Chen Hua responded to the difficulty of snatching products on iMoutai, calling on everyone to remain patient with the stock price

Source of the photo: Times Finance/Photo

On June 11th, Maotai Town welcomed the annual grand event - the annual general meeting of shareholders of Kweichow Moutai.

The Moutai general meeting of shareholders has always been known as the "Chinese version of the Buffett Shareholders' Meeting". On June 10th, a large number of "Moutai fans" flocked here from all over the country, making this town famous for soy - sauce - flavored liquor extremely lively. Times Finance observed that the age range of the shareholders attending the meeting this year was relatively large. There were not only senior investors who brought their children to the meeting, but also many young faces emerged.

According to on - site information obtained by Times Finance, more than a thousand shareholders and shareholder representatives attended the meeting this time, which was similar to the scale of last year's meeting and was at a high level in recent years. Due to the relatively large number of participants, the venue for this general meeting of shareholders was once again moved to the Moutai Conference Center.

This was also the first time that Chairman Chen Hua appeared at the annual general meeting of shareholders since taking office in October last year.

A shareholder who has held shares for many years and came specifically from Zhejiang told Times Finance, "Chen Hua is bold in doing things and has a strong will for reform." He focused on the dividend policy, the increase in the average customer price, and the progress of market - oriented reform this time, and also hoped to have a face - to - face communication with the new management at the meeting.

In the evening of June 11th, Kweichow Moutai (600519.SH) announced that the company's general meeting of shareholders had reviewed and passed a total of 8 proposals, including "Proposal on the 2025 Annual Profit Distribution Plan and the 2026 Interim Profit Distribution Arrangement" and "Proposal on the Election of Directors".

"Moutai can't be a trendy brand", responding to price adjustment and youth - oriented layout

"I have worked at Moutai for nearly 8 months. I would like to take this opportunity to communicate with you and reach a broader consensus on Moutai's future development." Chen Hua said.

This manager, who originally came from the energy sector in Guizhou Province, has led this liquor giant through a market - oriented reform since taking office at the end of last year.

In January this year, Kweichow Moutai announced the "2026 Market - oriented Operation Plan for Kweichow Moutai Liquor", which would take the market as the orientation and comprehensively promote the market - oriented transformation of Moutai liquor marketing. Subsequently, Moutai carried out a series of reforms covering multiple systems such as products, prices, and channels.

This also made this year's Moutai general meeting of shareholders a bit different from previous ones. Topics such as "whether the price of Feitian Moutai will continue to increase", "unable to grab Feitian Moutai on iMoutai", and "direct - sales reform" became the focus of shareholders' attention.

The above - mentioned Zhejiang Moutai shareholder told Times Finance that he was very concerned about whether the average customer price of Feitian Moutai could continue to increase during this meeting. According to his recent research, the current market retail price of 53 - degree regular Moutai is maintained at around 1,700 yuan. "It's much better than last year. The price of Feitian Moutai hasn't fluctuated much this year, especially it held steady during the 618 promotion."

Previously, in March and May, Moutai successively raised the prices of its self - operated retail systems for 500 - milliliter Feitian Moutai and Kweichow Moutai Premium. But regarding the rhythm of future price adjustments, Chen Hua pointed out that the price of Moutai liquor would follow the principle of being market - responsive and relatively stable, and be dynamically monitored for changes in market supply and demand for full research and adjustment. "(The price of Moutai liquor) can't fluctuate significantly."

The self - operated e - commerce platform "iMoutai" is an important tool for Moutai to maintain the price and channel ecological balance at present. In January this year, 53 - degree Feitian Moutai was launched on iMoutai at a retail price of 1,499 yuan per bottle, which once again attracted a lot of attention to this self - operated Moutai platform.

"iMoutai is an important channel for Moutai to directly reach terminal consumers and implement the overall C - strategy." According to the data disclosed on - site by Wang Li, the acting general manager of Kweichow Moutai, as of May 31st, the number of new registered users on the platform in 2026 was about 16.67 million, the cumulative number of registered users was 96.15 million, the average monthly active users were about 9.56 million, and the number of transaction orders was about 7.13 million.

However, many shareholders on - site were confused about "being unable to grab Feitian Moutai". A shareholder from an investment institution said that there were more than a hundred people in his institution, but they had only managed to grab two bottles after continuous attempts for several months.

"Judging from the current situation, everyone's enthusiasm is still very high." Chen Hua joked.

