贵州茅台：第三季度净利润192.24亿元，同比增长0.48%，前三季度净利润同比增长6.25%

Core Viewpoint - Guizhou Moutai reported a steady performance in its Q3 financial results, with revenue and profit both maintaining over 6% year-on-year growth for the first three quarters, although growth slowed in Q3 with revenue and profit increasing by less than 1% [1][3]. Financial Performance - Q3 revenue reached 39.064 billion yuan, a year-on-year increase of 0.56%, while net profit was 19.224 billion yuan, up 0.48% year-on-year [2][3]. - For the first three quarters, total revenue was 128.454 billion yuan, reflecting a 6.36% year-on-year growth, and net profit was 64.627 billion yuan, growing by 6.25% year-on-year [2][3]. Channel and Product Structure - The i Moutai platform achieved sales of 12.692 billion yuan, with direct sales channel revenue at 55.555 billion yuan and wholesale channel revenue at 72.842 billion yuan [1]. - Moutai liquor generated 110.513 billion yuan in revenue, accounting for over 86% of total revenue, while series liquor contributed 17.884 billion yuan, approximately 13.9% of total revenue [4]. Distributor Network - The total number of distributors reached 2,446, with a net increase of 199, all of which were series liquor distributors, indicating a structural adjustment in the distributor network [1][3].