Core Viewpoint - Guizhou Moutai's 2024 annual shareholders' meeting adopted a pragmatic approach by replacing the traditional flying Moutai with blueberry juice, reflecting a response to government calls for frugality and anti-waste measures [1][5] Company Summary - Guizhou Moutai's stock price fell by 1.78% during the early trading on May 19, with 15 out of 20 liquor stocks experiencing declines, including a significant drop of 7.64% for Yingjia Gongjiu [1][2] - The company plans to distribute no less than 75% of its annual net profit as dividends from 2024 to 2026, as per previously approved resolutions [4] Industry Summary - The liquor industry has faced a notable market adjustment in 2024, with the sector experiencing a cumulative decline of over 13% from the beginning of 2025 to April 30, indicating ongoing pressure on investor confidence [5] - The recent changes in Moutai's shareholder meeting practices align with the revised regulations from the central government aimed at promoting frugality in public spending [5]