KWEICHOW MOUTAI(SH:600519) Ge Long Hui A P P·2025-12-10 14:28Core Viewpoint - Guizhou Moutai announced a mid-term dividend of 23.96 yuan per share, totaling 30 billion yuan, marking a significant milestone in the A-share market for dividend distribution [2][6][9]. Company Summary - Guizhou Moutai's mid-term dividend of 23.96 yuan per share is a record high for the company and sets a new benchmark for mid-year dividends in the A-share market [9]. - The company has a total share capital of 1.252 billion shares, leading to a total dividend payout of 30.001 billion yuan (including tax) [7]. - Moutai's stock price closed at 1402.8 yuan, with a total market capitalization of 1.76 trillion yuan [3]. - Despite the substantial dividend, Moutai's stock price has declined over 6% this year due to challenges in the white liquor industry [4]. Industry Summary - The white liquor industry is experiencing a downturn, with Moutai's performance slowing down. In Q3, Moutai reported revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, and a net profit of 19.224 billion yuan, up 0.48% [12]. - For the first three quarters, Moutai's revenue reached 128.454 billion yuan, growing by 6.36%, while net profit was 64.627 billion yuan, up 6.25% [12]. - The overall performance of 19 listed white liquor companies showed a decline, with total revenue of 320.1 billion yuan and net profit of 12.25 billion yuan, both down year-on-year [12]. - The industry faces challenges such as insufficient sales, high channel inventory, and changing consumer demand, leading to increased operational pressure on companies [12][13]. - Despite the current challenges, some analysts remain optimistic about the white liquor sector, citing potential recovery and improved sales dynamics [14].