的办法，就是找茅台的领导（据说一把手）批条，直接派人盯着从车间进货。他说，这样才能保证进的茅台是真的。",[904,1626,1627,1629],{},[910,1628,912],{}," 买通门卫的故事已经说了好久了，大概现在行不通了吧？我听到的故事是这样的：有人跑去对夜班门卫说：我们车上有贵重物品，正好开到这里，晚上停在外面不安全，能不能在你们里面停一下，明天早上6点钟就走，另外付你2000块停车费？门卫想，帮人一下还有钱收，当然可以啊。",[904,1631,1632],{},"于是第二天早上六点钟车就从茅台厂里开出来了，买货的人就在门口等着，后面你懂的......。其实这就是个故事，实际情况或许要复杂很多。茅台要防假打假是件非常不容易的事情，我也相信茅台当局这么多年来也多少花了些精力在上面。不过，由于茅台一直供不应求，也许茅台当局从来就没有真的拼命去做这件事情（没有把这个当成头等大事来抓）。或许目前的情况会让大家更重视点儿？",[904,1634,1635],{},"（2013-04-24）",[904,1637,1638,1639,1641],{},"网友：如何看待",[910,1640,935],{},"国际化？",[904,1643,1644,1646,1647,1649,1650,1652],{},[910,1645,912],{}," 国际化其实也就是给出国的中国人一个方便，没必要搞得像“我们也能赚外国人钱”的样子。培养口味是个很难很难的事情(我试过给不少老外喝",[910,1648,935],{},"酒，没啥下文)，先好好满足国内用户的需求就好。一二十年内能先把假酒和销售",[1062,1651,155],{"href":1142},"解决好就是件非常了不起的事情了！(2022-12-03)",[904,1654,1655,1656,1658,1659,1661],{},"网友：近期",[910,1657,935],{},"宣布2035实现",[910,1660,935],{},"国际化，投入资源做国际化是正确的事吗？",[904,1663,1664,1666,1667,1669,1670,1672],{},[910,1665,912],{}," 国际化的定义是什么？现在喝",[910,1668,935],{},"的老中满世界乱蹿，",[910,1671,935],{},"酒的售点跟上就是国际化了。(2024-12-04)",[904,1674,1675,1676,1678,1679,1681],{},"网友：“如果让我管",[910,1677,935],{},"，我会尽全力找到杜绝假",[910,1680,935],{},"，同时加强网上的销售和管理的办法”，管理层完全按照大道的想法做了。",[904,1683,1684],{},"大道：谁都不傻，其实我猜他们早知道，但以前生意好好的，没逼到那个地步。我们是站着说话不腰疼，所以现在逼着他们这么做对长远来说是件很好的事情。（2026-01-21）",[904,1686,1687,1688,1690,1691,1693,1694,1696,1697,1699,1700,1702,1703,1705,1706,1708],{},"网友：哈哈，大道一直为市面上非常多的假",[910,1689,935],{},"这件事而困扰，其实要基本杜绝假",[910,1692,935],{},"的方法就在大道自己的发言里面啊。市面上假",[910,1695,935],{},"多的很大一个原因就是，",[910,1698,935],{},"官方把指导价定的过低，导致真正想买",[910,1701,935],{},"的人在正规",[1062,1704,155],{"href":1142},"买不到",[910,1707,935],{},"。",[904,1710,1711,1712,1714,1715,1717,1718,1702,1720,1722,1723,1725],{},"其实只要",[910,1713,935],{},"厂家把",[910,1716,935],{},"指导价定在市场价的合理区间之内，让真正想喝",[910,1719,935],{},[1062,1721,155],{"href":1142},"随时能买到",[910,1724,935],{},"，市场假货自然就少了。",[904,1727,1728,1729,1731,1732,1734],{},"大道：提高直销比例以后，大家才能真正看到",[910,1730,935],{},"的实力和提价能力。我觉得",[910,1733,935],{},"零售价格至少是可以跟上通胀的。微通胀是健康的（懂宏观经济的人会比较容易明白），在任何国家都不可避免，除非出毛病了（像日本前些年）。（2026-01-21）",[904,1736,1737],{},"网友：现在这么发达，打假还这么难吗，是不是还是触动太多人的利益了？",[904,1739,1740],{},"大道：打假非常非常非常难，一般人很难理解的。（2026-01-21）",[904,1742,1743],{},[910,1744,1745],{},"关于投资与增持茅台",[904,1747,1737],{},[904,1749,1740],{},[899,1751,1753],{"id":1752},"第五节-供需i茅台与拆股","第五节 供需、i茅台与拆股",[904,1755,1756,1757,1759],{},"网友：（2026年一季度前后，有网友担心",[910,1758,935],{},"的动销和需求）",[904,1761,1762,1763,1765,1766,1768,1769,1771,1772,1774,1775,1777,1778,1780],{},"大道：中国有至少四亿多家庭，",[910,1764,935],{},"一年卖不到一亿瓶飞天。1\u002F4家庭一年一瓶",[910,1767,935],{},"都不够卖啊，这还不算正常喝",[910,1770,935],{},"的人们。i茅台最大的威力就是可以让以前不知道在哪里才能买到真",[910,1773,935],{},"的人们很容易就买到真",[910,1776,935],{},"了。大家看几年吧，我觉得",[910,1779,935],{},"公司最近做的事情还蛮对路的。（2026-04-18）",[904,1782,1783,1784,1786],{},"网友：您之前说i茅台可以很大程度解决假酒的问题。但是现在i茅台出现了大批黑中间商，抢购以后把酒换了，包装什么的都是原装的，导致市场又出现了大量假酒。如果您是",[910,1785,935],{},"的管理层，您会有什么措施呢？",[904,1788,1789],{},"大道：你是说这些“黑心中间商”在i茅台上抢到真酒后把真酒自己喝了，然后装进假酒卖给别人？不要太有想象力了吧？（2026-05-16）",[904,1791,1792,1793,1795,1796,1798,1799,1801],{},"网友：对于社会基层的打工者，没有那么多现金买",[910,1794,935],{},"，就先买五粮液，攒够可以换",[910,1797,935],{},"的时候再去换。如果",[910,1800,935],{},"可以单只买的话，就不会去看五粮液了。",[904,1803,1804,1805,1807,1808,1810,1811,1813,1814,1816,1817,1819,1820,1822],{},"大道：哈，这个需要让",[910,1806,935],{},"的高层看到。",[910,1809,935],{},"也许真的需要将股拆细一点以便让更多的小投资者能够买得起？我其实不知道为什么",[910,1812,935],{},"不肯拆股，我猜也许是因为",[910,1815,935],{},"一直是“股王”的原因？",[910,1818,935],{},"一手十几万确实让一些小投资者没办法分享",[910,1821,935],{},"的成长哈。（2026-06-10）",[904,1824,1825],{},"网友：i茅台官方售卖茅台已经没有像之前那么难抢了，茅台在几个大电商平台的溢价也不明显了。官方渠道购买是不是从前几年的稀缺、溢价，变成了“保真”是第一优先级，回归消费品本质？这个问题请问大道是怎么看的。",[904,1827,1828],{},"大道：我猜，能买到说明就接近正常了？感觉上由于一直供不应求，茅台只能用提高价格来调整。最合适的价格可能就是几乎供需平衡吧。再看一段时间就知道了。