After changing 8 general managers in 13 years, is Shui Jing Fang really here to sell liquor?

You won't be shocked until you do the math.

Since Diageo officially took control in 2013, Shuijingfang has had eight general managers, with an average tenure of less than two years.

On June 2nd, Shuijingfang issued an announcement that 54-year-old Gan Xiaofeng would replace Hu Tingzhou as the general manager. Shuijingfang has changed its leader again.

With an unstable leadership position, the performance is naturally not good.

In 2025, Shuijingfang's revenue was 3.038 billion yuan, a year-on-year plunge of 41.77%; the net profit was only 406 million yuan, a shrinkage of nearly 70%.

Facing such a situation, can Gan Xiaofeng, a local veteran, lead Shuijingfang to break through the encirclement?

A Veteran from China Resources Steps In

This personnel change has caused quite a stir in the liquor industry.

Public information shows that Gan Xiaofeng, 54 years old, has a bachelor's degree, and his career spans both international and local liquor giants.

He once served as the sales director of the Southeast Region of Heineken in the early years. In 2003, he joined China Resources Snow Breweries, starting a 23-year tenure in the China Resources system.

During this period, he successively held important positions such as the deputy general manager of the Guangdong regional company and the general manager of the sales company, the general manager of the night market department at the headquarters, and the general manager of the Hainan sales branch. He was deeply involved in the whole process of China Resources Snow Breweries' expansion from a regional brand to a national beer giant.

It is worth noting that Gan Xiaofeng was "entrusted with a critical task" twice during his tenure at China Resources, and the businesses he was in charge of achieved a turnaround from losses to profits in the same year.

In October 2022, as China Resources Beer expanded into the liquor business, Gan Xiaofeng was transferred to be the general manager of Shandong Jingzhi Liquor Company under China Resources Liquor, thus accumulating valuable experience in operating in the liquor industry.

However, the implementation of the "beer and liquor strategy" led by him at China Resources was not smooth.

According to insiders close to Jingzhi Liquor, after China Resources acquired Jingzhi, it tried to introduce Jingzhi's liquor products into the channels of China Resources Snow Breweries and focused on expanding in regions such as Anhui, but the subsequent progress was not satisfactory.

China Resources Beer's annual report for 2025 shows that during the reporting period, the company's liquor business achieved a revenue of 1.496 billion yuan, a year-on-year decline of about 31%; the earnings before interest and taxes were -3.354 billion yuan, and about 2.877 billion yuan of goodwill impairment was provisioned for the liquor business.

In addition, after China Resources took over, senior executives such as Gan Xiaofeng launched a series of high-end products called "True Vintage" in an attempt to replace the previous Zhixiang series, but the market response was mediocre.

Eight General Managers in 13 Years

Gan Xiaofeng's appointment has once again drawn people's attention to the frequency of leadership changes at Shuijingfang.

Since Diageo officially took control in 2013, Shuijingfang has had eight general managers, with an average tenure of less than two years, setting a rare record for executive turnover in the liquor industry.

This high - frequency personnel turmoil is almost unimaginable in the liquor industry, which highly depends on long - term strategies, stable channels, and brand precipitation.

Moreover, each leadership change means a drastic swing in strategy and a reset of direction.

Looking back at the personnel changes over the years, Shuijingfang's strategies have been constantly changing.

During the tenure of Wei Yongbiao, the company focused on the "Business Recovery Plan", trying to help distributors by controlling the shipment rhythm and adjusting store assessments.

After Zhu Zhenhao took over, he held high the banner of "going all the way with high - end products". He not only upgraded the core products but also established a high - end liquor sales company and made great efforts to build a high - end circle service system.

When Hu Tingzhou took office, the focus suddenly shifted to "reducing inventory and maintaining prices", and extreme measures such as stopping production to control the quantity were even taken.

This frequent switching of strategies not only confuses distributors but also makes consumers' brand perception of Shuijingfang increasingly blurred.

Why Is the Leadership Position a Hot Potato?

In China, the liquor industry is highly distinctive. It is not only a beverage but also a social medium and a cultural symbol, highly relying on local human relationships and scene precipitation.

However, Diageo, the controlling company, tries to copy its fast - moving consumer goods management model that has been successful in the global market here, emphasizing standardization, process - orientation, and short - term performance.

In addition, Shuijingfang's status as a foreign - controlled company also restricts it in making key decisions. For example, it has difficulties in promoting dealer equity incentives and core employee shareholding, which are commonly implemented in the industry, and it is difficult to fully mobilize the enthusiasm of all parties like local liquor companies.

In 2025, Shuijingfang took extreme measures to stop production to control inventory. Although it temporarily relieved the pressure, it hurt the feelings of distributors, causing some distributors to switch to other brands due to tight capital chains.

Meanwhile, Shuijingfang's path to high - endization is also full of difficulties.

It is difficult to shake the absolute dominance of Maotai and Wuliangye in the high - end market, and it is also fiercely encircled by Jiannanchun, Yanghe, and Luzhou Laojiao in the sub - high - end market.

The annual report for 2025 shows that Shuijingfang's annual operating revenue was 3.038 billion yuan, a significant drop of 41.77% from 5.217 billion yuan in 2024; the net profit attributable to the parent company was only 406 million yuan, a year - on - year plunge of 69.73%.

In just one year, the profit scale shrank by nearly 70%, the revenue fell back to the level around 2020, and the net profit dropped to the lowest level since 2018.

Along with the decline in performance, the cash flow has deteriorated sharply. In 2025, the net cash flow from operating activities dropped sharply to - 624 million yuan, and both accounts receivable and inventory were high, putting obvious pressure on the capital chain.

Although the performance in the first quarter of 2026 has improved to some extent, the overall profitability is still fragile.

In such a severe situation, Gan Xiaofeng's appointment is regarded by the outside world as a "self - rescue" attempt by Shuijingfang.

However, although Gan Xiaofeng has remarkable management experience at Jingzhi Liquor, there are obvious differences between Shuijingfang and regional liquor companies.

In addition, as a listed company controlled by Diageo, Shuijingfang has long adopted an international governance system and has distinct characteristics of a foreign - funded enterprise in brand building, financial management, and organizational structure.

It remains to be seen whether this "practical - oriented" person from the China Resources system can break the curse of frequent leadership changes at Shuijingfang over the years and lead Shuijingfang out of the adjustment period.

This article is from the WeChat official account "Shenshui Finance Club", author: Han Jun. It is published by 36Kr with authorization.