六年五帅，茅台又迎来新董事长

Group 1 - The core point of the article is the leadership change at Kweichow Moutai, with Chen Hua replacing Zhang Deqin as the chairman of Moutai Group, marking the fifth leadership change in six years [2][4] - The white liquor industry is currently in a period of adjustment, with prices of Moutai products experiencing significant declines, with the market price of the 53-degree 500ml Flying Moutai dropping below 2000 yuan per bottle [2][6] - Moutai has implemented strategies to stabilize prices, including a digital service allowing customers to select production dates for certain products, indicating a shift towards enhancing the collectible and gifting attributes of its products [6][7] Group 2 - Moutai has emphasized three transformations: targeting new consumer groups in emerging industries, developing consumption scenarios for potential industries, and shifting marketing strategies from product selling to lifestyle selling [7] - For the first half of 2025, Moutai reported total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, with net profit attributable to shareholders at 45.403 billion yuan, up 8.89% [7] - As of October 26, Moutai's total market capitalization is approximately 1.82 trillion yuan, with a year-to-date stock price decline of about 3% [8]