茅台终端动销加速回暖，双节旺季经销商信心大幅修复

Core Viewpoint - The white liquor market is experiencing a recovery in demand as the Mid-Autumn Festival and National Day approach, with Kweichow Moutai, as the industry leader, showing particularly strong market performance [1][2]. Sales Performance - Kweichow Moutai's sales began to improve in July, with August showing a month-on-month increase in terminal sales of approximately 15% to 35%, and September is expected to see year-on-year growth [2][3]. - The company's management indicated that terminal sales have significantly increased since late August, with expectations for further improvement as the traditional double festival approaches [2][3]. Market Sentiment - The recovery in sales is attributed to a noticeable improvement in market sentiment and confidence among distributors, driven by a recovery in dining consumption and the upcoming festive demand [3][4]. - Kweichow Moutai's management has actively engaged with over 200 distributors to boost confidence and stabilize market sentiment [4]. Strategic Initiatives - The company is focusing on long-term strategies, including maintaining production capacity and optimizing product distribution to adapt to market conditions [5][6]. - Kweichow Moutai is enhancing its supply-demand alignment and upgrading its distribution channels, which include traditional distributors, supermarkets, e-commerce, and direct sales [6]. International Expansion - The company has seen a 31.3% year-on-year increase in overseas revenue, indicating significant progress in its international market strategy [6]. - Kweichow Moutai is deepening its international market presence through various initiatives, including cultural events and training for overseas distributors [6]. Financial Confidence - The company has established a three-year dividend plan with a minimum payout ratio of 75% and is planning a new round of share buybacks, reflecting its confidence in future growth [7]. - Kweichow Moutai's recovery is attributed to both the improving consumer environment and its strategic focus on core business fundamentals [7].