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After the performance "Waterloo", the drunkard changed the commander to the peak

After the performance "Waterloo", the drunkard changed the commander to the peak

Recently, a number of wine companies have announced a change of leadership. Following Jinsha Liquor and Jingzhi, Drunkard Liquor also elected a new chairman. On the evening of February 23, Drunkard Liquor issued an announcement saying that Gao Feng was elected as the chairman of the company. At the same time, Zheng Yingnan and Zheng Yi were re-elected as vice chairmen of the company, and Hu Xiaoxi, Li Wensheng, Wang Zhe and Zou Fei continued to serve as deputy general managers.

2023 is a bumpy year for alcoholics: the annual stock price has fallen by 46.29%, and the market value has shrunk by nearly 21.1 billion yuan, ranking first among listed liquor companies.

Frequent changes in senior management

After the performance "Waterloo", the drunkard changed the commander to the peak

According to public information, Gao Feng has a rich resume in the COFCO system, joined COFCO Trade and Development Corporation in April 1996, and has worked in the functional departments of China Cereals, Oils and Foodstuffs Import and Export (Group) Co., Ltd., COFCO Real Estate (Group) Co., Ltd., COFCO Land Co., Ltd., COFCO Trading Co., Ltd., and COFCO Corporation. He is currently the chairman and secretary of the Party Committee of COFCO Wine Investment Co., Ltd., and the chairman and secretary of the Party Committee of Alcoholic Spirits.

At the 2023 Annual Alcoholic Liquor Conference held in December 2023, Gao Feng appeared as Secretary of the Party Committee and Chairman of COFCO Alcohol, and proposed, "COFCO Alcoholic Spirits will fully support the alcoholic liquor management team and start a new journey of high-quality development of alcoholic liquor." At this time, the liquor industry speculated that Gao Feng may be appointed chairman of the liquor company.

In the long run, there have been many changes in the management of alcoholic liquor in recent years.

Since 2015, when COFCO became the owner of Alcoholic Liquor, in 2016, COFCO began to send management personnel to Alcoholic Liquor. This year, there were three more management personnel with COFCO backgrounds, including Jiang Guojin, who was the general manager of COFCO, as the chairman of Jiujiujiu, Dong Shungang, who worked in the beer raw materials department of COFCO, as the general manager, and Li Ming, who was the general manager of the East China Region of China Food Co., Ltd., as the deputy general manager.

However, Jiang Guojin resigned after only two years as chairman of the board of directors of alcoholics, and then took over from Wang Hao, who was the chairman of COFCO Wine, and recently the company's "number one" has changed again.

In addition to the chairman of the board, other important positions, especially the position of general manager of the company, which is mainly responsible for management, are also frequently replaced.

In April 2020, Dong Shungang, the former general manager of Jiujiujiu, resigned from all positions in the company, and the company hired Cheng Jun as the deputy general manager and exercised the functions and powers of the general manager, and the latter also resigned from Jiujiujiu a year later in August 2021.

After Cheng Jun left, Zheng Yi, the former vice president of COFCO Wine & Spirits Investment Co., Ltd. and concurrently the general counsel, took over the position of general manager and has served until now.

It is worth mentioning that Zheng Yi was questioned by some investors at the beginning of his succession, because judging from his resume, Zheng Yi has neither experience in managing liquor production nor sales.

Performance cut in half

Since COFCO settled in 2015, Jiuguijiu has become a "dark horse" in the liquor industry, with revenue increasing by more than 5 times from 601 million yuan in 2015 to 4.05 billion yuan in 2022. But the high growth did not last, and the drunkard will be in "trouble" in 2023.

In the first half of 2023, the operating income in the first half of 2023 was 1.541 billion yuan, a year-on-year decrease of 39.24%, and the net profit was 422 million yuan, a year-on-year decrease of 41.23%.

It is understood that this report card is the worst reported performance of alcoholic liquor in the past 7 years, and in horizontal comparison, it is also the poor performance growth in the first half of 2023.

After the performance "Waterloo", the drunkard changed the commander to the peak

According to relevant media reports, the internal personnel composition of Drunkard Liquor is relatively complex, consisting of three factions: COFCO, the local government, employees and local forces, with delicate relationships and constant interest games, which makes it difficult to manage Drunkard Liquor as a whole.

According to the analysis of industry insiders, the chairman of the board of directors by Gao Feng, a veteran of COFCO, may bring a series of changes to the subsequent development of alcoholic liquor.

Gao Feng's extensive track record within the COFCO system shows that he has a deep understanding of the food and wine industry, which may provide more professional support for the strategic planning and management of alcoholic spirits.

Considering that Gao Feng mentioned in his speech that COFCO Wine will fully support the development of alcoholic liquor, this shows that COFCO is willing to enhance the overall competitiveness of alcoholic liquor by strengthening resource integration. As the chairman of COFCO Wine & Spirits, Gao Feng will be able to coordinate resources at different levels to promote the high-quality development of alcoholic spirits. Given that COFCO Wine & Spirits is the de facto controller of alcoholic liquor, the appointment of a new chairman may bring a clearer direction and firmer strategic focus to the company. Of course

For the new leadership team of Drunkard Liquor, whether it can get rid of the downward trend of performance and climb to the "peak" again still needs to be tested by the market.

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div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}

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