A significant number of young investors were present at the 2025 Annual General Meeting of Kweichow Moutai Co.,Ltd. (SH: 600519) on June 11th, joining over 1,500 shareholders, securities firm representatives, and media attendees from across the country.
This trend reflects a broader shift where younger generations, particularly those born in the late 1990s and early 2000s, are increasingly participating in listed companies' shareholder meetings. Their motivations vary, from seeking to meet investment veterans to actively exercising shareholder rights and immersing themselves in corporate culture.
When these young attendees enter the AGM venue, what captures their attention?
A notable moment at the recent Moutai meeting involved a young investor inquiring about potential collaborations with trendy brands like Pop Mart to rejuvenate the company's image. Management's response, emphasizing a focus on sustained excellence over fleeting viral fame, was widely reported and sparked public discussion.
This phenomenon indicates that AGMs are no longer exclusive gatherings for seasoned investment professionals.
One such young investor, a "post-95s" shareholder using the pseudonym CC, attended the Moutai meeting. At the evening banquet, he found himself to be the youngest at his table, with others expressing admiration for his early start in investing and his potential for future gains. CC acknowledged that while future returns are uncertain, the trip to Guizhou province was immensely satisfying.
CC also noted that the AGM provided a valuable opportunity to connect with like-minded value investors and to see prominent figures in the investment community, individuals he would not normally have the chance to meet.
However, the mindsets of young attendees are not uniform. Interviews reveal a spectrum, from committed value investors with substantial holdings like CC, to those who purchase a minimal number of shares primarily to gain access to the meeting.
Regarding the company-hosted banquet, CC expressed a nuanced view, understanding it as an event funded from the corporate treasury, which belongs to all shareholders, yet benefits only the minority who attend in person.
Another critical aspect of any AGM is the voting process. Prior to the meeting, Moutai had announced several proposals for shareholder approval, including the Board of Directors' Work Report and the annual profit distribution plan.
CC stated that he voted in favor of all proposals. He admitted to paying less attention to reports like the Work Report, focusing instead on the profit distribution plan, which he had studied beforehand.
For many of the young investors interviewed, attending the AGM is primarily about experiencing the corporate culture firsthand.
CC elaborated that while a single day is insufficient to fully understand a business model, it is enough to gauge the corporate culture. He believes investing in a company is, to a degree, an investment in its management and culture. A weak culture, he argues, can lead even a strong company astray over time.
He further reflected that attending the AGM of a company he owns shares in makes the principle of "buying a stock is buying a company" tangible, reinforcing the feeling of being one of the company's owners. At Moutai's meeting, he felt management was working for him, diligently answering every investor question. His operational queries were all addressed by the relevant executives during the banquet.
On their investment journeys, these young investors continue to explore and learn.
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