Meeting Overview - The shareholders' meeting of Kweichow Moutai Co., Ltd. was held on May 19, 2025, at the Moutai Conference Center in Renhuai City, Guizhou Province [1] - The meeting was convened by the board of directors and chaired by Chairman Zhang Deqin, following legal and regulatory requirements [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A resolution with 911,255,695 votes in favor (99.8666%) [1] - Another resolution with 912,070,535 votes in favor (99.9559%) [1] - A resolution regarding the appointment of Tianjian Accounting Firm for the 2025 financial audit, approved with 907,643,926 votes in favor (99.4708%) [2] Shareholder Participation - The meeting included participation from ordinary shareholders and preferred shareholders with restored voting rights, excluding shares in the company's repurchase account [1] - The voting method combined on-site and online voting, ensuring compliance with the Company Law and Articles of Association [1] Legal Verification - The meeting was witnessed by lawyers from King & Wood Mallesons, confirming that the convening and procedures adhered to relevant laws and regulations [2]

Core Insights - The total value of the top 100 global brands reached $10.7 trillion in 2025, marking a 29% year-on-year increase, primarily driven by strong performance from technology-driven brands [1][2]. Company Highlights - Apple retained its position as the most valuable brand with a value of $1.3 trillion, a 28% increase from 2024, accounting for over 12% of the total value of the top 100 brands [2][4]. - Google and Microsoft followed, with brand values of $944.1 billion (+25%) and $884.8 billion (+24%) respectively [2]. - Notable growth was observed in Nvidia, which saw a 152% increase in brand value to $509.4 billion, and Instagram, which grew by 101% to $228.9 billion [2][4]. - Chinese brands made a significant impact, with 12 brands listed and a total value increase of 26%, ranking second globally in growth [2][4]. Industry Trends - The retail sector continued its growth trend from 2022, with an overall brand value increase of 48% [4]. - In contrast, the apparel, food and beverage, and personal care sectors experienced stagnation or decline in brand value [4]. - The luxury goods sector, which had maintained growth since 2020, saw a 2% decline in 2025, possibly due to a shift in consumer preferences towards lifestyle experience products [4]. - The alcoholic beverage sector faced a significant impact from younger consumers, with a decline of 11% [4]. Brand Evolution - Since 2006, nearly 71% of the value created by the top 100 brands has come from brands that disrupt industry norms or innovate [3][5]. - The BrandZ ranking reflects the globalization of the Chinese economy, showcasing how brands that meet or redefine consumer needs have reshaped the global brand landscape [5][6].