茅台也“卖不动”了

Core Viewpoint - Guizhou Moutai (600519.SH) faces challenges in a deep adjustment period for the liquor industry, reporting stagnant sales growth in Q3 2025 [3]. Financial Performance - In Q3 2025, Guizhou Moutai achieved revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, and a net profit attributable to shareholders of 19.224 billion yuan, up 0.48% [3]. - For the first three quarters of 2025, total revenue reached 130.904 billion yuan, reflecting a 6.32% year-on-year growth, while net profit attributable to shareholders was 64.626 billion yuan, increasing by 6.25% [3]. - The company has revised its revenue growth target for 2025 down to 9% [3]. Product Revenue Breakdown - From January to September 2025, revenue from Moutai liquor was 110.514 billion yuan, an increase from 101.126 billion yuan in the same period of 2024 [3]. - However, revenue from series liquor declined to 17.884 billion yuan compared to 19.393 billion yuan in the same period of 2024 [3]. Leadership Challenge - The newly appointed chairman of Guizhou Moutai Group, Chen Hua, faces the significant challenge of stabilizing performance and achieving annual growth targets during this period of industry adjustment [3].