KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-12-01 05:17Core Viewpoint - The new chairman of Kweichow Moutai, Chen Hua, emphasizes a shift away from the "indicator-centric" approach in the liquor industry, focusing instead on quality and long-term value [1][3][5] Group 1: Company Strategy - Kweichow Moutai will adhere to the principle of prioritizing quality over quantity, cost, efficiency, and speed, aiming for a balanced approach between short-term and long-term goals [1][3] - The company aims to redefine its growth logic by moving away from short-term performance pressures, focusing on brand value and supply chain health [3][5] Group 2: Industry Implications - The abandonment of the "indicator-centric" model by Kweichow Moutai may trigger a significant shift in the liquor industry's values, encouraging other companies to adopt differentiated competition rather than blind pursuit of growth [3][5] - This change could help rebuild trust between manufacturers and distributors, alleviating pricing pressures and restoring rational market order [5][6] Group 3: Market Perspective - The market may need to adjust to a potential slowdown in Kweichow Moutai's growth, leading to a reassessment of its growth logic and valuation [5][6] - The shift towards "long-termism" advocated by Kweichow Moutai could reshape how investors evaluate the value of liquor companies in the context of ESG principles and sustainable development [5][6]