茅台再放市值管理“大招”：拟启动最高30亿元注销式回购

Core Viewpoint - Guizhou Moutai has initiated a new round of share buyback and announced a mid-term cash dividend plan, signaling confidence in its future growth and utilizing market value management tools [1][5][6]. Group 1: Share Buyback Details - The company plans to repurchase shares with a total amount not exceeding 3 billion yuan, with a buyback price capped at 1887.63 yuan per share [4]. - This is the second share buyback and cancellation in two months, with a shorter buyback period compared to the previous round [5]. - The previous buyback plan, initiated on September 20, 2022, had a total amount between 3 billion and 6 billion yuan, with a price cap of 1795.78 yuan per share, resulting in a 37.86% increase in stock price over seven trading days [5]. Group 2: Dividend Distribution - Guizhou Moutai has approved a mid-term profit distribution plan, proposing a total cash dividend of approximately 30 billion yuan, with a per-share distribution of 23.957 yuan (including tax) [6]. - According to the company's cash dividend return plan for 2024-2026, it aims to distribute no less than 75% of the net profit attributable to shareholders as cash dividends each year, with distributions occurring twice annually [7]. Group 3: Market Implications - The share buyback and dividend announcements are seen as signals of the company's strong cash flow and belief that its stock is undervalued [6]. - The buyback is expected to stabilize the stock price and reduce volatility, providing a "bond-like" investment value for long-term investors [6].