AGSW(SH:600199) Nan Fang Du Shi Bao·2025-07-02 11:23Core Viewpoint - The recent resignation of He Xiuxia, the general manager of Jinzhongzi Liquor, highlights the ongoing turmoil within the company and the broader challenges faced by regional liquor enterprises in a competitive market [1][9]. Company Summary - He Xiuxia submitted her resignation on July 2, 2023, effective immediately, due to work adjustments, and will not hold any position within the company or its subsidiaries post-resignation [1][5]. - He Xiuxia had been in her role since July 2022, during which Jinzhongzi Liquor faced continuous losses for four consecutive years from 2019 to 2022 [4][6]. - Under her leadership, several reform measures were implemented, including the restructuring of product lines and a focus on mid-to-high-end products, but these efforts did not yield the desired improvement in financial performance [6][8]. - Jinzhongzi Liquor's revenue for 2022 and 2023 was reported at 1.186 billion yuan and 1.469 billion yuan, respectively, with net losses of 187 million yuan and 22.07 million yuan [8][9]. - In 2024, the company experienced a significant decline in revenue to 925 million yuan, a year-on-year decrease of 37.04%, with net losses expanding to 258 million yuan, over ten times the previous year's loss [8][9]. Industry Summary - The liquor industry is facing intensified competition, particularly for regional brands like Jinzhongzi, which struggle against established players such as Gujing Gongjiu and Kouzi Jiao [10]. - The market for liquor has become increasingly saturated, especially in the 200 yuan price range, making it difficult for new products to gain traction [10]. - The systemic challenges faced by Jinzhongzi are indicative of broader issues within the regional liquor sector, where high-end positioning requires long-term investment, yet the market is not providing sufficient time for recovery [10].