千亿龙头 拟分红约20亿元

Core Viewpoint - Luzhou Laojiao announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 13.58 yuan per 10 shares, totaling approximately 2 billion yuan [2][6]. Financial Performance - For the first three quarters of 2025, Luzhou Laojiao achieved an operating income of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan, with a net cash flow from operating activities of 9.823 billion yuan [6]. - As of September 30, 2025, the company's undistributed profits amounted to approximately 24.021 billion yuan [6]. Dividend Policy - Luzhou Laojiao's dividend plan for 2024-2026 includes a gradual increase in cash dividend ratios, set at no less than 65%, 70%, and 75% respectively, with absolute amounts not less than 8.5 billion yuan each year [7]. - The recent mid-term dividend of approximately 2 billion yuan is seen as a routine measure to fulfill the company's commitment to high dividends, supported by over 10 billion yuan in net profit and ample cash flow [7]. Business Strategy - The high-end product, Guojiao 1573, has established a scale of over 20 billion yuan, serving as a cornerstone for the company's performance [7]. - Luzhou Laojiao is actively exploring younger and lower-alcohol markets while maintaining the value of its high-end brands, with the 38-degree Guojiao 1573 becoming a billion-level product [7]. - The company introduced six major shifts in thinking during its annual dealer recognition and marketing meeting to guide sales teams and dealers in adapting to market changes [7]. Market Performance - On January 9, Luzhou Laojiao's stock rose by 0.23%, closing at 116.86 yuan per share, with a total market capitalization of 172.01 billion yuan [7].