It's 53% alcohol, tastes like fire water,

酒精含量為 53%，喝起來像火水、

and a bottle can cost tens of thousands of dollars.

而一瓶的價格可達數萬美元。

- Moutai is the national liquor of China,

- 茅臺酒是中國的國酒、

so it's many people's go-to drink.

所以它是很多人的首選飲品。

- [Narrator] As Moutai's popularity grows,

- 隨著茅臺的知名度越來越高

so has its share price.

股價也是如此。

In June 2020, its surpassed China's biggest bank,

2020 年 6 月，它超過了中國最大的銀行、

climbing to reach a valuation of over $500 billion in 2021.

攀升，到 2021 年估值將超過 5000 億美元。

Today, Moutai is the world's largest beverage company

如今，茅臺已成為全球最大的飲料公司

by market value.

按市場價值計算。

The company is now worth $295 billion.

該公司目前市值 2,950 億美元。

That's more than double the market cap of the company

這是公司市值的兩倍多

that owns Budweiser

擁有百威啤酒的

and more than 10 times the parent company of Jack Daniel's.

是傑克丹尼爾母公司的 10 倍多。

But there are challenges ahead,

但前方還有挑戰、

particularly among Chinese youths unwilling to splurge

尤其是不願揮霍的中國年輕人

and international consumers who know little about Moutai.

以及對茅臺知之甚少的國際消費者。

So, what's next for China's premier liquor brand?

那麼，中國首屈一指的白酒品牌下一步將如何發展？

This is the economics of Moutai.

這就是茅臺的經濟學。

(lighthearted music)

（輕鬆愉快的音樂）

Before we get into the details, how do people drink Moutai?

在瞭解細節之前，我們先來看看人們是如何飲用茅臺酒的？

- It'll be consumed in these tiny little

- 它將在這些小小的

five or six mil baijiu glasses.

五六個小米白酒杯。

And the reason why it's so small

它之所以這麼小

is because it is much stronger than your usual spirits,

因為它比你平時喝的烈酒更烈、

and also because it's in such a small glass,

還因為它裝在這麼小的杯子裡、

you can kind of sip your way

你可以啜飲

over the course of a long banquet

長宴

with many different dishes.

許多不同的菜餚。

(group speaking in foreign language)

（小組用外語發言）

- [Narrator] Moutai is rooted deep in Chinese history,

- 茅臺在中國歷史上根深蒂固、

earning a reputation as the drink of diplomacy.

贏得了 "外交之酒 "的美譽。

During the Chinese Civil War in the 1930s,

20 世紀 30 年代中國內戰期間、

communist soldiers on the run

潰逃的共產黨阿兵哥

made a stop at a village in Guizhou province,

在貴州省的一個村莊停留、

where Moutai is made,

製作茅臺酒的地方、

and reportedly used the liquor to wash their blistered feet

據報道，他們用酒洗腳，洗出了水泡

after trekking thousands of miles.

在跋涉了數千英里之後

The story helps cement Moutai's status

這個故事有助於鞏固茅臺的地位

as the drink of choice among the Communist Party leadership,

作為共產黨領導層的首選飲品、

including Premier Zhou Enlai,

包括周恩來總理、

who toasted President Nixon with Moutai

用茅臺酒向尼克松總統敬酒的人

during his historic visit to China in 1972.

在 1972 年對中國進行歷史性訪問期間。

Two years later, Secretary of State Henry Kissinger

兩年後，國務卿亨利-基辛格

met Zhou and said, "If we drink enough Moutai,

周恩來見了，說："如果我們喝夠了茅臺酒、

we can solve anything."

我們可以解決任何問題"。

- Because of the fact

- 因為

that it's been in so many historical moments,

在許多歷史時刻都是如此、

so the brand awareness of Moutai is like topnotch,

是以，茅臺的品牌知名度堪稱一流、

which also explains why it's a status symbol.

這也解釋了為什麼它是一種身份的象徵。

My friends would bring Moutai to weddings.

我的朋友會帶著茅臺參加婚禮。

If there's a political banquet,

如果有政治宴會

then there will be Moutai served.

那麼就會有茅臺酒供應。

- Last chance 22,000.

- 最後一次機會 22 000。

45,000.

45,000.

48,000.

48,000.

(gavel tapping) Sold.

(成交。

- [Narrator] Moutai is popular

- 茅臺酒很受歡迎

among the rich and elite in China.

中國的富人和精英階層。

- Thank you. - [Narrator] This year,

- 謝謝- 今年

Sotheby's hosted its first Moutai-themed auction.

蘇富比舉辦了首次茅臺主題拍賣會。

- It has become a more prominent category

- 它已成為一個更加突出的類別

that demands its own category,

它需要有自己的類別、

which is not an easy feat, I think.

