# 贵州茅台 (600519.SH) - Financial Report
*Report generated on: 2025-12-21*

| 代码 | 简称 | 上市日期 | PE | PB | 股息率(%) |
|:---|:---|:---|:---|:---|:---|
| 600519.SH | 贵州茅台 | 2001-08-27 | 20.48 | 7.78 | 3.66% |


## 主要指标
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| ROE | 25.14% | 36.99% | 34.65% | 31.75% | 27.68% | 28.95% | 30.30% | 31.20% | 29.61% | 22.94% | 24.25% | 28.73% | 35.51% | 38.97% | 35.06% | 27.45% | 29.81% | 33.79% | - | - | - | - | - | - | - | - | - | - |
| ROA | 21.21% | 28.84% | 27.41% | 24.66% | 20.56% | 21.88% | 22.51% | 22.02% | 20.12% | 14.80% | 17.96% | 23.30% | 27.30% | 29.57% | 25.11% | 19.74% | 21.81% | 24.12% | - | - | - | - | - | - | - | - | - | - |
| ROCE/ROIC | 34.55% | 50.66% | 47.23% | 43.73% | 38.89% | 41.16% | 43.43% | 45.50% | 42.51% | 33.26% | 34.55% | 40.17% | 50.12% | 53.90% | 47.95% | 37.96% | 41.07% | 47.01% | - | - | - | - | - | - | - | - | - | - |
| 毛利率 | 91.46% | 92.08% | 92.12% | 92.09% | 91.79% | 91.68% | 91.64% | 91.55% | 90.27% | 91.51% | 92.41% | 92.74% | 92.94% | 92.27% | 91.57% | 90.95% | 90.17% | 90.30% | 87.96% | 83.96% | 82.52% | 82.22% | 80.12% | 81.44% | 82.23% | 82.33% | 85.50% | 87.79% |
| 净利润率 | 49.37% | 49.52% | 49.64% | 49.17% | 47.92% | 47.65% | 46.38% | 45.60% | 44.35% | 41.63% | 46.35% | 47.64% | 48.72% | 50.30% | 47.62% | 43.42% | 44.60% | 46.10% | 39.11% | 31.51% | 28.46% | 27.26% | 24.44% | 20.54% | 20.29% | 22.54% | 24.21% | 23.38% |
| 收入(亿) | 1,309.04 | 1,741.44 | 1,505.60 | 1,275.54 | 1,094.64 | 979.93 | 888.54 | 771.99 | 610.63 | 401.55 | 334.47 | 322.17 | 310.71 | 264.55 | 184.02 | 116.33 | 96.70 | 82.42 | 72.37 | 49.03 | 39.31 | 30.10 | 24.01 | 18.35 | 16.18 | 11.14 | 8.91 | 6.28 |
| 收入增速 | 6.32% | 15.66% | 18.04% | 16.53% | 11.71% | 10.29% | 15.10% | 26.43% | 52.07% | 20.06% | 3.82% | 3.69% | 17.45% | 43.76% | 58.19% | 20.30% | 17.33% | 13.88% | 47.60% | 24.75% | 30.59% | 25.35% | 30.85% | 13.40% | 45.25% | 25.05% | 41.81% | - |
| 净利润(亿) | 646.27 | 862.28 | 747.34 | 627.16 | 524.60 | 466.97 | 412.06 | 352.04 | 270.79 | 167.18 | 155.03 | 153.50 | 151.37 | 133.08 | 87.63 | 50.51 | 43.12 | 37.99 | 28.31 | 15.45 | 11.19 | 8.21 | 5.87 | 3.77 | 3.28 | 2.51 | 2.16 | 1.47 |
| 净利润增速 | 6.25% | 15.38% | 19.16% | 19.55% | 12.34% | 13.33% | 17.05% | 30.00% | 61.97% | 7.84% | 1.00% | 1.41% | 13.74% | 51.86% | 73.49% | 17.13% | 13.50% | 34.22% | 83.25% | 38.11% | 36.32% | 39.85% | 55.72% | 14.78% | 30.74% | 16.42% | 46.84% | - |
| 经营净现金流(亿) | 381.97 | 924.64 | 665.93 | 366.99 | 640.29 | 516.69 | 452.11 | 413.85 | 221.53 | 374.51 | 174.36 | 126.33 | 126.55 | 119.21 | 101.49 | 62.01 | 42.24 | 52.47 | 17.43 | 21.13 | 16.94 | - | - | - | - | - | - | - |
| 资本开支(亿) | 22.83 | 46.79 | 26.20 | 53.07 | 34.09 | 20.90 | 31.49 | 16.07 | 11.25 | 10.19 | 20.61 | 44.31 | 54.06 | 42.12 | 21.85 | 17.32 | 13.57 | 10.11 | 7.72 | 7.37 | 5.41 | - | - | - | - | - | - | - |
| 自由现金流(亿) | 359.14 | 877.85 | 639.73 | 313.92 | 606.20 | 495.79 | 420.62 | 397.78 | 210.28 | 364.32 | 153.75 | 82.01 | 72.49 | 77.09 | 79.64 | 44.70 | 28.67 | 42.37 | 9.71 | 13.75 | 11.53 | - | - | - | - | - | - | - |
| 分红(亿) | - | 647.63 | 627.87 | 600.73 | 272.28 | 242.36 | 213.87 | 182.64 | 138.17 | 85.26 | 77.52 | 52.14 | 47.40 | 63.31 | 37.35 | 21.39 | 10.07 | 9.82 | 7.10 | 5.95 | 0.00 | 2.12 | 0.94 | 0.42 | 1.32 | - | - | - |
| 回购(亿) | - | 180.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 总资产(亿) | 3,047.38 | 2,989.45 | 2,727.00 | 2,543.65 | 2,551.68 | 2,133.96 | 1,830.42 | 1,598.47 | 1,346.10 | 1,129.35 | 863.01 | 658.73 | 554.54 | 449.98 | 349.01 | 255.88 | 197.70 | 157.54 | - | - | - | - | - | - | - | - | - | - |
| 净资产(亿) | 2,570.70 | 2,331.06 | 2,156.69 | 1,975.07 | 1,895.39 | 1,613.23 | 1,360.10 | 1,128.39 | 914.52 | 728.94 | 639.26 | 534.30 | 426.22 | 341.50 | 249.91 | 183.99 | 144.66 | 112.45 | - | - | - | - | - | - | - | - | - | - |
| 商誉(亿) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |


