Core Viewpoint - The recent leadership change at Kweichow Moutai, with Chen Hua replacing Zhang Deqin as chairman, signifies a strategic shift from being a "liquor industry leader" to a "regional economic lever" for the company [3][12]. Group 1: Leadership Change - Chen Hua, previously the director of the Guizhou Provincial Energy Bureau, has been appointed as the new chairman of Kweichow Moutai, marking the fourth leadership change in five years [3][11]. - Zhang Deqin served as chairman for only 544 days, implementing key reforms during his tenure, including a shift towards "new business" and addressing pricing crises [4][6][8]. Group 2: Zhang Deqin's Tenure - Under Zhang's leadership, Moutai faced a significant price crisis, with the retail price of its flagship product dropping below 2600 yuan per bottle, prompting a series of control measures [6][8]. - Zhang's strategies included limiting supply and enhancing dealer training, which helped stabilize direct sales revenue at around 45% [8][12]. Group 3: Chen Hua's Challenges - Chen Hua's lack of experience in the liquor industry presents a challenge as he takes over during a period of industry adjustment and price pressure on Moutai's core product [9][13]. - His government background may provide advantages in balancing policy understanding and coordinating Moutai's role in regional economic development [11][12]. Group 4: Future Strategic Directions - The company is expected to continue optimizing its channel structure, with a focus on balancing direct sales and traditional distribution channels [12][13]. - Observers are keen to see whether Chen will maintain existing channel policies or initiate new strategies to address market pressures and consumer changes [13].