KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-08 20:15Core Viewpoint - The leadership change at Moutai will not affect its pricing, as the company is primarily influenced by the economic downturn, while it remains the most prosperous in the liquor industry compared to its peers [1][7]. Company Analysis - Moutai's recent leadership changes, including the resignation of Chairman Zhang Deqin, are seen as strategic moves rather than direct solutions to the company's challenges [4][7]. - Zhang Deqin's understanding of Moutai's positioning is highlighted, suggesting that his resignation was a wise decision in light of the broader economic context [4][7]. - The company has shown resilience, with a slight revenue increase of 0.56% to 39.064 billion yuan and a net profit increase of 0.48% to 19.224 billion yuan in recent reports [8]. Industry Context - The overall liquor industry is experiencing significant declines, with major competitors like Wuliangye reporting a staggering 52.66% drop in revenue and a 65.62% decrease in net profit [8]. - The economic downturn is affecting all players in the liquor market, making Moutai's performance relatively better but still subject to the industry's downward trend [7][8]. - The industry is urged to return to the essence of liquor as a flavorful beverage, suggesting that price adjustments should reflect intrinsic value for long-term sustainability [9].