“酱香印钞机”又要发钱！茅台豪掷300亿现金分红

格隆汇2025-12-10

A股“分红天花板”再抬升，“酱香印钞机”又要发钱了。贵州茅台最新宣布，2025年中期每股派息23.96元，合计分红300亿。这一规模不仅在中报分红中堪称“巨无霸”，即便放在全年分红中也实属名列前茅。截至今日收盘，茅台股价收涨0.13%报1402.8元，总市值1.76万亿元。不过今年来，因白酒行业深陷调整，茅台业绩失速的同时，年内股价也累跌逾了6%。豪掷300亿分红周三晚间，贵州茅台发布2025年...

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Moutai throws 30 billion cash dividends","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1.5},"content_text":"A股“分红天花板”再抬升，“酱香印钞机”又要发钱了。贵州茅台最新宣布，2025年中期每股派息23.96元，合计分红300亿。这一规模不仅在中报分红中堪称“巨无霸”，即便放在全年分红中也实属名列前茅。截至今日收盘，茅台股价收涨0.13%报1402.8元，总市值1.76万亿元。不过今年来，因白酒行业深陷调整，茅台业绩失速的同时，年内股价也累跌逾了6%。豪掷300亿分红周三晚间，贵州茅台发布2025年中期权益分派实施公告。公司宣布将以总股本12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。股权登记日为2025年12月18日，除权（息）日和现金红利发放日均为2025年12月19日。值得关注的是，此次茅台中期分红再次刷新多个纪录。其每股23.96元（含税）的中期分红，不仅创下茅台自身中期派息新高，也再度刷新A股单年中派现纪录。自2023年启动“年度+中期”双分红机制以来，这是茅台第四次派发“大额红包”。其中，茅台2023年中期分红每股19.106 元，2024年中期分红每股23.882 元，今年则同比增加了0.075元。全年数据来看，2023 全年约565 亿元，2024 全年约599 亿元，再加上2025 中期的300 亿元。茅台这两年多累计派息接近1500亿元，妥妥的一台“永动酱香印钞机”。行业磨底？不过值注意的是，今年来白酒行业“寒流”持续蔓延，茅台的业绩增速也“踩刹车”。公司在第三季度营收为390.64亿元，同比增长0.56%；净利润为192.24亿元，同比增长0.48%。前三季度，公司营收为1284.54亿元，同比增长6.36%；净利润为646.27亿元，同比增长6.25%。放眼业内，白酒上市公司则交出了“史上最差三季报”。在19家白酒上市公司中，前三季度行业实现营业总收入3201亿元，净利润1225亿元，同比均出现下滑。除贵州茅台、山西汾酒实现营收、净利润微增外，多数头部酒企陷入双降的窘境。而第三季度，盈利企业中仅贵州茅台实现双增，7家酒企出现亏损。行业颓靡的背后，动销不足成为行业共性难题，叠加终端价格倒挂、渠道库存高企，酒企的经营压力持续攀升。另外，还有消费需求的萎缩。一方面，曾支撑白酒增长的核心场景复苏不及预期；另一方面，白酒的消费基础正在悄然改变。不过国金证券近期表示，多重利好催化，看好白酒板块配置价值。该行指出，考虑到此轮周期的动销底逐步探明，表观业绩压力正加速释放，动销反馈环比持续改善确定性强、当下正值自上而下政策窗口期，叠加年末资金端有配置再平衡的诉求，看好白酒板块的配置价值，短期批价回落等利空消息的影响已经相对较低，市场相对已从更中长期的视角来看待板块的底部价值。而对于茅台长期价值，最近段永平发声表示，没有理由不看好茅台。他解释称，虽然不饮酒的人可能难以理解，但通过观察身边众多茅台消费者，他确信这家企业的商业模式具有可持续性。这种基于生活观察的投资判断，成为他持续看好茅台的重要依据。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590449538","isCrawlerRequest":true}