茅台，“抄底”！

Core Viewpoint - Guizhou Moutai has spent over 5.3 billion yuan on share buybacks to stabilize stock prices and boost market confidence amid a challenging environment for the liquor industry [2][6]. Summary by Sections Share Buyback Details - As of July 2025, Guizhou Moutai has repurchased a total of 3.45 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [5]. - The highest purchase price during the buyback was 1,639.99 yuan per share, while the lowest was 1,408.29 yuan per share [5]. Market Conditions - The liquor industry is currently facing challenges such as overcapacity, high inventory levels, and price inversions [6]. - The wholesale price of Moutai's Snake Year liquor has returned to 2,000 yuan per bottle, indicating a slight recovery in pricing [4][6]. Industry Outlook - The liquor sector is in a phase of rapid bottoming out, with leading companies expected to adjust channel structures and enhance market development capabilities [8]. - The valuation of the liquor industry is at a ten-year low, with the current valuation for liquor at 11.98 times earnings, which is lower than the overall food and beverage sector valuation of 13.93 times [7][8]. - The industry is undergoing a destocking cycle, with multiple pressures from pricing, demand, and policy affecting liquor companies [8].