KWEICHOW MOUTAI(SH:600519) Zhong Guo Jing Ying Bao·2025-11-06 14:04Core Viewpoint - Guizhou Moutai's management demonstrates a pragmatic, sincere, and open attitude towards investors, addressing key concerns regarding the company's performance and strategic direction amidst industry challenges [2][9]. Group 1: Performance and Market Stability - 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 reaching 64.626 billion yuan, up 6.25% [3]. - The company has maintained stability in its core business despite the overall slowdown in the liquor industry, attributing this to precise market control and channel management [3][4]. - Moutai's proactive measures to reduce pre-receivable accounts by 2 billion yuan reflect its commitment to alleviating pressure on channel partners during the industry's adjustment period [3][4]. Group 2: Production Capacity and Inventory Management - The "14th Five-Year Plan" for Moutai's production capacity aims to add approximately 19,800 tons per year, with two workshops already operational [4]. - The management has implemented a scientific distribution system driven by terminal sales, which has shown positive results since August, stabilizing the market [4][5]. - The company has actively reduced market supply to maintain resilience and stability in the face of common industry challenges such as changing consumer habits [4][5]. Group 3: Value Management and Shareholder Returns - Guizhou Moutai emphasizes the importance of value management, with a focus on transitioning from high-speed growth to high-quality development [6][7]. - Recent initiatives include a 3 billion yuan stock buyback plan and a mid-term dividend of approximately 30 billion yuan, showcasing the company's commitment to shareholder returns [6][7]. - The management aims to balance short-term shareholder returns with long-term sustainable development, enhancing the company's risk resilience [6][7]. Group 4: Anti-Counterfeiting and International Expansion - The company is developing a comprehensive anti-counterfeiting technology system, focusing on consumer experience and collaboration with e-commerce platforms [8]. - Guizhou Moutai is committed to a three-step internationalization strategy, increasing market presence in regions where Chinese companies are expanding, while maintaining a focus on long-term quality over short-term speed [8]. - The management's approach reflects a strategic patience in navigating international markets, despite recent adjustments to supply channels [8]. Group 5: Future Outlook and Strategic Goals - For the fourth quarter, Moutai plans to prioritize market order and stability, aiming to maintain channel resilience through alignment with market demand [9]. - The management's proactive engagement with investors during the earnings call reinforces the company's commitment to transparency and accountability, further solidifying market confidence in Moutai's long-term investment value [9].