Analysis of the Executive 'Swap' at Huangtai Liquor: Xiu Weihua, Promoted to General Manager, Faces a Major Performance Challenge

Based on the collected information, I will provide you with an in-depth analysis report on the “swap” between the General Manager and Deputy General Manager of Huangtai Liquor (000995.SZ).

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On January 16, 2026, Gansu Huangtai Liquor Co., Ltd. issued an announcement announcing executive adjustments [1][2]:

Personnel	Position Before Adjustment	Position After Adjustment	Adjustment Method
Xiu Weihua	Deputy General Manager	General Manager	Promotion
Dai Jichen	General Manager	Deputy General Manager	Demotion

• This adjustment adopts a “swap” model, where the former General Manager and former Deputy General Manager exchanged positions [3]
• The adjustment has been approved at the 19th meeting of the 9th Board of Directors and takes effect immediately
• Neither of the two executives holds company shares, and there are no unfulfilled commitments
• The company emphasized that this adjustment will not affect daily operations

• Year of Birth
  : 1972
• Education
  : Master’s Degree in Management from Lanzhou University
• Career Experience
  : Served as General Manager of Gansu Hongchuan Liquor for a long time, with rich experience in operating regional liquor brands [3]
• Tenure at Huangtai Liquor
  : Joined Huangtai Liquor in May 2025 as Deputy General Manager and Chief Marketing Officer

During his tenure as Deputy General Manager, Xiu Weihua has led a series of marketing reforms, with frequent actions in sorting out the price system, refined channel operations, and new product promotion. On January 13, 2026 (a few days before the personnel change), Xiu Weihua also made a high-profile appearance at a customer appreciation meeting in Lanzhou, elaborating on the new product strategy of Huangtai Liquor’s “Jincheng Huangtai Liquor” [3].

Indicator	Value	Year-on-Year Change
Operating Revenue	RMB 87.08 million	-23.25%
Net Profit Attributable to Shareholders	-RMB 7.14 million	-131.54%
Net Operating Cash Flow	-RMB 14.34 million	-14,213.66%

Indicator	Value	Evaluation
Price-to-Earnings Ratio (P/E)	-1114.58x	Loss-making Status
Price-to-Book Ratio (P/B)	15.58x	Relatively High Valuation
Return on Equity (ROE)	-1.37%	Negative Return
Net Profit Margin	-1.48%	Loss-making
Current Ratio	0.77	Weak Short-Term Solvency
Quick Ratio	0.19	High Inventory Proportion

1. 23.25% Sharp Revenue Decline
   : Indicates that the company’s market share is being eroded by competitors
2. Shift from Profit to Loss
   : Changed from a profit in the same period of 2024 to a loss of RMB 7.14 million
3. Cash Flow Crisis
   : Operating cash flow plummeted by 14,213.66%, severely draining the company’s cash-generating capacity [3]
4. Delisting Risk Warning
   : The company has been subject to delisting risk warnings (ST or *ST) 5 times in history, setting a record in the A-share market [3]

The current liquor industry is in a period of in-depth adjustment:

• Intensified Head Effect
  : First-tier famous liquor brands such as Moutai and Wuliangye continue to expand downward, squeezing the living space of regional liquor enterprises
• Changes in Consumption Habits
  : Changes in consumption habits among the younger generation pose challenges to the demand for traditional liquor
• Expectation of Industry Bottoming Out
  : Some analysts believe that this adjustment is long-term and may maintain an “L-shaped” development trend for a long time [2]
• Most Regional Liquor Enterprises Under Pressure
  : Tianyoude Liquor, Yilite, Shunxin Agriculture, etc. all reported losses in the third quarter

Type of Challenge	Specific Performance
Market Pressure	The Matthew Effect in the liquor industry is intensifying, compressing the living space of regional liquor enterprises
Financial Dilemma	Risk of cash flow breakdown, continuous losses, and the cloud of delisting
Brand Value Erosion	The brand asset of “Moutai in the South, Huangtai in the North” has shrunk significantly
Damaged Channel Confidence	Poor sales collection, serious inventory backlog

