贵州茅台(600519)：产品结构优化 线上+线下渠道协同发展

Core Insights - The company reported a total revenue of 128.45 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 6.36% [1] - The net profit attributable to shareholders reached 64.63 billion yuan, also up by 6.25% year-on-year [1] - The company is transitioning from high-speed growth to high-quality development, focusing on optimizing both online and offline channels [2] Revenue Performance - For Q3 2025, the company achieved a revenue of 39.06 billion yuan, a slight increase of 0.56% year-on-year [2] - The revenue from Moutai liquor for Q1-Q3 2025 was 110.51 billion yuan, up 9.28% year-on-year, while the revenue from series liquor decreased by 7.78% to 17.88 billion yuan [2] - In Q3 2025, Moutai liquor revenue was 34.92 billion yuan, increasing by 7.26%, while series liquor revenue dropped significantly by 34.00% to 4.12 billion yuan [2] Channel Development - The company is actively transforming its distribution channels, focusing on group purchases and retail, while expanding into online and private domain channels [2] - For Q1-Q3 2025, direct sales and wholesale revenues were 55.56 billion yuan and 72.84 billion yuan, respectively, with year-on-year increases of 6.86% and 6.29% [2] - The company reported a decline in i Moutai revenue, which fell by 14.05% to 12.69 billion yuan for Q1-Q3 2025 [2] Profitability and Cost Control - The gross margin for Q1-Q3 2025 was 91.29%, a slight decrease of 0.24 percentage points year-on-year, while the net margin was 52.08%, down by 0.11 percentage points [3] - The company managed to reduce its expense ratio to 7.36%, a decrease of 0.06 percentage points year-on-year [3] - In Q3 2025, the expense ratio was 7.47%, down by 1.08 percentage points, indicating effective cost control measures [3] Future Outlook - The company is expected to achieve revenues of 189.93 billion yuan, 207.77 billion yuan, and 228.43 billion yuan for the years 2025 to 2027, with net profits projected at 91.82 billion yuan, 101.02 billion yuan, and 111.38 billion yuan, respectively [4] - The company maintains a strong brand influence while innovating and digitalizing its operations to adapt to market changes [4]