贵州茅台_2025 年三季度业绩回顾_营收与净利润符合预期；受政策影响直销增速放缓，批发渠道韧性较强

30 October 2025 | 12:50AM HKT Equity Research Kweichow Moutai (600519.SS): 3Q25 Earnings Review: Sales/NP in line; Direct sales slowed on policy impact with resilient wholesale channels Moutai reported 3Q25 results on Oct 29 with sales/NP up 0.3%/0.5% yoy to Rmb39.8bn/Rmb19.2bn, both right in line with GSe. By product in 3Q25, Moutai Spirits revenue was up 7% yoy mainly supported by wholesales channels, while Series spirits revenue declined sharply by 34% yoy, seeing a much deeper decline vs. -7% in 2Q25 am ...