KWEICHOW MOUTAI(SH:600519) Zhong Guo Jing Ying Bao·2025-11-06 13:50Core Viewpoint - Guizhou Moutai's management demonstrates a pragmatic, sincere, and open attitude towards investors, focusing on maintaining market confidence while transitioning from rapid growth to high-quality development [1][8]. Group 1: Financial Performance - In the first three quarters of the year, Guizhou Moutai reported total revenue of 130.904 billion yuan, a year-on-year increase of 6.32%, with net profit attributable to shareholders reaching 64.626 billion yuan, up 6.25% [2]. - The company has managed to maintain stability in its core business despite the overall slowdown in the liquor industry, with a notable recovery in terminal sales since August [2][3]. Group 2: Channel Management - Guizhou Moutai has actively reduced pre-receivable accounts by 2 billion yuan to alleviate pressure on channel partners, demonstrating a commitment to maintaining a healthy channel ecosystem during industry adjustments [2][3]. - The company has implemented a scientific distribution system driven by terminal sales, which has shown positive results in stabilizing the market [3]. Group 3: Production Capacity - The "14th Five-Year Plan for Moutai Wine Technological Transformation" aims to add approximately 19,800 tons of annual production capacity, with two workshops already completed [3]. - Future capacity release will be carefully planned considering industry trends and internal resource allocation [3]. Group 4: Market Strategy - Moutai 1935 has shown significant growth in terminal sales, prompting the company to develop targeted market policies to enhance consumer experience [4]. - The management's proactive measures reflect a long-term commitment to navigating the current industry challenges [4]. Group 5: Value Management - Guizhou Moutai emphasizes the importance of value management, with a focus on high-quality development and shareholder returns through systematic measures [5][6]. - Recent actions include a 3 billion yuan stock buyback plan and a 30 billion yuan mid-term dividend announcement [6]. Group 6: Anti-Counterfeiting and International Expansion - The company is developing a comprehensive anti-counterfeiting technology system and has established green channels for reporting counterfeit issues [7]. - Guizhou Moutai is committed to a three-step internationalization strategy, focusing on long-term quality rather than short-term speed [7]. Group 7: Future Outlook - For the fourth quarter, the company aims to maintain channel resilience and align with market demands, ensuring stability in both Moutai and series wines [8]. - The management's proactive engagement with investors during the earnings call reinforces the company's commitment to transparency and long-term value [8].