我想，這並不是一件容易的事。

- [Narrator] Paul Wong has been an auctioneer at Sotheby's

- 旁白] 王保羅曾是蘇富比拍賣行的拍賣師

for more than a decade.

十多年來。

- So, 80% of our consumers they buy and drink

- 是以，我們 80% 的消費者都會購買和飲用

and 20% maybe they buy it,

20%的人可能會買、

you know, for, you know, saving up.

你知道，你知道，攢錢。

It's a safe buy even if you don't drink it now

即使你現在不喝，也可以放心購買

because prominent brands like Moutai

因為茅臺等知名品牌

will be ahead of the curve.

將走在時代前列。

- [Narrator] Moutai is not only a safe choice

- 旁白] 茅臺不僅是一個安全的選擇

for collectors, but also for investors.

不僅對收藏者如此，對投資者也是如此。

The liquor firm has long been considered

該酒業公司一直被認為是

as one of China's bellwether stocks.

作為中國的風向標股票之一。

- Moutai is basically the anchor of value investing,

- 茅臺基本上是價值投資的錨、

meaning that any fluctuations in Moutai share price

這意味著茅臺股價的任何波動

could affect the entire Chinese equity market.

可能會影響整個中國股票市場。

It's sort of not in the official's interest

這不符合官員的利益

or in the investor's interest, to be honest,

或符合投資者的利益、

to let Moutai share price fluctuate that much.

讓茅臺股價波動那麼大。

- [Narrator] Moutai shares have declined since early 2021,

- 旁白] 自 2021 年初以來，茅臺股票一直在下跌、

amid Chinese President Xi Jinping's anti-corruption drive

在中國國家主席習近平的反腐行動中

and COVID restrictions.

和 COVID 限制。

But the stock has proved more resilient

但事實證明，該股的彈性更大

than the broader Chinese stock market,

高於中國股市的整體水準、

shown here by the country's benchmark index.

這裡顯示的是該國的基準指數。

- What makes Moutai shares in general stable

- 茅臺股票總體穩定的原因

despite these fluctuations

儘管有這些波動

is that the demand remains pretty stable

需求保持穩定

even during COVID years.

即使在 COVID 年期間也是如此。

Moutai's revenue increased,

茅臺的收入增加了、

so that kind of speaks to how stable the company is.

這足以說明公司的穩定性。

- [Narrator] Consistent high demand

- 持續的高需求

and constrained supply is how Moutai keeps its prices high.

供應受限是茅臺保持高價的原因。

The cheapest bottle on the market costs about $350,

市場上最便宜的一瓶售價約 350 美元、

but vintage ones like this 80-year-old bottle

但像這瓶有 80 年曆史的老酒

can go for almost $40,000.

可以賣到近 4 萬美元。

And this lot from the 1970s smashed records

這批來自 1970 年代的產品打破了多項紀錄

and was sold for 1.4 million.

並以 140 萬的價格售出。

Scarcity is what keeps Moutai expensive.

物以稀為貴，茅臺酒也是如此。

Much like champagne has to come from France

就像香檳必須來自法國一樣

and bourbon from the US,

以及來自美國的波旁威士忌、

the liquor can only be made in this village in Guizhou.

這種酒只能在貴州的這個村子裡釀造。

- So the supply isn't that high usually.

- 是以，供應量通常不會太高。

A typical bottle of Moutai

一瓶典型的茅臺酒

takes at least five years to make.

至少需要五年時間。

It needs to use a specific type of grain,

它需要使用特定類型的穀物、

which is a red color sorghum,

這是一種紅色高粱、

and then it needs to be distilled nine times

然後需要蒸餾九次

and aged three years.

三歲。

So for any drop of Moutai

是以，任何一滴茅臺酒

to go from production to the market, it takes quite a while.

從生產到進入市場需要相當長的時間。

- [Narrator] This seven-story statue

- 這座七層樓高的雕像

resembling a Moutai bottle

茅臺酒瓶

symbolizes the company's importance to Guizhou,

象徵著該公司在貴州的重要地位、

which owns Moutai.

茅臺的所有者。

- The GDP per capita of Moutai village

- 茅臺鎮人均國內生產總值

is about 310,000 US dollars,

約為 31 萬美元、

and that's more than four times of the GDP per capita

是人均國內生產總值的四倍多

of the entire US.

整個美國。

- [Narrator] Making sure the brand continues to thrive

- 確保品牌繼續茁壯成長

is one of Moutai's biggest challenges.

是茅臺面臨的最大挑戰之一。

- A brand, it's like a living entity

- 品牌，就像一個有生命的實體

that always needs to be replenished.

