贵州茅台，连发公告！

Group 1 - The core point of the announcement is that Kweichow Moutai Group has increased its shareholding in Kweichow Moutai Co., Ltd. to 679,211,576 shares, representing 54.07% of the total share capital, reflecting confidence in the company's long-term value and sustainable development [3][4]. - The shareholding increase plan is set to be implemented from September 1, 2025, to February 28, 2026, without a specified price range, allowing the group to act based on market conditions [3][4]. - Kweichow Moutai Group has committed not to reduce its shareholding during the implementation period of the increase plan [3]. Group 2 - Kweichow Moutai announced a share repurchase plan with a total expected amount of RMB 3 billion to RMB 6 billion, with a maximum repurchase price of RMB 1,744.30 per share [5]. - The actual repurchase involved 3,927,585 shares, accounting for 0.3127% of the total share capital, with a total expenditure of approximately RMB 6 billion [7][8]. - This marks the first cancellation-style repurchase since Kweichow Moutai's listing, indicating a significant move in the company's capital management strategy [8].