Core Viewpoint - The sudden leadership change at Kweichow Moutai, with Zhang Deqin resigning and Chen Hua being appointed as the new chairman, raises questions about the company's strategic direction amidst a challenging market environment [1][3]. Leadership Change - On October 27, 2025, Kweichow Moutai announced the resignation of chairman Zhang Deqin, effective immediately upon submission of his resignation report [1]. - Chen Hua, previously involved in the energy sector, has been recommended as the new chairman [2][3]. - This leadership change comes just 18 months after Zhang Deqin's return to the company, which was seen as a balancing act following previous management strategies [5][6]. Chen Hua's Background - Chen Hua has a strong background in the energy sector, having served in various roles within the Guizhou energy system before joining Moutai [2][3]. - His experience includes positions such as the head of the Guizhou Provincial Energy Bureau and general manager of Guizhou Panjiang State-owned Capital Operation Co., Ltd. [3]. Zhang Deqin's Tenure - Zhang Deqin's brief tenure was marked by efforts to balance the interests of Moutai's direct sales and distributor channels, leading to a 26.5% year-on-year revenue growth in the wholesale distribution channel [6][7]. - He emphasized the importance of integrating Moutai with local culture and tourism, launching initiatives to appeal to younger consumers [7][8]. - Despite these efforts, Moutai faced challenges with declining terminal prices and a slowdown in growth [8][10]. Industry Challenges - The white liquor industry is undergoing significant adjustments, with Moutai needing to balance performance growth with government expectations [10]. - Many companies are relaxing inventory pressure on distributors to stabilize prices, which may impact growth targets [10]. - Moutai remains a strong player in the market, with its flagship product, Feitian Moutai, still commanding high prices despite market fluctuations [10].

茅台再次突发换帅。 10月27日，贵州茅台（600519）在上交所发布公告：贵州茅台酒股份有限公司董事会于2025年10月27日 收到公司董事长张德芹提交的书面辞职报告，张德芹因工作调整，申请辞去公司董事长、董事职务及董 事会下设专门委员会相应职务。根据相关规定，张德芹的辞职自辞职报告送达董事会时生效。 同日公告，根据贵州省人民政府相关文件，推荐陈华为贵州茅台酒股份有限公司董事、董事长人选。 和之前几次换帅一样，这次依然来得很突然。距离张德芹2024年4月末回归掌舵茅台，此次再次换帅仅 过了一年半时间。新帅出身能源系统 当时刘永升表示，对茅台集团在服务全省发展大局中展现的国企担当与取得的成绩予以肯定，但同时提 到"要在生产经营上再调度，用好国家和全省各项支持政策，加强运营分析，强化预算执行，为全省经 济发展多作贡献"。 2024年4月底，作为"老茅台人"、负责习酒多年的张德芹回归茅台，担任茅台集团党委书记、董事长并 任贵州茅台党委书记、董事长。 当时业内普遍认为，张德芹的回归，是对前一任时期部分举措的平衡。前一任时期，茅台大力发展直 销，通过i茅台等渠道变相实现了提价，同时茅台自营体系也积极开发企业客户，拓展 ...

Core Viewpoint - The recent leadership change at Kweichow Moutai, with Chen Hua replacing Zhang Deqin as chairman, reflects the government's intention to strengthen control over the company amid ongoing challenges in the liquor industry [1][7][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 third leadership change in five years [1][2]. - The transition comes just a year and a half after Zhang Deqin's return to the company, which was seen as a brief tenure [8][9]. Group 2: Chen Hua's Background - Chen Hua has a strong engineering background, having worked in the Guizhou energy sector for many years, and holds a master's degree in mining engineering from China University of Mining and Technology [3][14]. - His career includes various roles in coal mining and energy management, culminating in his position as the head of the Guizhou Provincial Energy Bureau before joining Moutai [5][14]. Group 3: Industry Context - The liquor industry is currently facing significant challenges, including a need for Kweichow Moutai to balance government expectations for performance with the realities of a slowing market [7][12]. - Industry experts suggest that maintaining growth while stabilizing prices will be a difficult task for Chen Hua, especially as other liquor companies have begun to relax inventory pressure on distributors to ensure market health [12][13]. Group 4: Zhang Deqin's Tenure - During Zhang Deqin's brief leadership, Moutai focused on balancing direct sales and distributor channels, achieving a 26.5% year-on-year revenue growth in the wholesale distribution channel [9][10]. - Zhang's strategies included integrating Moutai with local tourism and cultural initiatives, although some of his cross-industry collaborations faced backlash from shareholders [10][11]. Group 5: Future Challenges - The new chairman, Chen Hua, faces the challenge of navigating a deeply adjusted market while ensuring Kweichow Moutai's continued leadership in the high-end liquor segment [12][13]. - Despite recent price declines, Moutai's flagship product remains a strong performer, with no immediate signs of losing its market position [12][13].

