KWEICHOW MOUTAI(SH:600519) Zhong Zheng Wang·2025-11-07 08:28Core Viewpoint - Guizhou Moutai acknowledges the challenges faced by the liquor industry during a cyclical adjustment period, emphasizing the need for innovation and transformation to adapt to market demands and achieve high-quality development [1][2]. Group 1: Industry Challenges - The liquor industry is experiencing a significant slowdown, with increased inventory pressure and a shift towards a stock competition era, driven by changes in consumer habits and business models [1]. - The current industry adjustment is attributed to both external environmental changes and internal misalignments within the industry [1]. Group 2: Company Strategy - Guizhou Moutai plans to leverage the current market recovery by implementing targeted market policies to enhance consumer engagement in both business and lifestyle scenarios [2]. - The company aims to maintain market stability and order in the fourth quarter, focusing on optimizing product distribution based on actual sales performance [2]. Group 3: Inventory and Pricing - Moutai has established a sales-driven product distribution system since April 2025, ensuring a healthy inventory turnover ratio for its products [3]. - The company is actively addressing channel pressures and has reported improvements in the inventory levels of its series products, including Moutai 1935 [3]. Group 4: Market Value Management - Moutai is transitioning from a phase of rapid growth to one of high-quality development, with a focus on enhancing market value through a comprehensive management system that includes cash dividends, share buybacks, and improved investor communication [3]. - The company will continue to allocate funds to statutory surplus reserves to strengthen its financial foundation and resilience against industry fluctuations [3].