Meeting Overview - The shareholders' meeting of Kweichow Moutai Co., Ltd. was held on May 19, 2025, at the Moutai Conference Center in Renhuai City, Guizhou Province [1] - The meeting was convened by the board of directors and chaired by Chairman Zhang Deqin, following legal and regulatory requirements [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A resolution with 911,255,695 votes in favor (99.8666%) [1] - Another resolution with 912,070,535 votes in favor (99.9559%) [1] - A resolution regarding the appointment of Tianjian Accounting Firm for the 2025 financial audit, approved with 907,643,926 votes in favor (99.4708%) [2] Shareholder Participation - The meeting included participation from ordinary shareholders and preferred shareholders with restored voting rights, excluding shares in the company's repurchase account [1] - The voting method combined on-site and online voting, ensuring compliance with the Company Law and Articles of Association [1] Legal Verification - The meeting was witnessed by lawyers from King & Wood Mallesons, confirming that the convening and procedures adhered to relevant laws and regulations [2]

Core Viewpoint - The legal opinion letter confirms that the 2024 Annual General Meeting of Guizhou Moutai Co., Ltd. was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association, ensuring the legitimacy of the meeting and its outcomes [1][4][8] Group 1: Meeting Procedures - The 2024 Annual General Meeting was scheduled for May 19, 2025, and the notice was published in designated media [1][2] - The meeting was held at the Moutai Conference Center and was presided over by the chairman, Zhang Deqin [1][2] - The actual time, location, and voting methods of the meeting were consistent with the published notices [1][4] Group 2: Attendance and Qualifications - A total of 359 shareholders and their representatives attended the meeting in person, representing 57.1669% of the voting shares [2][3] - An additional 3,843 shareholders participated via online voting, representing 15.5876% of the voting shares, bringing the total attendance to 4,202 shareholders [3] - The qualifications of all attendees, including the convenor, were verified and found to be compliant with legal and regulatory requirements [2][3] Group 3: Voting Procedures and Results - The voting process followed the procedures outlined in the meeting notice, with no changes to the agenda [4][5] - The results of the votes showed overwhelming support for the proposals, with approval rates exceeding 99% for most resolutions [5][6][7] - The voting results were deemed legal and valid, confirming the legitimacy of the decisions made during the meeting [4][8]

股东大会因人数突破上限而不得不更换场地，这也足以看出投资者对贵州茅台的期待程度。5月19日，贵州茅台2024年度股东大会在贵州省仁怀市茅台镇茅 台会议中心举办。在此次大会上，贵州茅台审议通过了包括《2024年年度利润分配方案》《2025年度财务预算方案》《关于选举董事的议案》在内的多份议 案。伴随着《2024年年度利润分配方案》的审议通过，贵州茅台也将以每股派27.62元的分红位列2024年A股年报分红榜榜首，并与第二位拉开明显差距。 通过加大分红和持续回购，贵州茅台向市场释放被低估信号，这一举措得到了资本市场的积极回应。在2025年初至今的88个交易日中，贵州茅台股价呈现出 波动上行特征。如今，当贵州茅台在《2024—2026年度现金分红回报规划》中明确2024年至2026年的三年时间，实施两次现金分红并承诺年度的分红现金总 额不低于当年净利润的75%时，未来贵州茅台要如何通过市值管理，一步步完成对投资者的承诺。 累计分红647亿元 据《2024年年度利润分配方案》，2024年底贵州茅台向全体股东每10股派发现金红利276.24元（含税）。截至2025年3月31日，贵州茅台总股本12.56亿股， 回购专用证 ...

北京市金杜律师事务所 关于贵州茅台酒股份有限公司 2024 年度股东大会之 法律意见书 致：贵州茅台酒股份有限公司 北京市金杜律师事务所（以下简称本所）接受贵州茅台酒股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人 民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司股 东会规则》（2025 年修订）（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门 特别行政区和中国台湾地区）现行有效的法律、行政法规、规范性文件和现行有效 的《贵州茅台酒股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师 出席了公司于 2025 年 5 月 19 日召开的 2024 年度股东大会（以下简称本次股东大 会）进行见证，并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第二次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 25 日刊登于上海证券交易所网站（www.sse ...

证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-021 贵州茅台酒股份有限公司 2024年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 19 日 （二）股东大会召开的地点：贵州省仁怀市茅台镇茅台会议中心 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 4,202 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 912,472,563 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数（不含截至股权登记日公司回购专用证券账户中已回购的股份 | 72.7545 | | 数量，下同）的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，采用的表决方式是现场投票和网络投票相结合的方式， 董 ...

