茅台新董事长股东大会“首秀”：表态加大打假力度

Core Viewpoint - Guizhou Moutai is facing significant price declines for its flagship product, Feitian Moutai, which has dropped nearly 29% from around 2200 yuan to 1565 yuan per bottle, raising concerns about market dynamics and product authenticity [1][2] Company Insights - The new chairman, Chen Hua, emphasized the company's commitment to combating counterfeit products and improving consumer trust by collaborating with e-commerce platforms and regulatory authorities [2] - Chen noted that the overall white liquor industry is in a deep adjustment phase, characterized by high channel inventory, price inversions, and slowing growth rates, affecting all companies, including Moutai [2] - Despite these challenges, Chen expressed confidence in Moutai's future, believing that opportunities outweigh challenges, and highlighted three sources of confidence: the large domestic market, the deep-rooted nature of the liquor industry, and Moutai's resilience in adapting to market changes [3] Financial Performance - Moutai's actual performance this year fell short of its 9% annual growth target, with total revenue for the first three quarters at 130.9 billion yuan, a year-on-year increase of 6.32%, and net profit attributable to shareholders at 64.63 billion yuan, up 6.25%, marking the lowest growth rates in nearly 11 years [3]