贵州茅台前三季度营收1285亿元，张坤逆势加仓

Core Viewpoint - Guizhou Moutai's Q3 2025 financial results show modest growth, with revenue and net profit increasing by 0.56% and 0.48% year-on-year, respectively, indicating resilience in a challenging industry environment [1][2]. Financial Performance - In Q3 2025, Guizhou Moutai achieved revenue of 39.064 billion yuan and net profit of 19.224 billion yuan, with year-to-date revenue reaching 128.454 billion yuan and net profit of 64.627 billion yuan, reflecting year-on-year growth of 6.36% and 6.25% respectively [1][2]. - The revenue breakdown shows that Moutai liquor accounted for 110.514 billion yuan, while series liquor contributed 17.884 billion yuan, with wholesale channels generating 72.842 billion yuan [2]. Industry Comparison - Compared to other liquor companies that reported significant declines in Q3 revenue (30%-40% drop), Guizhou Moutai is one of the few maintaining positive growth [2]. - Historical performance indicates that Moutai has consistently achieved positive growth even during industry downturns, such as in 2014 when it reported a decline in revenue and net profit [2]. Market Insights - Recent market research conducted by Moutai's management revealed a stable and positive development trend in the Moutai liquor market, with improved sales performance noted since September [3]. - The company's "4+6" channel system has demonstrated resilience amid industry adjustments, with improved inventory turnover ratios [3]. Investment Sentiment - Fund manager Zhang Kun has increased holdings in Guizhou Moutai, citing the long-term potential of China's consumer market and the current low valuation as providing a safety margin for investment [4].