贵州茅台 三季度业绩曝光！

Core Viewpoint - Guizhou Moutai reported a slight increase in net profit for the third quarter of 2025, with a year-on-year growth of 0.48%, indicating a challenging market environment for the liquor industry overall [2][8]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai achieved revenue of 128.45 billion yuan, a year-on-year increase of 6.36%, and a net profit attributable to shareholders of 64.63 billion yuan, up 6.25% [2][3]. - In the third quarter alone, the company generated revenue of 39.06 billion yuan, reflecting a growth of 0.56%, and a net profit of 19.22 billion yuan, which is a 0.48% increase compared to the same period last year [2][3]. Product Performance - Moutai liquor, represented by the flagship product Flying Moutai, recorded revenue of 34.92 billion yuan in the third quarter, showing a robust year-on-year growth of approximately 7.3% [6]. - Conversely, the series liquor, particularly Moutai 1935, experienced a significant decline in revenue, dropping by about 34% to 4.12 billion yuan, attributed to a price decrease of over 60% since its launch [6]. Industry Context - Guizhou Moutai's performance remains superior to its peers in the liquor industry, as it is the only company among the A-share listed liquor firms that maintained positive growth in the third quarter [5]. - The overall liquor industry is facing challenges, with many companies reporting substantial declines in performance, particularly during the traditional consumption peaks of the Mid-Autumn Festival and National Day [8]. Market Outlook - Guizhou Moutai set a target of approximately 9% revenue growth for 2025, necessitating a strong performance in the final quarter to meet this goal, given the current growth rate of 6.36% [7]. - Industry experts predict a continued downturn in liquor sales, with expectations of a recovery in consumer demand potentially beginning in the second quarter of the following year [9].