Personnel changes are accelerating: More than 20 liquor companies have changed their CEOs in the past six months. The sudden influx of new managers has led to a cooling down in the industry, with experienced internal professionals taking on the heavy responsibility of managing the businesses.

Summary of Key Points

In the first half of 2026, China's liquor industry witnessed over 20 companies undergoing nearly 40 significant personnel changes (involving leading firms such as Moutai and Wuliangye, as well as across all sectors including baijiu, beer, huangjiu, and distribution channels). Behind this wave of rapid leadership transitions lies the industry's entry into a period of intensified competition characterized by reducing inventory, stabilizing prices, and boosting sales. To cope with performance pressures and break from established patterns, companies have adopted strategies such as appointing experienced internal executives, having the actual controllers take direct charge, and bringing in executives with beer industry backgrounds. Essentially, this represents an inherent transformation within the liquor sector during a challenging period.

I. The Extent of Personnel Changes

Within half a year, core positions such as chairman, president, and general manager were changed at over 20 companies across the entire industry, including industry giants like Moutai and Wuliangye, as well as regional brands like Yingjia Gongjiu and Kuaiji Mountain, and distribution platforms like Jiubianli and Jiuxiaoer:

• Moutai: The sauce-flavored liquor company appointed Xie Qinqing, a woman in her 80s, as the new chairman, and Li Qiangqing as the new general manager of its sales division.
• Wuliangye: Deng Min was elected as the new chairman.
• Yanghe: Chen Jun was promoted from vice president to vice chairman and president; the former president, Gu Yu, no longer holds that position.
• Distribution Channels: Jiuxiaoer appointed Luo Bo, a key founding member, as CEO, and Jiubianli changed its chairman to Chen Li.

Even beer companies (Qingdao Beer), huangjiu producers (Kuaiji Mountain), and liquor brands like Lujiu (Ningxia Hong) were affected by these changes, covering almost the entire liquor industry chain.

II. Why the Sudden Changes?

These leadership transitions are a result of performance pressures that have forced companies to take urgent action:

• The industry has entered a phase of "constrained competition," where the market size is no longer expanding, and companies are competing for existing shares.
• Companies face three major challenges: high inventory levels, unstable prices, and difficulty in selling products.
• The era of easily making profits through industry dividends is over; there is less room for trial and error, so changing management has become the norm when performance is poor.
• Challenges in specific areas:
• The consumption scenarios for mid-to-high-end baijiu (e.g., fewer business banquets) have declined, putting pressure on companies like Shuijingfang and Jiuguijiu, leading to managerial accountability and resignations.
• Distribution channels are undergoing significant changes (e.g., intense competition in instant retailing), requiring more market-savvy leaders for platforms like Jiubianli and Jiuxiaoer to break through these challenges.
• Capital markets and performance evaluations exert pressure on companies to hire executives capable of solving practical problems.

III. Trend 1: Internal Experts Take the Lead

Previously, companies might hire external executives to drive expansion, but during this tough period, they need insiders who are familiar with the company's operations and can quickly address issues:

• The new general manager of Yingjia Gongjiu, Yang Zhaobing, and the general manager of its sales division, Gu Zhengzhu, are both long-time employees who understand the distribution channels and products.
• Luo Bo, the CEO of Jiuxiaoer, was a key founding member who helped the company grow from scratch and knows the challenges and market strategies well.
• Huangtai Liquor promoted Xiu Weihua, recognizing his experience in managing the local baijiu market in Gansu.
• These individuals can immediately focus on boosting sales and stabilizing channels without needing a transition period.

IV. Trend 2: Actual Controllers Take Direct Control

Traditionally, companies have a decentralized structure with the chairman focusing on strategy and the general manager on operations. However, for tough times, actual controllers are taking on dual roles to streamline decision-making:

• Li Yinhui, the chairman of Tianyoude Liquor, also serves as the general manager, ensuring strategic and operational coherence.
• Xie Jinming, the chairman of Jinzhi Seed Liquor, takes full responsibility for managing the company's overall operations.
• Tan Yuexin, the actual controller of Lanzhou Huanghe, took on the role of president to directly address market changes.

This approach allows for rapid responses to customer needs; for example, when distributors report inventory issues, the boss can make immediate decisions without going through multiple layers of reporting.

V. Trend 3: Executives with Beer Industry Experience Are in High Demand

The problems faced by the baijiu industry (e.g., refined distribution channels, brand rejuvenation, and national expansion) are ones that the beer industry has already overcome. Therefore, liquor companies are seeking professionals from the beer sector:

• Tang Guijiang, the new general manager of Kuaiji Mountain, previously worked as a provincial marketing director at Budweiser and China Resources Snowflake, with expertise in fast-moving consumer goods channels.
• Gan Xiaofeng, the new general manager of Shuijingfang, comes from China Resources Snowflake and is skilled in night-time and regional market operations.
• Yang Xiang, the new general manager of Ningxia Hong, participated in the development of China Resources Snowflake and understands how to expand on a large scale.

These executives bring proven methods from the beer industry to help baijiu and huangjiu companies restructure their growth strategies.

Conclusion

The personnel changes in the first half of 2026 reflect the liquor industry's efforts to adapt to a challenging market environment. Whether the new leaders can successfully reduce inventory, stabilize prices, and increase sales during the upcoming peak seasons (Mid-Autumn Festival and National Day) will determine the future direction of the industry. The market will provide the final answer.