KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-06 11:10Core Viewpoint - Guizhou Moutai reported record high revenue and net profit for the first three quarters of 2025, but growth rates hit new lows since 2015, prompting the company to focus on maintaining channel resilience in the fourth quarter amid industry adjustments [3][4]. Financial Performance - For the first three quarters, Guizhou 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% [3]. - In Q3 alone, total revenue was 398.10 billion yuan, growing by 0.35%, while net profit was 192.24 billion yuan, increasing by only 0.48% [4]. Strategic Focus - The company emphasized maintaining channel resilience as a core objective for Q4, adapting to new market conditions and consumer habits [5][6]. - Management highlighted the importance of a "transformation and reform" strategy, with ongoing market research across various regions [4][5]. Product Performance - Moutai liquor generated revenue of 1105.14 billion yuan in the first three quarters, up 9.28%, while series liquor revenue fell by 7.78% to 178.84 billion yuan [6]. - The direct sales channel contributed 555.55 billion yuan, a 6.86% increase, while wholesale channel revenue was 728.42 billion yuan, up 6.29% [6]. Market Initiatives - The company is implementing policies to stimulate terminal sales and optimize product distribution to alleviate channel pressures [7]. - Moutai has established a scientific distribution system driven by terminal sales since April, ensuring a healthy inventory level for its products [6]. Shareholder Returns - Guizhou Moutai announced a 30 billion yuan share buyback plan and a 300 billion yuan mid-term dividend to enhance investor confidence [9][10]. - The mid-term profit distribution plan includes a cash dividend of 23.957 yuan per share, totaling approximately 300.01 billion yuan [10]. Historical Context - Since its listing, Guizhou Moutai has distributed cash dividends 29 times, totaling 3661.13 billion yuan, with an average dividend payout ratio of 61.38% [11].