段永平：增持贵州茅台！

Core Viewpoint - The article discusses the recent fluctuations in the stock price of Kweichow Moutai, particularly in light of its decline to around 1400 yuan, and highlights the investment actions and perspectives of notable investor Duan Yongping, emphasizing the company's resilience and potential for long-term growth despite current market challenges [1][4][6]. Group 1: Stock Performance and Investor Sentiment - Kweichow Moutai's stock price has been volatile, particularly dropping to around 1400 yuan recently [1]. - Notable investor Duan Yongping has publicly expressed his confidence in Kweichow Moutai by purchasing shares at this price point, indicating a belief in the company's long-term value [2][5][6]. - Duan Yongping's investment philosophy focuses on the essence of business, competitive advantages, and long-termism, which aligns with his continued support for Kweichow Moutai [3]. Group 2: Financial Performance - Kweichow Moutai reported a total revenue of 91.094 billion yuan for the first half of the year, reflecting a year-on-year growth of 9.16% [8]. - The company's net profit attributable to shareholders reached 45.403 billion yuan, marking an 8.89% increase year-on-year, showcasing its ability to withstand industry pressures [8]. - Despite a slowdown in growth rates, Kweichow Moutai's performance highlights its strong risk resilience amid high industry inventory and pricing pressures [8]. Group 3: Market Trends and Strategic Initiatives - The white liquor industry is undergoing a significant adjustment phase, with changing consumer preferences towards value and rational consumption [8]. - Kweichow Moutai is actively engaging in market transformation strategies, including enhancing customer outreach and adapting to new market dynamics [8][9]. - Recent market research indicates a recovery in terminal sales, suggesting a potential positive shift in market conditions for Kweichow Moutai and the industry as a whole [9]. Group 4: Institutional Support - Public funds have shown strong support for Kweichow Moutai, with 1661 funds collectively holding approximately 92.08 million shares, valued at around 129.789 billion yuan as of the end of the second quarter [6]. - The company is also focusing on investor returns through share buybacks and dividends, with a payout ratio nearing 4%, which is attractive to investors [9].