"当前，白酒行业正经历深度调整，叠加消费习惯变化、商业模式不适配等问题，白酒企业普遍承压。"11月6日，贵州茅台酒股份有限公司（贵州 茅台，600519.SH）召开2025年第三季度业绩说明会，公司董事王莉（代行总经理职责）在回应投资者提问时作出上述表述。 对于投资者提问，"第三季度业绩同比没什么增长，第四季度可能还会下降，跟咱们计划年度目标有较大差别，公司计划怎么采取措施？" 贵州茅台召开业绩说明会，回应三季度业绩表现、电商低价促销应对、渠道库存、未来产能释放、市值管理等多个热点问题。 王莉回应称，当前，白酒行业正经历周期性调整，渠道库存普遍承压，增长速度大幅放缓，集中度加剧提升，行业已进入存量竞争时代。面对消 费场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要时期。公司董事会和经营班子一定会全力以赴、实事求是、科 学谋划，在充分尊重市场规律的前提下，以市场需求为驱动，维护渠道韧性与市场稳定。公司也将持续秉持坦诚务实的态度，与各方一道，共克 时艰、共谋发展。 另有投资者提问，"公司预收账款较年初大幅减少20亿的原因是什么？是否经销商打款意愿降低？" 贵州茅台副总经理、财务总监、董事会秘 ...

Core Viewpoint - The company acknowledges that the liquor industry is undergoing a deep adjustment, facing challenges such as changing consumer habits and an unsuitable business model, leading to significant pressure on liquor enterprises [2] Group 1: Performance and Market Conditions - The company reported that its total revenue and net profit growth rates for the first three quarters reached a new low since 2015, with third-quarter net profit and revenue growth slowing to less than 1% [3][4] - The company plans to maintain channel resilience and market stability in the fourth quarter, focusing on a scientific and precise market strategy [4] - The company has reduced market supply to stabilize the market, resulting in a noticeable recovery in terminal sales since August [4] Group 2: Channel Management and Inventory - The company is actively working to alleviate pressure on channel partners and enhance channel resilience to promote healthy market development [3][4] - The company reported that the channel inventory ratio for its flagship product, Feitian Moutai, is currently at a healthy level, while other series products are facing challenges [6] Group 3: E-commerce and Pricing Issues - The company is addressing low-price promotions on e-commerce platforms, which have affected its brand reputation, by establishing a green disposal channel for counterfeit and infringement information [5] - The company has issued warnings to consumers about purchasing from official channels to combat counterfeit products [5] Group 4: Shareholder Value and Market Management - The company is transitioning from high-speed growth to high-quality development, focusing on value management through cash dividends, share buybacks, and enhanced investor communication [7][8] - The company announced a share buyback plan of no less than 1.5 billion yuan and no more than 3 billion yuan, marking its second share buyback since listing [7] Group 5: Internationalization and Capacity Expansion - The company plans to invest approximately 15.516 billion yuan in the "14th Five-Year Plan" technical transformation project, which will increase its actual production capacity by about 19,800 tons per year [9] - The company is committed to a three-step internationalization strategy, focusing on market stability and health while expanding its international presence [9] Group 6: Industry Outlook - The company believes that the current industry adjustment presents opportunities for innovation and transformation, emphasizing the importance of adapting to market demands [10]

Core Viewpoint - The company emphasizes the importance of market dynamics, value management, and investor rights protection, aiming to enhance operational quality and investor relations [1] Group 1 - The company is closely monitoring market trends and is committed to optimizing its management practices [1] - The company aims to improve the quality of information disclosure to convey its investment value effectively [1] - A reasonable and stable dividend plan will be developed based on actual performance to reward investors [1] Group 2 - The company believes that establishing a solid and stable image in the capital market is crucial for achieving sustainable value returns [1]

"贵州茅台公司正由高速增长向高质量发展转型。在这个过程中，市值管理是重中之重。"11月6日，贵州茅台召开2025年第三季度业绩说明会，针对"市值 管理"等市场敏感话题和关切焦点，贵州茅台高管层与投资者进行了深入互动，并给予答复。 回应业绩下滑：维护渠道韧性与市场稳定 除了市值管理问题，贵州茅台2025年第三季度业绩说明会上，针对业绩问题，也不乏"辣味"的提问。 "公司三季度业绩下滑是什么原因？" "公司业绩与年度目标差距较大，如何应对？" "茅台如何看待今年三季度白酒集体加速下滑的表现？" "白酒行业明年是否能反弹？"…… 对此，贵州茅台董事（代行总经理职责）王莉回应称，当前，白酒行业正经历周期性调整，渠道库存普遍承压，增长速度大幅放缓，集中度加剧提升，行 业已进入存量竞争时代。面对消费场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要时期。 王莉判断，本轮行业调整，是外部环境变化与内部适配不足共同作用的结果，虽然面临诸多困难和挑战，但也是行业再出发、再创新、再转型，更好适配 市场、对接需求、促进发展的好机会。"面对消费场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要 ...

