2025 年 12 月 07 日 投资评级：买入（维持） | 日期 | 2025/12/5 | | --- | --- | | 当前股价(元) | 182.05 | | 一年最高最低(元) | 228.93/168.30 | | 总市值(亿元) | 2,220.94 | | 流通市值(亿元) | 2,220.94 | | 总股本(亿股) | 12.20 | | 流通股本(亿股) | 12.20 | | 近 3 个月换手率(%) | 25.89 | 食品饮料/白酒Ⅱ 山西汾酒（600809.SH） 节奏张弛有度，竞争优势持续 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-12 2025-04 2025-08 山西汾酒 沪深300 相关研究报告 《整体稳健，结构下移—公司信息更 新报告》-2025.9.3 《业绩符合预期，控制节奏稳健发展 —公司信息更新报告》-2025.5.2 张宇光（分析师） 逄晓娟（分析师） zhangyuguang@kysec.cn pangxiaojuan@kysec.cn 证书编号：S0790521060002 市场发展相对健康，业绩表现好于行 ...

Core Viewpoint - The recent resignation of Zhang Deqin as chairman of Kweichow Moutai marks the fourth leadership change in five years, reflecting the company's ongoing challenges and the need for strategic adjustments during a period of industry downturn [1][5][7]. Group 1: Leadership Changes - Zhang Deqin served as chairman for less than 18 months before resigning due to work adjustments, with Chen Hua recommended as his successor [2][4]. - The past five years have seen four different chairmen, indicating a pattern of frequent leadership changes at Kweichow Moutai [5][6]. - Each chairman has brought different strategies, from high-profile marketing initiatives to a focus on core business and traditional culture [7][8]. Group 2: Strategic Adjustments - During Zhang Deqin's tenure, several measures were implemented to stabilize the market, including increasing direct sales channels to 45% and abolishing the controversial "拆箱令" policy [4][5]. - The company has faced declining revenue growth, with Q2 results showing a revenue increase of only 7.28% and a net profit increase of 5.25% year-over-year [4][9]. - The leadership changes reflect a broader need to balance market supply and demand amid industry adjustments, with each chairman proposing unique initiatives [6][7]. Group 3: Industry Context - The frequent changes in leadership may lead to strategic inconsistencies, impacting long-term projects and market positioning [7][8]. - Kweichow Moutai's actions have significant implications for the broader liquor industry, influencing smaller enterprises and regional competition [8][9]. - The new chairman will face challenges in achieving growth targets while navigating the current industry downturn and balancing various stakeholder interests [9].