Group 1 - The core viewpoint is that the price of Moutai has significantly dropped, marking the end of its previous inflated status, with wholesale prices falling below 2000 yuan and reaching a historical low of 1990 yuan [2] - In just 19 days, Moutai's market capitalization evaporated by nearly 200 billion yuan, indicating a substantial correction from years of speculative trading [2] - The current inventory of Moutai has reached 70 million bottles, suggesting a long and challenging process to digest this excess supply [2] Group 2 - The decline in Moutai's price is attributed to changes in consumer demographics and market conditions, particularly the exit of the middle-aged consumer group who previously drove sales through business and official banquets [3] - The implementation of anti-corruption measures and alcohol bans has made middle-aged consumers wary of purchasing Moutai, fearing repercussions for drinking in public settings [3] - Younger consumers are increasingly rejecting Moutai in favor of lower-alcohol beverages like milk tea and fruit wines, viewing Moutai as outdated and disconnected from their preferences [3] Group 3 - The price drop of Moutai could potentially open new sales avenues if it returns to a more reasonable level, making it accessible to a broader audience [5] - The current market situation reflects a significant shift, signaling the end of an era for Moutai [5] Group 4 - Moutai's attempts to attract younger consumers through products like Moutai ice cream and coffee have failed due to high prices and poor taste experiences, leading to negative consumer feedback [7]

Core Viewpoint - The significant discrepancies in the earnings forecast and earnings report of HeDa Technology necessitate regulatory investigation to uncover potential issues related to internal controls and market manipulation [1][4]. Group 1: Earnings Forecast and Adjustments - On January 24, HeDa Technology announced an expected net profit of approximately 5 million to 7 million yuan for 2024, indicating a turnaround from losses [2]. - The company later revised its forecast on March 31, correcting the expected net profit to -563.6 million yuan, a decrease of 1,092.78 million yuan, representing a decline of 206.50% [2]. - The final annual report confirmed the net profit of -563.61 million yuan, consistent with the revised forecast [2]. Group 2: Stock Price Movements - HeDa Technology's stock price rose from 9.72 yuan on January 13 to a peak of 16.16 yuan on March 7, marking a significant increase of 66.26%, which outperformed the Shanghai Composite Index's 9.49% rise during the same period [3]. - Following the earnings correction, the stock price fell to a low of 9.86 yuan by April 9, reflecting a decline of 38.99%, which was substantially greater than the Shanghai Composite Index's 11.58% drop [3]. Group 3: Investor Impact and Regulatory Need - The fluctuations in HeDa Technology's stock price resulted in unintended gains for investors during the initial rise and subsequent losses during the decline, closely tied to the company's earnings announcements [4]. - The potential for market manipulation, insider trading, and information leakage raises concerns that cannot be resolved solely by the company's response, highlighting the necessity for regulatory investigation [4].