## 费用指标
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 销售费用率 | 3.42% | 3.24% | 3.09% | 2.59% | 2.50% | 2.60% | 3.69% | 3.33% | 4.89% | 4.19% | 4.44% | 5.20% | 5.98% | 4.63% | 3.91% | 5.82% | 6.42% | 6.46% | 7.74% | 11.93% | 12.11% | 12.51% | 15.21% | 16.80% | 14.11% | 12.10% | 11.44% | 8.98% |
| 管理费用率 | 4.20% | 5.35% | 6.46% | 7.07% | 7.72% | 6.93% | 6.94% | 6.90% | 7.73% | 10.43% | 11.40% | 10.49% | 9.12% | 8.33% | 9.10% | 11.57% | 12.59% | 11.42% | 9.99% | 10.11% | 8.92% | 10.35% | 12.16% | 12.95% | 11.19% | 11.64% | 13.74% | 18.48% |
| SG&A比例 | 7.63% | 8.59% | 9.55% | 9.65% | 10.22% | 9.53% | 10.63% | 10.23% | 12.62% | 14.61% | 15.84% | 15.68% | 15.10% | 12.96% | 13.01% | 17.39% | 19.01% | 17.87% | 17.73% | 22.04% | 21.03% | 22.86% | 27.37% | 29.75% | 25.30% | 23.74% | 25.18% | 27.47% |
| 研发费用率 | 0.09% | 0.13% | 0.10% | 0.11% | 0.06% | 0.05% | 0.05% | 0.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 其他费用率 | 34.37% | 33.85% | 32.83% | 33.16% | 33.59% | 34.45% | 34.58% | 35.69% | 33.30% | 35.26% | 30.22% | 29.41% | 29.12% | 29.01% | 30.94% | 30.14% | 26.56% | 26.32% | 31.11% | 30.41% | 33.03% | 32.10% | 28.31% | 31.15% | 36.64% | 36.04% | 36.11% | 36.94% |
| 折旧费用占比 | - | 0.99% | 1.10% | 1.13% | 1.23% | 1.22% | 1.29% | 1.41% | 1.70% | 2.10% | 2.28% | 2.10% | 1.68% | 1.57% | 1.80% | 2.30% | 1.94% | 1.78% | 1.43% | 1.73% | 1.65% | - | - | - | - | - | - | - |
| 所得税率 | 25.17% | 25.33% | 25.22% | 25.46% | 25.24% | 25.19% | 25.20% | 25.57% | 25.13% | 25.16% | 25.21% | 25.65% | 25.51% | 25.09% | 25.01% | 25.45% | 25.12% | 25.71% | 34.41% | 35.03% | 39.12% | 42.70% | 37.71% | 39.54% | 43.62% | 42.42% | 39.00% | 32.92% |


