大手笔回购+分红300亿元！贵州茅台，大动作

Core Viewpoint - Guizhou Moutai is taking significant actions post-leadership change, focusing on share buybacks and cash dividends to enhance investor confidence amid industry challenges [2][3]. Group 1: Share Buyback - Guizhou Moutai plans to repurchase shares using self-owned funds ranging from 1.5 billion to 3 billion yuan, with a maximum buyback price of 1887.63 yuan per share [3][4]. - As of September 30, 2025, the total assets of Guizhou Moutai are 304.738 billion yuan, with net assets attributable to shareholders at 257.070 billion yuan, and cash and cash equivalents at 159.502 billion yuan [4]. - If the maximum buyback amount 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 [4]. Group 2: Cash Dividends - Guizhou Moutai announced a cash dividend of 23.957 yuan per share (including tax), totaling approximately 30 billion yuan (including tax) based on the total shares as of September 30, 2025 [5]. - From 2020 to 2024, Guizhou Moutai's total cash dividends amounted to 238.996 billion yuan, accounting for 74% of the total net profit during the same period [5][6]. Group 3: Strategic Initiatives - The company aims to establish a new high-level shareholder return framework through regular cash dividends, share buybacks, and promoting major shareholder increases [6][7]. - Guizhou Moutai will adhere to a cash dividend plan for 2024-2026, maintaining a biannual dividend rhythm while optimizing strategies based on performance and cash flow [7]. - The company is committed to balancing stability and adaptability in response to the evolving white liquor market, focusing on high-quality marketing and sustainable development practices [7].