贵州茅台主动纾解渠道商压力 飞天茅台渠道存销比处于良性水平

Core Viewpoint - Guizhou Moutai has demonstrated resilience in a challenging liquor industry environment, achieving notable revenue and profit growth while focusing on channel stability and sustainable development [2][3]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai reported total revenue of 130.9 billion yuan, a year-on-year increase of 6.32%, and a net profit of 64.6 billion yuan, up 6.25% [2][6]. - Moutai liquor, as the core product, generated revenue of 110.5 billion yuan in the same period, reflecting a growth of 9.28% [2]. Market Strategy - The company has actively reduced market supply to alleviate pressure on distributors and maintain market stability, resulting in improved sales momentum since August [2][3]. - Guizhou Moutai has established a scientific and precise distribution system driven by terminal sales since April, ensuring a healthy channel inventory ratio for its products [3][4]. Channel Management - The company emphasizes the importance of stable and sustainable partnerships with distributors, implementing policies to support terminal sales and enhance channel resilience [3][4]. - Moutai 1935 liquor has seen a significant increase in terminal sales year-on-year, while other series products are also experiencing a decline in inventory ratios [4]. International Expansion - Guizhou Moutai is focusing on international market development through a "three-step" strategy and "six major systems," enhancing its market presence in regions with high concentrations of Chinese enterprises [4][5]. Shareholder Returns - The company announced a mid-term dividend of 30 billion yuan and plans to repurchase shares worth between 1.5 billion and 3 billion yuan, aiming to balance company growth with shareholder interests [6][7]. - The proposed cash dividend is 23.957 yuan per share, totaling 30 billion yuan based on the current total share capital [6].