Source of the photo: Times Finance/Photo

Wang Li further pointed out that ensuring fair wine - purchasing for ordinary consumers and the safe and stable operation of the platform were important goals for Moutai. It is reported that currently Moutai has upgraded its prevention and control capabilities from multiple aspects to crack down on "scalpers", including implementing combined measures such as precise placement by specifications, human - machine verification, and purchase limits. Chen Hua pointed out that very good rectification results have been achieved.

However, this liquor company still has a relatively cautious attitude towards a series of youth - oriented attempts such as Moutai - latte.

Wang Li admitted at the general meeting of shareholders that Moutai would be very cautious in future brand co - operations. "The year before last, we had an internal discussion about Moutai ice cream, Moutai - latte, and chocolate. Finally, we came to a conclusion: (These attempts) have achieved certain results in the youth - oriented strategy, but they don't enhance the brand. In terms of market prospects, they don't conform to the operation mode of a liquor company, so we gradually withdrew in a soft - landing way."

It is understood that currently Moutai ice cream can only be tasted at the Moutai Hotel in Moutai Town and the Sanya Resort. "Our brand should have long - lasting popularity, not just be trendy." Wang Li did not deny all the previous youth - oriented attempts of Moutai and believed that they were also an asset and wealth for Moutai.

Facing dividend and stock price, Chen Hua says shareholders should be patient

At Moutai's general meetings of shareholders over the years, increasing dividends and shareholder returns have always been important topics that attract much attention.

It is understood that the rights for shareholders to purchase wine on - site have been tightened this year. Only aged Kweichow Moutai (15 - year - old) and Kweichow Moutai Premium can be directly purchased at offline stores, and Moutai liquor at the regular price is not available for on - the - spot sale. In addition, the welcome dinner the night before this meeting was in the buffet style for the second consecutive year, and the arrangement of not providing Feitian Moutai was continued.

"The cola at the buffet last night and the blueberry juice at the buffet last year both sparked heated discussions online, which fully shows that any detailed arrangement in Moutai's work will receive high attention from all sectors of society." Wang Li admitted. Precisely because of this, as a highly - visible listed company, Moutai must be cautious in its words and deeds and continuously improve its compliance operation level and modern management ability.

However, the recent stock price of Kweichow Moutai has been even more concerning to many shareholders present. At the welcome dinner the night before, Chen Hua had already communicated with shareholders about the stock price issue and said that "no stock keeps rising all the time".

At the general meeting of shareholders on that day, Chen Hua responded again, saying that market value management was always a work that the company's board of directors attached great importance to. He pointed out that the development of the industry had cycles, and the stock price and market value would also fluctuate cyclically. "In the long run, as long as the company operates healthily, it can weather the cycles. As long as you are patient, you will definitely get good investment returns."

In Chen Hua's view, Moutai is still a very healthy company, with unique advantages of high gross profit, high net profit, high dividends, and low debt. "Its profitability is still very prominent in the A - share market."

In the first quarter of this year, Moutai resumed its growth trend, achieving an operating income of 53.909 billion yuan, a year - on - year increase of 6.54%; the net profit attributable to the parent company was 27.243 billion yuan, a year - on - year increase of 1.47%, achieving double - digit growth in both revenue and profit.

On the eve of the general meeting of shareholders, on June 2nd, Kweichow Moutai announced that it would adjust the dividend per share in the 2025 annual profit distribution plan. The proposed cash dividend per share was adjusted from the original plan of 27.993 yuan (tax - included) to 28.02423 yuan (tax - included). It is reported that the total cash dividend in 2025 reached 65.033 billion yuan, setting a new historical high.

"After the company's share - repurchase measures are added, the comprehensive annualized return should reach 4.5%." A shareholder told Times Finance. However, he believed that currently Moutai had abundant cash flow and a large amount of idle funds, and still had room to continuously increase share - repurchases and enhance shareholder returns.

Chen Hua pointed out that in recent years, the dividend payout ratio had been stable at over 75%. Since its listing 25 years ago, including the proposed cash dividend at this shareholders' meeting, the cumulative dividends had exceeded 401.1 billion yuan. "In terms of long - term value, the scarcity of Moutai liquor will be maintained for a long time, and the pattern of tight supply - demand balance will not change."

As for the long - standing discussion among shareholders about stock split, Chen Hua believed that whether the company should split its stock in the future needed to be comprehensively judged from the perspective of whether it was in line with the current development stage of the company and whether it was beneficial to future high - quality development. "At present, the company has no plan for a stock split."

This article is from the WeChat official account "Times Finance APP" (ID: tf - app), author: Lin Xinlin, reprinted by 36Kr with authorization.