第八届中国国际进口博览会圆满落下帷幕。作为连续八届参展的"全勤生"，挖酒中国以一场贯穿展期的 美酒盛宴，交出了一份亮眼的成绩单，也为今年第八年进博之旅画上圆满句号。 八年坚守，从"参展者"到"共建者" 进博八年，是挖酒中国从行业新锐成长为"全渠道酒水生态服务商"的缩影。展会期间，挖酒中国总经理 晋松先生受邀接受经济观察报专访，分享了企业从"贸易"走向"生态"、从"信息化"迈向"数智化"的战略 路径，晋总说到WAJIU正致力于成为"赋能行业的角色"，与伙伴共同创造长期价值。 签约四国，战略合作再升级 挖酒服务董事长姚振海、挖酒中国商务中心总经理马涛受邀出席第八届中国国际进口博览会虹桥国际经 济论坛，在"中澳自贸协定实施10周年"高层论坛现场，与商务部及澳大利亚贸易委员会高层代表、全球 行业领袖同台交流，共话自贸协定成果与酒水贸易新机遇。 明星品牌与产品，引爆现场热度 展期内，桃乐丝家族、毕克拉酒庄、图蒂亚克酒业等品牌表现不俗，吸引众多专业观众驻足品鉴。多款 战略产品同样广受欢迎，例如：连续六年位居全球顶级酒吧畅销白兰地品牌榜首的桃乐丝白兰地；畅销 海内外的意大利起泡酒标杆卓林普劳塞克；精准切入健康微醺赛道的欢沁 ...

Core Insights - The Chinese liquor industry is experiencing a significant downturn, with a collective revenue of 317.78 billion yuan for 20 listed liquor companies in the first three quarters of 2025, representing a year-on-year decline of 5.90% [2][4] - Shanxi Fenjiu has surpassed Wuliangye to become the second-largest player in the industry, with a revenue of 8.96 billion yuan in Q3 2025, compared to Wuliangye's 8.17 billion yuan [2][7] - The industry is undergoing structural changes, with a general slowdown in revenue growth and profitability across most companies [4][5] Industry Performance - The overall revenue growth rate for the liquor industry has dropped to a five-year low, with only eight companies achieving double-digit profit growth, while many others reported single-digit or negative growth [4] - Moutai remains the leader with a revenue of 128.45 billion yuan in Q3, but its growth rate has slowed to 6.36% [4] - Wuliangye reported a revenue of 60.95 billion yuan with a decline of 10.26%, while Fenjiu's revenue growth of 5% is notable [4][5] Challenges Faced - The industry is facing several challenges, including rising raw material costs, increased promotional expenses, and deteriorating cash flow due to higher inventory levels among distributors [5] - The cumulative production of liquor from January to September 2025 was 2.655 million kiloliters, a year-on-year decrease of 9.9%, indicating weak market demand [5] - Wuliangye's performance has been particularly affected by an imbalanced product structure and intensified competition in the mid-range market [8][9] Competitive Landscape - The competition is shifting from scale expansion to quality differentiation, with Fenjiu's rise posing a potential threat to Wuliangye's long-standing position [10][11] - Fenjiu's growth is attributed to the revival of clear aroma liquor, appealing to younger consumers [11][12] - Wuliangye's traditional distribution model is under pressure, leading to increased inventory and financial strain on distributors [8][9] Future Outlook - The liquor industry is expected to undergo a cleansing process, with a potential recovery starting in 2026 as macroeconomic conditions improve [13][14] - The "Matthew Effect" will continue to intensify, favoring leading companies with strong brand power and national distribution [14][15] - Companies that can blend traditional brewing wisdom with modern consumer insights are likely to emerge as winners post-adjustment [15]

Core Viewpoint - The consumption enthusiasm for high-end liquor, particularly Feitian Moutai, is increasing as the "Double Eleven" shopping festival and year-end consumption peak approach, demonstrating strong resilience during the industry's adjustment cycle [1] Group 1: Market Performance - The price of 500ml 53-degree Feitian Moutai in Beijing remains stable, ranging from 1980 to 2400 RMB, with specific stores pricing at 2019 RMB and 2158 RMB respectively, indicating no significant fluctuations [3] - Since October, the terminal price of Feitian Moutai in Beijing has consistently stayed above 1980 RMB, with original box prices nearing 2050 RMB, reflecting a healthy supply-demand relationship and market liquidity [3] Group 2: Company Financials - For the first nine months of 2025, the company reported total revenue of 1309.04 billion RMB, a year-on-year increase of 6.32%, with Moutai liquor revenue at 1105.14 billion RMB, up 9.28%, highlighting its role as a key growth driver [3] - The company is focusing on stabilizing its core business, optimizing channel relationships, and enhancing operational efficiency, showcasing strong brand resilience and quality of development [3] Group 3: Strategic Initiatives - The company is actively promoting non-standard products and cultural series, such as kilogram Feitian, zodiac liquor, and regional cultural liquor, which are contributing significantly to revenue growth [4] - The company is enhancing its market value management and shareholder return mechanisms, committing to a dividend payout ratio of no less than 75% over three years and implementing a 6 billion RMB share buyback, reflecting confidence in its intrinsic value [4] Group 4: Market Sentiment - The company has received attention from multiple securities firms, with eight reports in the past month, indicating sustained institutional interest in its investment value [4] - The company's strategic resilience and ability to navigate industry fluctuations are underscored by its systematic layout of "three transformations" and "four focuses," establishing a solid foundation for sustainable growth [5]

