Guizhou Moutai announced that on November 28, 2025, its shareholders’ meeting approved the “Proposal on Repurchasing Company Shares via Centralized Auction Trading.” The company will use its own funds to repurchase shares through centralized auction trading for the purpose of canceling them and reducing its registered capital. The repurchase price shall not exceed RMB 1,863.67 per share (inclusive), with the total repurchase amount not less than RMB 1.5 billion (inclusive) and not exceeding RMB 3 billion (inclusive). The implementation period is six months from the date the repurchase plan was approved by the shareholders’ meeting. The first repurchase took place on December 31, 2025, with 87,059 shares repurchased, representing 0.0070% of the total share capital. The total amount paid was RMB 120 million, with repurchase prices ranging from RMB 1,377.22 to RMB 1,385.76 per share.