KWEICHOW MOUTAI(SH:600519) Hua Xia Shi Bao·2025-04-29 23:18Core Viewpoint - The performance of Kweichow Moutai in the first quarter of 2025 demonstrates its strong market leadership and resilience in a challenging environment, with significant revenue and profit growth despite industry pressures [1][2]. Financial Performance - Kweichow Moutai reported total revenue of 51.443 billion yuan, a year-on-year increase of 10.67% [1]. - The net profit attributable to shareholders reached 26.847 billion yuan, reflecting a year-on-year growth of 11.56% [1]. - The company achieved a significant milestone by crossing the 50 billion yuan revenue mark for the first time in a quarter [2]. Growth Drivers - The series of products and overseas markets are emerging as new growth drivers for Kweichow Moutai [2]. - Revenue from series products reached 7.022 billion yuan, up 18.30% year-on-year [2]. - Overseas revenue amounted to 1.119 billion yuan, marking a 37.53% increase compared to the previous year [2]. Market Strategy - Kweichow Moutai has increased its domestic distributors to 2,174, with a net increase of 50, focusing on series product distributors [5]. - The company is actively conducting market research and engaging with distributors to adapt to market changes and consumer trends [6][7]. - The management emphasizes the importance of emotional connection and lifestyle branding in future market expansion [7]. Industry Context - The overall white liquor industry is undergoing a deep adjustment phase, with a reported 7.3% year-on-year decline in production for the first quarter [7]. - Despite the challenges, leading companies like Kweichow Moutai are maintaining growth, indicating a potential stabilization in the market [7][8].