贵州茅台，三季度业绩曝光！

Core Viewpoint - Guizhou Moutai's Q3 net profit reached 19.22 billion yuan, a year-on-year increase of 0.48%, indicating a slowdown in growth compared to previous years [2][3][6]. Financial Performance - For Q3, Guizhou Moutai achieved revenue of 39.06 billion yuan, up 0.56% year-on-year, while total revenue for the first three quarters was 128.45 billion yuan, reflecting a 6.36% increase [4][3]. - The total profit for Q3 was approximately 26.63 billion yuan, with a year-on-year growth of 0.58%, and the net profit attributable to shareholders was 19.22 billion yuan, marking a 0.48% increase [4][3]. - The cash flow from operating activities showed a significant decline of 14.01% year-on-year for the first three quarters [4]. Product Performance - Moutai liquor generated revenue of 34.92 billion yuan in Q3, with a year-on-year growth of about 7.3%, indicating stable performance [11]. - Series liquor, represented by Moutai 1935, saw a significant revenue drop of 34% in Q3, attributed to a price decline of over 60% since its launch in 2022 [11]. Industry Context - Guizhou Moutai's Q3 performance is noted as the lowest growth rate in nearly a decade, yet it remains better than its peers in the A-share market, where most companies reported significant declines [6][8]. - The overall white liquor industry is facing challenges, with many companies reporting substantial profit declines, attributed to weak demand during traditional consumption peaks and high inventory pressures [14][15]. Future Outlook - Guizhou Moutai aims for a total revenue growth target of approximately 9% for 2025, necessitating a stronger performance in the final quarter of the year to meet this goal [12]. - Industry experts predict continued challenges until at least Q2 of the following year, with expectations of a gradual recovery in consumer demand [15].