Wuliangye's leadership reshuffle is settled—can state-owned enterprise veteran Deng Min lead the 100-billion-yuan industry giant through these turbulent times?

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The suspense over the leadership of Wuliangye, which had been stalled for over a hundred days, has finally been settled.

On the evening of June 8, Wuliangye released a major personnel announcement, officially adding Deng Min as a candidate for the non-independent director of the company's seventh board.

Prior to this, Sichuan Daily and relevant departments in Yibin city had confirmed that Deng Min has already assumed the role of Party Secretary of Wuliangye Group and its listed company, and has been recommended as the candidate for chairman of both entities.

After completing legal procedures such as the shareholders' meeting, this local SOE veteran born in the 1970s will formally take office following shareholders’ review and board election at the annual meeting on June 26.

Most previous leaders of Wuliangye have had strong backgrounds in Yibin local state assets or politics. At 56 years old, Deng Min is also a “veteran” who has worked for many years within Yibin’s SOE system.

Looking at his resume, Deng Min entered the management of large chemical enterprise Tianyuan Shares in 2003, serving as vice president, president, Party secretary, and in 2023, chairman.

In September 2025, Deng Min also became director and general manager of Yibin Development Holdings Group. Yibin Development Holdings Group is one of the most important state asset operation platforms in Yibin and is the largest shareholder of both Wuliangye and Tianyuan Shares.

Before being transferred to Wuliangye’s core management, he resigned from all positions at Tianyuan Shares in early June.

For Deng Min, who is about to take over leadership, Wuliangye is currently at the center of its most intense internal and external storm in recent years.

First is the aftershock of internal governance rectification. On February 28, the former chairman Zeng Congqin, who had led for more than four years, was detained by Yibin City Commission for Discipline Inspection and Supervision for serious violations of discipline and law, triggering Wuliangye’s most severe top management turmoil in years.

Second is the suddenly red-flagged financial fundamentals.

Wuliangye made large retrospective adjustments to its first three quarters of the 2025 financial report, deducting a total of over 30.3 billion yuan in revenue and over 15 billion yuan in profit.

In the first quarter of 2026, net profit attributable to shareholders increased by more than 80% year on year, but net cash flow from operating activities was -2.535 billion yuan, down 18.384 billion yuan from the same period last year, a year-on-year decrease of 116%.

Externally, although Deng Min lacks direct experience in the baijiu industry, his management and capital expertise in mega local SOEs is unquestionable.

In the current market environment, which severely tests supply-side efficiency and intensifies competition over stocks, this “state asset veteran” parachuting in carries multiple expectations from the local government to drive Wuliangye’s institutional innovation, streamline marketing systems, and restore confidence in the capital market.

Under the dual pressure of deep industry adjustment and strict internal rectification, the “fragrant liquor leader” has entered its second half of the game.

Whether this leader, appointed in a moment of crisis, can use a strong industrial hand to guide the team through turbulent times is what the market is watching for.

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