贵州茅台业绩说明会：管理层直面问题坦诚与投资者交流

Core Viewpoint - Guizhou Moutai demonstrates resilience in the face of industry challenges, achieving a 6.32% revenue growth in the first three quarters of the year, while the broader A-share liquor sector experienced an 18.38% decline in revenue [1] Business Performance - Moutai liquor maintained a 9.3% growth in the first three quarters, while series liquor saw a 7.8% decline; in Q3, Moutai liquor grew by 7.3% [1] - The management indicated that from June to August, Moutai reduced market supply to stabilize the market, leading to improved sales performance from August onwards [2] - Series liquor faces challenges due to a lack of consumption scenarios and pressure on channels; Moutai is implementing policies to stimulate sales and optimize inventory [2] Channel Inventory - Channel inventory is a significant issue in the liquor industry; Moutai is actively reducing inventory to alleviate pressure on distributors [3] - Moutai's pre-receivable accounts decreased by 2.182 billion yuan, reflecting efforts to enhance channel resilience [3] - In Q3, wholesale channel revenue grew by 14.4%, while direct sales channels experienced slower growth due to adjustments in positioning [3] Product Strategy - The management is addressing counterfeit issues affecting the price of Moutai liquor, with measures to enhance consumer protection and product authenticity [4] - Moutai plans to invest approximately 15.516 billion yuan in the "14th Five-Year Plan" for technical upgrades, which will increase production capacity by about 19,800 tons per year [4] Market Value Management - Moutai announced a mid-term dividend of approximately 30 billion yuan and initiated a second round of share buybacks, with plans to repurchase shares worth between 1.5 billion and 3 billion yuan [5] - The company is focusing on high-quality development and has established a multi-faceted market value management system, including cash dividends, share buybacks, and enhanced investor communication [5]