炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财熵 资料图。 茅台：一场迟到多年的自救 2025年12月31日，贵州茅台通过"i茅台"平台发布公告：自2026年1月1日起，53度500ml飞天茅台酒将以 1499元的官方指导价正式上线销售，每日上午9点开售，每人单日限购12瓶。 消息一出，市场震动。2026年1月1日9时整，首批1499元的飞天茅台在"i茅台"平台开售，瞬间被抢购一 空。据小茅i茅台公众号披露，1月1日普飞上线i茅台以来，三天的时间，超10万名用户购买产品，足见 市场对平价茅台的旺盛需求。 但疑问也随之而来：茅台为何在此时迈出这一步？当初人们担忧的渠道冲突与价格崩盘，是否会上演？ 高增长神话正在褪色 当时，评论区几乎众口一词："不可能！" 原因主要集中在两点： 其一，会严重冲击现有经销商体系。过去，茅台的崛起离不开经销商网络的支撑，双方在长期合作中形 成了庞大而利益深度绑定的渠道生态。若茅台直接面向消费者售卖，不仅会打破既定的利益格局，更可 能构成对经销商的违约，无异于"卸磨杀驴"。 其二，会冲击茅台酒的市场价格体系——一旦官方渠道以1499元放量直供，囤货居 ...

Core Viewpoint - The recent appointment of Chen Hua as the new chairman of Kweichow Moutai Group marks the fifth leadership change in seven years, reflecting the company's strategic adjustments amid a challenging period in the liquor industry [1][2][7]. Group 1: Leadership Changes - Kweichow Moutai has experienced unprecedented frequency in leadership changes, with five chairmen since 2018, starting with Yuan Renguo's abrupt departure due to corruption [2][4]. - Each leadership transition has been closely tied to specific governance goals, from anti-corruption efforts under Li Baofang to digital reforms initiated by Ding Xiongjun, and now to channel stabilization under Zhang Deqin [7][10]. Group 2: Challenges and Opportunities - Chen Hua takes over at a critical juncture, with Moutai reporting a total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89%, despite a challenging market environment [11]. - The company faces a "seesaw" dilemma between direct sales and distribution channels, with direct sales growing by approximately 18.63% while wholesale channels only increased by about 2.83% [11][13]. - There is a significant decline in contract liabilities, indicating a drop in prepayment willingness from distributors, which poses a challenge for Chen Hua to balance the growth of direct sales with the survival of traditional distributors [11][13]. Group 3: Strategic Implications - Chen Hua's background in the energy sector may provide new perspectives for Moutai, particularly in governance and risk management, which could help address internal operational issues and enhance collaboration with local industries [10][14]. - The company must navigate the delicate balance between maintaining price stability and achieving growth, especially as demand shifts and inventory pressures mount [13][14]. - The leadership change is seen as a test for Chen Hua, who must demonstrate his ability to steer Moutai through the current economic cycle while leveraging his experience in state-owned enterprise governance [14].