飞天茅台酒 财联社记者 朱万平摄①Kweichow Moutai plans to distribute a mid-term dividend of 23.882 yuan per share (including tax), with a total cash dividend of 30 billion yuan, and this dividend plan meets expectations; ②On the afternoon of the 27th of this month, Kweichow Moutai will convene a shareholders' meeting to deliberate on the repurchase matters, expected to be smoothly approved by the shareholders, meaning the company could start repurchasing the next day at the earliest; ③Recently, several brokerages have lowered their expectations for Kweichow Moutai's 2025 performance growth rate, with a general expectation of around 10%-11%.
On November 8th, Caixin Media reports (Reporter Zhu Wanping) the highly anticipated mid-term dividend plan of Kweichow Moutai (600519.SH) has been released. The company plans to distribute a dividend of 23.882 yuan per share (including tax), with a total cash dividend of approximately 30 billion yuan (including tax). This mid-term dividend plan is in line with external expectations.
In addition, Kweichow Moutai will start a special shareholders' meeting to deliberate on mid-term dividends, share repurchases, and other matters at 2:30 pm on the 27th of this month. If the above matters are approved, the company could start the repurchase as early as the next day (28th), with a repurchase amount of 3 billion yuan to -6 billion yuan.
Feitian Moutai Liquor Caixin Media journalist Zhu Wanping photo
"The mid-term dividend from Moutai meets our expectations." A food and beverage analyst from an unnamed brokerage firm told Caixin Media reporters. Wind data shows that in the past 6 months, 55 brokerages have made forecasts on Kweichow Moutai's full-year net income, with an average of approximately 86.2 billion yuan. Based on the above forecasts, Kweichow Moutai's mid-term dividend rate is around 34.8%.
According to Kweichow Moutai's cash dividend return plan for 2024-2026, in the next three years, Kweichow Moutai will cash dividend twice a year (mid-term and annual dividends), with the total annual cash dividend not less than 75% of the net profit attributable to the parent company for that year. Since 2019, Kweichow Moutai's year-end dividend rate has remained at 51.9%. In addition to maintaining year-end dividends in the past two years, Kweichow Moutai has also had two special dividends.
According to the latest announcement, Kweichow Moutai will convene a special shareholders' meeting on the 27th of this month to deliberate on the mid-term dividend matters. Also under shareholder deliberation is the highly anticipated repurchase plan. On September 21 of this year, Kweichow Moutai announced its intention to repurchase shares using its own funds through centralized competitive trading, the repurchase price not exceeding 1795.78 yuan per share (inclusive), with a repurchase amount of 3 billion yuan to -6 billion yuan. The above repurchase matters can only be implemented after shareholders' meeting approval.
However, from the announcement of Kweichow Moutai's repurchase plan to the official deliberation at the shareholders' meeting on the 27th of this month took more than two months. During this period, the company's stock price reached as high as 1910 yuan per share, exceeding the repurchase price limit of 1795.78 yuan per share. According to Caixin Media, some shareholders had been slightly dissatisfied with Kweichow Moutai's "slightly dragging" progress on the repurchase plan. However, with the shareholders' meeting convening on the afternoon of the 27th of this month, it is expected that the company could start the repurchase as early as the 28th of this month.
For the capital markets, another focus of attention is whether kweichow moutai's performance guidance for next year will show a slowdown. Currently, the market generally expects that kweichow moutai's performance next year may experience a slowdown.
Recently, several brokerages have also lowered their forecasts for kweichow moutai's 2025 performance growth rate. Specifically, zheshang securities recently reduced kweichow moutai's revenue growth rate for next year to 10.01%; net income growth rate reduced to 11.06%. At the end of October this year, huachuang securities lowered next year's kweichow moutai net income growth rate to around 11%. Tianfeng Securities expects kweichow moutai's 2025 revenue and net income growth rates to be around 10%. Financial data shows that in 2023, kweichow moutai's revenue growth rate was 19.01%, and net income attributable to shareholders growth rate was 19.16%.
