贵州茅台蒋焰：当前飞天茅台酒渠道存销比处于良性水平

Core Insights - Guizhou Moutai (600519) held a performance briefing for Q3 2025 on November 6, highlighting the establishment of a scientific distribution system for Moutai liquor since April, focusing on terminal sales as a driving force [1] - The channel inventory-to-sales ratio for Flying Moutai is currently at a healthy level, while other premium Moutai products are also at relatively reasonable levels [1] - The series liquor segment is facing challenges with channel pressure, but Moutai 1935's channel inventory-to-sales ratio is reported to be relatively healthy, and the inventory levels for other series liquor products are decreasing [1] - The company plans to continue implementing a series of market policies to support and boost consumer sales [1]