According to the Zheshang Securities Research Report, Kweichow Moutai's performance slightly exceeded expectations, and net interest rates rose slightly. 2026Q1-3 achieved revenue/net profit attributable to mothers/net profit after deduction of 1332.84/644.67/64.325 billion yuan, +1.82%/-0.25%/-0.55% year-on-year. The wine series performed well, and iMaotai's revenue slightly exceeded expectations. By product: The 26Q3 Maotai wine/series had revenue of 352.01/5,034 billion yuan, slightly exceeding expectations; Maotai's revenue increased slightly or mainly due to low tonnage prices rising and low sales volume falling. It is estimated that the sales volume of Maotai liquor has reached 35,000 tons in Q1-3, and sales volume in Q3 is about 12,000 tons. Looking at the subregion, 26Q3 domestic/foreign revenue was 396.30/ 605 million yuan, +4.17%/-39.51% year-on-year. 26Q3 net operating cash flow was -46.69% year-on-year to 13.368 billion yuan; contract liabilities were -56.65/-1,093 billion yuan to 2,084 billion yuan, and the share of distribution channel contract debt naturally declined as direct management share increased; sales repayment was +3.19% YoY to 45.101 billion yuan, which basically matched the revenue side. Maintain a “buy” rating.

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