Core Viewpoint - The frequent leadership changes at Moutai reflect a strategic anxiety within the company, as it navigates challenges in the high-end liquor market, including declining demand and high inventory levels, while also facing the need for a stable governance mechanism and market-oriented selection system. Group 1: Leadership Changes - Moutai has seen five chairmen in less than eight years, averaging a tenure of less than 16 months, which is significantly shorter compared to the nearly 20 years of the previous chairman, Yuan Renguo [3][4][6] - The latest chairman, Chen Hua, has no prior experience in the liquor industry, similar to previous leaders, indicating a lack of industry-specific expertise in recent appointments [11] - The transition from Yuan Renguo to Li Baofang marked a shift from internal promotions to external hires, with Li Baofang serving as a transitional figure during a challenging period for the company [4][6] Group 2: Performance and Challenges - Under the leadership of Zhang Deqing, Moutai's revenue grew by 15.66% year-on-year, but the price of its flagship product dropped over 30%, leading to a market value decline of more than 300 billion [9][11] - High turnover in leadership has contributed to strategic inconsistency, complicating efforts to manage inventory and stabilize pricing in a contracting high-end liquor market [11] - The company is currently in a dilemma of "reducing inventory" while "ensuring growth," which is exacerbated by the frequent changes in leadership and the resulting strategic shifts [11]