Core Viewpoint - The article highlights the recent performance and trends in the Chinese liquor market, particularly focusing on the fluctuations in the prices of Moutai and the dividend distributions of leading liquor companies [1][3][6]. Price Trends - On February 2, 2026, Moutai's price showed a decline, with the wholesale price for the 26-year Moutai original box dropping to 1590 RMB per bottle, down 40 RMB from the previous day, and the scattered bottle price falling to 1570 RMB, down 80 RMB [1][2]. - The price of the 25-year Moutai original box increased to 1610 RMB, while the scattered bottle decreased to 1590 RMB [2]. Dividend Distributions - Guojingong Liquor announced a mid-term dividend of 10 RMB per 10 shares, totaling 528 million RMB, consistent with last year's distribution, to be implemented on February 10, 2026 [3]. - Major liquor companies, including Moutai, Wuliangye, and Luzhou Laojiao, have also announced significant mid-term dividends, totaling over 425 billion RMB among the top four companies [6]. - The dividend rates for these companies are projected to be at least 75% of net profits for Moutai, 70% for Wuliangye and Luzhou Laojiao, and 60% and 50% for Shanxi Fenjiu and Guojingong respectively [6][7]. Financial Health and Future Outlook - Despite a decline in overall performance in the liquor sector, leading companies are still expected to maintain sufficient cash reserves for dividend payments, with Moutai holding 159.5 billion RMB and Wuliangye 132.57 billion RMB in cash equivalents as of the end of Q3 2025 [7]. - The article notes that the dividend amounts may see a slight reduction due to the competitive landscape and previous performance downturns [6][7].