## 资产占比
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 现金占比 | 16.98% | 19.84% | 25.33% | 22.91% | 20.30% | 16.91% | 7.24% | 70.11% | 65.28% | 59.20% | 42.64% | 42.07% | 45.42% | 49.03% | 52.30% | 50.37% | 49.28% | 51.38% | - | - | - | - | - | - | - | - | - | - |
| 库存占比 | 18.33% | 18.18% | 17.03% | 15.26% | 13.09% | 13.53% | 13.81% | 14.71% | 16.39% | 18.26% | 20.87% | 22.74% | 21.35% | 21.48% | 20.59% | 21.78% | 21.21% | 19.77% | - | - | - | - | - | - | - | - | - | - |
| 应收款占比 | 0.01% | 0.01% | 0.02% | 0.01% | - | - | - | - | - | - | 0.00% | 0.01% | 0.00% | 0.04% | 0.01% | 0.00% | 0.11% | 0.22% | - | - | - | - | - | - | - | - | - | - |
| 预付款占比 | 0.01% | 0.01% | 0.01% | 0.35% | 0.15% | 0.42% | 0.85% | 0.74% | 0.59% | 0.93% | 1.71% | 4.35% | 7.76% | 8.61% | 5.33% | 5.98% | 6.09% | 4.71% | - | - | - | - | - | - | - | - | - | - |
| 固定资产占比 | 6.95% | 7.32% | 7.30% | 7.76% | 6.85% | 7.60% | 8.27% | 9.54% | 11.32% | 12.80% | 13.23% | 15.75% | 15.37% | 15.13% | 15.55% | 16.38% | 16.03% | 13.90% | - | - | - | - | - | - | - | - | - | - |
| 长期投资占比 | - | - | - | - | - | - | - | - | - | - | - | - | 0.01% | 0.01% | 0.01% | 0.02% | 0.02% | 0.03% | - | - | - | - | - | - | - | - | - | - |
| 商誉占比 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 其他资产占比 | 57.72% | 54.65% | 50.31% | 53.70% | 59.61% | 61.53% | 69.83% | 4.90% | 6.43% | 8.82% | 21.54% | 15.08% | 10.10% | 5.71% | 6.21% | 5.46% | 7.27% | 10.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| 应付款占比 | 0.93% | 1.18% | 1.13% | 0.95% | 0.79% | 0.63% | 0.83% | 0.74% | 0.74% | 0.92% | 1.02% | 1.07% | 0.51% | 0.77% | 0.49% | 0.91% | 0.70% | 0.77% | - | - | - | - | - | - | - | - | - | - |
| 预收款占比 | 2.54% | 3.21% | 5.18% | 6.08% | 4.98% | 6.24% | 7.51% | 8.49% | 10.72% | 15.53% | 9.57% | 2.24% | 5.49% | 11.31% | 20.13% | 18.52% | 17.79% | 18.64% | - | - | - | - | - | - | - | - | - | - |
| 短期借款占比 | 0.02% | 0.04% | 0.02% | 0.04% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - | - | - | - | - | - | - | - | - | - |
| 长期借款占比 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - | - | - | - | - | - | - | - | - | - |
| 运营资产占比 | 14.88% | 13.81% | 10.75% | 8.59% | 7.47% | 7.08% | 6.33% | 6.22% | 5.52% | 2.73% | 11.99% | 23.78% | 23.10% | 18.04% | 5.30% | 8.34% | 8.91% | 5.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 有息负债率 | 0.02% | 0.04% | 0.02% | 0.04% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - | - | - | - | - | - | - | - | - | - |


