中国基金报·2025-12-11 00:21Core Viewpoint - The announcement of substantial mid-term dividends by leading liquor companies Kweichow Moutai and Wuliangye, totaling over 40 billion yuan, is noteworthy amid the industry's overall adjustment period and declining performance [2][5][10]. Group 1: Dividend Distribution - Kweichow Moutai will distribute a cash dividend of 239.57 yuan per 10 shares (including tax), totaling 30 billion yuan [2][3]. - Wuliangye will distribute a cash dividend of 25.78 yuan per 10 shares (including tax), totaling 10 billion yuan [3][10]. - The record date for Kweichow Moutai is December 18, 2025, and the ex-dividend date is December 19, 2025 [2][3]. Group 2: Financial Performance - Kweichow Moutai's third-quarter revenue growth was nearly stagnant at 0.56%, with net profit growth at 0.48%, marking a 10-year low [5][10]. - Wuliangye experienced a more significant decline, with third-quarter revenue down 52.66% and net profit down 65.62% [5][10]. Group 3: Market Conditions - The price of Kweichow Moutai's core product, Feitian Moutai, has been decreasing, with the retail price dropping to 1,500 yuan per bottle, nearing the official guidance price of 1,499 yuan [5][10]. - Wuliangye has increased discount rates for its products to stabilize pricing amid market pressures [5][10]. Group 4: Financial Health and Future Plans - 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 136.31 billion yuan in cash [10]. - Kweichow Moutai's dividend policy aims to distribute no less than 75% of its annual net profit, while Wuliangye plans to distribute at least 70% of its net profit, with a minimum of 20 billion yuan annually [10].