陈华王莉直面投资者：茅台比任何一轮周期都更有底气

Core Viewpoint - The new chairman of Kweichow Moutai, Chen Hua, presented a detailed outlook on the current state of the liquor industry and the company's future development plans during the recent shareholders' meeting, emphasizing Moutai's resilience and ability to navigate through industry challenges [2][3][5]. Industry Outlook - The liquor industry is currently facing significant challenges, including high channel inventory, product price inversions, and slowing growth rates, marking a shift into a "stock competition" era [8]. - Despite these challenges, Chen Hua believes that Moutai's opportunities outweigh its challenges, supported by a large domestic market, deep industry roots, and the company's strong resilience [9][11][12]. Company Strategy - Moutai will focus on quality over speed, ensuring that short-term gains do not compromise long-term development. The company will adhere to the principle of prioritizing quality in all aspects of production and sales [6][13]. - The company aims to achieve a "Pareto optimal" state, balancing the interests of various stakeholders, including consumers, employees, investors, and partners, to create value [14]. Financial Decisions - Moutai plans to repurchase shares worth between 1.5 billion and 3 billion yuan and execute a mid-term profit distribution of 30 billion yuan, reflecting a commitment to shareholder returns [15]. Production and Sales Management - The company will carefully manage production capacity and sales rhythm, focusing on ecological sustainability and the training of skilled workers to ensure quality [19][20]. - Moutai is open to leveraging e-commerce channels while maintaining price stability and brand integrity, recognizing the challenges posed by these platforms [21]. Youth Market Strategy - Moutai is adopting a nuanced approach to attract younger consumers, recognizing the diverse characteristics of different age groups and tailoring marketing strategies accordingly [22][23].