贵州茅台主动纾解渠道商压力飞天茅台存销比处于良性水平

Core Viewpoint - Guizhou Moutai is focusing on stabilizing its channel partners and adapting to the current challenges in the liquor industry, with a strategic emphasis on maintaining market resilience and optimizing product distribution [2][3][4]. Financial Performance - For the first nine months of 2025, Guizhou Moutai reported total revenue of 130.904 billion yuan, a year-on-year increase of 6.32%, and a total profit of 89.403 billion yuan, up 6.37% [3]. - The core product, Moutai liquor, generated revenue of 110.514 billion yuan in the same period, reflecting a growth of 9.28% year-on-year [3]. Market Strategy - The company has reduced market supply since April to maintain market stability and has implemented a scientific distribution system driven by terminal sales [4][5]. - Moutai is actively addressing the challenges posed by changing consumer habits and market conditions through strategic market research and policy incentives [3][5]. Channel Management - Guizhou Moutai emphasizes the importance of channel partner stability and has taken measures to alleviate pressure on distributors, ensuring a healthy channel ecosystem [4][5]. - The company reported a healthy inventory turnover ratio for its products, indicating effective channel management [4]. International Expansion - Guizhou Moutai is committed to international market development, implementing a "three-step" strategy and focusing on optimizing product and pricing systems while expanding its market presence [6]. - The company is addressing the "return liquor" phenomenon by enhancing market control and temporarily suspending supplies to certain channels [6]. Shareholder Returns - Guizhou Moutai 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]. - The company aims to balance short-term returns with long-term development, ensuring sustainable growth for stakeholders [8].