贵州茅台：飞天茅台酒渠道存销比处于良性水平

Core Viewpoint - Guizhou Moutai is focusing on maintaining market stability and adapting to changes in the liquor industry while implementing a multi-faceted market value management strategy to enhance shareholder returns [1][4]. Revenue Growth Target - The company is committed to achieving its revenue growth target despite challenges in the liquor industry, which is undergoing significant adjustments due to changing consumer habits and business model mismatches [2]. - In the third quarter, the company's revenue increased by 7.26% year-on-year, with a focus on maintaining market stability and a positive sales trend since August [2]. Inventory Management - The company has established a sales-driven distribution system since April 2025, resulting in a healthy inventory turnover ratio for its flagship products [3]. - The inventory turnover ratio for Moutai 1935 and other series is improving, indicating effective inventory management and a proactive approach to alleviating pressure on distributors [3]. Market Value Management - The company is transitioning from high-speed growth to high-quality development, emphasizing the importance of market value management [3]. - A comprehensive market value management system has been developed, including cash dividends, share buybacks, and enhanced investor communication, aimed at increasing company value and benefiting shareholders [4]. Shareholder Returns - Guizhou Moutai plans to repurchase shares worth between 1.5 billion to 3 billion yuan and has announced a mid-term dividend plan of 30 billion yuan, with total dividends for 2025 potentially reaching 64.671 billion yuan, aligning with its net profit for the first three quarters [4].