KWEICHOW MOUTAI(SH:600519) Guo Ji Jin Rong Bao·2025-10-25 11:51Core Insights - Zhang Deqin is no longer the chairman of Kweichow Moutai Group, with Chen Hua, the director of Guizhou Provincial Energy Bureau, taking over the position [2] - Zhang Deqin served as chairman for only one and a half years, having joined Moutai in 1995 and becoming chairman in April 2024 [2] - The company has seen frequent leadership changes, with five chairmen in seven years [2] Company Performance - During Zhang Deqin's tenure, Kweichow Moutai achieved a total revenue of 174.144 billion yuan, a year-on-year increase of approximately 15.66%, and a net profit of about 86.228 billion yuan, up 15.38%, meeting the annual growth target of 15% [2] - For the current year, the company has lowered its annual growth target to 9% due to challenges in the liquor industry [2] - In the first half of the year, Kweichow Moutai reported actual revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89%, aligning with market expectations [2] Industry Context - The liquor industry is currently facing difficulties, impacting Kweichow Moutai's performance [2] - The price of the core product, Feitian Moutai, has been declining, with recent wholesale prices falling below 1,800 yuan [3]