In four years in office, the chairman of Wuliangye followed in the footsteps of his predecessor, Qin Buhe.

High-level personnel changes combined with industry adjustments have once again placed Wuliangye at the intersection of public opinion and the market.

On the evening of February 28, Liangjie Sichuan announced that Zeng Congqin, Party Secretary and Chairman of Sichuan Yibin Wuliangye Group Co., Ltd., and Party Secretary and Chairman of Yibin Wuliangye Co., Ltd., is under disciplinary review and supervisory investigation for suspected serious violations of discipline and law.

This is the second top leader of Wuliangye Group to be investigated after the previous Chairman Li Shuguang was scrutinized.

The successive investigations of two “top executives” have once again drawn high attention to this leading Chinese liquor company.

Zeng Congqin joined Wuliangye in 2019, serving successively as General Manager of the Group and Chairman of the joint-stock company. In February 2022, he officially took over as Party Secretary and Chairman of the Group, with a tenure now exceeding four years.

During his leadership, Wuliangye’s listed company revenue surpassed 70 billion yuan and 80 billion yuan thresholds, achieving double-digit growth for two consecutive years in 2022 and 2023.

However, when Zeng Congqin took over, Wuliangye had already entered a “post-high-growth” phase.

On one hand, the company completed scale expansion during the previous leadership, with revenue and profits soaring; on the other hand, the industry had entered a cycle of rising inventory pressure and strained pricing systems.

The core strategy during Zeng Congqin’s tenure can be summarized as “steady growth + value return.”

First is price system rectification. Around the eighth-generation Wuliangye, he repeatedly emphasized promoting brand value to match market prices, controlling shipment pace, addressing price inversion, and improving distributor profit margins. One of the most notable price moves during his tenure was the 2024 increase in the ex-factory price of core products.

Second is channel structure optimization. Establishing a vertical control system of “headquarters - regional centers - terminals,” strengthening direct sales and key terminal management, improving sales efficiency, and promoting new marketing approaches such as circle marketing and scene marketing to enhance connection with consumers.

Third is digitalization and regional brand building. Zeng Congqin emphasized “intelligent transformation and digital upgrade,” advancing smart brewing and digital marketing systems, while also strengthening the Yibin regional brand image and enhancing supply chain coordination.

However, in terms of actual operational performance, reforms have not fully offset industry cycle pressures.

The Q3 2025 financial report shows Wuliangye achieved operating revenue of 8.17 billion yuan, down 53% year-on-year; net profit attributable to shareholders was 2.02 billion yuan, down 66% year-on-year. This marks the first negative growth since 2016.

Meanwhile, doubts about price inversion and high inventory levels in the market remain unresolved.

From a timing perspective, this incident occurred just before the company’s annual report disclosure. For the capital market, management changes often trigger concerns about corporate governance and strategic continuity.

The investigation of two consecutive chairmen also shifts the focus from individual performance to the company’s governance system itself.

In response, Wuliangye issued a statement saying that other directors and senior management are currently performing their duties normally, production and operations are proceeding in an orderly manner, and the relevant matters are not expected to significantly impact daily operations. Future management will be handled by the existing senior team.

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