WLY

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...