KWEICHOW MOUTAI(SH:600519) Jing Ji Wang·2025-10-31 02:07Core Viewpoint - The price of Moutai liquor continues to decline, with specific price drops reported for various products, while the company shows slight revenue growth despite industry challenges [1][4]. Price Trends - The price of 25-year Flying Moutai original box decreased by 10 yuan to 1690 yuan per bottle, and the scattered bottle dropped by 20 yuan to 1660 yuan [1][2]. - The price of 24-year Flying Moutai original box fell by 30 yuan to 1750 yuan, while the scattered bottle decreased by 35 yuan to 1700 yuan [1][2]. - The price of 23-year Flying Moutai remained unchanged at 1950 yuan for the original and 1850 yuan for the scattered bottle [2]. Financial Performance - In the first three quarters of the year, Moutai achieved revenue of 1284.54 billion yuan, a year-on-year increase of 6.36%, and a net profit of 646.27 billion yuan, up 6.25% [4]. - Moutai liquor generated revenue of 1105.14 billion yuan, reflecting a 9.28% increase, while series liquor revenue was 178.84 billion yuan [4]. - Direct sales channel revenue reached 555.55 billion yuan, and wholesale channel revenue was 728.42 billion yuan [4]. Distributor and Contract Liabilities - As of the end of Q3, Moutai had 2325 domestic distributors, an increase of 182 from the beginning of the year, and 121 international distributors, up by 17 [4]. - Contract liabilities amounted to 77.49 billion yuan, down from 95.92 billion yuan at the beginning of the year but up from 55.07 billion yuan at the end of Q2 [4]. Market Challenges and Strategic Focus - The company acknowledges the challenges in the current market, emphasizing the need for a resilient ecosystem centered on consumer needs and market demand [5]. - The management highlighted the importance of channel health and product adaptation in the face of market pressures [5]. Leadership Changes - Recent leadership changes include the resignation of Chairman Zhang Deqin, with Chen Hua being recommended as the new chairman [7]. Industry Context - The broader liquor industry is facing pressure, with 14 out of 21 listed companies experiencing declines in both revenue and net profit in the first half of the year [8]. - The industry is undergoing a transformation from "scale expansion" to "value elevation," with a focus on consumer and cultural reconstruction [8].