Everbright's research reports indicate that Kweichow Moutai (600519.SH) successfully closed out 2024, with performance certainty remaining the most stable in the sector. The company is also actively strengthening market cap management and valuing shareholder returns. A previous announcement stated that from 2024 to 2026, the cash dividend ratio would not be less than 75%, to be implemented in two distributions each year. The mid-year dividend for 2024 is approximately 30 billion yuan (including tax). Additionally, the company is initiating share repurchase for the first time, with an expected repurchase amount of 3-6 billion yuan. A series of proactive measures will help stabilize market expectations. The current stock price corresponds to P/E ratios of 22/20/18 times, maintaining a Buy rating.