贵州茅台，连发两大利好

Core Viewpoint - Guizhou Moutai announced a share repurchase plan with a total fund of no less than 1.5 billion yuan and no more than 3 billion yuan, with a maximum repurchase price of 1887.63 yuan per share, aimed at canceling shares and reducing registered capital [1][5][6]. Group 1: Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with the total amount ranging from 1.5 billion yuan to 3 billion yuan [1][5]. - The repurchased shares will be used for cancellation and reduction of the company's registered capital [5][6]. - The estimated number of shares to be repurchased is approximately 794,647 to 1,589,294 shares, accounting for about 0.0635% to 0.1269% of the total issued shares as of the announcement date [6]. Group 2: Financial Position - As of September 30, 2025, Guizhou Moutai reported total assets of 304.738 billion yuan and net assets attributable to shareholders of 257.070 billion yuan [6]. - The company had cash and cash equivalents amounting to 159.502 billion yuan [6]. - If the maximum repurchase fund of 3 billion yuan is fully utilized, it would represent approximately 0.98% of total assets, 1.17% of net assets, and 1.88% of cash and cash equivalents [6]. Group 3: Previous Share Repurchase - Previously, on August 30, 2025, Guizhou Moutai completed a share repurchase of 3.9276 million shares, which accounted for 0.3127% of the total shares, with a maximum price of 1639.99 yuan per share [7][8]. - The average repurchase price for the previous buyback was 1527.65 yuan per share, utilizing approximately 6 billion yuan [8].