This is the first set of results since the channel overhaul took effect. Despite a tough YoY comp from the same period last year, Moutai's revenue returned to YoY growth.

2025: Kweichow Moutai posts first simultaneous decline in revenue and profit

On the evening of October 29th Beijing time, $Moutai(600519.SH) released its Q3 2025 performance. Despite the "alcohol ban" and continued weak demand, it still achieved positive growth. The key points are as follows: 1. Overall performance achieved positive growth: In 3Q25, Moutai achieved a total revenue of 39.81 billion yuan, an increase of 0.3% year-on-year, which was below market expectations (market expectations were 42.5 billion yuan). The core issue is that market expectations were mainly based on a linear extrapolation of the growth rate from the previous quarter, underestimating the determination of liquor companies to release channel pressure...

On the evening of August 12th, Beijing time, Kweichow Moutai (600519.SH) released its Q2 2025 performance. In the context of the off-season, the "alcohol ban," and persistently weak demand, Moutai's second-quarter performance was overall disappointing, slightly below market expectations.

On the afternoon of April 29th Beijing time, Kweichow Moutai (600519.SH) released its Q1 2025 earnings. Since the interval between this report and the annual report disclosure was less than one month, and the stock price fluctuation during this period was not significant, this article will focus more on the analysis of Moutai's Q1 performance & the outlook for its full-year 2025 results:

On the evening of April 2nd, Beijing time, Kweichow Moutai (600519.SH) released its Q4 and full-year performance for 2024, which was slightly better than the guidance data in the production and operation announcement for the full year of 2024 issued in January this year. The key points are as follows:

The decline in prices has a bottom, but the transformation of consumption scenarios is the optimal solution.