Economic Observer reporter Zhang Xiaohui

On June 29, 2026, the stock price of Yibin Wuliangye Co., Ltd. (000858.SZ, hereinafter referred to as "Wuliangye") fell to 71.75 yuan/share during trading, hitting a seven-year low.

This is the lowest value of Wuliangye's stock price since June 2019. Compared to the stock price of 115 yuan/share at the beginning of 2026, Wuliangye's market value has evaporated by 37%, about 161.1 billion yuan. According to Wind data, based on the closing stock price of 73.21 yuan per share on July 3, Wuliangye's current market value is 284.2 billion yuan.

Wuliangye, the largest Baijiu company in Sichuan Province by market value, was not calm in the first half of 2026. Zeng Congqin, the former chairman, was investigated for violations of discipline and laws at the end of February 2026.

On June 26, 2026, Wuliangye held its annual shareholders' meeting, first dismissing Zeng Congqin from his position as a director, and then electing Deng Min as the new director of Wuliangye. Subsequently, at the 7th board meeting of Wuliangye, Deng Min was elected as the 7th chairman of Wuliangye.

On that day, a reporter from the Economic Observer attended the annual shareholders' meeting of Wuliangye as a shareholder and met with the newly appointed chairman Deng Min.

Who is selling Wuliangye?

Economic Observer reporters have reviewed the shareholder data of Wuliangye in the first half of the year and found that, except for the largest shareholder Yibin Development Holdings Group Co., Ltd. (holding 34.43% of the shares) and the second largest shareholder Sichuan Yibin Wuliangye Group Co., Ltd. (holding 20.65% of the shares), many institutional shareholders are reducing their holdings of Wuliangye.

The three core institutions that continue to significantly reduce their holdings of Wuliangye are concentrated in leaving in the second quarter. According to Wind data, northbound funds, such as Hong Kong Central Depository and Clearing Corporation Limited (the fourth largest shareholder of Wuliangye), are the main force for foreign investors to sell Wuliangye. At the end of the first quarter, Hong Kong Central Depository and Clearing Corporation Limited held 81.5764 million shares of Wuliangye. As of May 11th, the institution's holdings have decreased to 70.7922 million shares, a reduction of 13.22%.

In addition, taking China Securities Finance Co., Ltd., the third largest shareholder, as an example (hereinafter referred to as "Securities Finance Company"), its shareholding at the end of the first quarter was 87.1644 million shares. As of May 11, the shareholding of Securities Finance Company decreased to 76.0447 million shares, a reduction of 11.1197 million shares, with a reduction rate of 12.76%.

Star Baijiu Fund also collectively reduced its holdings of Wuliangye. According to Wind data, at the end of the first quarter, Penghua Securities and Liquor Trading Open Ended Index Securities Investment Fund held 26.16 million shares. As of May 11, the number of shares held was 25.5649 million, with a reduction of 595000 shares.

New Chairman Deng Min calls for adherence to 'long termism'

The continuous decline in stock price is a new challenge for Deng Min, the new chairman of Wuliangye.

Deng Min is a chairman born in the 1970s. The official resume provided by Wuliangye shows:

Deng Min, male, Han nationality, was born in November 1970, started working in July 1991, and joined the CPC in December 1995. He is from Hejiang, Sichuan Province. He has a graduate degree, a senior engineer, and a senior professional manager. Served as the Party Secretary and Chairman of Yibin Siliya Group Co., Ltd., Chairman of Yibin Siliya Co., Ltd., Party Secretary and Chairman of Yibin Tianyuan Group Co., Ltd. (002386. SZ), Deputy Party Secretary, Director, and General Manager of Yibin Development Holding Group Co., Ltd; The current Party Secretary and Chairman of Yibin Wuliangye Group Co., Ltd. in Sichuan Province, as well as the Party Secretary and Chairman of Wuliangye.

Before the shareholders' meeting began, Deng Min continued the tradition of Wuliangye: laying the red carpet, executives standing at the door to welcome shareholders, and a band playing music to welcome shareholders from all over the country to attend.

Deng Min made a speech at the 2026 shareholders' meeting of Wuliangye, marking the first time the new chairman of Wuliangye has faced the media and shareholders.

Deng Min said that at present, the Baijiu industry is still in the stage of deep adjustment, but the structural strategic opportunities faced by Wuliangye are always greater than the challenges. This judgment stems from "two things have never changed": first, the underlying logic and value attributes of Baijiu consumption have never changed. The deep adjustment of Baijiu industry is cyclical and structural. It is not only a test of tempering the resilience of enterprises and honing their internal strength, but also an opportunity to optimize the industry landscape and catalyze innovation and change. For advantageous production areas, advantageous enterprises, and advantageous brands, the structural strategic opportunities they face always outweigh the challenges.

Secondly, the foundation for the long-term value growth of Wuliangye has never changed. As the leading competitive enterprise in Chinese Baijiu's liquor industry, the company has strong overall business resilience, controllable risk resistance, and the advantages and capabilities of going through the cycle earlier and faster.

Deng Min stated that Wuliangye will uphold a long-term approach, deeply cultivate refined management, and create a new pattern of multi-party win-win through high-quality development.

General Manager Hua Tao proposed "upholding integrity and innovating"

The final stage of the shareholders' meeting is the communication and interaction between the executives of Wuliangye and the shareholders.

496 shareholders attended the 2026 shareholders' meeting of Wuliangye, holding 2.142 billion shares, accounting for 55.19% of the company's total share capital of 3.882 billion shares.

During the shareholder exchange, a shareholder asked on the spot: "The Baijiu industry has undergone considerable adjustment in recent years. How does the company's management view the current Baijiu industry and what kind of cycle it is in? How will the company respond in the future and go through this cycle?"

Hua Tao, general manager of Wuliangye, replied that this round of adjustment of Baijiu industry is a systematic remodeling, which is different from previous adjustments. Only by adhering to long-term and systematic thinking can we cross the cycle.

Huatao said, "To overcome this cycle and the difficulties, adjustments, and downturns of the industry, the key is still the four words' upholding integrity and innovation '

Outside of the shareholders' meeting, investors on the Shenzhen Stock Exchange's interactive platform ask much sharper questions online than on-site shareholders.

On June 29th, an investor asked, "Has the company's financial statements been significantly revised? Have any shareholders filed a lawsuit? Has it been filed?" On July 1st, another investor asked, "The company's stock has been hitting new lows every day recently, and many shareholders have asked about the company's repurchase situation. Can you accurately state the repurchase quantity

As of press time, Wuliangye has only responded to the second question: "Dear investors, the company strictly follows the requirements of laws and regulations, and timely discloses the progress announcement of the repurchase when the required disclosure time or conditions are met

In the stage of deep adjustment of the Baijiu industry, it still needs time to prove whether Deng Min, the chairman of the post 70s group, can lead Wuliangye through the cycle.