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 sustainable development and market responsiveness [1][3]. 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% [2]. - 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 [2]. Market Strategy - The company has reduced market supply to maintain stability and has seen a recovery in terminal sales since August, with a notable increase in sales momentum [3][4]. - Moutai is implementing a scientific and precise distribution system to enhance product availability and channel resilience, with a focus on maintaining a healthy inventory turnover ratio [3][5]. Channel Management - The company is actively addressing the pressures faced by its channel partners and is promoting terminal sales through policy incentives [4][5]. - Moutai 1935 liquor has seen a significant increase in terminal sales year-on-year, while other series are also experiencing a decline in inventory turnover ratios [5]. International Expansion - Guizhou Moutai is committed to international market development, employing a "three-step" strategy and focusing on product optimization, pricing, and brand culture dissemination [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, aiming to balance short-term returns with long-term growth [7][8]. - The proposed cash dividend is 23.957 yuan per share, totaling 30 billion yuan based on the current total share capital [7]. Market Outlook - Guizhou Moutai is adapting to the cyclical adjustments in the liquor industry, shifting from high-speed growth to high-quality development, while ensuring the balance of interests among stakeholders [8].