KWEICHOW MOUTAI(SH:600519) Shang Hai Zheng Quan Bao·2025-08-29 14:41Core Viewpoint - Guizhou Moutai has completed its share repurchase plan, spending 6 billion yuan to buy back 3.9276 million shares, representing 0.3127% of its total share capital, with a repurchase price range of 1,408.29 yuan to 1,639.99 yuan per share. The company plans to initiate a new repurchase plan in September 2024, with a budget of 3 billion to 6 billion yuan and a maximum repurchase price of 1,795.78 yuan per share. Additionally, the controlling shareholder, Moutai Group, plans to increase its stake in the company by investing between 3 billion and 3.3 billion yuan from September 2025 to February 2026, demonstrating confidence in the company's future development and long-term value [2][3][4]. Share Repurchase Details - Guizhou Moutai has completed its initial share repurchase plan, spending 6 billion yuan to buy back 3.9276 million shares, which is 0.3127% of its total share capital [2]. - The repurchase price ranged from 1,408.29 yuan to 1,639.99 yuan per share [2]. - A new repurchase plan is set to be announced in September 2024, with a budget of 3 billion to 6 billion yuan and a maximum price of 1,795.78 yuan per share [2]. Stake Increase by Controlling Shareholder - Moutai Group plans to increase its stake in Guizhou Moutai by investing between 3 billion and 3.3 billion yuan from September 2025 to February 2026 [2][3]. - The group currently holds 679 million shares, accounting for 54.07% of the company's total share capital [2]. - This move is seen as a strategy to boost investor confidence and enhance the company's investment value [2]. Historical Context of Stake Increases - Moutai Group's stake increases have been infrequent but strategically timed, with four notable instances since 2010 [3][4]. - The first increase occurred in May 2010, with a cumulative purchase of 42.27 thousand shares [3]. - The second increase took place in December 2012 during a crisis in the liquor industry, where 45.25 thousand shares were acquired [3]. - The third increase spanned from September 2013 to March 2014, totaling 191.5 thousand shares [4]. - The fourth increase was on February 10, 2023, involving both Moutai Group and its subsidiary [5]. Capital Management Strategy - Guizhou Moutai's capital operations and market value management have set a benchmark in the industry [5]. - The recent repurchase and stake increase plans are part of a broader strategy that includes share buybacks and dividend policies, aimed at reinforcing market confidence and promoting high-quality development [5].