Investment Banking and Brokerage

SINOLINK SECURITIES

Kweichow Moutai

Financial Analysis

600519

000858

600109

<p>On the evening of October 29th Beijing time, <span class="security-tag" type="security-tag" counter_id="ST/SH/600519" name="Moutai" trend="">$Moutai(600519.SH)</span> released its Q3 2025 performance. Despite the &#34;alcohol ban&#34; 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...</p>

Moutai

Kweichow Moutai: Channel Burden Relief, Awaiting Cycle Reversal Drama

SINOLINK SECURITIES released FY2025 Q3 earnings on October 30 During-Market (BJT), actual revenue CNY 2.386 B (forecast CNY 2.018 B), actual EPS CNY 0.1598 (forecast CNY 0.1629)

SINOLINK SECURITIES released FY2025 9 Months Earnings on October 30 During-Market BJT, actual revenue CNY 6.067 B, actual EPS CNY 0.4609

SINOLINK SECURITIES to Release FY2025 Q3 Earnings on October 31 During-Market (BJT), Forecast Revenue CNY 2.018 B, EPS CNY 0.1629

SINOLINK SECURITIES released FY2025 Q2 earnings on August 28 During-Market (BJT), actual revenue CNY 1.905 B (forecast CNY 1.895 B), actual EPS CNY 0.143 (forecast CNY 0.1443)

SINOLINK SECURITIES released FY2025 Semi-Annual Earnings on August 28 During-Market (BJT), actual revenue CNY 3.77 B, actual EPS CNY 0.301

Sinolink Securities to Release FY2025 Semi-Annual Earnings on August 29, 2025 (BJT)

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CITIC Securities Co., Ltd.

Guotai Haitong

HTSC

CICC

GF SECURITIES

GUOSEN SECURITIES

Shenwan Hongyuan

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