贵州茅台三季报出炉，这些重点值得关注

Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development amidst a challenging environment in the liquor industry, focusing on stabilizing its core products and strategically managing its series liquor offerings [1][2]. Financial Performance - In the first three quarters of 2023, Guizhou Moutai achieved total revenue of 130.904 billion yuan, a year-on-year increase of 6.32% - The total profit reached 89.403 billion yuan, up 6.37% year-on-year - Net profit was 64.627 billion yuan, reflecting a growth of 6.25% year-on-year [1]. Product and Market Strategy - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan in the first three quarters, marking a 9.28% increase year-on-year [2]. - The company has conducted extensive market research across 18 provinces, engaging over 1,700 distributors to clarify development directions and optimize both online and offline channels [2]. - The series liquor segment has seen a decline, but management indicates this is a deliberate strategy to address current market challenges [2][3]. Future Transformation and Change - Guizhou Moutai is focusing on three transformations: customer group transformation, scenario transformation, and service transformation, aiming to balance market stability and dynamism [4]. - The company is enhancing its product positioning, channel efficiency, and service experience to create a more resilient ecosystem [4][5]. - Plans include developing cultural experience terminals over three years to integrate various business models and enhance customer engagement [5]. Investor Relations and Market Management - In response to investor demands, Guizhou Moutai has established a value management system that includes regular dividends, share buybacks, and communication with investors [7]. - The company emphasizes its commitment to investor returns and integrates value management into its governance and operational practices [7].