第三季度净利微增0.48%，茅台也“卖不动”了

Core Viewpoint - Guizhou Moutai faces challenges in a deep adjustment period within the liquor industry, reporting modest growth in Q3 2023 despite a decline in sales momentum [1] Financial Performance - In Q3 2023, Guizhou Moutai achieved revenue of 39.064 billion yuan, a year-on-year increase of 0.56% [1] - The net profit attributable to shareholders for Q3 2023 was 19.224 billion yuan, reflecting a year-on-year growth of 0.48% [1] - For the first three quarters of 2023, 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 [1] Product Revenue Breakdown - From January to September 2023, revenue from Moutai liquor was 110.514 billion yuan, an increase from 101.126 billion yuan in the same period of 2022 [1] - Revenue from series liquor was 17.884 billion yuan, down from 19.393 billion yuan in the same period of 2022 [1] Strategic Challenges - The newly appointed chairman of Guizhou Moutai, Chen Hua, faces the challenge of stabilizing performance and achieving annual growth targets amid the industry's downturn [1]