Core Viewpoint - Jida Communication emphasizes the importance of market value management and aims to enhance operational performance and corporate value as a long-term focus [1] Group 1: Company Strategy - The company acknowledges that stock prices in the secondary market are influenced by macroeconomic conditions, market trends, and relevant policies, urging investors to approach with rationality [1] - Jida Communication is committed to improving transparency through various means, including enhancing communication with investors to help them better understand the company and industry [1] - The company plans to disclose any new share repurchase plans in a timely manner, encouraging stakeholders to pay attention to company announcements [1]

Core Viewpoint - The company emphasizes the importance of value management as a key task for the board by 2025, focusing on enhancing development quality and market communication [1] Group 1: Value Management Strategy - The company has prioritized value management since turning profitable, aiming for systematic promotion of value enhancement and market communication [1] - The strategy includes solidifying the core business foundation, focusing on refined production management, steady operational performance improvement, and optimizing governance structure to enhance core competitiveness and sustainable profitability [1] Group 2: Investor Communication - The company actively expands investor communication channels through diversified methods to enhance market understanding and recognition, improving its image in the capital market [1] - Future efforts will continue to focus on solid operational management to elevate performance levels and intrinsic value, aiming to provide tangible growth returns to investors [1]

Core Viewpoint - Guizhou Moutai announced a second round of share buybacks, planning to repurchase shares with a total fund of no less than 1.5 billion yuan and no more than 3 billion yuan, with a maximum buyback price of 1887.63 yuan per share [1][5] Group 1: Share Buyback Details - The buyback shares will be used for cancellation and reduction of the company's registered capital [5] - The buyback plan requires approval from the company's shareholders' meeting [5] - If the maximum buyback fund of 3 billion yuan is fully utilized, it would account for approximately 0.98% of total assets, 1.17% of net assets attributable to shareholders, and 1.88% of cash and cash equivalents as of September 30, 2025 [6] Group 2: Previous Buyback and Dividend Distribution - On August 30, Guizhou Moutai completed a previous buyback, repurchasing 3.9276 million shares at an average price of 1527.65 yuan per share, totaling approximately 6 billion yuan [6] - The company plans to distribute a cash dividend of 23.957 yuan per share (including tax), totaling over 30 billion yuan (including tax) to all shareholders for the mid-term profit distribution in 2025 [6] Group 3: Strategic Goals and Market Positioning - Guizhou Moutai aims to normalize market value management and establish a high-level shareholder return framework through regular cash dividends, share buybacks, and promoting major shareholder increases [8] - The company will maintain a stable and sustainable shareholder return strategy, with annual and mid-term dividends, while dynamically optimizing based on operating performance and cash flow [8] - The company is committed to high-quality development amidst industry challenges, balancing short-term interests with long-term growth and quality [9]

贵州茅台2025年第三季度业绩说明会上有网友提问：加大分红率和回购符合长期价值投资者及大、小股 东的核心利益，在满足经营资金和储备应对风险资金的前提下，希望增加分红率到100%或者相应回 购，让大股东、小股东切实分享企业发展红利，树立A股标杆对此，贵州茅台独立董事王鑫表示，作为 公司独立董事，亲身见证公司在市值管理工作方面的重视和努力，目前已逐步构建包括现金分红、股份 回购、大股东增持、信息披露、投资者交流、ESG管理等多维市值管理体系，相信公司通过一系列扎实 举措，能够持续提升公司价值，让广大股东能在茅台的高质量发展中实实在在受益。 ...

Group 1 - The company emphasizes the importance of market value management and investor returns [2] - The company commits to timely information disclosure regarding significant information related to stock price fluctuations [2]

Group 1 - The company plans to repurchase shares worth between 1.5 billion and 3 billion yuan, with a maximum repurchase price of 1887.63 yuan per share [1] - The repurchased shares will be used for cancellation and to reduce the company's registered capital, pending approval from the shareholders' meeting [1] - The company successfully completed a previous round of share repurchase, spending 6 billion yuan to buy back 3.9276 million shares from January to August [1][2] Group 2 - Alongside the new share repurchase, the company announced a mid-term dividend for 2025, proposing a cash dividend of 23.957 yuan per share, totaling approximately 30 billion yuan [1] - This dividend amount is consistent with the mid-term dividend for 2024, indicating a stable dividend policy [1][2]

每经记者｜熊嘉楠 每经编辑｜陈柯名 肖芮冬 11月5日晚间，贵州茅台发布公告称拟进行新一轮注销式回购。而这距上一轮回购完成仅过去两个月。与此同时，公司还宣布推出中期分红方案，拟向全 体股东派发约300亿元现金"红包"。 值得注意的是，此次发布的是第二轮注销式回购计划，回购总金额不低于人民币15亿元（含）且不超过人民币30亿元（含）。回购价格不超过1887.63元/ 股（含），价格上限高于上一轮回购，回购期限也缩短到方案通过之日起的6个月。 有业内分析认为，注销式回购搭配高额分红，再结合此前控股股东的增持计划，茅台正在系统性地搭建一套市值管理的组合工具，注销回购直接提升每股 收益，高分红兑现现金回报，二者协同凸显了公司在行业波动中以自身确定性应对不确定性的能力，对整体白酒板块估值修复具有风向标意义。 再启动新一轮注销式回购： 回购期限更短，回购价格上限更高 公告显示，贵州茅台拟以集中竞价交易方式回购公司股份，回购总金额不低于人民币15亿元（含）且不超过人民币30亿元（含）。回购价格不超过 1887.63元/股（含）。回购期限为自公司股东大会审议通过回购方案之日起6个月内。 图片来源：视觉中国 去年9月20日，贵 ...

