| 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 39.064.353.239.02 | 0.56 | 128,453,707,655.86 | 6.36 | | 利润总额 | 26,625,443,687.86 | 0.58 | 89,403,444,454.68 | 6.37 | | 归属于上市公司股东的 | 19,223,784,414.08 | 0.48 | 64.626.746.712.18 | 6.25 | | 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 | 6.42 | | 利润 | | | | | | 经营活动产生的现金流 | 不适用 | 不适用 | 38,196,802,155.27 | -14.01 | 纵向对比来看，贵州茅台2025年第三 ...

【导读】贵州茅台第三季度实现归母净利润192.24亿元，同比增长0.48% 见习记者 夏天 10月29日晚间，贵州茅台发布三季报。报告显示，前三季度公司实现营收1284.54亿元，同比增长 6.36%；实现归母净利润646.27亿元，同比增长6.25%。 在备受关注的第三季度，公司实现营收390.64亿元，同比增长0.56%；实现归母净利润192.24亿元，同 比增长0.48%。 | | | | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 39.064.353,239.02 | 0.56 | 128,453,707,655.86 | 6.36 | | 利润总额 | 26,625,443,687.86 | 0.58 | 89.403.444.454.68 | 6.37 | | 归属于上市公司股东的 | 19,223,784,414.08 | 0.48 | 64,626,746,712 ...

【导读】贵州茅台（600519）第三季度实现归母净利润192.24亿元，同比增长0.48% 系列酒显著降速 10月29日晚间，贵州茅台发布三季报。报告显示，前三季度公司实现营收1284.54亿元，同比增长6.36%；实现归母净利润646.27亿元，同比增长6.25%。 在备受关注的第三季度，公司实现营收390.64亿元，同比增长0.56%；实现归母净利润192.24亿元，同比增长0.48%。 | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 39,064,353,239.02 | 0.56 | 128,453,707,655.86 | 6.36 | | 利润总额 | 26,625,443,687.86 | 0.58 | 89,403,444,454.68 | 6.37 | | 归属于上市公司股东的 | 19,223,784,414.08 | 0.48 | 64.626,746,712 ...

1、习近平将同美国总统特朗普举行会晤 重要程度：★★★★★ 外交部发言人宣布：经中美双方商定，国家主席习近平将于当地时间10月30日在韩国釜山同美国总统特朗 普举行会晤，就中美关系和双方共同关心的问题交换意见。 外交部发言人郭嘉昆介绍情况称，此次会晤两国元首将就事关中美关系的战略性、长远性问题，以及共同 关心的重大问题深入沟通。我们愿同美方共同努力，推动此次会晤取得积极成果，为中美关系稳定发展作 出新指引，注入新动力。 2、510亿!央企战新基金来了 重点支持人工智能、量子科技等未来产业 重要程度：★★★★ 10月29日，由国务院国资委发起，委托中国国新设立和管理的中央企业战略性新兴产业发展专项基金在北 京启动。基金首期规模达510亿元，其中中国国新拟出资150亿元。 该基金将重点支持人工智能、航空航天、高端装备、量子科技等战略性新兴产业以及未来能源、未来信 息、未来制造等未来产业重点领域。 点评：今年以来的这轮牛市行情分化显著，虽说以科技为代表的"小登股"波动较大，但整体涨幅显著。这 次"小登股"再迎利好，也不知道在老登股"中躲牛市的人会怎么想…… 3、贵州茅台：第三季度净利润192.23亿元，同比增长0. ...

Core Viewpoint - Guizhou Moutai's Q3 net profit reached 19.22 billion yuan, a year-on-year increase of 0.48%, indicating a slowdown in growth compared to previous years [2][3][6]. Financial Performance - For Q3, Guizhou Moutai achieved revenue of 39.06 billion yuan, up 0.56% year-on-year, while total revenue for the first three quarters was 128.45 billion yuan, reflecting a 6.36% increase [4][3]. - The total profit for Q3 was approximately 26.63 billion yuan, with a year-on-year growth of 0.58%, and the net profit attributable to shareholders was 19.22 billion yuan, marking a 0.48% increase [4][3]. - The cash flow from operating activities showed a significant decline of 14.01% year-on-year for the first three quarters [4]. Product Performance - Moutai liquor generated revenue of 34.92 billion yuan in Q3, with a year-on-year growth of about 7.3%, indicating stable performance [11]. - Series liquor, represented by Moutai 1935, saw a significant revenue drop of 34% in Q3, attributed to a price decline of over 60% since its launch in 2022 [11]. Industry Context - Guizhou Moutai's Q3 performance is noted as the lowest growth rate in nearly a decade, yet it remains better than its peers in the A-share market, where most companies reported significant declines [6][8]. - The overall white liquor industry is facing challenges, with many companies reporting substantial profit declines, attributed to weak demand during traditional consumption peaks and high inventory pressures [14][15]. Future Outlook - Guizhou Moutai aims for a total revenue growth target of approximately 9% for 2025, necessitating a stronger performance in the final quarter of the year to meet this goal [12]. - Industry experts predict continued challenges until at least Q2 of the following year, with expectations of a gradual recovery in consumer demand [15].

Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development amidst a challenging environment in the liquor industry, focusing on stabilizing its core products and strategically managing its series liquor offerings [2][3]. Financial Performance - In the first three quarters of 2023, Guizhou Moutai achieved total revenue of 130.904 billion yuan, a year-on-year increase of 6.32% - The total profit reached 89.403 billion yuan, up 6.37% year-on-year - Net profit was 64.627 billion yuan, reflecting a growth of 6.25% compared to the previous year [2]. Product and Market Strategy - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan in the first three quarters, marking a 9.28% increase year-on-year [3]. - The company has conducted extensive market research across 18 provinces, engaging over 1,700 distributors to clarify development directions [3]. - The series liquor segment has seen a decline, but management indicates this is a strategic decision to address current market challenges [3][4]. Future Transformation and Change - Guizhou Moutai is focusing on three transformations: customer base, consumption scenarios, and service enhancements, aiming to balance stability and dynamism in the market [5]. - The company is implementing changes across product, channel, and terminal aspects to create a more resilient ecosystem [6]. - Plans include developing cultural experience terminals that integrate various functions and enhance customer engagement over the next three years [6]. Investor Relations and Market Management - In response to investor concerns, Guizhou Moutai is managing its market value through regular dividends, share buybacks, and communication with investors [7]. - The company has committed to maintaining a dividend rate of no less than 75% over the next three years and has initiated a 6 billion yuan share buyback program [7].

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes the integration of AI and new information technologies into capital markets to promote high-quality digital transformation during the 2025 Financial Street Forum [2] - The State Administration of Foreign Exchange (SAFE) announces measures to facilitate foreign exchange fund settlement to support stable foreign trade, expanding the scope of cross-border trade pilot areas [2] - The Ministry of Commerce and other departments release an action plan to enhance urban commercial quality, focusing on the development of pedestrian streets and business circles [2] Group 2: Market Mechanisms and Initiatives - The CSRC plans to improve the listing mechanism for the Beijing Stock Exchange, utilizing the fourth set of listing standards for unprofitable companies and enhancing the disclosure requirements for innovation attributes [3] - Beijing issues guidelines to stimulate mergers and acquisitions to enhance the quality of listed companies and accelerate industrial integration [3] - China Securities Index Co., Ltd. will launch six new indices, including the CSI A500 Equal Weight Index, to provide more investment options for the market [4] Group 3: Investment and Economic Performance - A strategic emerging industry development fund initiated by the State-owned Assets Supervision and Administration Commission (SASAC) is launched with an initial scale of 51 billion yuan, aimed at accelerating the development of strategic emerging industries [4] - From January to September 2025, state-owned enterprises reported total operating revenue of 6,132.905 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 1.6% to 316.703 billion yuan [4] Group 4: Company Performance Highlights - Guizhou Moutai reports a third-quarter net profit of 19.224 billion yuan, a year-on-year increase of 0.48% [7] - Industrial Fulian's AI business drives a record high in performance, with a third-quarter net profit increase of 62% [7] - China Petroleum & Chemical Corporation (Sinopec) reports a third-quarter net profit of 29.984 billion yuan, a year-on-year decrease of 32.2% [7]

10月29日晚，贵州茅台（600519）发布第三季度报告。2025年前三季度，公司实现营业总收入1309.04 亿元，同比增长6.32%；利润总额为894.03亿元，同比增长6.37%；净利润为646.27亿元，同比增长 6.25%。 在白酒行业加速出清、整体动销下滑的当下，贵州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方案。 立足当下以"稳"为要 三季报显示，茅台酒作为贵州茅台的核心大单品，在前三季度实现收入1105.14亿元，同比增长9.28%。 今年以来，茅台管理层先后深入全国各地进行市场调研，覆盖18个省区的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16个省区，全国超300家渠道商深度参与，进一步抢抓"双节"市场。 转型上，贵州茅台正将客群转型、场景转型和服务转型"三个转型"战略，在市场实践中具象化。客群转 型方面，积极与新兴产业、科技企业打交 ...

格隆汇10月29日丨贵州茅台(600519.SH)：发布2025年第三季度报告，公司前三季度营收为1284.54亿 元，同比增长6.36%；归属于上市公司股东的净利润为646.27亿元，同比增长6.25%。第三季度营收为 390.64亿元，同比增长0.56%；归属于上市公司股东的净利润192.24亿元，同比增长0.48%。 从销售情况看，茅台酒为收入绝对主力。前三季度，茅台酒销售收入1105.14亿元，系列酒销售收入 178.84亿元，上年同期分别为1011.26亿元、193.93亿元。 从地区看，国内、国外营收分别为1245.05亿元、38.93亿元，上年同期分别为1170.36亿元、34.83亿元。 渠道方面，直销收入达555.55亿元，批发代理收入为728.42亿元。 贵州茅台于2022年上线"i茅台"App，被称为数字化推动营销体系改革的创新尝试；近期又推出即时配送 服务，也被认为是在数字渠道转型的又一次试水。公告显示，2025年前三季度，公司通过"i茅台"数字 营销平台实现酒类不含税收入126.92亿元，上年同期为147.66亿元。 ...

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%。 【#茅台第三季度增长停滞#，#陈华能否完成茅台年度增长目标#】10月29日晚，贵州茅台 （600519.SH）公布三季度业绩，第三季度单季营业收入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%，业绩增长停滞。 与此同时，贵州茅台的核心产品53度飞天茅台也面临着市场价格持续下滑的挑战。根据第三方平台数据 显示，2025年1月飞天茅台的散瓶批发价格约在2200元/瓶左右，到今日这一批发价已经跌破1700元/ 瓶。 记者了解到，茅台价格持续下滑，一方面是受到经济大环境影响；另一方面则与渠道变得更加谨慎有 关。山东酒商老盛告诉记者，由于价格不断下行，市场需求不旺，目前下游的团购商、烟酒店等要货并 不积极，不肯囤货。江苏酒商郭佑辰则表示，他所在的酒商交流群中，今日53度飞天原箱价格已经跌至 1705元/瓶。受访酒商认为，茅台经销商打款价格为1169元，未来价格调整仍有想象空间。#茅台新帅接 班面临业绩增长挑战# 公告显示，今年1-9月份 ...