1月9日晚间，泸州老窖（000568）股份有限公司(以下简称"泸州老窖")披露2025年中期利润分配方案， 该公司拟以现有总股本14.72亿股为基数，向全体股东每10股派发现金红利13.58元(含税)，合计拟派发 现金红利约20亿元(含税)。上述利润分配方案已获得泸州老窖董事会审议通过。 作为A股白酒板块代表企业，泸州老窖一直以来坚持实施积极的利润分配政策。2025年半年报显示，该 公司自上市以来累计现金分红总额达520.59亿元，是其股权再融资金额的12.96倍，分红率高达 61.58%，在沪深两市上市公司中名列前茅。 对于泸州老窖本次分红计划，市场人士给予积极评价。 中国酒文化品牌研究院智库专家蔡学飞在接受《证券日报》记者采访时表示："在行业处于深度调整周 期、酒企普遍承压的情况下，泸州老窖此次推出约20亿元的中期分红计划，再次凸显了其作为白酒行业 龙头企业的财务稳健性和对股东回报的高度重视。目前来看，泸州老窖的业绩保持稳定且持续实施较为 积极的分红方案，不仅体现了该公司强大的现金流能力和长期投资价值，也传递出管理层对行业未来前 景的信心。其积极的分红举动有助于巩固投资者关系，并且在一定程度上将提升品牌声 ...

Core Viewpoint - Guizhou Moutai's half-year report for 2025 shows steady growth in revenue and net profit despite a challenging market environment for the liquor industry, indicating the company's robust operational performance as the industry undergoes significant adjustments [2][3][4]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and net profit attributable to shareholders of 45.403 billion yuan, up 8.89% [2]. - The company's core product, Moutai liquor, generated revenue of 75.59 billion yuan, reflecting a growth of 10.24%, while series liquor revenue reached 13.763 billion yuan, growing by 4.69% [4]. - The cash and cash equivalents balance stood at 142.885 billion yuan, with cash dividends of 34.671 billion yuan and share buybacks of 5.202 billion yuan, showcasing strong cash flow and profitability [5]. Market Dynamics - The liquor industry is currently experiencing a deep adjustment phase characterized by policy changes, shifts in consumer structure, and intense competition [2][9]. - Guizhou Moutai's direct sales channel has become a significant growth driver, with direct sales revenue reaching 40.01 billion yuan, an increase of 18.63% [4]. International Expansion - Guizhou Moutai's overseas revenue surged to 2.893 billion yuan, marking a year-on-year growth of 31.29%, significantly outpacing domestic revenue growth [6]. - The company is actively pursuing internationalization, with a strategic framework established for its global expansion goals by 2035 [7]. Innovation and Consumer Engagement - Guizhou Moutai is focusing on innovative marketing strategies and new consumption scenarios to adapt to changing consumer preferences, including increased sales expenses for advertising and market promotion [10][11]. - The company is committed to transforming its approach to consumer engagement by emphasizing lifestyle selling and creating new consumption experiences [10][11].