Core Viewpoint - The company acknowledges that the liquor industry is undergoing a significant adjustment, facing challenges such as changing consumer habits and an unsuitable business model, leading to pressure on all liquor enterprises [2][3]. Industry and Company Performance - The liquor industry is in a period of cyclical adjustment, with channel inventory under pressure and growth rates significantly slowing down, indicating a shift to a stock competition era [3]. - The company's third-quarter revenue and net profit growth rates are the lowest since 2015, with both metrics showing less than 1% growth in the third quarter [3][4]. - The company has reduced market supply to maintain market resilience and stability, resulting in a noticeable recovery in terminal sales since August [4]. Channel Management and Inventory - The company is actively working to alleviate pressure on channel partners to maintain a healthy channel ecosystem, which is crucial for market development [3][4]. - The channel inventory ratio for the flagship product, Feitian Moutai, is currently at a healthy level, while other series products are also showing a declining inventory ratio [6]. E-commerce and Pricing Strategy - The company is addressing low-price promotions on e-commerce platforms, which have led to concerns about brand reputation and pricing integrity [5]. - Efforts are being made to establish a green disposal channel for counterfeit and infringement information with major online platforms [5]. Market Strategy and Internationalization - The company is committed to a three-step internationalization strategy, focusing on maintaining market health and stability while expanding its international presence [4][9]. - A significant investment of approximately 15.516 billion yuan is planned for the "14th Five-Year" technical transformation project to enhance production capacity [9]. Shareholder Value and Market Management - The company is transitioning from high-speed growth to high-quality development, emphasizing value management through cash dividends, share buybacks, and enhanced information disclosure [7][8]. - A share buyback plan has been announced, with a total amount between 1.5 billion and 3 billion yuan, aimed at enhancing shareholder value [8]. Industry Outlook - The current industry adjustment presents both challenges and opportunities for innovation and transformation, with the company aiming to adapt to market demands and promote higher quality development [10].

Core Viewpoint - Guizhou Moutai reported record high revenue and net profit for the first three quarters of 2025, but growth rates hit new lows since 2015, prompting the company to focus on maintaining channel resilience in the fourth quarter amid industry adjustments [3][4]. Financial Performance - For the first three quarters, Guizhou Moutai achieved revenue of 1284.54 billion yuan, a year-on-year increase of 6.36%, and a net profit of 646.27 billion yuan, up 6.25% [3]. - In Q3 alone, total revenue was 398.10 billion yuan, growing by 0.35%, while net profit was 192.24 billion yuan, increasing by only 0.48% [4]. Strategic Focus - The company emphasized maintaining channel resilience as a core objective for Q4, adapting to new market conditions and consumer habits [5][6]. - Management highlighted the importance of a "transformation and reform" strategy, with ongoing market research across various regions [4][5]. Product Performance - Moutai liquor generated revenue of 1105.14 billion yuan in the first three quarters, up 9.28%, while series liquor revenue fell by 7.78% to 178.84 billion yuan [6]. - The direct sales channel contributed 555.55 billion yuan, a 6.86% increase, while wholesale channel revenue was 728.42 billion yuan, up 6.29% [6]. Market Initiatives - The company is implementing policies to stimulate terminal sales and optimize product distribution to alleviate channel pressures [7]. - Moutai has established a scientific distribution system driven by terminal sales since April, ensuring a healthy inventory level for its products [6]. Shareholder Returns - Guizhou Moutai announced a 30 billion yuan share buyback plan and a 300 billion yuan mid-term dividend to enhance investor confidence [9][10]. - The mid-term profit distribution plan includes a cash dividend of 23.957 yuan per share, totaling approximately 300.01 billion yuan [10]. Historical Context - Since its listing, Guizhou Moutai has distributed cash dividends 29 times, totaling 3661.13 billion yuan, with an average dividend payout ratio of 61.38% [11].

"茅台如何看待今年三季度白酒集体加速下滑的表现？" "白酒行业明年是否能反弹？"…… 对此，贵州茅台董事（代行总经理职责）王莉回应称，当前，白酒行业正经历周期性调整，渠道库存普遍承压，增长速度大幅放缓，集中度加剧提升，行 业已进入存量竞争时代。面对消费场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要时期。 王莉判断，本轮行业调整，是外部环境变化与内部适配不足共同作用的结果，虽然面临诸多困难和挑战，但也是行业再出发、再创新、再转型，更好适配 市场、对接需求、促进发展的好机会。"面对消费场景缺失、消费习惯变化、商业模式不适配等问题，整个行业正处于转型的重要时期。公司董事会和经 营班子一定会全力以赴、实事求是、科学谋划，在充分尊重市场规律的前提下，以市场需求为驱动，维护渠道韧性与市场稳定。" 针对投资者提出"茅台1935酒在2025年三季度交易量及交易额两方面有怎样的变化"的问题，王莉回应称，茅台1935酒，在9月、10月终端动销环比、同比 都有明显增长。临近年底，贵州茅台已制定针对性的市场政策，充分抓住9月、10月动销带来的机遇，进一步围绕消费者的"事业"与"生活"，促进场景转 型，提升服务 ...

