茅台新董事长陈华首次亮相股东大会：称股东为“家人们”，回答“要成为一个什么样的茅台”，表示不会“唯指标论”

Core Viewpoint - The chairman of Kweichow Moutai, Chen Hua, emphasizes the rationality and responsibility of the company's shareholders, stating that Moutai will not sacrifice long-term development for short-term gains, and will uphold the rights of investors, distributors, and consumers [1][4][6]. Group 1: Shareholder Engagement - Chen Hua acknowledges the strong commitment of Moutai's shareholders, many of whom have held their shares since the company's IPO, contributing to Moutai's status as a "value benchmark" in the capital market [1][4]. - The recent shareholder meeting saw significant participation, with shareholders traveling long distances to attend, indicating high engagement and interest in the company's future [4][6]. Group 2: Industry Context - The white liquor industry is currently in a "stock competition" era, facing challenges such as high channel inventory, price inversions, and slowing growth rates [5][6]. - Chen Hua outlines that Moutai will prioritize quality over quantity in its operations, adhering to principles that prioritize production quality, cost management, and sustainable growth [6]. Group 3: Strategic Direction - Moutai is shifting its focus towards emerging industries such as technology and new energy, although the transition is gradual and still developing [8]. - The company is enhancing its anti-counterfeiting measures and digital traceability systems, with significant improvements expected in the coming year [9].