Core Insights - The company reported a total revenue of 110.514 billion yuan from Moutai liquor and 17.884 billion yuan from series liquor in the first three quarters [2] Group 1: Dealer Network - The number of domestic dealers reached 2,325, with an increase of 205 dealers since the beginning of the year [2] - The number of foreign dealers reached 121, with an increase of 17 dealers since the beginning of the year [2]

| | | | | 早位: 元 巾秤:人民 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期 比上年同 期增减变 | | 年初至报告 末比上年同 增减变动幅 | | | | | 年初至报告期末 | | | | | 动幅度(%) | | /0/ \ | | 营业收入 | 39.064.353.239.02 | 0.56 | 128.453.707.655.86 | 6 | | 利润总额 | 26,625,443,687.86 | 0.58 | 89.403.444.454.68 | 6 | | 归属于上市公司股东的 | 19,223,784,414.08 | 0.48 | 64,626,746,712.18 | 6 | | 浄利润 | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | 19.290.368.807.38 | 0.95 | 64.680.616.431.20 | | | 利润 | | | | | | 经营活动产生的现金流 | 不适用 | 不适用 | 38.196.802.155.27 | | 具体来看，茅台酒前三季度收入11 ...

Group 1 - The average stock price of A-shares is 14.06 yuan, with 168 stocks priced over 100 yuan, an increase of 3 stocks compared to the previous trading day [1] - The Shanghai Composite Index closed at 4016.33 points, up 0.70%, while stocks priced over 100 yuan had an average increase of 1.59%, outperforming the index by 0.89 percentage points [1] - The highest closing price among stocks over 100 yuan is 1461.00 yuan for Cambrian, which decreased by 1.19% [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a 6.44% increase, outperforming the Shanghai Composite Index's 4.92% increase [2] - Notable stocks with significant gains include Yunhan Chip City, Jiangbo Long, and Ding Tai High-Tech, with increases of 102.23%, 93.49%, and 81.86% respectively [2] - C He Yuan's stock price reached 113.22 yuan, marking a 24.28% increase, with a turnover rate of 0.51% and a trading volume of 2.171 billion yuan [2] Group 3 - Among stocks priced over 100 yuan, the electronics sector is the most concentrated, with 63 stocks, accounting for 37.50% of the total [2] - The main board has 35 stocks, the ChiNext board has 53, and the Sci-Tech Innovation Board has 76 stocks, making up 45.24% of the total [2] - 22 stocks priced over 100 yuan received buy ratings from institutions, including Zhongrong Electric and Zhongjian Technology [2] Group 4 - Among the stocks with buy ratings, four stocks have an upside potential exceeding 20%, with Jibite having the highest potential at 34.33% [3] - The stock prices of high-priced stocks show varied performance, with some experiencing significant fluctuations [3][4]

Core Insights - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.32%, with a total profit of 89.403 billion yuan, also up by 6.37%, and a net profit attributable to shareholders of 64.626 billion yuan, increasing by 6.25% [1] - The company is transitioning from high-speed growth to high-quality development, focusing on stabilizing its core Moutai liquor sales while intentionally slowing down the growth of its series liquor products [1][2] Revenue and Sales Performance - Moutai liquor, as the core product, achieved revenue of 110.514 billion yuan in the first three quarters, marking a year-on-year increase of 9.28% [2] - The stable performance is attributed to Moutai's precise understanding of market conditions, with extensive market research conducted across various provinces to align with channel partners [2] Series Liquor Strategy - The series liquor segment has seen a decline, but management indicates this is a strategic decision to maintain channel resilience and long-term sustainability [3][4] - Moutai is focusing on consumer-centered strategies, enhancing channel development, product adaptation, and terminal experience to build a more resilient ecosystem [3] Future Transformation and Change - Moutai's market strategy emphasizes "transformation" and "change," with a focus on three key transformations: customer base, consumption scenarios, and service enhancements [6] - The company is implementing a systematic approach to product, channel, and terminal changes, aiming to create a comprehensive sales and service experience [6][7] Investor Relations and Value Management - Moutai is actively constructing a value management system that includes regular dividends, special dividends, share buybacks, and communication with investors, demonstrating a commitment to long-term value creation [8] - The company emphasizes the importance of investor returns and integrates value management into its governance and operational practices [8]

今日聚焦 1、贵州茅台：第三季度净利润192.24亿元 同比增长0.48% 贵州茅台公告，2025年第三季度营收390.64亿元，同比增长0.56%;净利润192.24亿元，同比增长0.48%。 前三季度营收1284.54亿元，同比增长6.36%;净利润646.27亿元，同比增长6.25%。 2、上纬新材：智元恒岳要约收购完成 股票明起复牌 上纬新材公告，上海智元恒岳科技合伙企业(有限合伙)要约收购公司股份期限届满。根据中登公司上海 分公司提供的数据统计，本次要约收购期限内，预受要约的股东账户总数为22户，预受要约股份总数为 1.36亿股，占上市公司股份总数的33.6332%。本次要约收购完成后，智元恒岳持有公司58.6232%股份， 智元恒岳及其一致行动人共计持有公司63.6232%股份。公司股票自2025年10月30日开市起复牌。 3、药明康德：实际控制人控制的股东拟减持不超过2%公司股份 药明康德公告，公司于2025年10月29日收到实际控制人控制的股东发出的《告知函》。因自身资金需 求，公司实际控制人控制的股东计划根据市场情况自本公告披露日起15个交易日后的3个月内，通过集 中竞价和/或大宗交易方式减 ...

