第四届董事会 2025 年度第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 证券简称：贵州茅台 证券代码：600519 编号：临 2025－006 贵州茅台酒股份有限公司 2025 年 3 月 11 日，贵州茅台酒股份有限公司（以下简称"公司"） 以直接送达或电子邮件的方式，向全体董事发出召开第四届董事会 2025 年度第三次会议（以下简称"会议"）的通知。2025 年 3 月 17 日，会议 以通讯表决方式召开，会议应出席的董事 7 人，实际出席的董事 7 人。 会议的召开符合《中华人民共和国公司法》等法律、行政法规和《公司章 程》的规定。 同意：7 票；反对：0 票；弃权：0 票。议案获得通过。 二、董事会会议审议情况 （二）《公司投资者关系管理办法》 同意：7 票；反对：0 票；弃权：0 票。议案获得通过。 特此公告。 贵州茅台酒股份有限公司董事会 （一）《公司市值管理办法》 2025 年 3 月 19 日 1 ...

Buybacks and Shareholding Changes - Guizhou Moutai has repurchased 822,200 shares at a cost of 1.2 billion yuan [1] - SF Holding has repurchased 20,771,400 shares at a cost of 758 million yuan [1] - HeMai Co., Ltd. plans to increase its shareholding by 112 million to 223 million yuan [1] - Chipone Technology's controlling shareholder intends to increase its stake by 50 million to 100 million yuan [1] - Haitai New Light plans to repurchase shares worth 50 million to 100 million yuan [1] - Jiangnan Yifan's directors and shareholders plan to reduce their holdings by no more than 4% [1] - Maxinlin's shareholders plan to reduce their holdings by no more than 2% [1] - Wenke Co., Ltd. has a shareholder intending to reduce its holdings by no more than 1.6% [1] Mergers and Acquisitions - Jiabiou plans to acquire 63.21% of Ouyi Biological for 831 million yuan [1] - Guanghong Technology intends to acquire 100% of AC Company and 0.003% of TIS Company for 733 million yuan [1] - Youyan Silicon is planning a major asset restructuring to acquire 60% of Gaofeng Technology [1] - Chunhui Intelligent Control plans to acquire control of Chunhui Instrument [1] - Aerospace Electric plans to acquire 32.7% of Jiangsu Aolei for 56.933 million yuan [1] Operational Data - Lujiazui reported a net profit growth of 5.26% year-on-year for 2024 [1] - Chang'an Automobile's February sales reached 161,400 units, a year-on-year increase of 5.72% [1] - Ningbo Port completed a container throughput of 3.35 million TEUs in February, up 11% year-on-year [1] - Beibu Gulf Port's February cargo throughput was 23.9793 million tons, a year-on-year increase of 14.56% [1] Contracts and Bids - Hainan Huatie's subsidiary signed a 3.69 billion yuan computing power service agreement [1] - Jiahuan Technology is expected to win a China Mobile procurement project worth approximately 2.185 billion yuan [1] - Gansu Consulting's subsidiary won a bid for the modernization of the Gansu Province Jing Electric Irrigation District [1] - Hongrun Construction's subsidiary jointly won a 248 million yuan user-side energy storage project [1] - Yitong Century is expected to win a 228 million yuan project for China Mobile communication engineering [1] - Zhonglan Environmental Protection is expected to win a 167 million yuan ecological governance project for a landfill [1] - Sinan Navigation signed a major contract worth 145 million yuan [1] - Zhen Shitong won a project for the AV system of the China Merchants Bank headquarters [1] Major Investments - Panjiang Co., Ltd.'s wholly-owned subsidiary plans to invest 6.67 billion yuan in the construction of the Guizhou Energy Puding Power Plant [1] - Jinghua New Materials plans to invest 300 million yuan in the construction of a high-end adhesive material production and R&D center [1] - Sichuan Road and Bridge's subsidiary is participating in the investment of the Panzhihua to Yanyuan Expressway project [1] - Deyue Co., Ltd.'s Malaysian subsidiary signed a land sale agreement worth 194.3 million yuan [1] - Miao Exhibition plans to invest 101 million yuan in a fund [1] - Longtu Photomask plans to increase capital by 100 million yuan to its wholly-owned subsidiary Zhuhai Longtu [1] Other Developments - Berry Gene's AI-related business and products have not yet significantly impacted overall performance [1] - Agricultural Bank appointed Meng Fanjun as vice president [1] - Shanghai Bank's Niu Ren's director qualification has been approved [1] - China Life Insurance's Li Zhuyong resigned from executive director and vice president positions [1] - Fuling Power's chairman Lei Shanchun resigned due to personal work changes [1] - Houl娃 appointed Zhang Mingrui as general manager [1] - Ankai Micro launched a new generation of low-power Bluetooth chip AK1080 series [1] - San Da Membrane's Tiaonan investment project has begun trial operation [1] - Senying Windows triggered conditions to initiate stock price stabilization measures [1] - Aiwei Electronics successfully mass-produced its self-developed 4×80W automotive-grade digital audio amplifier products [1] - ST Haoyuan applied for the cancellation of its stock risk warning [1] - Huasheng Pharmaceutical's first special medical purpose formula food has obtained production license [1] - New Industry's products have received IVDR CE certification [1] - Yinuosi obtained CAP certification in the United States [1] - Changchun High-tech's subsidiary's drug has received approval for additional indications [1] - Fosun Pharma's 24-valent pneumococcal polysaccharide conjugate vaccine clinical trial has been approved [1]

