Zhong Guo Ji Jin Bao·2025-12-11 00:28Core Viewpoint - Both Wuliangye and Kweichow Moutai announced their mid-term dividend distribution plans for 2025, totaling over 40 billion yuan to be distributed to shareholders next week [1][2]. Group 1: Dividend Distribution - Kweichow Moutai will distribute a cash dividend of 239.57 yuan (including tax) for every 10 shares, amounting to a total cash dividend of 30 billion yuan (including tax) [1]. - Wuliangye will distribute a cash dividend of 25.78 yuan (including tax) for every 10 shares, totaling a cash dividend of 10 billion yuan (including tax) [2]. - The record date for Kweichow Moutai is December 18, 2025, and the ex-dividend date is December 19, 2025 [1]. The record date for Wuliangye is December 17, 2025, with the ex-dividend date on December 18, 2025 [2]. Group 2: Financial Performance - Kweichow Moutai's third-quarter revenue growth was nearly stagnant, with a year-on-year increase of only 0.56%, and net profit attributable to shareholders grew by 0.48%, marking the lowest growth rate in nearly a decade [4]. - Wuliangye experienced a more significant decline, with third-quarter revenue down by 52.66% and net profit attributable to shareholders down by 65.62% [5]. - The price of Kweichow Moutai's core product, Feitian Moutai, has been decreasing, with the market price dropping to 1,500 yuan per bottle, approaching the official guidance price of 1,499 yuan [5]. Group 3: Market Sentiment and Cash Flow - The market performance reflects investor concerns, with both Kweichow Moutai and Wuliangye's stock prices declining throughout the year, and Wuliangye hitting a new low [5]. - Industry insiders believe that the high dividend payouts from both companies signal confidence in their financial health and emphasize shareholder returns amid operational pressures during the industry adjustment period [9]. - As of the end of the third quarter of 2025, Kweichow Moutai had cash and cash equivalents of 51.75 billion yuan and 135.40 billion yuan in other funds, while Wuliangye had cash and cash equivalents of 136.31 billion yuan [9].