Core Viewpoint - The price of 53-degree 500ml Feitian Moutai has dropped below 1700 yuan for the first time, indicating significant pressure on Guizhou Moutai amid a broader industry downturn [1][3][4]. Price Trends - As of October 28, 2025, the wholesale reference price for Feitian Moutai has fallen to 1690 yuan, down 25 yuan from the previous day, marking a cumulative decline of over 20% from its initial price of 2220 yuan [1][2]. - The retail price of Feitian Moutai has shown a consistent downward trend since June 2025, with significant drops occurring at various points throughout the year [4][6]. Company Performance - Guizhou Moutai reported a total revenue of 91.094 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.16%, while net profit increased by 8.89% to 45.403 billion yuan, both representing the lowest growth rates in a decade [2][6]. - The company is facing challenges in maintaining growth amid a declining price environment and increasing inventory levels [7][8]. Industry Context - The overall white liquor industry is experiencing high inventory levels and weak demand, with a reported 20% year-on-year decline in sales during the Mid-Autumn Festival and National Day holidays [6][8]. - The industry has seen a reduction in the number of large-scale white liquor enterprises, with over 100 companies exiting the market, leading to increased concentration [8]. Strategic Changes - Guizhou Moutai has undergone multiple leadership changes, with the recent appointment of Chen Hua as chairman, marking the fourth change in five years [2][16]. - The company has attempted various strategies to stabilize prices, including limiting supply to e-commerce and wholesale markets, but these efforts have been undermined by external pressures and internal strategic shifts [5][11]. Market Dynamics - The price decline of Feitian Moutai reflects a broader trend of price inversion affecting 60% of white liquor companies, with nearly 60% reporting reduced operating profits [8][9]. - The high inventory levels and price inversions are leading to a structural adjustment in the industry, with a focus on inventory reduction and price stabilization [7][10].

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].

Core Viewpoint - The recent resignation of Guizhou Moutai's chairman, Zhang Deqin, 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][3][8]. 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][3]. - The frequent changes in leadership, with four different chairpersons in five years, indicate a struggle to stabilize the company amid market pressures and strategic shifts [6][9]. Group 2: Strategic Initiatives - 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 [3][4]. - The company has shifted its focus from a "channel-first" approach to a "consumer-first" strategy, aiming to adapt to the industry's challenges [3][8]. Group 3: Market Performance - Guizhou Moutai's financial performance has shown signs of slowing, with revenue and net profit growth rates dropping to 7.28% and 5.25% year-on-year, respectively [3][4]. - The price of Moutai's flagship product, Feitian Moutai, has also seen fluctuations, with recent prices indicating a slight decline [4][5]. Group 4: Industry Implications - The leadership changes at Guizhou Moutai may influence the broader industry, potentially leading to a lack of long-term planning among smaller competitors and altering competitive dynamics within the sector [9]. - The new chairman will face significant challenges, including achieving growth targets during an industry downturn and balancing various stakeholder interests [9][10].

