贵州茅台前三季度营收1285亿元，张坤逆势加仓

Core Viewpoint - Guizhou Moutai's Q3 2025 financial results show modest growth in revenue and net profit, indicating resilience amid industry challenges [1][3]. Financial Performance - In Q3, Guizhou Moutai achieved 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% [1][2]. - For the first three quarters, the company reported total revenue of 128.454 billion yuan, reflecting a 6.36% increase, and a net profit attributable to shareholders of 64.627 billion yuan, up 6.25% [1][2]. - The revenue from Moutai liquor alone reached 110.514 billion yuan, while series liquor contributed 17.884 billion yuan [2]. Industry Comparison - Compared to other liquor companies that reported significant declines in Q3, Guizhou Moutai is one of the few maintaining positive growth [5]. - The performance of Guizhou Moutai is better than its own results during the last industry downturn in 2014, when it experienced declines in both revenue and net profit [6]. Market Outlook - Management emphasizes Moutai's ability to navigate through industry cycles, supported by recent market research indicating a stable and positive development trend for Moutai liquor [7][8]. - The company's channel system has shown resilience, with a notable decrease in the inventory-to-sales ratio, indicating a healthy market position [8].