KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing·2025-10-25 09:55Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with the appointment of Chen Hua as chairman, reflects ongoing adjustments within the company amidst a challenging environment for the liquor industry [1][3]. Group 1: Leadership Changes - Kweichow Moutai Group has changed its chairman for the fourth time in five years, with Chen Hua replacing Zhang Deqin, who served for about a year and a half [1][3]. - Chen Hua, born in 1972, has a background in local government and energy sectors, lacking direct experience in the liquor industry [1][4]. Group 2: Zhang Deqin's Tenure - During Zhang Deqin's leadership, Moutai implemented measures to stabilize its market position, including increasing direct sales to 45% and improving relationships with distributors [3]. - Under Zhang's tenure, Moutai achieved a revenue of 91.094 billion yuan in the first half of 2025, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [3]. Group 3: Industry Context - The liquor industry is currently undergoing a deep adjustment, with declining prices and a challenging market environment [4]. - The new chairman faces significant challenges, including stabilizing core product prices and balancing sales channel profitability amid ongoing industry pressures [4].