``` During his four-year tenure, Wuliangye’s leader Zeng Congqin followed in the footsteps of his predecessor. ```
Top-level personnel changes combined with industry adjustments have once again put Wuliangye at the intersection of public opinion and the market.
On the evening of February 28, Integrity Sichuan announced that Zeng Congqin, Party Secretary and Chairman of Yibin Wuliangye Group Co., Ltd., as well as Party Secretary and Chairman of Yibin Wuliangye Co., Ltd., is under disciplinary review and investigation by the Yibin Municipal Commission for Discipline Inspection and Supervision for suspected serious violations of discipline and law.
This is already the second "downfall" of a helmsman at Wuliangye Group, following the investigation of previous chairman Li Shuguang.
The fact that two consecutive "top leaders" have been investigated has once again drawn significant attention to this leading enterprise in China's baijiu industry.
Zeng Congqin joined Wuliangye in 2019 and successively served as Group General Manager and Chairman of the listed company. In February 2022, he officially took office as Party Secretary and Chairman of the Group, having served four years to date.
During his tenure, the listed Wuliangye company passed revenue thresholds of 70 billion and 80 billion yuan, achieving double-digit growth for two consecutive years in 2022 and 2023.
However, when Zeng Congqin took over, Wuliangye had already entered the "post-high growth" stage.
On one hand, the company had completed scale expansion under the previous tenure, with revenue and profits surging; on the other hand, the industry had entered a cycle of increased inventory pressure and stressed price systems.
The core strategy during Zeng's tenure can be summarized as "steady growth + value return".
First is price system overhaul. With a focus on the Eighth Generation Wuliangye, he repeatedly emphasized aligning brand value with market price, controlling shipment rhythm, rectifying price inversion, and improving distributors' profit margins. In 2024, the company raised the ex-factory price of core products, marking one of the most significant pricing moves during his tenure.
Second is channel structure optimization. Establishing a "headquarters-regional center-terminal" vertical control system, strengthening direct sales and core terminal management, improving sales efficiency, and promoting new approaches such as circle marketing and scenario marketing to enhance connection with consumers.
Third is digitalization and production area development. During his tenure, Zeng emphasized "intelligent transformation and digital shift", advancing intelligent brewing and digital marketing system construction, while also strengthening the Yibin production area's brand image and improving supply chain synergy.
However, judging from actual business performance, reforms have not completely offset industry cycle pressures.
According to the Q3 2025 financial report, Wuliangye achieved operating revenue of 8.17 billion yuan, down 53% year-on-year; net profit attributable to the parent company was 2.02 billion yuan, down 66% year-on-year. This marks the company's first negative growth since 2016.
Meanwhile, doubts about price inversion and high inventory levels persist in the market.
In terms of timing, this incident occurred just before the disclosure of the listed company's annual report. For the capital market, management changes usually draw attention to corporate governance structures and strategic continuity.
The consecutive investigation of two chairmen has shifted the focus from individual job performance to the governance system of the company itself.
In response, Wuliangye announced that the other directors and senior managers are fulfilling their duties as normal, production and business activities are being carried out in an orderly manner, and it is expected that the related matters will not have a significant impact on daily operations. Subsequent business management will be handled by the current executive team.
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