Ge Long Hui A P P·2025-08-26 11:18Core Viewpoint - The article discusses the historical attempts of various companies to challenge Kweichow Moutai's dominance in the A-share market, highlighting the cyclical nature of these challenges and the eventual decline of most contenders. Group 1: Historical Challenges to Kweichow Moutai - China Shipbuilding, originally known as Hudong Heavy Machinery, became the highest-priced stock in A-shares in 2007, reaching 111.62 yuan before a significant market crash [5]. - Following the 2007 peak, China Shipbuilding's stock plummeted to around 10 yuan by 2018, while Moutai's price rose to 500 yuan [6]. - Other companies like Shenzhou Taiyue and Yanghe Distillery made brief attempts to surpass Moutai but ultimately failed to maintain their positions [9][13]. Group 2: Yanghe Distillery's Rise and Fall - Yanghe Distillery capitalized on the booming white liquor market and innovative marketing strategies, briefly surpassing Moutai in 2010 with a closing price of 146.87 yuan [10][11]. - However, after government regulations on public spending, Yanghe's stock price fell from around 70 yuan to below 20 yuan [11]. Group 3: Other Notable Contenders - Companies like Wanshu Technology and Feitian Chengxin also attempted to challenge Moutai during market booms but faced significant declines post-peak [16][18]. - All-in-one education company Quanta Education saw its stock soar to 467 yuan in 2015 but subsequently crashed to around 3 yuan due to unsustainable valuations [19][22]. Group 4: Current Context and Future Challenges - The article notes that since 2013, despite a generally weak macroeconomic environment, several companies have emerged to challenge Moutai, with the latest being Cambrian [23]. - Cambrian's challenge is set against a backdrop of Moutai's declining stock price and the resurgence of interest in semiconductor stocks, reminiscent of past challenges [23].