Kweichow Moutai: As of the end of March, it has spent 1.11B yuan to repurchase 794.2k shares

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Guizhou Moutai discloses the latest progress on share repurchase.

On April 2nd, Guizhou Moutai Co., Ltd. (Guizhou Moutai, 600519.SH) announced the progress of its share repurchase. As of the end of March 2026, the company has repurchased a total of 794.2k shares, accounting for 0.0634% of the total share capital, with a highest purchase price of 1,499.74 yuan per share and a lowest of 1,322.60 yuan per share. The total amount paid is 794.2k yuan (excluding transaction fees).

According to the announcement, in March 2026, Guizhou Moutai repurchased a total of 221.7k shares, representing 0.0177% of the company’s total share capital, with a highest purchase price of 1,425.48 yuan per share and a lowest of 1,391.53 yuan per share. The total payment was 311 million yuan.

Previously, Guizhou Moutai held its first extraordinary general meeting of 2025 on November 28, 2025, approving the “Plan for Share Repurchase via Centralized Bidding.” On December 25, 2025, the company disclosed the “Share Repurchase Report,” stating it would use its own funds to repurchase shares through centralized bidding to cancel and reduce registered capital. The repurchase price would not exceed 1,863.67 yuan per share, with a minimum of 1.5 billion yuan and a maximum of 3 billion yuan. The implementation period is within six months from the date the shareholders’ meeting approves the repurchase plan.

It is reported that this round of repurchase is the second cancellation-style buyback since Guizhou Moutai’s listing. The company first disclosed this repurchase plan on November 6, 2025.

After the plan was announced, Guizhou Moutai disclosed the progress of share repurchase on January 4, February 3, and March 3 of this year. By the end of February, the company had repurchased a total of 572.5k shares, paying a total of 801 million yuan.

Specifically, on December 31, 2025, Guizhou Moutai spent 120 million yuan to buy back 87.1k shares, with a highest price of 1,385.76 yuan per share and a lowest of 1,377.22 yuan per share. In January 2026, the company repurchased a total of 329.8k shares, with a highest price of 1,418.37 yuan per share and a lowest of 1,322.60 yuan per share, paying 451 million yuan. In February 2026, it repurchased 155.7k shares, with a highest price of 1,499.74 yuan per share and a lowest of 1,456.12 yuan per share, paying 230 million yuan.

Notably, amid the deep adjustment in the liquor industry, Guizhou Moutai recently announced that both the sales contract price and the retail price within its self-operated system for its core flagship product, Feitian Moutai, will be increased.

On March 30th, Guizhou Moutai announced that after research, starting from March 31, 2026, the sales contract price of Feitian 53% vol 500ml Guizhou Moutai (2026) will be adjusted from 1,169 yuan per bottle to 1,269 yuan per bottle, and the retail price within its self-operated system will be adjusted from 1,499 yuan per bottle to 1,539 yuan per bottle. This price adjustment is expected to have a certain impact on the company’s operating performance. Investors are advised to invest rationally and be aware of risks. According to calculations, the sales contract price per bottle will increase by 100 yuan, an 8.55% rise; the retail price per bottle will increase by 40 yuan, a 2.67% rise.

According to previous announcements, the last adjustment of Feitian Moutai’s ex-factory price occurred in November 2023, when the price of 1,169 yuan per bottle had been in effect for nearly two and a half years. The market guide price of 1,499 yuan per bottle has been in place since 2018 and has now exceeded eight years.

Industry insiders say this marks a significant step into the deep water of Guizhou Moutai’s market-oriented reform. Meanwhile, several institutions in research reports have pointed out that this move is expected to contribute incremental performance to the company in 2026.

CICC Securities stated in a research report that the price increase is expected to contribute approximately 2% positively to Guizhou Moutai’s 2026 performance. Huachuang Securities’ report indicated that, after deducting VAT, the estimated revenue increase attributable to the price hike is about 2.6 billion yuan (about 1.5% revenue growth), and the profit contribution after deducting business taxes and income taxes is about 1.7 billion yuan (about 1.9% profit growth), increasing the certainty of positive full-year report growth.

Following the official announcement of the price increase, reporters noticed that on March 31, the price of Feitian 53% vol 500ml Guizhou Moutai (2026) on the iMoutai app was adjusted to 1,539 yuan per bottle. Despite the price change, sales remained highly competitive and difficult to obtain after the 9 a.m. release.

In terms of wholesale prices, according to third-party platform “Today’s Liquor Prices,” on April 2nd, the wholesale reference prices for major famous liquors were as follows: 2026 Feitian Moutai original box (53 degrees/500ml) at 1,715 yuan per bottle, up 25 yuan from the previous day; 2026 Feitian Moutai single bottles at 1,585 yuan, up 5 yuan; 2025 Feitian Moutai original box at 1,730 yuan, up 10 yuan; 2025 Feitian Moutai single bottles at 1,620 yuan, unchanged from the previous day.

According to Dazhihui VIP, as of the close on April 2nd, Guizhou Moutai traded at 1,459.88 yuan per share, up 0.03%.