KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-29 12:55Core Insights - Guizhou Moutai reported its Q3 2025 results, showing a revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, and a net profit of 19.224 billion yuan, up 0.48% year-on-year [1][2] - For the first three quarters, the company achieved a total revenue of 128.454 billion yuan, reflecting a growth of 6.36%, and a net profit attributable to shareholders of 64.627 billion yuan, which is a 6.25% increase year-on-year [1][2] Financial Performance - Q3 revenue: 39.064 billion yuan, up 0.56% year-on-year [2] - Q3 net profit: 19.224 billion yuan, up 0.48% year-on-year [2] - Year-to-date revenue: 128.454 billion yuan, up 6.36% year-on-year [2] - Year-to-date net profit: 64.627 billion yuan, up 6.25% year-on-year [2] - Revenue from Moutai liquor for the first three quarters: 110.514 billion yuan; revenue from series liquor: 17.884 billion yuan [2] Industry Context - Compared to other liquor companies that reported declines in Q3, Moutai is one of the few maintaining positive growth [4] - Historical performance shows that Moutai's current results are better than during the last industry downturn in 2014, when revenues and net profits fell [4] Management Insights - Moutai's management emphasizes the company's ability to navigate through industry cycles, supported by market research conducted across 16 provinces [5] - The management believes that the market for Moutai liquor is showing stable and positive growth, with improved sales performance since September [5] Investment Perspective - Fund manager Zhang Kun has increased holdings in Moutai, citing the long-term potential of China's consumer market and the current low valuation as providing a safety margin [6]