Core Viewpoint - The recent leadership change at Kweichow Moutai, with the resignation of Zhang Deqin and the appointment of Chen Hua, reflects the company's strategic adjustments amid a challenging economic environment and highlights the transformation challenges faced by traditional liquor giants during a period of consumer change [2][7]. Group 1: Leadership Change - Zhang Deqin's departure after a brief tenure of one and a half years has raised concerns in the liquor industry and capital markets, indicating the strategic choices of Kweichow Moutai as a state-owned enterprise [2][7]. - Chen Hua, the new chairman, comes from a coal and energy background, leading to speculation about the future strategic direction of Moutai [2][5]. Group 2: Zhang Deqin's Tenure - Zhang Deqin's career at Moutai is characterized by a commitment to traditional craftsmanship and channel management, having risen from a grassroots brewing position to chairman [3][4]. - During his tenure, he implemented measures such as "controlling supply and stabilizing prices" and improved direct sales channels to 45%, which helped stabilize Moutai's market position [3][4]. Group 3: Industry Challenges - Zhang's tenure coincided with significant challenges in the liquor industry, including policy adjustments, shifts in consumer structure, and intensified competition, leading to ongoing pressure on Moutai's stock price and product pricing [4][6]. - Despite achieving a total revenue of 91.094 billion yuan and a net profit of 45.403 billion yuan in the first half of 2025, both figures showed year-on-year growth of 9.16% and 8.89%, respectively, indicating resilience but also highlighting underlying issues [4]. Group 4: Chen Hua's Potential Impact - Chen Hua's cross-industry experience may bring new perspectives to Moutai, particularly in channel governance and brand rejuvenation, leveraging his background in energy management [5][6]. - The challenges facing Moutai under Chen's leadership include price declines, pressure on distributors, and the need for strategic integration with local economic development [5][6]. Group 5: Future Outlook - The transition from Zhang Deqin's stability to Chen Hua's potential innovation represents a critical moment for Moutai, as it seeks to maintain its market leadership while adapting to changing consumer demands and economic conditions [7]. - The leadership change poses both challenges and opportunities for Moutai, necessitating a balance between preserving brand value and exploring new growth avenues [7].

Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with the appointment of Chen Hua as chairman, reflects ongoing adjustments within the company amidst a challenging environment for the liquor industry [1][3]. Group 1: Leadership Changes - Kweichow Moutai Group has changed its chairman for the fourth time in five years, with Chen Hua replacing Zhang Deqin, who served for about a year and a half [1][3]. - Chen Hua, born in 1972, has a background in local government and energy sectors, lacking direct experience in the liquor industry [1][4]. Group 2: Zhang Deqin's Tenure - During Zhang Deqin's leadership, Moutai implemented measures to stabilize its market position, including increasing direct sales to 45% and improving relationships with distributors [3]. - Under Zhang's tenure, Moutai achieved a revenue of 91.094 billion yuan in the first half of 2025, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [3]. Group 3: Industry Context - The liquor industry is currently undergoing a deep adjustment, with declining prices and a challenging market environment [4]. - The new chairman faces significant challenges, including stabilizing core product prices and balancing sales channel profitability amid ongoing industry pressures [4].

Core Viewpoint - The recent leadership change at Kweichow Moutai Group, with the appointment of Chen Hua as chairman, reflects the company's strategic adjustments amid ongoing challenges in the liquor industry, particularly during a period of deep market correction [6][7]. Group 1: Leadership Changes - Kweichow Moutai Group has experienced four chairman changes in five years, with Chen Hua replacing Zhang Deqin, who served for about a year and a half [3][6]. - Chen Hua, born in 1972, has a background in local government and energy sectors, lacking direct experience in the liquor industry [6][7]. Group 2: Performance and Strategy - Under Zhang Deqin's leadership, Kweichow Moutai achieved a revenue of 91.094 billion yuan in the first half of 2025, marking a 9.16% year-on-year increase, and a net profit of 45.403 billion yuan, up 8.89% [6]. - Zhang implemented measures to stabilize the market, including increasing direct sales to 45% and improving relationships with distributors, while also diversifying the product lineup [6][7]. Group 3: Industry Challenges - The liquor industry is currently facing a deep adjustment phase, with declining prices and a challenging market environment [7]. - The new chairman will need to address several challenges, including stabilizing core product prices and balancing profit relationships across sales channels [7].

Core Viewpoint - The recent leadership change at Kweichow Moutai, with Chen Hua replacing Zhang Deqin as chairman, reflects ongoing challenges in the liquor industry and aims to stabilize the company's market position amid a period of adjustment [1][4][5] Group 1: Leadership Change - Kweichow Moutai has undergone its fourth chairman change in five years, with Chen Hua taking over from Zhang Deqin, who served for about a year and a half [1] - Chen Hua has a background in local government and energy sectors, lacking direct experience in the liquor industry [5] Group 2: Zhang Deqin's Tenure - During Zhang Deqin's leadership, Moutai implemented measures to stabilize its market position, including increasing direct sales to 45% and improving relationships with distributors [4] - Under Zhang's guidance, Moutai achieved a total revenue of 91.094 billion yuan in the first half of 2025, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% [4] Group 3: Industry Challenges - The liquor industry is currently facing a deep adjustment phase, with declining prices and a challenging market environment [5] - The new chairman is expected to address key challenges such as stabilizing core product prices, balancing sales channel profits, and responding to ongoing industry adjustments [5]