KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-12 13:56Core Insights - Kweichow Moutai is expanding its investment strategy by establishing a new private equity fund in Shenzhen, with a focus on technology investments, signaling a shift from its traditional liquor business [2][3] Group 1: Fund Establishment - The newly established Shenzhen Zhaohua Xintong Phase I private equity fund has a total investment of approximately 200 million yuan, with Kweichow Moutai's subsidiary fund contributing 199 million yuan, representing 99.5% of the fund [2] - The fund adopts a "industry + professional institution" cooperation model, with Shenzhen Zhaoshang Jinkui Capital Management as the executing partner responsible for daily management and investment decisions [2] Group 2: Investment Strategy - Kweichow Moutai's investment strategy follows a clear "three-step" approach: initially focusing on consumer sectors, then integrating technology and industry, and currently advancing into cutting-edge fields such as artificial intelligence and biotechnology [4] - The establishment of the fund in Shenzhen highlights Moutai's emphasis on the innovation ecosystem of the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to leverage local resources to capture early opportunities in AI, semiconductors, and high-end manufacturing [3] Group 3: Strategic Implications - The industry fund serves as both a financial tool to enhance capital returns and a strategic means to explore new industries and develop a second growth curve for Kweichow Moutai [4] - Despite the diversification into technology investments, it is noted that Moutai's core value remains in its liquor products, particularly the quality and market recognition of its flagship product, Feitian Moutai [4]