茅台三季报揭晓：总营收1309亿元增6.3%，稳健发展下的“高质答卷”

Core Insights - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.32%, with a total profit of 89.403 billion yuan, also up by 6.37%, and a net profit attributable to shareholders of 64.626 billion yuan, increasing by 6.25% [1] - The company is transitioning from high-speed growth to high-quality development, focusing on stabilizing its core Moutai liquor sales while intentionally slowing down the growth of its series liquor products [1][2] Revenue and Sales Performance - Moutai liquor, as the core product, achieved revenue of 110.514 billion yuan in the first three quarters, marking a year-on-year increase of 9.28% [2] - The stable performance is attributed to Moutai's precise understanding of market conditions, with extensive market research conducted across various provinces to align with channel partners [2] Series Liquor Strategy - The series liquor segment has seen a decline, but management indicates this is a strategic decision to maintain channel resilience and long-term sustainability [3][4] - Moutai is focusing on consumer-centered strategies, enhancing channel development, product adaptation, and terminal experience to build a more resilient ecosystem [3] Future Transformation and Change - Moutai's market strategy emphasizes "transformation" and "change," with a focus on three key transformations: customer base, consumption scenarios, and service enhancements [6] - The company is implementing a systematic approach to product, channel, and terminal changes, aiming to create a comprehensive sales and service experience [6][7] Investor Relations and Value Management - Moutai is actively constructing a value management system that includes regular dividends, special dividends, share buybacks, and communication with investors, demonstrating a commitment to long-term value creation [8] - The company emphasizes the importance of investor returns and integrates value management into its governance and operational practices [8]