KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-05 07:54Group 1: Company Actions - Guizhou Moutai announced the launch of a new product, "Guizhou Moutai Liquor (70th Anniversary of the Five-Star Trademark)," set to be released on August 8, with a limited quantity of 25,568 bottles priced at 7,000 yuan each [2] - The company has repurchased 3.4517 million shares, accounting for 0.2748% of the total share capital, with a total expenditure of 5.301 billion yuan, marking the first cancellation-style repurchase since its listing in 2001 [2] Group 2: Industry Context - The white liquor industry is currently undergoing significant adjustments, with the wholesale price of Moutai's core products experiencing sharp fluctuations [3] - The price of the 25-year Flying Moutai has dropped below 2,000 yuan per bottle, reaching 1,860 yuan on August 5, while the price of the Zodiac Snake Moutai has decreased by 47.5% from its peak [3] - Guizhou Moutai's stock price has shown a downward trend since the beginning of the year, closing at 1,427.74 yuan on August 5, down from a high of 1,626.12 yuan [3] Group 3: Financial Performance - For 2024, Guizhou Moutai's revenue is projected to be 174.144 billion yuan, a year-on-year increase of 15.66%, with a net profit of 86.228 billion yuan, up 15.24% [3] - In the first quarter of 2025, the company reported revenue of 51.443 billion yuan, a 10.67% increase year-on-year, and a net profit of 26.847 billion yuan, up 11.56% [3] Group 4: Market Outlook - Central Plains Securities noted that excessive competition and declining product prices characterize the current white liquor industry, although the fundamentals of liquor companies remain relatively solid [4] - CITIC Securities indicated that the white liquor industry is rapidly bottoming out, with leading companies likely to benefit from channel adjustments and market expansion opportunities as consumption gradually improves [5]