KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-10-30 12:50Core Viewpoint - Guizhou Moutai has established itself as a leading player in the liquor industry, showcasing strong financial performance and a robust market position, particularly in the production and sales of high-quality Moutai liquor [1][2][3]. Financial Performance - In Q3 2025, Guizhou Moutai achieved a revenue of 1284.54 billion, ranking first among 20 companies in the industry, significantly surpassing the second-ranked Wuliangye at 609.45 billion [2] - The net profit for the same period was 668.99 billion, also leading the industry, with Wuliangye's net profit at 222.12 billion [2] - The revenue composition includes Moutai liquor at 755.9 billion (84.56%), series liquor at 137.63 billion (15.40%), and other revenues at 36.87 million (0.04%) [2] Profitability and Debt Management - As of Q3 2025, Guizhou Moutai's debt-to-asset ratio was 12.81%, lower than the previous year's 13.63% and significantly below the industry average of 32.41%, indicating strong debt management [3] - The gross profit margin stood at 91.29%, slightly down from 91.53% year-on-year but still above the industry average of 67.32%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.09% to 238,500, with an average holding of 5,250.34 shares, a decrease of 7.77% [5] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings among some top shareholders [5] Business Highlights - In Q3 2025, Moutai liquor revenue grew by 7.3%, supported by stable release of flying fairy quotas and increased sales of non-standard products [6] - The company is expected to see a recovery in market demand, with projected revenues for 2025-2027 showing growth rates of 5% to 6.7% [6][7] - The overseas market has also expanded, with a reported 11.8% increase in overseas revenue for Q1-Q3 2025 [7]