【导读】贵州茅台第三季度实现归母净利润192.24亿元，同比增长0.48% 见习记者 夏天 10月29日晚间，贵州茅台发布三季报。报告显示，前三季度公司实现营收1284.54亿元，同比增长 6.36%；实现归母净利润646.27亿元，同比增长6.25%。 在备受关注的第三季度，公司实现营收390.64亿元，同比增长0.56%；实现归母净利润192.24亿元，同 比增长0.48%。 | | | | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 39.064.353,239.02 | 0.56 | 128,453,707,655.86 | 6.36 | | 利润总额 | 26,625,443,687.86 | 0.58 | 89.403.444.454.68 | 6.37 | | 归属于上市公司股东的 | 19,223,784,414.08 | 0.48 | 64,626,746,712 ...

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].