LZLJ(SZ:000568) Nan Fang Du Shi Bao·2026-01-24 05:45Core Viewpoint - Luzhou Laojiao, a company with a market value of over 100 billion, is set to implement a mid-term dividend plan totaling approximately 2 billion yuan (including tax), highlighting its financial stability and commitment to shareholder returns amidst industry challenges [1][2]. Group 1: Dividend Plans - Luzhou Laojiao's mid-term dividend plan includes a cash distribution of 13.58 yuan per 10 shares, amounting to about 2 billion yuan, with a record date of January 29 and an ex-dividend date of January 30 [1]. - The company has outlined a shareholder return plan for 2024-2026, committing to annual cash dividends of no less than 8.5 billion yuan, with payout ratios of at least 65%, 70%, and 75% for the respective years [2]. - In 2024, Luzhou Laojiao plans to distribute a total of approximately 87.59 billion yuan in dividends across two distributions, exceeding the minimum target of 8.5 billion yuan [2]. Group 2: Financial Performance - For the first three quarters of 2025, Luzhou Laojiao reported revenues of 23.127 billion yuan and a net profit of 10.762 billion yuan, reflecting year-on-year declines of 4.84% and 7.17%, respectively [3]. - The overall white liquor market is experiencing pressure, with leading companies like Luzhou Laojiao facing declining performance [3][4]. Group 3: Industry Context - The white liquor industry is undergoing a deep adjustment phase in 2025 due to macroeconomic cycles, industry adjustments, and policy changes, with traditional consumption scenarios recovering slowly and high inventory levels [4]. - Other leading companies in the industry, such as Kweichow Moutai and Wuliangye, are also implementing mid-term dividend plans, indicating a trend among top liquor companies to establish minimum annual dividend distributions [5][6].