KWEICHOW MOUTAI(SH:600519) Zheng Quan Shi Bao·2025-09-12 18:50Core Viewpoint - Guizhou Moutai (600519) held a performance briefing for the first half of 2025, addressing investor concerns about market sales, stock split, and market capitalization management, revealing three key messages: a recovery in market sales ahead of the Mid-Autumn Festival and National Day, a focus on deepening transformations in customer groups, scenarios, and services, and a willingness to discuss stock split with shareholders [1][6]. Group 1: Market Sales Recovery - The Chinese liquor industry is currently under pressure, with many listed liquor companies experiencing slowed or declining performance in the first half of 2025. However, Guizhou Moutai reported a total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [2]. - As the traditional double festival approaches, market terminal sales have shown signs of recovery, with significant month-on-month growth since late August. The company has optimized market strategies and maintained a stable market environment [2][3]. - Guizhou Moutai's contract liabilities decreased to 5.507 billion yuan, a year-on-year decline of 44.89%, indicating a potential new phase in the white liquor market [2]. Group 2: International Market Expansion - Guizhou Moutai aims to deepen transformations in customer groups, scenarios, and services, shifting from a product-oriented approach to a scenario-oriented one to enhance consumer engagement and emotional resonance [3]. - The company has made significant progress in its international market strategy, achieving substantial growth in the first half of 2025, building a global brand influence [3][4]. - Specific initiatives include establishing an international standardized expression system, optimizing product matrices, enhancing pricing mechanisms, developing new international channels, ensuring compliance, and increasing resource support for international markets [4]. Group 3: Shareholder Engagement and Value Management - Guizhou Moutai is open to discussing stock split options with shareholders, acknowledging differing opinions on the matter and emphasizing the importance of investor feedback [6]. - The company has implemented a three-year dividend plan with a commitment to not less than 75% and has completed a 6 billion yuan share buyback, highlighting its focus on investor returns and market capitalization management [6][7]. - The company plans to invest approximately 15.516 billion yuan in the "Moutai Liquor '14th Five-Year' Technological Transformation Project," which aims to increase production capacity by about 19,800 tons per year [7].