Shanxi Xinghuacun Fen Wine Factory (SH:600809) 阿尔法工场研究院·2025-12-01 00:06Core Viewpoint - The restructuring of Shanxi Fenjiu's sales system, including the appointment of a dedicated chairman and the clarification of executive responsibilities, is a strategic response to previous governance issues and aims to enhance operational efficiency and market competitiveness [2][10][19]. Management Changes - Zhang Yongyong has been appointed as the chairman of the Fenjiu Sales Company, with Qiao Yuxing as the general manager, marking a significant shift in the company's leadership structure [3][4]. - Both Zhang and Qiao have extensive experience within the Fenjiu system, having held various marketing and management positions over the years [4][5]. Historical Context - The previous leadership under Li Jun faced scrutiny due to allegations of corruption, leading to a lack of transparency and concentrated power within the sales company [5][9]. - Li Jun's absence from key meetings and subsequent investigation raised concerns about governance and operational integrity, prompting the need for structural changes [5][9]. Market Dynamics - Fenjiu has experienced rapid growth in recent years, but the market is shifting from expansion to managing existing inventory, creating pressure on sales channels [11][13]. - The company faces challenges such as high inventory levels and price fluctuations, which could impact its competitive positioning in the market [13][14]. Strategic Focus - The new leadership aims to shift the focus from rapid sales growth to improving inventory management and optimizing sales quality, addressing the structural issues that have emerged [14][15]. - The restructuring is seen as a proactive measure to stabilize the sales network and ensure sustainable growth amid changing market conditions [10][22]. Industry Context - The white liquor industry is entering a period of deep adjustment, with competition increasingly focused on channel control rather than brand promotion [18][19]. - The governance structure of state-owned liquor companies often involves a dual oversight mechanism, balancing political and market demands [19][20]. Future Outlook - The success of Fenjiu's restructuring will be critical in determining its ability to maintain price stability and brand value, especially in the southern markets where consumer preferences are still developing [22]. - The company's ability to manage inventory while supporting high-end product pricing will be a key indicator of the effectiveness of the recent governance changes [22].