证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-005 贵州茅台酒股份有限公司 1 价交易方式回购公司股份的回购报告书》，公司将以自有资金通过集中竞 价交易方式回购股份，用于注销并减少注册资本，回购价格不超过 1,771.90 元/股（含），回购金额不低于人民币 30 亿元（含）且不超过人 民币 60 亿元（含），实施期限为自公司股东大会审议通过回购方案之日起 12 个月内。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等相关规定，现将回购股份实施进展情况公告 如下： 2025 年 2 月，公司通过集中竞价交易方式已累计回购股份 137,100 股，占公司总股本的比例为 0.0109%，购买的最高价为 1,502.87 元/股、 最低价为 1,417.01 元/股，支付的金额为 199,973,608.79 元。截至 2025 年 2 月底，公司已累计回购股份 822,200 股，占公司总股本的比例为 0.0655%，购买的最高价为 1,507.41 元/股、最低价为 1,417.01 元/股， 已支付的总金额为 1,1 ...

Core Viewpoint - The Shanghai Composite Index rose by 0.23% on February 27, with 18 out of 28 sectors experiencing gains, particularly in retail and food & beverage sectors, which increased by 2.28% and 2.24% respectively [1] Market Performance - The food & beverage sector saw a net inflow of 22.86 billion yuan, contributing to its 2.24% increase, while the retail sector also performed well with a 2.28% rise and a net inflow of 16.64 billion yuan [1][2] - Conversely, the computer and communication sectors faced significant declines, with losses of 2.77% and 1.88% respectively, and a total net outflow of 766.48 billion yuan across the market [1] Sector Analysis - In the food & beverage sector, out of 123 stocks, 118 rose, with 7 hitting the daily limit, while only 5 declined [2] - The top net inflow stocks in the food & beverage sector included Kweichow Moutai with a net inflow of 4.90 billion yuan, followed by Wuliangye and Haoxiangni with inflows of 3.40 billion yuan and 3.01 billion yuan respectively [2] - The sector also had 7 stocks with net outflows exceeding 10 million yuan, led by Shanxi Fenjiu, Lianhua Holdings, and Anjijia Foods, with outflows of 76.29 million yuan, 64.32 million yuan, and 27.96 million yuan respectively [2]

Investment Rating - The report gives a "Strong Buy" rating for Guizhou Moutai [5][3]. Core Views - Guizhou Moutai successfully completed its 2024 targets, expecting total revenue of approximately 173.8 billion yuan, a year-on-year increase of about 15.44%, and a net profit attributable to shareholders of approximately 85.8 billion yuan, a year-on-year increase of about 14.67% [1][3]. - The company plans to adjust its product structure in 2025, increasing the overall output of Moutai liquor while reducing the output of the flagship 53-degree 500ml Moutai liquor. New products will be developed for dining channels and international markets [2][3]. - The company emphasizes maintaining price stability for its flagship products, particularly the 53-degree 500ml Moutai liquor, indicating confidence in price management [2][3]. Financial Forecasts - The financial projections for Guizhou Moutai are as follows: - 2024 expected revenue: 173.8 billion yuan, with a growth rate of 15.44% - 2025 expected revenue: 198.9 billion yuan, with a growth rate of 14.45% - 2024 expected net profit: 85.8 billion yuan, with a growth rate of 14.77% - 2025 expected net profit: 98.9 billion yuan, with a growth rate of 15.30% [4][3]. - The report anticipates an EPS of 78.73 yuan for 2025, with a target price of 2047 yuan based on a valuation of 26 times [3][4].

