Core Viewpoint - Luzhou Laojiao plans to distribute a cash dividend of 13.58 yuan (including tax) for every 10 shares, totaling approximately 2 billion yuan (including tax) [1]. Group 1: Dividend Distribution - For the first three quarters of 2025, Luzhou Laojiao achieved a net profit attributable to shareholders of 10.762 billion yuan, resulting in a cash dividend rate of approximately 18.58% [1]. - The dividend distribution aligns with the company's 2024-2026 shareholder dividend return plan, which stipulates that the total cash dividend for each year must account for at least 65%, 70%, and 75% of the annual net profit, respectively, with a minimum of 8.5 billion yuan (including tax) [1]. - Luzhou Laojiao has maintained a cash dividend rate above 60% in recent years, reflecting its strong cash flow [1]. Group 2: Industry Context - Since its listing in 1994, Luzhou Laojiao has implemented cash dividends 31 times, with a cumulative distribution amounting to 54.058 billion yuan (including the current dividend) [2]. - The cash dividend rates for Luzhou Laojiao from 2021 to 2024 were 60.01%, 60%, 60.01%, and 65.01%, respectively [2]. - In the context of a significant adjustment in the liquor industry, many companies, including Luzhou Laojiao, have introduced high dividend plans to respond to regulatory calls and enhance market value management [2]. Group 3: Market Performance - As of January 9, Luzhou Laojiao's stock price was 116.86 yuan per share, with a market capitalization of 172 billion yuan and a rolling dividend yield of 5.36% [3].

Core Viewpoint - Luzhou Laojiao plans to distribute a cash dividend of 13.58 yuan (including tax) for every 10 shares, totaling approximately 2 billion yuan (including tax) [2] Group 1: Dividend Distribution - For the first three quarters of 2025, Luzhou Laojiao achieved a net profit attributable to shareholders of 10.762 billion yuan, resulting in a cash dividend rate of approximately 18.58% for this mid-term distribution [5] - This mid-term dividend aligns with the company's 2024-2026 shareholder dividend return plan, which stipulates that the total cash dividend for each year must account for no less than 65%, 70%, and 75% of the annual net profit attributable to shareholders, with a minimum of 8.5 billion yuan (including tax) each year [5] - Luzhou Laojiao has maintained a cash dividend rate above 60% in recent years, with a cumulative cash dividend of 54.058 billion yuan since its listing in 1994 [6] Group 2: Industry Context - In the context of a deep adjustment in the liquor industry, many companies, including Luzhou Laojiao, have introduced high dividend plans to respond to regulatory calls and enhance market value management [6] - Other leading companies like Kweichow Moutai and Wuliangye have also announced cash dividend return plans, with Moutai committing to distribute no less than 75% of its annual net profit and Wuliangye committing to at least 70% and a minimum of 20 billion yuan (including tax) [6] - As of January 9, 2025, Luzhou Laojiao's stock price was 116.86 yuan per share, with a market capitalization of 172 billion yuan and a rolling dividend yield of 5.36% [7]