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Core Viewpoint - The article discusses the investment strategy of Duan Yongping regarding Moutai, highlighting his long-term confidence in the brand despite market fluctuations and challenges faced by the liquor industry [3][4][5]. Group 1: Investment Strategy - Duan Yongping has consistently supported Moutai since his first significant investment in 2012, never reducing his holdings and even increasing them during market downturns [3][4]. - He has a unique perspective on Moutai's business model, viewing it as a rare asset in the A-share market that possesses brand monopoly, pricing power, and inflation resistance [6][7]. - Despite recent declines in Moutai's terminal sales prices and stock price, Duan remains optimistic, believing that the brand's inherent value and market position will prevail in the long run [5][6]. Group 2: Market Challenges - The liquor industry has faced several crises, including the plasticizer incident in 2012 and the impact of the COVID-19 pandemic in 2020, which led to significant stock price drops for Moutai [4][5]. - Duan Yongping's approach during these crises involved thorough research and a focus on the brand's long-term fundamentals rather than succumbing to market panic [4][5]. - Moutai's financial performance remains robust, with a net profit of 85.7 billion yuan in 2024, reflecting a 14% increase year-on-year, and a low debt ratio, indicating strong financial health [7][8]. Group 3: Brand Value and Market Position - Moutai is characterized by its unique production process and cultural significance, making it a valuable asset that appreciates over time, unlike typical consumer goods [6][7]. - The brand's ability to maintain high profit margins, with a gross margin around 91% and a return on equity exceeding 30%, underscores its competitive advantage in the market [7][8]. - Despite ongoing concerns about changing consumer preferences and market dynamics, Duan Yongping's investment philosophy emphasizes the importance of fundamental business health over short-term market noise [8].