Core Viewpoint - The 2024 annual shareholders' meeting of Kweichow Moutai showcased strong investor engagement and management's commitment to navigating the current adjustment cycle in the liquor industry while maintaining growth and profitability [1][3]. Group 1: Shareholder Engagement - Over 1,400 shareholders attended the meeting, leading to a venue change due to high registration numbers, reflecting strong loyalty among long-term investors [1]. - Management adopted a welcoming approach, treating shareholders like family, with dedicated transport and hospitality services [1]. - The management team, including Chairman Zhang Deqin, actively engaged with shareholders, expressing gratitude and addressing their concerns [1][3]. Group 2: Financial Performance - Kweichow Moutai reported a total revenue of 174.144 billion yuan and a net profit of 86.228 billion yuan for 2024, achieving over 15% growth and setting new historical records [3]. - The company’s dividend distribution plan was overwhelmingly approved, with a cash dividend of 276.24 yuan per 10 shares, totaling approximately 34.671 billion yuan [10]. Group 3: Strategic Outlook - Management emphasized the importance of maintaining confidence and resilience to navigate the current liquor industry cycle, citing past successes in overcoming challenges [6][7]. - The company plans to enhance its marketing strategies and focus on internationalization and youth engagement as part of its medium- to long-term strategies [8][9]. - Kweichow Moutai aims to build a more resilient ecosystem by understanding stakeholder needs and fostering a collaborative environment [9]. Group 4: Shareholder Returns and Value Creation - Kweichow Moutai has implemented a share buyback program, with plans to repurchase shares worth up to 6 billion yuan, having already completed a significant portion of this plan [12]. - The company’s commitment to value creation is evident in its consistent dividend increases and share repurchase initiatives, reinforcing investor confidence [10][12].