之前太难抢不太正常的。（2026-07-30）",{"title":1830,"searchDepth":15,"depth":15,"links":1831},"",[1832,1833,1834,1835,1836],{"id":901,"depth":15,"text":902},{"id":1163,"depth":15,"text":1164},{"id":1319,"depth":15,"text":1320},{"id":1600,"depth":15,"text":1601},{"id":1752,"depth":15,"text":1753},"md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-maotai-02",{"title":584,"description":586},"贵州茅台：治理、渠道与i茅台｜段永平投资问答录","dao\u002Fqanda\u002Fwenda-company-maotai-02",[567,1845,1846,1847],"贵州茅台","公司治理","i茅台","AHSd-DR0fAifwZwA5YBGiiVuDQxShv9S5oZOzNNx110","dao",[1851,1852,1853,1854,1855,1856,1857,1858,1859,1860,1861,1862,1863,1864,1865,1866,1867,1868,1869,1870,1871,1872,1873,1874,1875,1876,1877,1878,1879,1880,1881,1882,1883,1884,1885,1886,1887,1888,1889,1890,1891,1892,1893,1894,1895,1896],{"title":420,"slug":421,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":9,"order":423},{"title":432,"slug":433,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":15,"order":435},{"title":441,"slug":442,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":20,"order":444},{"title":450,"slug":451,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":25,"order":453},{"title":459,"slug":460,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":30,"order":462},{"title":464,"slug":465,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":35,"order":467},{"title":473,"slug":474,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":45,"order":476},{"title":478,"slug":479,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":50,"order":481},{"title":483,"slug":484,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":56,"order":486},{"title":488,"slug":489,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":62,"order":491},{"title":493,"slug":494,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":71,"order":496},{"title":498,"slug":499,"type":424,"volume":425,"volumeOrder":9,"chapterOrder":80,"order":501},{"title":503,"slug":504,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":9,"order":506},{"title":509,"slug":510,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":15,"order":512},{"title":514,"slug":515,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":20,"order":517},{"title":519,"slug":520,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":25,"order":522},{"title":524,"slug":525,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":30,"order":527},{"title":529,"slug":530,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":35,"order":532},{"title":534,"slug":535,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":45,"order":537},{"title":129,"slug":539,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":50,"order":541},{"title":543,"slug":544,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":56,"order":546},{"title":548,"slug":549,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":62,"order":551},{"title":553,"slug":554,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":71,"order":556},{"title":558,"slug":559,"type":424,"volume":507,"volumeOrder":15,"chapterOrder":80,"order":561},{"title":563,"slug":564,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":9,"order":566},{"title":569,"slug":570,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":15,"order":572},{"title":574,"slug":575,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":20,"order":577},{"title":579,"slug":580,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":25,"order":582},{"title":584,"slug":585,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":30,"order":587},{"title":589,"slug":590,"type":424,"volume":567,"volumeOrder":20,"chapterOrder":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