Core Viewpoint - Guizhou Moutai is transitioning from high-speed growth to high-quality development amidst a challenging environment in the liquor industry, focusing on stabilizing its core products and strategically managing its series liquor offerings [2][3]. Financial Performance - In the first three quarters of 2023, Guizhou Moutai achieved total revenue of 130.904 billion yuan, a year-on-year increase of 6.32% - The total profit reached 89.403 billion yuan, up 6.37% year-on-year - Net profit was 64.627 billion yuan, reflecting a growth of 6.25% compared to the previous year [2]. Product and Market Strategy - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan in the first three quarters, marking a 9.28% increase year-on-year [3]. - The company has conducted extensive market research across 18 provinces, engaging over 1,700 distributors to clarify development directions [3]. - The series liquor segment has seen a decline, but management indicates this is a strategic decision to address current market challenges [3][4]. Future Transformation and Change - Guizhou Moutai is focusing on three transformations: customer base, consumption scenarios, and service enhancements, aiming to balance stability and dynamism in the market [5]. - The company is implementing changes across product, channel, and terminal aspects to create a more resilient ecosystem [6]. - Plans include developing cultural experience terminals that integrate various functions and enhance customer engagement over the next three years [6]. Investor Relations and Market Management - In response to investor concerns, Guizhou Moutai is managing its market value through regular dividends, share buybacks, and communication with investors [7]. - The company has committed to maintaining a dividend rate of no less than 75% over the next three years and has initiated a 6 billion yuan share buyback program [7].

10月29日晚，贵州茅台（600519）发布第三季度报告。2025年前三季度，公司实现营业总收入1309.04 亿元，同比增长6.32%；利润总额为894.03亿元，同比增长6.37%；净利润为646.27亿元，同比增长 6.25%。 在白酒行业加速出清、整体动销下滑的当下，贵州茅台的发展方式正由高速向高质转变，通过稳住茅台 酒基本盘、系列酒主动降速等举措，向行业和外界提供一份在行业周期里转型变革的方案。 立足当下以"稳"为要 三季报显示，茅台酒作为贵州茅台的核心大单品，在前三季度实现收入1105.14亿元，同比增长9.28%。 今年以来，茅台管理层先后深入全国各地进行市场调研，覆盖18个省区的1700多家渠道商，为商家明确 发展方向；6月走访京东、阿里，组织全国40位传统经销商召开座谈会，主动优化线上和线下渠道的"协 同效应"；8月至9月，茅台再启秋季市场调研，深入华东、西南、东北、华北、西北市场一线，累计覆 盖16个省区，全国超300家渠道商深度参与，进一步抢抓"双节"市场。 转型上，贵州茅台正将客群转型、场景转型和服务转型"三个转型"战略，在市场实践中具象化。客群转 型方面，积极与新兴产业、科技企业打交 ...

透过三季报可以发现，茅台的发展方式正由高速向高质转变，通过稳住茅台酒基本盘、系列酒主动降速 等举措，向行业和外界提供一份在行业周期里转型变革的茅台方案。 立足当下 以"稳"为要 三季报显示，茅台酒作为茅台的核心大单品，在前三季度实现收入1105.14亿元，同比增长9.28%。 基本盘的稳健，得益于茅台对市场形势的精准把握。今年以来，茅台管理层先后深入全国各地市场调 研，春节复工后不到两周就深入一线市场调研，16天时间覆盖18个省份的1700多家渠道商，为商家明确 发展方向；6月走访京东、阿里，组织全国40位传统经销商召开座谈会，主动优化线上和线下渠道的"协 同效应"；8月至9月，茅台再启秋季市场调研，深入华东、西南、东北、华北、西北市场一线，累计覆 盖了16个省份，全国超300家渠道商深度参与，进一步抢抓"双节"市场。 从终端动销来看，6—7月，茅台酒动销趋于稳定，8月动销开始回暖，9月后动销大幅提升，经销商"存 销比"下降五成，处于良好水平。这些信号，充分印证了茅台酒强大的品牌力。 系列酒作为品牌"护城河"，在季报中的表现虽有所下滑，透过管理层近期透露的信号，系列酒的降速或 是"主动为之"。 根据茅台官方消 ...