Today, the two major popular stocks in the A-shares market simultaneously announced large dividends, creating a quite spectacular scene.

Wuliangye first released a mid-term dividend plan: 25.78 yuan in cash for every 10 shares, totaling 10 billion yuan to be distributed, with the record date set for December 17. Immediately after, Kweichou Moutai also didn't want to fall behind, with a nearly 24 yuan per share mid-term dividend in 2025, pushing the total amount directly to 30 billion yuan, with the record date on December 18.

These two industry giants teamed up within a day to distribute over 40 billion yuan in cash to shareholders. This move can definitely be called a hardcore fan-service scene in the A-shares market.

But strangely, despite such generous dividends, the liquor sector turned out to be the only industry to lose money this year, with a decline of over 10%. While companies are genuinely paying out money, their stock prices continue to remain sluggish, and trading enthusiasm is cold and quiet. How can this contradictory situation be explained?

**Why isn't the capital buying in? The truth might be hard to swallow**

Investors are naturally happy to see a 40 billion yuan "red envelope," but what they worry about even more is: will they still be able to distribute such generous dividends in the future? The current lukewarm reaction actually reveals three layers of market concern about the long-term logic of the liquor track:

**The consumption scene is changing**: The previous scenarios supporting high-end liquor, such as government receptions and business banquets, are shrinking. Will ordinary consumers be willing to pay for drinks costing thousands of yuan? That’s uncertain. The story of volume growth might really be coming to an end.

**The inventory issue is a ticking time bomb**: Stockpiling by distributors and retail channels has always been an industry hidden danger. Now, with weak consumption expectations and signs of price loosening, once inventory starts to clear out, the entire pricing system could be impacted.

Kweichou Moutai and Wuliangye jointly pouring out 40 billion yuan demonstrates their current financial muscle. The market’s cold response reflects doubts about future certainty. This reminds us: when investing, a company's past generosity is a plus, but whether future growth can meet expectations is the real key.