總是需要補充的。

(commercial spoken in foreign language)

(外語廣告）

- [Narrator] Moutai's consumer base has long been dominated

- 旁白] 長期以來，茅臺酒的消費群體主要是

by older and wealthier Chinese

被更年長和更富有的中國人

who appreciate the brand's historical significance

欣賞品牌歷史意義的人

and could afford to serve bottles during formal dinners.

他們有能力在正式晚宴上享用瓶裝酒。

(commercial spoken in foreign language)

(外語廣告）

So the company launched new marketing campaigns

是以，公司推出了新的營銷活動

(commercial spoken in foreign language)

(外語廣告）

to target younger Chinese.

針對年輕的中國人。

Over the past two years,

在過去兩年裡

Moutai collaborated with newer brands,

茅臺與更多新品牌合作、

including different flavors of prepackaged ice cream

包括不同口味的預包裝冰淇淋

and Moutai-infused lattes,

和添加了茅臺酒的拿鐵咖啡、

which went viral on Chinese social media

在中國社交媒體上瘋傳

when it launched last September.

在去年 9 月推出的時候。

That same month,

同月

the company unveiled a new partnership with Dove

公司宣佈與德芙（Dove）建立新的合作伙伴關係

to release liquor-filled chocolate.

釋放出充滿酒香的巧克力。

Priced between $5 to $10,

價格在 5 至 10 美元之間、

all of them sold out quickly,

很快就全部售罄、

though they only accounted for less than 0.3%

儘管它們只佔不到 0.3

of Moutai's overall revenue,

佔茅臺總收入的

and not everyone who bought these products enjoyed them.

並不是每個購買這些產品的人都喜歡它們。

- (speaking in foreign language)

- (外語)

- [Narrator] And if they don't like it,

- 如果他們不喜歡的話

they probably won't be willing

他們可能不願意

to splurge $350 on a bottle.

花 350 美元買一瓶。

- Because the economy is not doing very well,

- 因為經濟狀況不是很好、

so people tend to downgrade their consumption.

是以，人們傾向於降低消費水平。

Previously, they might, you know,

以前，他們可能會，你知道的、

buy luxury bottle of Moutai.

買一瓶奢侈的茅臺酒。

Now they're fine with just beer.

現在他們只喝啤酒就可以了。

- [Narrator] Another problem facing Moutai,

- 茅臺面臨的另一個問題

it's not well known outside of China.

在中國之外，它並不廣為人知。

That's why the company

這就是為什麼公司

is trying to promote the brand overseas

正努力在海外推廣該品牌

and expand its consumer base globally.

並擴大其全球消費者基礎。

Moutai says it's now available in more than 70 countries.

茅臺稱，目前它已在 70 多個國家上市。

- [Presenter] We shared Moutai's smooth taste

- 主持人] 我們分享了茅臺的順滑口感

with the world.

與世界共存。

- [Narrator] But the brand remains obscure

- [旁白]但這個品牌依然默默無聞

in global markets.

全球市場。

- I think most people who tend to really enjoy Moutai

- 我認為大多數真正喜歡茅臺酒的人

are still Chinese.

仍然是中國人。

I remember in one of the stories,

我記得有一個故事

one of the interviewees said like, "I really don't get it.

其中一位受訪者說："我真的不明白。

You know, it tastes like ethanol."

你知道，它嚐起來像乙醇。"

- [Narrator] If Moutai wants to continue to grow,

- 如果茅臺想繼續發展的話

it needs to be less reliant on the Chinese market.

它需要減少對中國市場的依賴。

- Looking ahead, if Moutai wants to be as stable as now,

- 展望未來，如果茅臺想要像現在一樣穩定、

that's fine, but if it wants to expand more aggressively,

這很好，但如果它想更積極地擴張、

it needs to look to the younger generation

需要關注年輕一代

and the global audience.

和全球觀眾。

- [Narrator] Moutai may have a long way to go

- 旁白】茅臺可能還有很長的路要走

before it becomes a global household name,

在它成為全球家喻戶曉的名字之前、

but its dominance in the liquor industry remains.

但其在酒類行業的主導地位依然存在。

Its annual net profit in 2023 beat market expectations,

2023 年的年度淨利潤超出市場預期、

rising 19% to $10.3 billion.

增長 19%，達到 103 億美元。

- Moutai is a very big brand.

- 茅臺是一個非常大的品牌。

It's almost immune to many things

它幾乎對很多東西都免疫

that are happening in the Chinese economy right now.

中國經濟目前正在發生的變化。

It is the most valuable alcohol producer in China

它是中國最有價值的酒精生產商

and the biggest in the world

和世界上最大的

and will probably continue to be.

並可能繼續如此。

(gentle music)

（輕柔的音樂）