Zhong Guo Ji Jin Bao·2025-12-11 00:29Core Viewpoint - The announcement of significant cash dividends by leading liquor companies Guizhou Moutai and Wuliangye amidst a challenging industry environment highlights their financial confidence and commitment to shareholder returns [1][4][7]. Group 1: Dividend Announcements - Guizhou Moutai will distribute a cash dividend of 239.57 yuan per 10 shares, totaling 30 billion yuan, with the record date on December 18, 2025, and the ex-dividend date on December 19, 2025 [1][4]. - Wuliangye will distribute a cash dividend of 25.78 yuan per 10 shares, totaling 10 billion yuan, with the record date on December 17, 2025, and the ex-dividend date on December 18, 2025 [2][4]. Group 2: Financial Performance - Guizhou Moutai's third-quarter revenue growth was nearly stagnant at 0.56%, with net profit growth at 0.48%, marking the lowest growth rate in nearly a decade [4]. - Wuliangye experienced a more pronounced decline, with third-quarter revenue down 52.66% and net profit down 65.62% year-on-year [4]. Group 3: Market Conditions - The price of Guizhou Moutai's core product has been declining, with the market price for a bottle dropping to 1,500 yuan, nearing the official guidance price of 1,499 yuan [4]. - Wuliangye has reportedly increased discounting on its products to stabilize pricing amid industry pressures [4]. Group 4: Cash Flow and Dividend Policy - As of the end of the third quarter of 2025, Guizhou Moutai had cash and cash equivalents of 51.75 billion yuan and 135.40 billion yuan in other funds, while Wuliangye had 136.31 billion yuan in cash [7]. - Guizhou Moutai's dividend policy aims to distribute at least 75% of its net profit as cash dividends annually, while Wuliangye plans to distribute at least 70% of its net profit, with a minimum of 20 billion yuan each year [8].