## 周转能力
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 存货周转天数 | 1,823 | 1,438 | 1,428 | 1,403 | 1,356 | 1,292 | 1,242 | 1,315 | 1,355 | 2,207 | 2,590 | 2,338 | 1,969 | 1,725 | 1,691 | 1,932 | 1,609 | 1,421 | - | - | - | - | - | - | - | - | - | - |
| 应收款周转天数 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | - | - | - | - | - | - | - | - | - | - |
| 应付款周转天数 | 92 | 93 | 95 | 87 | 81 | 60 | 74 | 65 | 60 | 111 | 126 | 110 | 47 | 61 | 40 | 80 | 53 | 55 | - | - | - | - | - | - | - | - | - | - |
| 固定资产周转率 | 6.18 | 7.96 | 7.56 | 6.46 | 6.27 | 6.04 | 5.87 | 5.06 | 4.01 | 2.78 | 2.93 | 3.11 | 3.65 | 3.89 | 3.39 | 2.78 | 3.05 | 3.76 | - | - | - | - | - | - | - | - | - | - |
| 总资产周转率 | 0.43 | 0.58 | 0.55 | 0.50 | 0.43 | 0.46 | 0.49 | 0.48 | 0.45 | 0.36 | 0.39 | 0.49 | 0.56 | 0.59 | 0.53 | 0.45 | 0.49 | 0.52 | - | - | - | - | - | - | - | - | - | - |


## 人均效率
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 员工人数 | - | 34,750 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 人均创收(万) | - | 501.13 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 人均创利(万) | - | 248.14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 人均薪酬(万) | - | 44.18 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |


## 市场表现
| 指标 | 2025Q3 | 2024A | 2023A | 2022A | 2021A | 2020A | 2019A | 2018A | 2017A | 2016A | 2015A | 2014A | 2013A | 2012A | 2011A | 2010A | 2009A | 2008A | 2007A | 2006A | 2005A | 2004A | 2003A | 2002A | 2001A | 2000A | 1999A | 1998A |
|:---|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|--:|
| 股价 | 1410.00 | 1524.00 | 1726.00 | 1727.00 | 2050.00 | 1998.00 | 1183.00 | 590.01 | 697.49 | 334.15 | 218.19 | 189.62 | 128.38 | 209.02 | 193.30 | 183.92 | 169.82 | 108.70 | 230.00 | 87.83 | 45.62 | 36.64 | 25.40 | 25.46 | 38.55 | - | - | - |
| 市值(亿) | 17,657 | 19,144 | 21,682 | 21,695 | 25,752 | 25,099 | 14,861 | 7,412 | 8,762 | 4,198 | 2,741 | 2,165 | 1,333 | 2,170 | 2,007 | 1,736 | 1,603 | 1,026 | 2,171 | 828.94 | 215.28 | 144.09 | 76.83 | 70.02 | 96.38 | - | - | - |
| PE | 20.48 | 25.62 | 34.57 | 41.35 | 55.15 | 60.91 | 42.21 | 27.37 | 52.41 | 27.08 | 17.86 | 14.31 | 10.02 | 24.76 | 39.73 | 40.25 | 42.18 | 36.24 | 140.52 | 74.11 | 26.24 | 24.56 | 20.39 | 21.33 | 38.38 | - | - | - |
| PB | 7.78 | 9.22 | 11.19 | 12.11 | 14.77 | 16.91 | 11.86 | 7.24 | 10.39 | 6.12 | 4.58 | 4.44 | 3.46 | 6.94 | 8.80 | 9.91 | 11.50 | 9.69 | 31.58 | 15.51 | 4.57 | 3.73 | 2.40 | 2.47 | 17.16 | - | - | - |
| 股东户数 | 238,512 | 207,894 | 161,640 | 167,516 | 153,535 | 108,662 | 96,747 | 107,654 | 84,984 | 52,048 | 39,909 | 43,303 | 73,255 | 49,870 | 45,694 | 55,085 | 42,780 | 27,558 | 24,973 | 23,572 | 9,333 | 11,777 | 32,349 | 36,998 | 46,194 | - | - | - |