“未来依然信心十足！”陈华首秀茅台股东大会“拆解”危与机

Core Viewpoint - The new chairman of Kweichow Moutai, Chen Hua, emphasizes the company's commitment to high-quality development and sustainable value creation, addressing market and investor concerns during his first appearance at the shareholders' meeting [2]. Group 1: Company Strategy and Philosophy - Kweichow Moutai adheres to the principle of "four obeys," prioritizing quality over production volume, cost, efficiency, and speed, ensuring long-term development is not sacrificed for short-term gains [2][5]. - The company aims to respond to future uncertainties with its own certainties, focusing on satisfying consumers, employees, shareholders, and partners while maintaining social recognition [5]. Group 2: Market Challenges and Opportunities - The white liquor industry is currently in a "stock competition" phase, facing challenges such as high channel inventory and slowing growth rates, but Chen believes that opportunities outweigh these challenges [3]. - The confidence in Moutai's future is based on three factors: the vast potential of the domestic market, the deep cultural roots of the liquor industry, and the company's resilience through multiple economic cycles [3]. Group 3: Financial Actions and Shareholder Returns - Kweichow Moutai plans to distribute a cash dividend of 23.957 yuan per share, totaling 30 billion yuan, and intends to repurchase shares worth between 1.5 billion and 3 billion yuan at a maximum price of 1887.63 yuan per share [4]. Group 4: Future Initiatives - The company will focus on five key areas: maintaining quality, transforming marketing, enhancing cultural value, advancing digital and green transitions, and practicing ESG principles [6]. - Moutai aims to improve consumer purchasing experiences through digital marketing and better integration of online and offline channels [6]. Group 5: Responses to Shareholder Concerns - In response to shareholder inquiries, Moutai management discussed the balance between supply and demand, emphasizing careful management of production capacity and market release [7]. - The company maintains a "three-step" internationalization strategy, focusing on expanding in Southeast Asia and optimizing existing markets [8].