累计分红647亿元 贵州茅台如何兑现与股东的“三年之约”

Core Viewpoint - Guizhou Moutai's annual shareholder meeting demonstrated strong investor expectations, with significant decisions made regarding profit distribution and financial planning for 2025 and beyond [1][3]. Profit Distribution - Guizhou Moutai approved a cash dividend of 276.24 yuan per 10 shares for 2024, totaling approximately 346.71 billion yuan, making it the highest dividend in the A-share market for 2024 [3][4]. - The company has committed to a cash dividend plan for 2024-2026, ensuring that annual cash dividends will not be less than 75% of the net profit [1][10]. Share Buyback and Market Response - Guizhou Moutai has been actively repurchasing shares, with 264,000 shares bought back for a total of 4.05 billion yuan, indicating a strategy to enhance shareholder value [12]. - The stock price has shown a slight upward trend, increasing by 6.11% from January 1 to May 19, 2025, despite some fluctuations [7][8]. Financial Performance - The company reported a revenue growth of 15.71% and a net profit growth of 15.38% for 2024, although these figures represent the lowest growth rates in three years [8][9]. - Guizhou Moutai's cumulative cash dividends since its listing in 2001 have reached 3,014.41 billion yuan, with a dividend payout ratio of 59.52% [4]. Market Position and Challenges - The current market environment has led to a downward adjustment in Guizhou Moutai's revenue growth target to around 9%, marking the first time since 2020 that the company has set a single-digit growth target [8][9]. - The company's price-to-earnings ratio (TTM) is currently at 23.07, significantly lower than its historical average, indicating potential for revaluation as the market matures [11]. Strategic Outlook - Guizhou Moutai aims to balance dividend increases with sustainable growth, focusing on international expansion, brand rejuvenation, and channel efficiency improvements to maintain investor confidence [12].