贵州茅台：茅台酒终端动销环比增长态势明显

Core Viewpoint - Guizhou Moutai is actively alleviating pressure on its channel partners and maintaining a healthy inventory-to-sales ratio for its flagship product, Feitian Moutai, amidst a challenging environment in the liquor industry [1][3]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai reported total revenue of 130.904 billion yuan, a year-on-year increase of 6.32%, and a net profit of 64.626 billion yuan, up 6.25% [2]. - Moutai liquor, as the core product, achieved revenue of 110.514 billion yuan in the same period, reflecting a growth of 9.28% year-on-year [2]. Market Strategy - The company has reduced market supply since June to stabilize market conditions and has seen a positive trend in sales since August [3]. - Guizhou Moutai emphasizes the importance of channel partner stability and sustainable development, actively working to enhance channel resilience [3][4]. Product Performance - The terminal sales of Moutai 1935 have significantly increased year-on-year in September and October, while the inventory-to-sales ratio for other series is declining [5]. - The company is implementing policies to stimulate terminal sales and optimize product distribution based on sales performance [4][5]. International Expansion - Guizhou Moutai is focusing on international market development with a "three-step" strategy and "six major systems" to enhance product optimization, pricing, and brand culture [5][6]. 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 [7][8]. - As of September 30, 2025, Guizhou Moutai's undistributed profits reached 210.875 billion yuan, with a proposed cash dividend of 23.957 yuan per share [7].