KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-05 07:54Core Viewpoint - Guizhou Moutai (600519.SH) is launching a limited edition product to commemorate the 70th anniversary of its five-star trademark, while also engaging in a significant share buyback to enhance investor confidence amid a challenging market environment [1][4]. Group 1: Product Launch - Guizhou Moutai will release a new product, "Guizhou Moutai Liquor (Five-Star Trademark 70th Anniversary Commemoration)," on August 8, with a limited quantity of 25,568 bottles, each priced at approximately 7,000 yuan [1]. - The design of the commemorative bottle pays homage to the original 1954 Moutai bottle, featuring a glass material and a unique identity code [1]. Group 2: Share Buyback - As of July 31, 2025, Guizhou Moutai has repurchased 3.4517 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [1]. - This marks the first time Guizhou Moutai has implemented a cancellation-style buyback since its listing in 2001, positioning it among the top three in terms of buyback amount in A-shares this year [1]. Group 3: Market Conditions - The white liquor industry is currently undergoing significant adjustments, with the wholesale price of Moutai's core product experiencing volatility, dropping below 2,000 yuan per bottle in early June and further declining to 1,860 yuan by August 5 [2][3]. - Moutai's Zodiac Snake liquor has also seen a price drop of 47.5% from its initial high, with current wholesale prices reported at 1,995 yuan per bottle [3]. Group 4: Financial Performance - Guizhou Moutai's revenue for 2024 is projected at 174.144 billion yuan, reflecting a year-on-year growth of 15.66%, while net profit is expected to reach 86.228 billion yuan, up 15.24% [4]. - In the first quarter of 2025, the company reported revenue of 51.443 billion yuan, a year-on-year increase of 10.67%, and a net profit of 26.847 billion yuan, growing by 11.56% [4]. Group 5: Industry Outlook - Analysts from Zhongyuan Securities note that excessive competition and declining product prices characterize the current white liquor industry, although the fundamentals of liquor companies remain relatively solid [5]. - Citic Securities suggests that the white liquor industry is rapidly bottoming out, with leading companies likely to benefit from adjustments in channel structures and market expansion capabilities as consumer demand gradually improves [5].