茅台五年换了四任董事长

Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with the appointment of Chen Hua as chairman, reflects the company's strategic adjustments amid ongoing challenges in the liquor industry, particularly during a period of deep market correction [6][7]. Group 1: Leadership Changes - Kweichow Moutai Group has experienced four chairman changes in five years, with Chen Hua replacing Zhang Deqin, who served for about a year and a half [3][6]. - Chen Hua, born in 1972, has a background in local government and energy sectors, lacking direct experience in the liquor industry [6][7]. Group 2: Performance and Strategy - Under Zhang Deqin's leadership, Kweichow Moutai achieved a revenue of 91.094 billion yuan in the first half of 2025, marking a 9.16% year-on-year increase, and a net profit of 45.403 billion yuan, up 8.89% [6]. - Zhang implemented measures to stabilize the market, including increasing direct sales to 45% and improving relationships with distributors, while also diversifying the product lineup [6][7]. Group 3: Industry Challenges - The liquor industry is currently facing a deep adjustment phase, with declining prices and a challenging market environment [7]. - The new chairman will need to address several challenges, including stabilizing core product prices and balancing profit relationships across sales channels [7].