KWEICHOW MOUTAI(SH:600519) Zhong Guo Jing Ji Wang·2025-11-30 03:33Core Viewpoint - The new chairman of Kweichow Moutai, Chen Hua, emphasizes the importance of navigating the company through the structural adjustments in the liquor industry while maintaining a focus on quality and long-term development [1][4][6]. Group 1: Company Leadership and Shareholder Engagement - Chen Hua made his first public appearance as chairman at the 2025 first extraordinary shareholders' meeting, engaging in open dialogue with shareholders [1][2]. - The shareholders are described as rational and responsible, with many attending the meeting from afar and providing valuable feedback to the company [3][4]. - The meeting was notably efficient, with a quick transition from agenda reading to voting, reflecting a streamlined approach under Chen's leadership [2]. Group 2: Industry Context and Challenges - The liquor industry is currently undergoing significant structural adjustments, facing challenges such as high channel inventory and slowing growth rates [4][5]. - Chen acknowledges that all liquor companies, including Moutai, are affected by these challenges but believes that opportunities still outweigh the challenges [4][5]. - The market for high-end liquor remains promising, with potential for growth in the sales of Moutai and other premium products despite an overall contraction in liquor consumption [4][5]. Group 3: Strategic Vision and Development Goals - Chen outlines a commitment to high-quality development, emphasizing the importance of maintaining product quality and traditional craftsmanship [6][8]. - The company aims to transform its marketing strategy to be more consumer-centric, integrating digital solutions to enhance purchasing convenience [8][9]. - Moutai is focused on cultural value enhancement, international expansion, and sustainable practices, aiming to fulfill its social responsibilities while improving corporate governance and shareholder returns [9].