21世纪经济报道记者肖夏 贵州仁怀茅台镇报道 5月19日下午，贵州茅台2024年度股东大会在茅台镇茅台会议中心举行。贵州茅台董事长张德芹、代总经理王莉等董监高集体出席，回应投资者关心的分 红、调价、国际化、年轻化等热点话题。 （21记者摄） 21世纪经济报道记者现场了解到，当天包括股东、股东代表、机构分析师、媒体记者在内，共有1400多人参加股东大会，参会规模保持在近年高位。 张德芹在会上用"三个相信"，与投资者分享了对白酒行业现状的看法及茅台的应对。张德芹认为，应该让中国白酒回归初心，"以之成礼、以之养老、以之 成欢"就是初心。 对于执行系列战略举措，王莉谈到，2024年在经过多轮调研后，根据新的市场形势，茅台提出了客群、场景和服务"三个转型"，一年来，转型已经取得明显 效果，在春节良好的动销市场情况和一季度业绩已经证明。 2025年，茅台将围绕"三个转型"进一步强化产品适配、渠道触达和服务升级，重点解决供需不适配的痛点问题。4月份，茅台通过对销售数据的深度分析， 围绕时间、产品、渠道、区域等关键要素建立起了"大道至简"营销评价模型，能够根据市场情况，指导产品科学投放、营销精细化服务。同时，也将在已有 基础 ...

5月19日，在贵州茅台（600519）2024年度股东大会现场，有投资者提问"茅台的市场化改革，特别是出 厂价、官方零售价和实际零售价三点制改革具体内容是什么？"贵州茅台党委副书记、董事王莉(代行总 经理职责)表示，首先贵州茅台酒是一个消费品，价格的形成一定会遵循市场的规律，价格也是它最为 核心的要素，价格的调整需要考虑天时地利人和多种因素，天时重点要考虑市场环境，地利就要考虑公 司对渠道终端体系的掌控能力，而人和是要考虑生态系统里各个相关方的诉求，所以说价格不是一个简 单的问题。"王莉进一步指出，公司会通盘考虑整个贵州茅台酒的价格体系，确保茅台酒的金字塔产品 结构和价格体系的稳固。其中不仅涉及大单品500毫升的飞天茅台，还有一起组成金字塔结构底座的 1000毫升、750毫升、100毫升以及它的礼盒产品，还有金字中部的文化产品和顶部的精品珍品、陈年贵 州茅台酒等。(新浪财经) ...

5月19日，在贵州茅台（600519）2024年度股东大会现场，董事长张德芹在汇报2024年度董事会工作报 告。报告中指出，去年主要经济指标保持两位数增长，高质量完成年度战略目标。在提升改革创新能级 方面，报告提及，持续优化组织结构，整合数字与信息化管理中心和i茅台事业部，组建数字科技管理 事业部，资源配置更加合理。同时，报告也提及，在充分肯定成绩的同时，公司也清醒认识到，面对新 的形势，对标世界一流企业，公司还存在一些差距和不足，突出表现在企业现代化治理体系还需完善， 信息化领域技术创新体系仍需加强，供需不适配的问题依然突出等。这些问题，公司均需综合考量、精 准施策加以解决。(澎湃) ...

Core Viewpoint - The annual shareholder meeting of Kweichow Moutai is set to discuss various important reports and proposals, with a significant turnout of over 1,700 shareholders expected, indicating strong interest in the company's performance and future plans [1][2]. Group 1: Shareholder Meeting Highlights - The meeting will review the 2024 Board of Directors' report, Supervisory Board report, annual report, and profit distribution plan [1]. - The venue was changed to accommodate the larger-than-expected number of attendees, reflecting the high level of shareholder engagement [1]. - Shareholders are particularly interested in potential price increases for Feitian Moutai, direct sales ratios, and product diversification [2][3]. Group 2: Financial Performance and Goals - Kweichow Moutai reported a total revenue of 174.14 billion yuan for 2024, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% [3]. - The company aims for a revenue growth target of approximately 9% for 2025, raising questions among shareholders about the rationale behind this conservative target [3]. - Cumulative cash dividends since the company's listing in 2001 have reached 301.44 billion yuan, with a dividend payout ratio of 59.52% [2]. Group 3: International Expansion - Kweichow Moutai is accelerating its international strategy, with overseas market revenue reaching 1.12 billion yuan in the first quarter, a 37% increase year-on-year [3]. - Shareholders are keen to learn about new plans for expanding into international markets [4].

Core Viewpoint - Guizhou Moutai has reported a strong performance in the first quarter of 2025, achieving significant revenue and profit growth, driven by its focus on the liquor industry, tourism, and comprehensive finance [1][3]. Financial Performance - Total revenue for the first quarter reached approximately 514.43 billion yuan, representing a year-on-year increase of about 10.67% [1][2]. - Net profit attributable to shareholders was approximately 268.47 billion yuan, with a year-on-year growth of about 11.56% [1][2]. - The basic earnings per share increased to 21.38 yuan, up 11.59% from the previous year [2]. Product Performance - Revenue from Moutai liquor was approximately 435.57 billion yuan, while series liquor revenue was about 70.22 billion yuan, with the latter showing an 18.30% year-on-year growth [2][3]. - The series liquor segment is becoming a significant growth driver for the company, contributing 13.88% to total revenue [3]. Sales Channels - Direct sales revenue for the first quarter was approximately 232.20 billion yuan, while wholesale revenue was about 273.6 billion yuan [4]. - The company has increased its domestic series liquor distributors by 50, bringing the total to 2,174 [6][7]. Regional Performance - Domestic sales accounted for approximately 494.61 billion yuan, while international sales were about 11.19 billion yuan [5]. Strategic Focus - The company aims for a full-year revenue growth target of 9%, supported by its strong brand and product strategies [7]. - Moutai is focusing on enhancing its series liquor offerings and expanding its market presence through innovative product launches and marketing strategies [8][9].