Yang Zhaobing is appointed as General Manager for the second time. Is Yingjia Tribute Liquor aiming to "break 10 billion"?

With management reshuffling, the “strive to reach 10 billion” goal for Yingjiajiu Industry is no longer mentioned.

The general manager position at Yingjiajiu Conjiu has seen one “old face” sent away, and another “old face” welcomed in.

On the evening of March 10, Yingjiajiu Conjiu issued an announcement showing that Qin Hai, due to work adjustments, applied to resign as the company’s general manager.

Qin Hai served as general manager of Yingjiajiu Conjiu from January 2014 to January 2018, and then resumed the role again starting in September 2023.

Yang Zhaobing has taken over as general manager. He took over from Qin Hai as general manager of Yingjiajiu Conjiu in January 2018 and was adjusted to vice general manager in September 2023.

Worth noting is that in early 2024, Yang Zhaobing proposed, “2024 is a crucial year for Yingjiajiu Conjiu’s sales company to strive for 10 billion.” However, according to media reports at the time, when Yang Zhaobing put forward the goal, he did not list a “timeline” for the 10-billion target.

In March 2026, Yang Zhaobing pointed out that 2026 is a key year for Yingjiajiu Industry’s sales company to consolidate its foundation and deepen its transformation. All sales colleagues were to take on the responsibility of “leading the way and striving for excellence,” and anchor the sales targets.

At this point, Yang Zhaobing did not mention the “strive to reach 10 billion” goal again.

01

Qin Hai Steps Back Again

On the evening of March 10, Yingjiajiu Conjiu issued an announcement showing that the company’s board of directors has recently received Qin Hai’s resignation letter as the company’s general manager. Due to work adjustments, Qin Hai applied to resign as the company’s general manager. After stepping down, Qin Hai will still serve as a director of the company, as well as a member of the remuneration and performance evaluation committee and a member of the strategy committee.

Worth noting is that Qin Hai’s originally scheduled term end date was September 8, 2026, meaning there is still about half a year remaining, and he is stepping back early.

In the announcement, Yingjiajiu Conjiu gave Qin Hai a high evaluation of his work. The company said that during Qin Hai’s tenure as general manager, he worked diligently and faithfully fulfilled his duties, making important contributions to the company’s development.

The 2024 annual report of Yingjiajiu Conjiu shows that Qin Hai previously served as a workshop worker and section chief at Foziling Distillery, director of the Wuhu office and director of the Hefei office of the liquor business company, and manager of the commercial and trading department; he was deputy general manager of the Yeling Beverage company, general manager of the sales company, vice general manager of the company, general manager of the company, and general manager of Anhui Yingjia Spring Co., Ltd., as well as vice president of Yingjia Group. Since September 2009, he has served as a director of Yingjia Group; since January 2014, he has served as a director of the company; and since September 2023, he has served as the company’s general manager.

Foziling Distillery is the predecessor of Yingjia Group, established in 1955. Judging from this, Qin Hai rose step by step from grassroots positions to become an “old face” and a senior executive at Yingjia Group.

In fact, Qin Hai has resigned as general manager of Yingjiajiu Conjiu for the second time.

Yingjiajiu Conjiu was listed in May 2015. According to the prospectus, from September 2011 to the present, Qin Hai has served as a director and general manager of the company, and general manager of the sales company; from January 2014 to the present, he has served as a director and general manager of the company.

In January 2018, Yingjiajiu Conjiu released an announcement stating that due to changes in his work position, the company’s general manager Qin Hai would no longer serve as the company’s general manager. Qin Hai would continue to serve as a director of the company and a member of the strategy committee.

At the same time, Yingjiajiu Conjiu also released an announcement stating that, based on the company’s actual operating situation, the board of directors decided to appoint Yang Zhaobing as the company’s general manager.

The 2016 annual report shows that Yang Zhaobing previously held roles including regional manager for the Anhui region at the sales company and executive general manager; assistant to the general manager and deputy general manager of the sales company. From January 2014 to March 2016, he served as deputy general manager of the sales company (in charge of work); from March 2016 to the present, he has served as general manager of the sales company. From March 2014 to the present, he has served as a director of the company.

In terms of age, Qin Hai was born in April 1968, while Yang Zhaobing was born in August 1976—Yang Zhaobing is “more vigorous” than Qin Hai.

Over the next more than four years, Qin Hai has continued to serve as a director of Yingjiajiu Conjiu.

In September 2023, Yingjiajiu Conjiu issued an announcement regarding the board of directors’ term change and re-election. It stated that, upon nomination by the company’s chairman Ni Yongpei, after review and approval by the board’s nominating committee, the board hired Qin Hai as the company’s general manager for a term of three years.

Meanwhile, Yingjiajiu Conjiu’s announcement shows that the board of directors hired Yang Zhaobing and others as vice general managers of the company.