细分来看，前三季度贵州茅台旗下茅台酒、系列酒分别实现业务收入1105.14亿元、178.84亿元。此外， 从销售渠道角度来看，1—9月贵州茅台直销渠道、批发渠道分别实现业务收入555.55亿元、728.42亿 元。值得注意的是，通过"i 茅台"数字营销平台，贵州茅台前三季度实现酒类不含税收入126.92亿元。 北京商报讯（记者 刘一博 冯若男）10月29日晚间，贵州茅台酒股份有限公司（以下简称"贵州茅台"） 发布《2025年第三季度报告》显示，1—9月公司实现营业收入1284.54亿元，同比提升6.36%；实现归属 于上市公司股东的净利润为646.27亿元，同比提升6.25%。 ...

公告显示，今年1-9月份茅台酒收入1105.14亿元，比2024年同期1011.26亿元有所增长，系列酒收入 178.84亿元比2024年同期193.93亿元则有所回落。 对于刚刚接任贵州茅台集团董事长的陈华而言，如何在白酒行业深度调整期稳住业绩、完成全年增长目 标，将是其面临的主要挑战之一。 10月29日晚，贵州茅台（600519.SH）公布今年三季度业绩，在白酒行业深度调整期，茅台也面临"卖不 动"的局面。 第三季度单季，贵州茅台实现营业收入390.64亿元，同比增长0.56%；归母净利润192.24亿元，同比增 长0.48%。 由于第三季度业绩整体放缓，今年前三季度茅台的营业总收入为1309.04亿元，同比增长6.32%，归母净 利润646.26亿元，同比增长6.25%。贵州茅台此前已将2025年度收入增速目标下调至9%。 ...

2025.10.29 本 文字数：511，阅读时长大约1分钟 作者 | 第一财经 栾立 10月29日晚，贵州茅台（600519.SH）公布今年三季度业绩，在白酒行业深度调整期，茅台也面临"卖不 动"的局面。 第三季度单季，贵州茅台实现营业收入390.64亿元，同比增长0.56%；归母净利润192.24亿元，同比增 长0.48%。 由于第三季度业绩整体放缓，今年前三季度茅台的营业总收入为1309.04亿元，同比增长6.32%，归母净 利润646.26亿元，同比增长6.25%。贵州茅台此前已将2025年度收入增速目标下调至9%。 公告显示，今年1-9月份茅台酒收入1105.14亿元，比2024年同期1011.26亿元有所增长，系列酒收入 178.84亿元比2024年同期193.93亿元则有所回落。 对于刚刚接任贵州茅台集团董事长的陈华而言，如何在白酒行业深度调整期稳住业绩、完成全年增长目 标，将是其面临的主要挑战之一。 ...

由于第三季度业绩整体放缓，今年前三季度茅台的营业总收入为1309.04亿元，同比增长6.32%，归母净利润 646.26亿元，同比增长6.25%。贵州茅台此前已将2025年度收入增速目标下调至9%。 2025.10. 29 本文字数：511，阅读时长大约1分钟 作者 | 第一财经 栾立 10月29日晚，贵州茅台（600519.SH）公布今年三季度业绩，在白酒行业深度调整期，茅台也面临"卖不动"的 局面。 第三季度单季，贵州茅台实现营业收入390.64亿元，同比增长0.56%；归母净利润192.24亿元，同比增长 0.48%。 推荐阅读 美防长宣布：发动空袭 C l 大大大量 ■ A H Pete Hegseth 公告显示，今年1-9月份茅台酒收入1105.14亿元，比2024年同期1011.26亿元有所增长，系列酒收入178.84 亿元比2024年同期193.93亿元则有所回落。 对于刚刚接任贵州茅台集团董事长的陈华而言，如何在白酒行业深度调整期稳住业绩、完成全年增长目标，将是 其面临的主要挑战之一。 微信编辑 | 雨林 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 ...

透过三季报可以发现，茅台的发展方式正由高速向高质转变，通过稳住茅台酒基本盘、系列酒主动降速 等举措，向行业和外界提供一份在行业周期里转型变革的茅台方案。 立足当下 以"稳"为要 三季报显示，茅台酒作为茅台的核心大单品，在前三季度实现收入1105.14亿元，同比增长9.28%。 基本盘的稳健，得益于茅台对市场形势的精准把握。今年以来，茅台管理层先后深入全国各地市场调 研，春节复工后不到两周就深入一线市场调研，16天时间覆盖18个省份的1700多家渠道商，为商家明确 发展方向；6月走访京东、阿里，组织全国40位传统经销商召开座谈会，主动优化线上和线下渠道的"协 同效应"；8月至9月，茅台再启秋季市场调研，深入华东、西南、东北、华北、西北市场一线，累计覆 盖了16个省份，全国超300家渠道商深度参与，进一步抢抓"双节"市场。 从终端动销来看，6—7月，茅台酒动销趋于稳定，8月动销开始回暖，9月后动销大幅提升，经销商"存 销比"下降五成，处于良好水平。这些信号，充分印证了茅台酒强大的品牌力。 系列酒作为品牌"护城河"，在季报中的表现虽有所下滑，透过管理层近期透露的信号，系列酒的降速或 是"主动为之"。 根据茅台官方消 ...