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 shareholder meeting, emphasizing Moutai's resilience and ability to navigate through industry challenges [1][2][3]. Industry Outlook - The liquor industry is facing challenges such as high channel inventory, product price inversion, and slowing growth rates, indicating a shift into a "stock competition" era [4]. - Despite these challenges, Chen believes that Moutai's opportunities outweigh the challenges, supported by a large domestic market, deep industry roots, and the company's strong resilience [4][5][6][7]. Company Strategy - Moutai will prioritize quality over speed, adhering to the principle of "four obeys" (production, cost, efficiency, and speed all obey quality) to ensure long-term development without sacrificing quality for short-term gains [8][9]. - The company aims to achieve a "Pareto optimal" state, balancing the interests of various stakeholders, including consumers, employees, investors, and partners [10][11]. Financial Plans - 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 maintaining market stability and channel resilience [11]. Production and Sales Strategy - The production capacity release will be carefully managed based on ecological sustainability and the training of skilled workers, with an emphasis on maintaining product quality [12]. - Sales strategies will adapt to market capacity, ensuring that product releases align with current market conditions to maintain stability [12][13]. Young Consumer Engagement - Moutai is taking a nuanced approach to engage younger consumers, recognizing the need to differentiate between various age groups and their unique consumption characteristics [14]. - The company aims to innovate brand communication and content delivery to resonate with younger demographics, transitioning from merely selling products to promoting a lifestyle [15].