Poor Performance Leads to Early Resignation? "1970s Generation" Sales Veteran Takes Over as Yingjia Tribute Wine General Manager with Annual Salary of 840,000

Text | Luka

Editor | Liu Peng

“Huijiu’s Second Place” Yingjia Tribute Liquor announced on the evening of March 10 that the company’s General Manager Qin Hai has applied to resign due to work adjustments, nearly six months earlier than his original term expiration date. Upon nomination by Chairman Ni Yongpei, Yang Zhaobing was appointed as the new General Manager. According to insiders, Qin Hai will remain as Chairman of the Group’s Labor Union and a director of the company after stepping down as General Manager.

Yingjia Tribute Liquor is a well-known aromatic white liquor enterprise in Anhui Province, located in Foziling Town, Huoshan County, in the Dabie Mountains. Its predecessor was Foziling Distillery, established in 1955. Both Qin Hai, who stepped down, and Yang Zhaobing, who took over, are veteran employees who joined during the Foziling Distillery era.

Yingjia Tribute Liquor announced.

Qin Hai, born in April 1968, previously worked as a workshop employee and director at Foziling Distillery. He has served as General Manager of Yingjia Tribute Liquor since September 2023, with an annual salary of 571,800 yuan, and does not hold any shares in the listed company. According to the announcement, Qin Hai will still serve as a director, and as a member of the Compensation and Assessment Committee and the Strategy Committee.

Yang Zhaobing, born in August 1976, with an annual salary of 846,100 yuan, is one of the highest-paid executives in Yingjia Tribute Liquor besides the chairman. He previously worked as a workshop employee at Foziling Distillery, then moved to various sales companies, responsible for core sales operations. From December 2020 to March 2026, he served as General Manager of the sales company. He has been Deputy General Manager of Yingjia Tribute Liquor since September 2023, until his recent appointment as General Manager.

Yingjia Tribute Liquor’s new General Manager Yang Zhaobing. Photo source: China Liquor News Network

Behind the executive change, Yingjia Tribute Liquor’s operating performance has also been less than optimistic. In the first three quarters of 2025, the company achieved operating revenue of 4.516 billion yuan, down 18.09% year-on-year; net profit attributable to the parent was 1.511 billion yuan, down 24.67%; net profit after non-recurring gains and losses was 1.474 billion yuan, down 26.16%. During the same period, net cash flow from operating activities was 789 million yuan, a decrease of 38.13% year-on-year.

The company’s performance further deteriorated in Q3 2025, with revenue of 1.356 billion yuan, a sharp decline of 20.76%; net profit attributable to the parent was 381 million yuan, down 39.01%, indicating a significant decline in profitability, exceeding expectations of many brokerages.

Yingjia Tribute Liquor’s products cover mid-to-high-end and regular white liquors. The main high-end brands include the Dongzang series, Jinxing series, and Yinxing series, while the regular white liquor brands include the Bai Nian Yingjia Tribute series and simple-packaged series. Currently, mid-to-high-end products are the main source of revenue. However, according to the announcement, in Q3 2025, sales revenue from mid-to-high-end white liquor was 1.014 billion yuan, down 21.78% year-on-year; regular white liquor sales reached 260 million yuan, down 22.78%.

Yingjia Tribute Liquor disclosed its 2025 financial budget plan in May 2025, with key targets including: operating revenue of 7.6 billion yuan, a 3.49% increase over 2024; net profit of 2.62 billion yuan, a 1% increase over 2024.

Although the company has not yet released a full-year 2025 performance forecast, based on the three-quarter report, achieving the budget targets will be challenging. Guosen Securities stated that considering the later timing of the 2026 Spring Festival, Yingjia Tribute Liquor is expected to face significant pressure to meet its full-year sales goals in 2025, and increased marketing expenses will be necessary amid intensified competition within the province.

According to public reports, on March 6, 2026, Yingjia Liquor Sales Company held the 2025 Annual Summary and Commendation Conference, where Yang Zhaobing delivered the “2025 Work Report of Yingjia Liquor Sales Company.” The report emphasized that 2026 marks the start of the 14th Five-Year Plan and is a critical year for consolidating the company’s foundation and deepening transformation. All sales colleagues are urged to work hard to achieve the set goals.

On March 10, Yingjia Tribute Liquor’s stock closed at 35.91 yuan per share, down 0.19%, from the peak of 43.10 yuan before the Spring Festival, a decline of over 16%. The company plans to disclose its 2025 annual report on April 23, 2026.