【导读】一个月拦截异常4.26亿次，i茅台发布关于"外挂抢购"的声明 刚刚，i茅台发布声明，对商家通过网络平台公开售卖所谓i茅台App"抢购外挂"等软件的行为进行严厉谴责与坚决抵制。 i茅台指出，近期发现有商家售卖相关抢购类软件，甚至有网友晒出非官方的批量成交记录，此类售卖、使用行为破坏公平市场秩序，造成不良社会影 响，还涉嫌违反《中华人民共和国民法典》《中华人民共和国网络安全法》《中华人民共和国消费者权益保护法》。平台特别提醒，消费者使用该类软件 存在信息泄露、财产受损的安全风险，呼吁广大消费者增强防范意识，切勿轻信相关软件以免蒙受损失。目前i茅台已全面收集并固化相关违规证据，将 保留采取法律手段追究相关主体责任的权利，坚决维护正常市场秩序和消费者合法权益。 同时，i茅台透露，平台已构建多层级、多策略的成熟风险防控体系，2026年1月1日以来已成功拦截各类异常行为4.26亿次，平台交易中不存在批量非常 规成交的情况，后续还将持续提升技术防控能力，为消费者营造公平有序的消费环境。 近日，在二手平台上，声称能提升i茅台抢购成功率的"外挂"软件及教程正公开售卖，形成了一条灰色产业链。 在多个二手交易平台上，商家以 ...

Core Viewpoint - Guizhou Moutai's Q3 2025 financial report shows a significant slowdown in growth, with revenue and net profit growth rates dropping to near zero, raising concerns about the company's ability to meet its annual targets [1][3][5]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai achieved revenue of 128.45 billion yuan, a year-on-year increase of 6.36%, and a net profit attributable to shareholders of 64.63 billion yuan, up 6.25% [1][2]. - In Q3 alone, revenue was 39.06 billion yuan, reflecting a mere 0.56% growth year-on-year, while net profit was 19.22 billion yuan, up only 0.48% [3][4]. Growth Trends - The company's growth has been declining over the quarters, with Q1 and Q2 showing revenue growth rates of 10.67% and 7.26%, respectively, and net profit growth rates of 11.56% and 5.25% [3][4]. - The last time Guizhou Moutai reported such low growth figures was 11 years ago, in 2014, during a period of industry challenges [3][5]. Market Conditions - The price of Moutai liquor has also seen a significant decline, with the wholesale price of the 53-degree 500ml Moutai bottle dropping below 1,700 yuan, down from a peak of around 3,100 yuan in 2021 [8]. - The company's contract liabilities, which represent prepayments from distributors, decreased to 7.75 billion yuan, down approximately 23% from 9.93 billion yuan in the previous year [5][6]. Profitability Indicators - Despite the slowdown, Guizhou Moutai maintains a high gross margin of 91.28%, although concerns arise if prices continue to fall below the factory price of 1,499 yuan per bottle [9]. - The company's direct sales revenue reached 55.56 billion yuan, accounting for approximately 43.26% of total revenue, indicating a slight increase in direct sales strategy effectiveness [9][10]. Leadership Changes - Guizhou Moutai is undergoing a leadership transition, with Chen Hua, the director of the Guizhou Provincial Energy Bureau, set to replace Zhang Deqin as chairman [10][11]. - The new leadership's approach to stabilizing the declining Moutai liquor prices and continuing the direct sales strategy will be closely monitored by investors [11].