贵州茅台 - 2025 年三季度业绩符合下调后的预期

M Update 3Q25 Results in Line with Lowered Expectation Reaction to earnings October 29, 2025 02:45 PM GMT Kweichow Moutai Company Ltd. | Asia Pacific Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Sales: In 3Q25, "Moutai" core brand sales rose 7% yoy, contributing to 89% of liquor sales (vs. 84% in 3Q24 and 83% in 2Q25). Series liquor fell 34% yoy. Direct sales were 40% of ...