KWEICHOW MOUTAI(SH:600519) YOUNG财经 漾财经·2025-10-27 05:38Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with Zhang Deqin stepping down as chairman after only 18 months, reflects ongoing instability in the company's management amidst a challenging environment for the liquor industry [2][6]. Group 1: Leadership Changes - Zhang Deqin served as chairman for a brief period, from April 2024 to October 2025, after joining Kweichow Moutai in 1995 [2]. - The new chairman, Chen Hua, previously served as the director of the Guizhou Provincial Energy Bureau and has a background in the energy sector [2][8]. - Kweichow Moutai has experienced significant turnover in leadership, with five chairmen in seven years since 2018, indicating potential governance issues [6]. Group 2: Company Performance - During Zhang Deqin's tenure, Kweichow Moutai achieved a total revenue of 174.14 billion yuan in 2024, marking a year-on-year increase of approximately 15.66% [3]. - The net profit for the same period was around 86.23 billion yuan, reflecting a growth of about 15.38%, successfully meeting the annual growth target of 15% [3]. - In the first half of 2025, the company reported actual revenue of 91.09 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.40 billion yuan, up 8.89%, aligning with market expectations [5]. Group 3: Industry Context - The liquor industry is currently facing difficulties, prompting Kweichow Moutai to lower its annual operating target to 9% [4]. - The company has emphasized the importance of product quality and production safety, which are critical for maintaining its high-end brand value [9]. - Chen Hua's management philosophy focuses on safety, stability, and structural optimization, which may be crucial for Kweichow Moutai's future development amid market challenges [9].