The stock price has fallen below the 100 mark, and the financial report has been suddenly delayed. What’s going on with Wuliangye?

The stock price has fallen below the 100 mark, and the financial report has been suddenly delayed. What’s going on with Wuliangye?

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Financial report temporarily postponed, chairman under investigation, succession undecided—under multiple pressures, Wuliangye is facing an unprecedented dual test of governance and operations.

On April 29, the A-share liquor sector overall saw gains, yet Wuliangye became one of the few liquor companies to fall against the trend, with its share price dropping more than 2% to 98 yuan per share by press time.

The previous evening, Wuliangye issued an announcement, citing "further improving the preparation and review of regular reports," postponing the planned disclosure of its 2025 annual report and 2026 Q1 report to after market close on April 30, accompanied by a board apology statement.

The announcement attracted high market attention, with the core issue being the long-standing vacancy of the company's "top leader." On February 28 this year, Wuliangye's chairman and legal representative Zeng Congqin was placed under investigation by the Yibin City Commission for Discipline Inspection for suspected serious violations, leaving the position of chairman vacant. According to relevant regulations, financial reports of listed companies must be signed and stamped by the legal representative, posing a real challenge for the signing process of regular reports.

Wuliangye scheduled the financial report release after market close on April 30, entering the May Day holiday period, possibly allowing the market to digest relevant performance information during the break. Meanwhile, according to Goldman Sachs Leaf Liu's team report released on April 21, Wuliangye's Q1 2026 operating income is expected to decline by about 35% year-on-year and net profit by about 50%, making market expectations for the financial report already cautious.

Regarding the reason for the postponement, well-known financial and tax expert and senior CPA Liu Zhigeng told Shanghai Securities News that financial report disclosures involve complex content, and postponed disclosures due to special issues are common in practice.

However, Wuliangye's current unique situation makes this "usual explanation" somewhat inadequate. According to the Company Law and Listing Company Governance Guidelines, if the chairman cannot perform their duties, the vice chairman or the majority of directors should appoint a director to act, and this process is governed by bylaws and legislation, not allowing the chairman to personally authorize a temporary proxy.

As of press time, Wuliangye has yet to announce a new chairman.

Disclosure Before Holidays, Industry in Continued Deep Adjustment

Wuliangye scheduled its financial disclosure for after market close on April 30. This timing objectively leaves a buffer for market sentiment.

It coincides with a period of deep adjustment across the entire liquor industry, as evidenced by financial data of peers who have already disclosed their reports:

Luzhou Laojiao achieved operating income of 25.731 billion yuan in 2025, a year-on-year decrease of 17.52%, with net profit attributable to shareholders of 10.831 billion yuan, down 19.61%; Q1 2026 operating income was 8.025 billion yuan, down 14.19%, and net profit fell 19.25% year-on-year.Gujinggong Liquor's operating income was 18.832 billion yuan in 2025, down 20.13% year-on-year, and net profit attributable to shareholders was 3.549 billion yuan, down 35.67%.Jinshiyuan's Q1 2026 operating income was 4.322 billion yuan, down 15.23% year-on-year, with net profit falling 15.76%.

Goldman's report on the 21st expects Wuliangye's Q1 2026 revenue and net profit to drop about 35% and 50% year-on-year, mainly due to continued control of shipment rhythm to digest channel inventory and maintain wholesale price stability; in Q2, as shipment suspension continues and prepayment requirement adjustments take effect, the decline may further expand.

Wholesale Prices Under Pressure, Management Betting on "Lightweight Operations"

From the market's perspective, the wholesale price trend of Wuliangye's core products is also not optimistic. According to Goldman Sachs' China liquor tracking report released on April 21, as of April 20, the wholesale price of standard Wuliangye was around 840 yuan per bottle, down about 10 yuan since the start of the year, contrasting sharply with Feitian Moutai's wholesale price, which increased by about 155 yuan to 1660 yuan per bottle since the start of the year, further intensifying polarization in the ultra-premium liquor market.

However, Goldman noted that during the 2026 Spring Festival, Wuliangye's terminal retail sales showed strong performance, with significant improvement compared to the 2024 and 2025 Spring Festivals, indicating certain demand resilience. Nevertheless, constrained by channel inventory and other factors, improvements in terminal sales are often difficult to immediately translate to financial reports.

For the annual strategy, Wuliangye management repeatedly emphasized a pragmatic and rational approach, focusing on clearing channel inventory and stabilizing wholesale prices, avoiding blind expansion, aiming to achieve "lightweight operations" in 2027. The company also plans, during the off-season from April to July, to maintain stability in the eighth-generation Wuliangye's wholesale price through inventory and quota management, preparing for the next peak season.

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