茅台董事长，最新发声

Core Viewpoint - Guizhou Moutai's recent shareholder meeting highlighted the company's confidence in its future, despite a slight decline in stock price this year, and emphasized its commitment to shareholder returns through share buybacks and dividends [1][5][6] Company Developments - Chairman Chen Hua expressed gratitude to shareholders, noting their rational expectations and responsible engagement, which contribute to Moutai's status as a "value benchmark" in the capital market [2] - Moutai announced a share buyback plan using its own funds, with an amount ranging from 1.5 billion to 3 billion yuan, and a maximum repurchase price of 1,887.63 yuan per share, aimed at reducing registered capital [5] - The company also revealed a mid-term dividend plan, proposing a cash dividend of 23.957 yuan per share, totaling approximately 30 billion yuan [5] Industry Insights - Chen highlighted that the white liquor industry is entering a phase of "stock competition," where opportunities outweigh challenges, driven by a growing middle-income demographic and the cultural significance of liquor [2] - Market analysts believe that the pressure on liquor sales has passed, with expectations for demand recovery as prices stabilize [7] - The report from Citic Securities indicates that the food and beverage sector is at a historical low in valuation, suggesting structural opportunities in quality assets like Moutai [7]