Core Viewpoint - Guizhou Moutai has initiated a new round of share buyback and announced a mid-term cash dividend plan, signaling confidence in its future growth and utilizing market value management tools [1][5][6]. Group 1: Share Buyback Details - The company plans to repurchase shares with a total amount not exceeding 3 billion yuan, with a buyback price capped at 1887.63 yuan per share [4]. - This is the second share buyback and cancellation in two months, with a shorter buyback period compared to the previous round [5]. - The previous buyback plan, initiated on September 20, 2022, had a total amount between 3 billion and 6 billion yuan, with a price cap of 1795.78 yuan per share, resulting in a 37.86% increase in stock price over seven trading days [5]. Group 2: Dividend Distribution - Guizhou Moutai has approved a mid-term profit distribution plan, proposing a total cash dividend of approximately 30 billion yuan, with a per-share distribution of 23.957 yuan (including tax) [6]. - According to the company's cash dividend return plan for 2024-2026, it aims to distribute no less than 75% of the net profit attributable to shareholders as cash dividends each year, with distributions occurring twice annually [7]. Group 3: Market Implications - The share buyback and dividend announcements are seen as signals of the company's strong cash flow and belief that its stock is undervalued [6]. - The buyback is expected to stabilize the stock price and reduce volatility, providing a "bond-like" investment value for long-term investors [6].

11月5日晚间，贵州茅台披露，在股东大会通过后6个月内，公司将用自有资金回购公司股份后注销，回购金额不低于人民币15 亿元（含）且不超过人民币30亿元（含），回购价格不超过1887.63元/股。 而这距离茅台历史上第一次注销式回购仅过去三个月。今年1月至8月，响应投资者呼声，贵州茅台共出资60亿元，共计回购 392.76万股，满额完成了上一轮股份回购。 21世纪经济报道记者肖夏 茅台新一轮股份回购官宣。 在此之前，今年茅台集团已经于8月末公告将在6个月内出资增持贵州茅台，金额不低于人民币30亿元（含）且不高于人民币33 亿元（含），是2022年末到2023年上半年出资17.45亿元后的又一次增持。至此，茅台已经集齐了增持、回购、分红三大市值管 理举措。 （贵州茅台披露2025年度中期分红金额） 茅台释放新的回购、分红利好，也是希望通过投资回报增强对投资者的吸引力。 受到业绩影响，资本市场近期对白酒板块较为冷淡。不过前不久的三季报，贵州茅台依然交出了正增长业绩，同比增长6.36%、 6.25%。前三季度营收、净利润双增长的，白酒行业仅有贵州茅台、山西汾酒两家。 与新一轮回购一道，贵州茅台宣布了2025年度的中期 ...

Core Viewpoint - Guizhou Moutai is actively engaging in capital market management through significant cash dividends, share buybacks, and major shareholder increases, aiming to enhance investor confidence and stabilize stock prices [5][10][11]. Dividend Distribution - Guizhou Moutai plans to distribute a cash dividend of 23.957 yuan per share (including tax), totaling approximately 300.01 billion yuan based on a total share capital of 1.252 billion shares as of September 30, 2025 [5][6]. - The company has raised its cash dividend baseline from 50% to not less than 75% of the annual net profit for the years 2024 to 2026, projecting a total dividend of about 647 billion yuan for 2024 [5][6]. Share Buyback Plan - The company announced a share buyback plan with a total fund limit of 30 billion yuan, with a maximum buyback price set at 1,887.63 yuan per share [8][9]. - The expected number of shares to be repurchased ranges from approximately 794,647 to 1,589,294, accounting for about 0.06% to 0.13% of the total share capital [9][10]. Major Shareholder Actions - The controlling shareholder, China Guizhou Moutai Distillery (Group) Co., Ltd., has been actively increasing its stake, having acquired 797,000 shares for about 11.62 billion yuan, with plans to continue increasing its holdings by an additional 30 billion to 33 billion yuan [10][11]. Market Impact and Strategy - The combination of cash dividends, share buybacks, and major shareholder increases is seen as a strategic move to manage the company's market value and provide a benchmark for other companies in the consumer sector [11]. - Guizhou Moutai aims to balance short-term interests with long-term development, focusing on high-quality growth amid industry challenges [10][11].