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 stock price has fallen by 46% for the year29%, with a market value of nearly 21.1 billion yuan, the largest decline among liquor listed companies.
Photo by Zuo Yu. Frequent changes in senior management.
According to public information, Gao Feng joined COFCO Development Company in April 1996, and worked in functional departments such as China Cereals, Oils and Food Import and Export, COFCO Real Estate Co., Ltd., COFCO Land, COFCO, and COFCO at the end of last year.
In fact, the market has long expected Gao Feng to serve as the chairman of the alcoholic liquor.
On December 9, 2023, Alcoholic Spirits held the 2023 Rich Conference, and Gao Feng, the new Secretary of the Party Committee and Chairman of COFCO Wine, attended the conference and delivered a speech, which was also its first appearance in Alcoholic Spirits.
Gao Feng said at the meeting that COFCO Wine & Spirits will fully support the management team of alcoholic liquor, focus on the core orientation of "consumer-centric, create value for customers", and start a new journey of high-quality development of alcoholic liquor.
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 are three more management personnel with COFCO background, among which Jiang Guojin, who was the general manager of COFCO, became the chairman of Jiujiujiu, Dong Shungang, who worked in the beer raw materials department of COFCO, served as the general manager, and Li Ming, who was the general manager of China Food's East China Region, served as the deputy general manager.
However, Jiang Guojin resigned after only two years as chairman of the alcoholic spirit, and then succeeded 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 appointed Cheng Jun as the deputy general manager and exercised the functions and powers of the general manager, and the latter also resigned from Jiujiujiu in August 2021 a year later.
After Cheng Jun left, Zheng Yi, the former vice president of COFCO Wine & Spirits Investment and general counsel, took over the position of general manager and has served so far.
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.
Xiao Zhuqing, a wine marketing expert, said that for wine companies controlled by foreign capital, such as Jinsha Liquor, Drunkard Liquor, Shede Liquor, etc., this type of liquor company is faced with the tripartite interest game of local forces and controlling shareholders represented by regional ** and old employee groups, and the internal communication cost is high, and personnel changes often occur.
Performance cut in half. Since COFCO settled in 2015, Jiujiu has become a "dark horse" in the liquor industry, with revenue from 60.1 billion yuan becomes 40. in 2022500 million yuan, more than 5 times.
But the high growth did not last, and the drunkard will be in "trouble" in 2023.
At the drunkard's wine and fuyu conference two months ago, Zheng Yi put the criticism and accusations of the drunkard on the Internet on the big screen at the beginning of his speech, and the words "performance directly cut in half", "* upside down", "pressure speculation", "high inventory", "channeling", "what is the management doing" and other words appeared on the ppt, and the drunkard "blackened" himself in public.
According to the financial report, in the first three quarters of 2023, the alcoholic liquor achieved revenue of 214.2 billion yuan, down 38 percent year-on-year5%；Net profit attributable to the parent company was 47.9 billion yuan, down 50 percent year-on-year7%。This is the first decline in the performance of alcoholic liquor in the first three quarters in the past 9 years, and the decline is large.
In addition to the decline in performance, problems such as channel inventory and upside down of alcoholic liquor are also becoming increasingly prominent. According to the data, as of the first three quarters of 2023, the company's inventory was 145.1 billion yuan, a year-on-year increase of nearly 20%.
In the long run, from 2020 to 2022, the inventory of finished liquor will climb from 2,993 tons to 7,375 tons, more than double in two years. In addition, the company's core single product 500ml of alcoholic liquor 52 degrees also has a serious ** upside down, the suggested retail price of the product is 1499 yuan, the factory price is 1050 yuan, but its ** in the market is now about 850 yuan.
In 2023, the company announced that it would stop receiving orders for the "Drunkard" and "Xiangquan" series products in the national market from October 10, 2023.
According to Jiujiujiu, this measure aims to carry out nationwide market combing, rectify market order, increase product batch prices, and boost channel confidence.
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.