对三季度业绩波动、飞天茅台批发价下滑，茅台管理层回应了→

Core Viewpoint - Guizhou Moutai's performance in Q3 2023 reflects significant challenges in the liquor industry, with the company experiencing the lowest growth rates in nearly 11 years, despite maintaining some revenue and profit growth [2][4]. Financial Performance - For the first three quarters of 2023, Guizhou Moutai reported total revenue of 130.9 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 64.63 billion yuan, up 6.25% [2]. - In Q3 alone, revenue was 39.064 billion yuan, showing a minimal year-on-year growth of 0.56%, while net profit was 19.224 billion yuan, with a year-on-year increase of 0.48% [4]. Industry Context - The liquor industry is undergoing a deep adjustment, with many companies facing pressure due to changing consumer habits and mismatched business models [4][6]. - Guizhou Moutai and Shanxi Fenjiu are the only two A-share liquor companies that maintained slight growth among 20 listed companies in the first three quarters [2]. Strategic Adjustments - The company has conducted frontline research and made business adjustments in response to the industry's new challenges, including reducing market supply to stabilize prices [5]. - Guizhou Moutai aims to respect market rules and maintain stability in the fourth quarter, focusing on channel resilience and the performance of its series of products, including Moutai 1935 and Lai Moutai [5]. Price Fluctuations - The wholesale price of Feitian Moutai has recently dropped below 1,700 yuan, with some e-commerce platforms offering it for under 1,600 yuan during the "Double Eleven" shopping festival [8]. - The company has issued warnings to consumers about purchasing from legitimate channels to combat counterfeit products and is working with online platforms to address infringement issues [9]. Future Outlook - To meet its annual growth target of 9%, Guizhou Moutai needs to achieve at least 59.913 billion yuan in revenue in Q4, which would require a year-on-year growth of 19.5% [9]. - As of the end of Q3, the company's contract liabilities stood at 7.749 billion yuan, a decrease of nearly 2 billion yuan from the beginning of the year, which has raised investor concerns about future revenue potential [9].