Group 1: Market Performance and Shareholder Concerns - The company's stock price has decreased from 21.85 CNY in September 2011 to 5.6 CNY, despite the Shanghai Composite Index rising from 2567 to 4000 points [2][3] - The company acknowledges the gap between current stock price and investor expectations, attributing it to multiple factors including industry cycles and macroeconomic changes [3][4] - The company emphasizes its commitment to enhancing shareholder returns through consistent dividends, even amidst competitive pressures [3][4] Group 2: Business Strategy and Growth - The company is focused on improving operational quality and internal value, with a strategic shift towards "lightweight, electrification, intelligence, and connectivity" [3][5] - Revenue growth in the first three quarters is attributed to a favorable market environment and the realization of previously secured orders, with over 70% of new energy-related orders [4][5] - The company has no plans for A and B share consolidation but will disclose any future developments [3][4] Group 3: Operational Actions and Future Plans - The company has undertaken several key actions to enhance its operational performance, including acquiring foreign equity in joint ventures and establishing strategic partnerships [5] - It is actively exiting non-core businesses to focus on its main operations, which includes selling stakes in non-essential subsidiaries [5] - The company plans to improve communication with the capital market to better convey its strategic initiatives and operational results [5]

Core Viewpoint - Guizhou Moutai (600519.SH) has announced a dual benefit strategy of "mid-term dividend + cancellation-based repurchase," signaling strong confidence in its long-term development by distributing a cash dividend of 30 billion CNY and initiating a share repurchase of 1.5 to 3 billion CNY [1][3][4] Dividend Distribution - The company plans to distribute a cash dividend of 23.957 CNY per share (including tax), totaling 30 billion CNY, based on a total share capital of 1.252 billion shares as of September 30, 2025 [4] - This marks the second mid-term profit distribution since the company's listing, maintaining a steady "annual + mid-term" dividend rhythm, with cumulative cash dividends reaching 366.113 billion CNY since listing [4][5] Share Repurchase - The repurchase plan involves a total fund of 1.5 to 3 billion CNY, entirely sourced from self-owned funds, with a maximum repurchase price of 1887.63 CNY per share, reflecting the company's strong recognition of its own value [4][5] - The repurchase period has been shortened from 12 months to within 6 months after the shareholders' meeting approval, enhancing execution efficiency [5] Market Confidence and Value Management - The dual benefits of dividends and repurchases demonstrate the company's systematic approach to value management, balancing capital efficiency and long-term value creation [7][8] - The stable dividend and repurchase strategy is crucial for attracting long-term institutional investors, providing predictable cash returns and a stable equity policy [7][8] Industry Context - The white liquor industry is undergoing significant adjustments, with evolving consumer demographics and consumption patterns. Guizhou Moutai's actions signal stability amidst these changes, reinforcing its core advantages in the high-end liquor market [8][9] - The company's ability to continue rewarding shareholders during industry adjustments reflects its resilience and serves as a model for value management in the sector, potentially aiding in the valuation recovery of other liquor companies [8][9] Long-term Value Creation - Guizhou Moutai's capital operations and brand management create a virtuous cycle, with stable capital policies enhancing the perception of its core value, which is rooted in scarcity and consistent cash generation [9] - The company's commitment to quality management, evidenced by its EFQM Global Award, underpins its competitive advantage and supports its long-term value system [9]

Group 1: Company Operations and Financials - The company received renewable energy subsidy funds totaling CNY 23.19 billion from January to August 2025, with CNY 22.52 billion from national renewable energy subsidies [2][3] - The company has a policy to provision for impairment of new receivables from national subsidies at a rate of 1% annually [3] Group 2: Equity Incentives - The company disclosed a stock option incentive plan in 2020, with the third exercise period currently in progress [4] - The company is actively researching equity incentive policies for state-owned enterprises and plans to explore future incentive programs [4] Group 3: Market Strategies - The company has seen a slight increase in market-based electricity trading prices compared to historical data and has implemented several measures to address this [5] - Key measures include enhancing the professional trading team, upgrading trading management through digital tools, and closely monitoring policy changes [5] Group 4: Value Management - The company emphasizes value management as a long-term strategic behavior, aligning with guidelines from the State-owned Assets Supervision and Administration Commission [6] - Value management is integrated into the performance assessment system, with responsibilities shared between the board and management [6] - The company employs multiple channels for value communication, including information disclosure and investor relations management [6]