KWEICHOW MOUTAI(SH:600519) Zheng Quan Ri Bao·2025-10-26 16:41Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with Chen Hua replacing Zhang Deqin as chairman, raises questions about the company's future strategic direction amid a challenging industry environment [1][3]. Group 1: Leadership Change - Chen Hua, previously the director of the Guizhou Provincial Energy Bureau, has taken over as chairman of Kweichow Moutai Group, indicating a significant shift in leadership from the energy sector to the liquor industry [1]. - This marks the fourth leadership change at Kweichow Moutai since 2020, highlighting ongoing adjustments within the company's management [4]. Group 2: Industry Context - The liquor industry is currently experiencing a period of adjustment, with many companies, including Kweichow Moutai, facing slowing performance growth. However, Kweichow Moutai reported a 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% for the first half of 2025 [1]. - The Guizhou provincial government has emphasized the need for key liquor enterprises to upgrade and optimize their product structures, which aligns with the challenges faced by Kweichow Moutai [3]. Group 3: Strategic Challenges - The new chairman's primary task will be to stabilize pricing and maintain channel confidence during this adjustment period, while also balancing the interests of traditional distributors and emerging e-commerce platforms [2]. - Kweichow Moutai must navigate the dual pressures of reducing inventory and meeting local performance growth targets, which presents a significant challenge for the new leadership [2].