Beijing, July 2 (Reporter Xie Yiguang) The "top leader" of Yanghe Stock Co., Ltd. suddenly resigned.

On the evening of July 1, Yanghe Spirits Co., Ltd. announced that it had recently received a written resignation application from the company's Chairman Zhang Liandong. Zhang Liandong, due to work adjustments, applied to resign from the position of Director, Chairman of the Eighth Board of Directors, and Chairman of the Strategic Committee and Nomination Committee of the Board of Directors. Zhang Liandong's original term was to expire when the Eighth Board of Directors of the company expired, and after resignation, he will not hold any other positions in the company or its subsidiaries.

Screenshot from the announcement of Yanghe Spirits Co., Ltd.

Public information shows that Zhang Liandong was born in September 1968. He has served as the Director of the Management Committee of the Economic and Technological Development Zone of Suqian City, Vice区长 of Suqian District, Member of the Standing Committee of the Committee of the Communist Party of China in Suqian District, Secretary of the Party Committee of the Economic and Technological Development Zone of Suqian District, Deputy Secretary of the Municipal Government of Suqian City, Director of the Municipal City Management Bureau of Suqian City, Deputy Secretary of the Municipal Government of Suqian City (at the level of a deputy director), Secretary of the Party Committee of the Yanghe New District of Suqian City, Chairman of the Trade Co., Ltd. of Sujiu Group, Secretary and Chairman of the Party Committee of Jiangsu Yanghe Distillery Co., Ltd., and Chairman of Jiangsu Shuanggou Wine Co., Ltd.

In February 2021, Zhang Liandong took office as the Chairman of Yanghe Spirits Co., Ltd. At that time, Yanghe Spirits had experienced two consecutive years of revenue decline. This 'parachute soldier' was able to turn the tide, but under the deep adjustment of the Baijiu industry, it was difficult to reverse the downward trend.

The financial report shows that from 2021 to 2024, the revenue of Yanghe was 253.5 billion yuan, 301.05 billion yuan, 331.26 billion yuan, and 288.76 billion yuan, respectively, with year-on-year growth rates of 20.14%, 18.76%, 10.04%, and -12.83%; the net profit attributable to the shareholders of the listed company was 75.08 billion yuan, 93.78 billion yuan, 100.16 billion yuan, and 66.73 billion yuan, respectively, with year-on-year growth rates of 0.34%, 24.91%, 6.8%, and -33.37%.

In the first quarter of 2025, the revenue of Yanghe Spirits Co., Ltd. was 110.66 billion yuan, a decrease of 31.92% year-on-year; the net profit attributable to the shareholders of the listed company was 3.637 billion yuan, a decrease of 39.93% year-on-year.

Faced with Yanghe's transformation from 'thousand-year-old third' to 'industry-old fifth,' Zhang Liandong has not been without reflection.

At the 2024 annual general shareholders' meeting held in June, Zhang Liandong apologized to investors for the decline in the company's performance. He frankly admitted that during this round of Baijiu cycle, the performance of Yanghe Spirits was 'relatively lagging behind,' and 'the biggest problem lies with us (the management team).'

Regarding the problems existing in the company, Zhang Liandong believes that Yanghe Spirits is still relatively backward in brand building; it failed to upgrade and renew the brand in a timely manner; some positioning in brand competition is not yet clear; and the path of brand building is still relatively traditional.

Cai Xuefei, an analyst in the Baijiu industry, said during an interview with a journalist that Zhang Liandong's resignation is due to both short-term performance pressure and the cyclical adjustment of the industry as well as the intensification of competition within the province. This personnel adjustment may bring new strategic planning to the new leadership, and also creates an opportunity for Yanghe to introduce new thinking and new momentum.

Screenshot from the official website of Yanghe Spirits Co., Ltd.

According to the official announcement of Yanghe Spirits Co., Ltd., Gu Yu has been appointed as the Secretary of the Party Committee of Jiangsu Yanghe Distillery Co., Ltd. (Sujiu Group) in accordance with the spirit of the document of the Communist Party of China Suqian Municipal Committee.