In other words, Qin Hai became the de facto “number two” at Yingjiajiu Conjiu again, while Yang Zhaobing was relegated to “number three.”

In the most recent change in posts, Yingjiajiu Conjiu’s announcement states that, upon nomination by the company’s chairman, and after review and approval by the board’s nominating committee, the board agreed to hire Yang Zhaobing as the company’s general manager. His term runs from the date on which this board meeting is deliberated and approved to the date on which the fifth session of the board of directors concludes.

About two and a half years later, Yang Zhaobing “switched positions” with Qin Hai again, becoming the de facto “number two” at Yingjiajiu Conjiu.

02

2025 Operating Targets May Not Be Achieved

With Yang Zhaobing serving as general manager for the second time, what changes will Yingjiajiu Conjiu see?

Yingjiajiu Conjiu, together with Gujingjiu, Kouzijiao, and Jinsenzujiu, is known as the “Four Titans of Anhui liquor.” The company’s main liquor products include the Master Edition series, the Cave-Storage series, the Gold and Silver Star series, the Centennial Yingjia series, and others.

In 2016, Yingjiajiu Conjiu’s operating revenue first exceeded RMB 3 billion, reaching RMB 3.038 billion. Over the next four years, the company’s operating revenue remained at the 3-billion level. Even in 2020, it fell by 8.6% to reach RMB 3.452 billion.

From 2021 to 2024, Yingjiajiu Conjiu’s operating revenue was RMB 4.604 billion, RMB 5.505 billion, RMB 6.771 billion, and RMB 7.344 billion respectively, achieving a “four-level leap.”

In May 2023, Yingjiajiu Conjiu’s chairman Ni Yongpei said that the liquor market size within Anhui province is expected to be about RMB 30 billion to RMB 40 billion, and the “ceiling” for provincial revenue is about RMB 10 billion.

In early 2024, Yang Zhaobing proposed, “2024 is a crucial year for Yingjiajiu Conjiu’s sales company to strive for 10 billion.” However, according to media reports at the time, when Yang Zhaobing put forward the goal, he did not list a “timeline” for the 10-billion target.

As the liquor industry entered a period of adjustment, in the first three quarters of 2025, Yingjiajiu Conjiu achieved operating revenue of RMB 4.516 billion, down 18.09% year-on-year; attributable net profit was RMB 1.511 billion, down 24.67% year-on-year.

Specifically, in the first three quarters of 2025, Yingjiajiu Conjiu’s sales revenue of mid-to-high-end liquors reached RMB 3.551 billion, down about 16% year-on-year; sales revenue of regular liquors was RMB 0.712 billion, down about 29% year-on-year.

According to the meeting materials for the 2024 annual general meeting of shareholders released in May 2025, Yingjiajiu Conjiu’s key financial budget targets for 2025 are as follows: operating revenue of RMB 7.600 billion (up 3.49% year-on-year), and net profit of RMB 2.620 billion (up 1% year-on-year). Among them, the 2025 target for the liquor main business is RMB 7.256 billion, with an expected year-on-year increase of 3.46%.

Evidently, given the current situation, Yingjiajiu Conjiu is no longer able to meet its financial budget targets.

Although Yingjiajiu Conjiu’s full-year performance in 2025 will most likely decline significantly, Yang Zhaobing still said that the company achieved “excellent results.”

On March 6, 2026, the sales company of Yingjiajiu Industry held a grand 2025 annual summary and commendation conference themed “Forge New Strength and Align for Win-Wins.”

At the conference, Yang Zhaobing delivered the “2025 Work Report of Yingjiajiu Industry Sales Company.” The report pointed out that in 2025, all colleagues at the sales company worked hard and made progress, and, by focusing on eight areas—system framework, human resources, product management, dealer structure, cooperative-selling models, channel models, product-and-sales coordination, and digitalization development—they made solid efforts and achieved excellent results.

Ni Yongpei said at the conference that in 2025, the sales company would directly face market challenges, shoulder the responsibility of development, continuously improve marketing capabilities, keep expanding its market footprint, and paint an encouraging new chapter for Yingjia.

Yang Zhaobing stated that 2026 is the opening year of the “15th Five-Year Plan” (15th-Five-Year period) and also a key year for Yingjiajiu Industry’s sales company to consolidate its foundation and deepen its transformation. All sales colleagues should take on the responsibility of “leading the way and striving for excellence,” anchor the sales targets, implement all initiatives, hone their skills in team building, achieve breakthroughs and innovation in market offensives, and create win-wins together in building the ecosystem—doing their utmost to complete the target tasks.

Evidently, Yang Zhaobing did not mention the “strive for 10 billion” goal again.

Source: Aotou Finance

Author: Cheng Rui

Statement: This article is only for sharing knowledge, solely to deliver more information! This article does not constitute any investment advice. Anyone who makes an investment decision based on it assumes all risks.