Looking at Changyu, Moutai and Wuliangye from the perspective of "wine to protect liver"

I just saw an article analyzing Changyu, pointing out that Changyu's high dividend this year objectively provided cash for the management to indirectly hold Changyu shares through MBO. The analysis is very thorough, and this is the kind of article I like to see, but I concluded that if we only look at this point, Changyu is a potentially better company.

Moutai finally surpassed Wuliangye, and vented its anger. But this is actually similar to the situation many years ago when Wuliangye surpassed Moutai. Moutai's chairman publicly declared that "Moutai protects the liver", which gave Wuliangye an excuse to criticize. I think this is similar to a fight between children, and for them, it is a lose-lose game no matter what the result is. The competition between Wuliangye and Moutai is similar to the competition between Pepsi and Coca-Cola. For them, relative advantages are always more important than absolute advantages. But I hope they can compete at a higher level in the future.

These three are all good companies, except that they are expensive (the first two have PB=10, PE=30, and the latter has a PB of about 6 times, and a return on equity of more than 20%, which is not bad. In the short term, they are not as good as Yili, and in the long term, they are not as good as Ping An). If the latter two can solve their institutional problems, it will be better news for investors than their performance.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.