人事丨五年四次换帅，陈华跨界接棒茅台董事长

Group 1 - The core point of the news is the significant leadership change at Kweichow Moutai Group, with Chen Hua replacing Zhang Deqin as chairman amid a challenging period for the liquor industry [2][3] - Kweichow Moutai has experienced four chairmen in the past five years, with an average tenure of less than 16 months, contrasting sharply with the nearly 20 years of leadership by Yuan Renguo [2] - The recent quarterly report shows Kweichow Moutai's revenue for the first three quarters of 2025 reached 128.45 billion yuan, a year-on-year increase of 6.36%, while net profit grew by 6.25% to 64.63 billion yuan, indicating a slowdown in growth [3] Group 2 - The revenue from Moutai liquor was 34.92 billion yuan, up 7.3% year-on-year, while the revenue from series liquor saw a significant decline of 34%, totaling 4.12 billion yuan [3] - The direct sales revenue decreased by 14.9% to 15.55 billion yuan, and the "i Moutai" platform revenue plummeted by 57.2% to 1.93 billion yuan [3] - The overall liquor industry is facing a "Matthew effect," with only Kweichow Moutai and Shanxi Fenjiu among 20 A-share liquor companies achieving positive growth in revenue and net profit [3] Group 3 - Chen Hua's primary challenges include stabilizing prices to prevent a decline in channel confidence and balancing the interests of traditional distributors with emerging e-commerce platforms [4] - The liquor industry is experiencing a significant demand drop of 20% to 30% year-on-year, with inventory increasing by 10% to 20% and wholesale prices declining [4] - Chen Hua's background in the energy sector may provide insights into managing the intersection of the liquor and energy industries in Guizhou [5]