Core Viewpoint - Multiple domestic liquor companies are holding "New Spring First Meetings" to strategize for 2025, emphasizing stability and innovation in their operations [1][2][4]. Group 1: Company Strategies - Guizhou Moutai emphasizes the need to adapt to a rational consumption environment and focus on family consumer groups while maintaining strong relationships with distributors and consumers [2][3]. - Jiuziyuan Wine Industry highlights 2025 as a critical year for navigating industry cycles and aims to achieve its annual goals through strategic guidance [2][3]. - Shede Liquor aims to enhance its wine tourism integration and focus on sustainable development through innovation and safety in production [3][5]. Group 2: Market Outlook - The liquor industry is expected to stabilize in 2025 after a challenging 2024, with high-end and mass-market products performing well [6][7]. - The China Alcoholic Drinks Association predicts an overall better market situation in 2025 compared to 2024, with strong performances from leading companies [6][7]. - National Securities suggests that controlled inventory levels will alleviate channel and terminal stock pressures, paving the way for future growth [7]. Group 3: Key Focus Areas - Companies are focusing on achieving "steady opening" and "good start" in the market, emphasizing the importance of maintaining stable prices and distributor relationships [4][5]. - Anhui Yingjia Group plans to concentrate on core products and digital marketing to ensure sustainable growth [5]. - Yanghe Distillery aims to enhance brand strength and operational efficiency to drive high-quality development [5].

Investment Rating - The report gives a "Strong Buy" rating for Guizhou Moutai [5][3]. Core Views - Guizhou Moutai successfully completed its 2024 targets, expecting total revenue of approximately 173.8 billion yuan, a year-on-year increase of about 15.44%, and a net profit attributable to shareholders of approximately 85.8 billion yuan, a year-on-year increase of about 14.67% [1][3]. - The company plans to adjust the product structure in 2025, increasing the overall output of Moutai liquor while reducing the output of the flagship product, Feitian Moutai [2][3]. - Price stability will be a key focus in 2025, with the company emphasizing the importance of maintaining stable prices for its flagship products [2][3]. Financial Forecasts - Revenue and profit forecasts for Guizhou Moutai are as follows: - 2024E Revenue: 173.8 billion yuan, Growth Rate: 15.44% - 2025E Revenue: 198.9 billion yuan, Growth Rate: 14.45% - 2024E Net Profit: 85.8 billion yuan, Growth Rate: 14.77% - 2025E Net Profit: 98.9 billion yuan, Growth Rate: 15.30% [4][3]. - The report projects an EPS of 78.73 yuan for 2025, with a target valuation of 26 times, leading to a target price of 2047 yuan [3][4].

证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-004 贵州茅台酒股份有限公司 关于回购股份实施进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等相关规定，现将回购股份实施进展情况公告 如下： 2025 年 1 月，公司通过集中竞价交易方式已累计回购股份 685,100 股，占公司总股本的比例为 0.0545%，购买的最高价为 1,507.41 元/股、最 低价为 1,436.48 元/股，已支付的总金额为 999,909,571.13 元（不含交易费 用）。 上述回购进展符合法律法规的规定及公司披露的回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关规定，在回购期限内根据市 场情况择机做出回购决策并予以实施，同时根据回购股份事项进展情况及 时履行信息披露义务，敬请广大投资者注意投资 ...

Core Viewpoint - Guizhou Moutai has initiated a share buyback program amid recent stock price fluctuations, aiming to enhance investor confidence and manage its market value [1][2][3]. Buyback Details - As of January 2025, Guizhou Moutai has repurchased 685,100 shares at a total cost of approximately 1 billion yuan, representing 0.0545% of the company's total share capital [2]. - The buyback was announced to maintain the interests of the company and its investors, with plans to use the repurchased shares for cancellation and reduction of registered capital [2]. - The company plans to repurchase between 3 billion yuan and 6 billion yuan worth of shares, with a maximum purchase price of 1,795.78 yuan per share, within a 12-month period following shareholder approval [2]. Market Management Strategy - In addition to the buyback, Guizhou Moutai is also focusing on dividend payouts as part of its market value management strategy [4]. - The company plans to distribute a cash dividend of 23.882 yuan per share, totaling over 30 billion yuan, based on its total share capital of approximately 1.256 billion shares [4]. - Guizhou Moutai has committed to a cash dividend policy for 2024-2026, ensuring that annual distributions will not be less than 75% of the net profit attributable to shareholders [4][5]. Financial Performance - Guizhou Moutai is projected to achieve total revenue of approximately 173.8 billion yuan in 2024, reflecting a year-on-year growth of about 15.44%, with a net profit of around 85.7 billion yuan, up 14.67% [7]. - The total dividend distribution for 2024 is expected to reach 68.786 billion yuan, accounting for 80.26% of the net profit [7]. Market Challenges and Strategies - The company faces challenges from macroeconomic transitions and industry adjustments, with a focus on adapting sales policies and optimizing product offerings to meet market demands [8]. - Guizhou Moutai aims to enhance its market presence through product innovation and service upgrades, targeting new consumption scenarios beyond traditional business settings [8].

Group 1 - The company Guizhou Moutai announced on February 6 that it has repurchased a total of 685,100 shares through centralized bidding, accounting for 0.0545% of the company's total share capital [1] - The highest purchase price was 1,507.41 yuan per share, while the lowest was 1,436.48 yuan per share [1] - The total amount paid for the repurchase is nearly 1 billion yuan, excluding transaction fees [1]