Kweichow Moutai Reports Net Profit of 64.467 Billion Yuan for First Three Quarters, Down 0.25% YoY
nashnova research
Kweichow Moutai posted RMB 64.47 billion in net profit for the first three quarters, down 0.25% year-on-year — but Q3 alone swung to 3.78% growth, making Q4 the real test of whether the dip is a blip or a trend.
How did the first three quarters look overall?
Revenue hit RMB 130.97 billion, up 1.96% year-on-year; net profit attributable to shareholders came in at RMB 64.47 billion, down 0.25%.
Net profit excluding non-recurring items was RMB 64.33 billion, down 0.55% — a slightly wider decline.
This means → Moutai is still highly profitable, but growth has nearly flatlined. Revenue barely rose; profit barely fell — the era of effortless expansion looks over.
Why does Q3 alone deserve a separate look?
Q3 revenue reached RMB 40.27 billion, up 3.08%; net profit was RMB 19.95 billion, up 3.78%.
In plain terms = the first two quarters dragged the numbers down. Strip Q3 out on its own and the picture flips — positive growth across the board.
This reflects a recovery in operating momentum during Q3, but one quarter of improvement is not yet a verdict.
Where did the profit drag come from?
The slight year-on-year decline in nine-month profit traces back to Q1 and Q2 weakness.
Q3's 3.78% profit growth confirms the pressure was concentrated in the first half.
This means → viewed in isolation, Q3 looks like a rebound. But full-year direction still hinges on Q4 confirmation — calling it a turning point now is premature.
What should investors watch next?
The key question: can Q4 sustain positive profit growth? If so, the nine-month dip is just a timing issue, not a structural shift.
If Q4 weakens again, Moutai may record a rare full-year profit decline by its recent standards.
In plain terms = Q3 sent a recovery signal, but the signal is not strong enough on its own — one quarter cannot reverse a full year's narrative. The next quarter will tell.
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