（原标题：贵州省能源局长陈华空降茅台集团 新帅如何应对新周期？） 21世纪经济报道记者肖夏 茅台迎来了五年内第三位"一把手"。 10月25日下午，新华财经报道称，25日上午茅台集团召开大会宣布重大人事调整：张德芹不再担任茅台集团董事长职务，贵州省能源局局长陈华 接任茅台集团董事长。 这一消息当天上午已在白酒业内传开。按照流程，贵州省公告陈华在茅台集团的党委书记、董事长职务后，陈华将会担任贵州茅台的党委书记， 后续按流程经过股东大会后将担任贵州茅台的董事长。 和之前几次换帅一样，这次依然来得很突然。距离张德芹2024年4月末回归掌舵茅台，此次再次换帅仅过了一年半时间。 工科出身的陈华，此前长期在贵州能源体系工作，来到茅台前担任贵州省能源局党组书记、局长，机关党委书记。 陈华1972年3月出生，贵州盘州人，工程硕士学位，中国矿业大学矿业工程领域专业毕业。1994年，他从盘江矿务局土城矿采助工干起，此后十多 年一直在当地和煤矿打交道。 一直到2012年，他升任贵州盘江集团副总经理，职业生涯开始转变。2014年，长期有煤矿一线经历的陈华调任贵州省安全生产监督管理局党组成 员、副组长，同年下半年开始担任六盘水市副市长。 ...

Core Insights - The 2025 China Cultural Tourism Industry Expo showcased the integration of AI, AR, VR, and XR technologies, significantly transforming the experience in the cultural tourism sector [1][2][3] - The event highlighted innovative applications such as the AI digital ambassador "Huang Xiaoxi" in Guizhou, which provides personalized travel planning and real-time recommendations [1] - Companies like Lingban Technology introduced AI glasses with real-time translation and interactive features, redefining consumer experiences in cultural tourism [2] - The XR technology experience showcased immersive virtual reality projects, enhancing audience engagement and interaction [3] Group 1 - The expo took place from September 12 to 14 at the Wuhan National Convention and Exhibition Center, attracting large crowds and featuring various cultural and technological exhibits [1] - AI technologies are increasingly common in the cultural tourism industry, with notable advancements in wearable devices that enhance user interaction [2] - The integration of AI, AR, VR, and XR is pushing the cultural tourism experience into a new era characterized by intelligence, immersion, and connectivity [3] Group 2 - "Huang Xiaoxi," the AI digital ambassador, was launched in April 2023 and offers features such as itinerary planning, booking, and travel diary generation [1] - Lingban Technology's AI glasses, Rokid Glasses, support multiple languages and include practical functions like object recognition and navigation [2] - The XR technology experience featured projects like "Landing on Mars" and "Wukong Returns to Journey to the West," showcasing the potential of virtual reality to create engaging narratives [3]

Core Viewpoint - The Guizhou Provincial Propaganda Department and eight other departments have jointly issued a three-year action plan (2025-2027) to develop Guizhou into a significant national performing arts market, emphasizing the integration of "tourism + performing arts" [1] Group 1: Action Plan Highlights - The plan aims to promote the deep integration of tourism and performing arts, encouraging key tourist attractions to create high-quality resident performances that reflect local cultural characteristics [1] - Support will be provided for various grassroots cultural and entertainment activities, such as "Village Super", "Village BA", "Village Evening", "Village T", "Village Horse", and roadside concerts, to expand their influence [1] - There will be strong support for diverse ethnic and folk activities, as well as new business models combining "Chinese traditional cultural festivals + performing arts" [1] Group 2: Market Development Initiatives - The plan includes the continuation of the colorful Guizhou Cave Music Week, with increased efforts to cultivate the cave music art tourism market [1] - Policies will be precisely formulated to encourage travel linked to performances, with a focus on creating refined tourism products and carefully developing travel routes [1]

Core Insights - The "Travel Business Conference and Guizhou Tourism Product Promotion Meeting" was held during the 19th Guizhou Tourism Industry Development Conference, organized by the Guizhou Provincial Department of Culture and Tourism, Guizhou Provincial Big Data Bureau, and Anshun Municipal Government [1][11] - Guizhou Guilv Data Network Technology Co., Ltd. showcased its newly launched AI tourism model "Huang Xiaoxi," which offers automated travel notes, intelligent route planning, and specialty food recommendations [4][9] Company Insights - "Huang Xiaoxi" is an AI agent built on the Guizhou tourism model, supported by a dual foundation of data and AI technology. The data foundation includes a reliable tourism data space and a provincial smart interconnection platform, integrating various data sources to create a high-quality dataset of nearly 40,000 tourism products and services [9] - The AI technology foundation incorporates over 30 large language models, including self-developed AI support platforms and DeepSeek, built on Huawei's Ascend Cloud platform [9] Industry Insights - The AI agent aims to empower both consumers (C-end) and businesses/governments (B-end and G-end), providing a complete travel experience from planning to booking. It offers services such as travel planning, quick booking, entertainment activities, AI companionship, travel records, and travel design [9][10] - Future developments for "Huang Xiaoxi" will focus on enhancing user experience for tourists and expanding functionalities for businesses, aiming to present a more intelligent and colorful Guizhou to visitors [10]