Type of Opportunity	Specific Performance
Support from Actual Controller	Controlling shareholder Shengda Group continued to increase its shareholding at the end of 2025, and increased its shareholding by 1.83% on January 16, 2026 [3]
Clear Strategic Positioning	Continuing to concurrently serve as Chief Marketing Officer indicates that the company has prioritized “selling liquor”
Adjustment of Product Strategy	Launching more cost-effective mass-market liquor products to seize the Gansu base market
Dealer Support	Increasing support for dealers to restore channel confidence

:

• A well-known private enterprise in Gansu, mainly engaged in mining
• Took control of Huangtai Liquor in 2019, attempting to revitalize the company through capital injection and resource integration [3]

:

• Increased shareholding through the secondary market at the end of 2025
• Increased shareholding by 3.26 million shares through centralized bidding on January 16, 2026, accounting for 1.83% of the total share capital [3]
• After the increase, the shareholding ratio rose from 25.02% to 26.85% [3]

:

1. Shell Resource Value
   : Huangtai’s listed status is still scarce
2. Brand Assets
   : Although shrunk, it still has certain brand value
3. Possibility of Capital Operation
   : May inject mining assets to achieve backdoor listing, or introduce strategic investors for restructuring

:

Indicator	Value	Signal
Current Price	RMB 12.95	-
20-Day Moving Average	RMB 12.80	Price is 1.15% above the moving average
60-Day Moving Average	RMB 12.99	Slightly lower than the long-term moving average in the short term
RSI(14)	54.19	Neutral Zone
MACD	-0.0035	Bullish Signal (MACD Golden Cross)
Annualized Volatility	39.98%	Relatively High Volatility Risk
Trend Judgment	Consolidation	Direction Unclear

:

• Recent trading volume has shrunk by 14.94%, with decreased market participation
• 52-week amplitude is 44.53%, with relatively high volatility
• The stock price is in a consolidation phase, and the direction remains to be observed

:

• Relatively Difficult
  . The cyclical adjustment of the liquor industry is still ongoing, coupled with the company’s tight cash flow, the probability of a performance reversal in the short term is low
• Marketing Reforms May Show Results
  . As a veteran marketer, Xiu Weihua may bring marginal improvements in sorting out the price system and refined channel operations

:

• Depends on Industry Recovery
  . If the liquor industry stabilizes and recovers, Huangtai Liquor is expected to regain some market share in the Gansu base market
• Support from Actual Controller
  . If Shengda Group continues to inject capital or carry out capital operations, it may bring a turnaround for the company

:

• High Uncertainty
  . Regional liquor enterprises face pressure from the downward expansion of first-tier famous liquor brands; without major strategic breakthroughs, brand value may continue to erode

1. Delisting Risk
   : The company has been subject to Special Treatment (ST) or *ST (Risk of Delisting) designations multiple times in history; such regulatory reprieves may become invalid following the tightening of regulatory policies
2. Financial Risk
   : Sustained negative cash flow, high liquidity pressure
3. Industry Risk
   : In-depth adjustment of the liquor industry, significant pressure on regional liquor enterprises
4. Valuation Risk
   : The price-to-book ratio of 15.58x is relatively high; the stock price is supported more by shell value and restructuring expectations amid losses

• 2025 annual report performance (expected to be released in March-April 2026)
• Effects of subsequent marketing reforms (new product sales data, changes in channel inventory)
• Capital operation trends of Shengda Group
• Changes in the prosperity of the liquor industry

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[1] Sina Finance - “Huangtai Liquor Announces Executive Change: Xiu Weihua Appointed General Manager, Dai Jichen Appointed Deputy General Manager” (https://finance.sina.com.cn/roll/2026-01-17/doc-inhhrczr1561925.shtml)

[2] Sina Finance - “Huangtai Liquor Executive Change: Xiu Weihua Appointed General Manager, Dai Jichen Appointed Deputy General Manager” (http://finance.sina.com.cn/stock/zqgd/2026-01-16/doc-inhhpfkr5406279.shtml)

[3] NetEase Account - “Performance Plummets, Cash Flow Crisis, Huangtai Liquor’s General Manager and Deputy General Manager ‘Swap’” (https://www.163.com/dy/article/KJMSQLO005568N95.html)

[4] NetEase Finance - “Huangtai Liquor: Controlling Shareholder Increases Shareholding by 1.83%” (https://www.163.com/dy/article/KJLFC87005568V7Z.html)

[0] Jinling AI Financial Database (stock price data, company profile, financial indicators)