茅台也“卖不动”了

Core Viewpoint - Guizhou Moutai (600519.SH) reported its Q3 performance amid a deep adjustment period in the liquor industry, facing challenges in sales [2] Financial Performance - In Q3, Guizhou Moutai achieved revenue of 39.064 billion yuan, a year-on-year increase of 0.56% [2] - The net profit attributable to shareholders for Q3 was 19.224 billion yuan, reflecting a year-on-year growth of 0.48% [2] - For the first three quarters of the year, total revenue reached 130.904 billion yuan, up 6.32% year-on-year, while net profit attributable to shareholders was 64.626 billion yuan, increasing by 6.25% year-on-year [2] Revenue Breakdown - From January to September, Moutai liquor revenue was 110.514 billion yuan, an increase from 101.126 billion yuan in the same period of 2024 [2] - Series liquor revenue was 17.884 billion yuan, down from 19.393 billion yuan in the same period of 2024 [2] Leadership Challenges - The newly appointed chairman of Guizhou Moutai Group, Chen Hua, faces the challenge of stabilizing performance and achieving annual growth targets during this adjustment period in the liquor industry [2]