“双重利好”传递稳健信心 贵州茅台诠释长期价值逻辑

Core Viewpoint - Guizhou Moutai (600519.SH) has announced a dual benefit strategy of "mid-term dividend + cancellation-based repurchase," signaling strong confidence in its long-term development by distributing a cash dividend of 30 billion CNY and initiating a share repurchase of 1.5 to 3 billion CNY [1][3][4] Dividend Distribution - The company plans to distribute a cash dividend of 23.957 CNY per share (including tax), totaling 30 billion CNY, based on a total share capital of 1.252 billion shares as of September 30, 2025 [4] - This marks the second mid-term profit distribution since the company's listing, maintaining a steady "annual + mid-term" dividend rhythm, with cumulative cash dividends reaching 366.113 billion CNY since listing [4][5] Share Repurchase - The repurchase plan involves a total fund of 1.5 to 3 billion CNY, entirely sourced from self-owned funds, with a maximum repurchase price of 1887.63 CNY per share, reflecting the company's strong recognition of its own value [4][5] - The repurchase period has been shortened from 12 months to within 6 months after the shareholders' meeting approval, enhancing execution efficiency [5] Market Confidence and Value Management - The dual benefits of dividends and repurchases demonstrate the company's systematic approach to value management, balancing capital efficiency and long-term value creation [7][8] - The stable dividend and repurchase strategy is crucial for attracting long-term institutional investors, providing predictable cash returns and a stable equity policy [7][8] Industry Context - The white liquor industry is undergoing significant adjustments, with evolving consumer demographics and consumption patterns. Guizhou Moutai's actions signal stability amidst these changes, reinforcing its core advantages in the high-end liquor market [8][9] - The company's ability to continue rewarding shareholders during industry adjustments reflects its resilience and serves as a model for value management in the sector, potentially aiding in the valuation recovery of other liquor companies [8][9] Long-term Value Creation - Guizhou Moutai's capital operations and brand management create a virtuous cycle, with stable capital policies enhancing the perception of its core value, which is rooted in scarcity and consistent cash generation [9] - The company's commitment to quality management, evidenced by its EFQM Global Award, underpins its competitive advantage and supports its long-term value system [9]