白酒行业筑底信号持续释放，茅台三季报验证韧性

Core Viewpoint - Guizhou Moutai's Q3 2025 performance reflects a "steady overall, but slowing quarterly" trend, with total revenue of 130.9 billion yuan, a 6.3% year-on-year increase, and net profit of 64.63 billion yuan, a 6.2% increase, indicating strong profitability despite a significant slowdown in Q3 growth [1][2] Company Performance - In Q3 2025, Guizhou Moutai achieved total revenue of 39.81 billion yuan, with a mere 0.3% year-on-year increase, and net profit of 19.22 billion yuan, up 0.5%, showing a marked decline compared to the average growth rate of the first three quarters [1] - The company is focusing on "reducing speed to shed burdens" rather than aggressively pursuing growth, reflecting its responsibility as an industry leader [1] Industry Analysis - The white liquor industry is showing signs of bottoming out, with the sector's valuation at historical lows, indicating a favorable entry point for investment [2] - The food and beverage sector, including white liquor, is perceived to have significant value, with recommendations to focus on stable industry leaders and quality stocks with long-term growth potential [1][2] Investment Outlook - The current phase is seen as a prime opportunity for medium to long-term capital allocation in the white liquor sector, supported by ongoing consumption upgrades and structural opportunities within the industry [2]