格隆汇APP·2025-08-26 12:30Core Viewpoint - The article discusses the historical attempts of various companies to challenge the dominance of Kweichow Moutai in the A-share market, highlighting the cyclical nature of such challenges and the eventual decline of these challengers [2][28]. Group 1: Historical Challengers - China Shipbuilding, originally known as Hudong Heavy Machinery, saw its stock price soar from 8 yuan in early 2006 to 111.62 yuan in May 2007, surpassing Moutai, but subsequently fell dramatically after the 2007 market crash [4][5]. - Following China Shipbuilding, several smaller companies attempted to challenge Moutai, including Shenzhou Taiyue and Century Dingli, but these were not significant threats [8][10]. - Yanghe Distillery emerged as a notable challenger in 2010, reaching a closing price of 146.87 yuan, surpassing Moutai's 143.52 yuan, but later faced a significant decline due to government regulations on consumption [12][15]. Group 2: Recent Challengers - From 2013 onwards, several companies like Wangsu Science and Technology and Feitian Chengxin briefly surpassed Moutai but ultimately faced declines due to market conditions and competition [18][20]. - Qiantong Education, listed in 2014, capitalized on the internet boom and saw its stock price rise to 467 yuan, but later plummeted to 3 yuan amid market corrections [22][24]. - Other companies like Zhongke Chuangda and Jibite also briefly exceeded Moutai's valuation but did not maintain their positions [26]. Group 3: Current Context - The article notes that Kweichow Moutai continues to maintain its position as a market leader, with its unique product scarcity and robust business model allowing it to fend off challengers [28]. - The latest challenger, Cambrian, is compared to historical challengers, raising questions about its ability to sustain its position against Moutai [31].