持续回馈股东，贵州茅台完成超52亿回购

Core Viewpoint - Guizhou Moutai demonstrates a strong commitment to shareholder returns through significant share buybacks and record-high dividends, despite facing challenges from recent government regulations impacting its sales [1][2][3] Share Buyback Summary - In June, Guizhou Moutai repurchased 72,000 shares, accounting for 0.0057% of its total share capital, at a total cost of 102 million yuan, with prices ranging from 1,408.29 yuan to 1,413.22 yuan per share [1] - By June 2025, the company had repurchased a total of 3.38 million shares, representing 0.2692% of its total share capital, with a cumulative expenditure of 5.202 billion yuan [1] - The buyback plan, approved in November 2024, aims to use self-owned funds to enhance investor confidence and will involve a total expenditure between 3 billion and 6 billion yuan [1] Dividend Summary - On June 26, Guizhou Moutai announced a cash dividend of 27.673 yuan per share, totaling 34.671 billion yuan for all shareholders, contributing to a record total dividend of 64.7 billion yuan for 2024 [2] - The company has distributed a cumulative total of 336.8 billion yuan in dividends since its listing in 2001, supported by strong revenue and cash flow [2] - For 2024, Guizhou Moutai reported revenue of 170.899 billion yuan, a year-on-year increase of 15.71%, and a net profit of 86.228 billion yuan, up 15.38% [2] Challenges and Market Impact - Guizhou Moutai faces challenges from the strict anti-waste regulations implemented in May 2025, which prohibit the serving of alcohol at government functions [2] - Following the announcement of the anti-waste regulations, the company's stock price fell from 1,632 yuan to a low of 1,401 yuan within a month, representing a 13% decline and a market value loss of nearly 290 billion yuan [2][3] Future Outlook - The focus will be on how Guizhou Moutai adapts its business strategy in response to regulatory impacts while continuing to deliver value to shareholders [3]