KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-06 12:35Core Viewpoint - Guizhou Moutai is actively demonstrating its commitment to shareholder value through a second round of share buybacks and substantial cash dividends amidst a challenging period for the liquor industry, indicating strong cash flow and management confidence [1][3]. Share Buyback Plan - Guizhou Moutai plans to repurchase shares worth between RMB 15 billion and RMB 30 billion, with a maximum price of RMB 1887.63 per share, within a six-month period following shareholder approval [2]. - The first round of buybacks was completed in May 2025, totaling RMB 60 billion, with a price cap of RMB 1795.78 per share [2]. - The second round of buybacks is seen as a rare move in the A-share liquor sector, reflecting the company's ample cash flow and management's belief that the stock is undervalued [3]. Cash Dividend Distribution - The company announced a mid-term dividend plan, proposing a cash dividend of RMB 23.957 per share, totaling RMB 300 billion [4]. - Guizhou Moutai's cumulative cash dividends since its listing amount to RMB 3661.13 billion, with an average dividend payout ratio of 61.38% [4][5]. - The total cash dividends for 2025 are projected to reach RMB 646.72 billion, equivalent to the net profit for the first three quarters of the year [4]. Financial Performance - For the first nine months of 2025, Guizhou Moutai reported total revenue of RMB 1309.04 billion, a year-on-year increase of 6.32%, and a net profit of RMB 646.26 billion, up 6.25% [7]. - The core product, Moutai liquor, generated revenue of RMB 1105.14 billion, reflecting a 9.28% increase [7]. Strategic Management and Market Positioning - The management has conducted extensive market research and engaged with over 300 distributors to optimize both online and offline sales channels [8]. - The company is focusing on maintaining channel resilience and addressing market challenges through strategic incentives and clear communication with stakeholders [9]. - Guizhou Moutai is transitioning from high-speed growth to high-quality development, showcasing strategic clarity and confidence in its management approach [9].