According to the Huaan Securities Research Report, Kweichow Moutai's 26Q3 revenue was 41.06 billion yuan, up 3.00% year on year; net profit to mother was 19.051 billion yuan, up 3.78% year on year. 26Q3 revenue was in line with market expectations, and performance exceeded market expectations. By product: Maotai wine performed steadily, and the series improved significantly. 26Q3's Maotai wine/series wine revenue was +0.8%/+22.1% year-on-year. Among them, the steady growth of Maotai liquor is mainly due to the increase in Feitian Maotai volume+ factory price, and high-priced non-standard products are still prioritized by price stability; the core product Maotai 1935 experienced channel inventory removal and price adjustments, and the core product, Maotai 1935, experienced channel inventory removal and price adjustments, and had excellent sales performance. The company's distribution transition to direct operation went smoothly. iMaotai effectively expanded C-side long-tail demand and continued to increase volume, driving the company to achieve steady growth. Currently, Flying Sky's batch price is about 1,700 yuan/bottle. Due to the early implementation schedule, it is expected that the 26Q4 Flying Moutai supply will be tightened. Combined with the current channel inventory, the current channel inventory will remain low, and there is still support for Flying Sky's price in the future. Follow up on the Spring Festival marketing feedback and the pace of non-standard sales. The current stock price is 22/21/19 times PE, respectively, maintaining a “buy” rating.

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