AGSW(SH:600199) Guan Cha Zhe Wang·2025-07-09 11:35Core Viewpoint - The resignation of He Xiuxia, the general manager of Anhui Jinzhongzi Liquor Co., Ltd., follows the departure of a key figure at China Resources Beer, indicating potential instability within the company and its strategic direction [1][3]. Company Overview - He Xiuxia submitted her resignation on July 2, 2023, citing work adjustments, and will not hold any positions within the company or its subsidiaries [1]. - He Xiuxia had over 20 years of experience within the China Resources system and took over as general manager of Jinzhongzi Liquor in July 2022 [3]. Performance and Financials - Jinzhongzi Liquor has reported continuous losses for three consecutive years, with revenues of 1.186 billion yuan and 1.469 billion yuan in 2022 and 2023, respectively, and net losses of 187 million yuan and 22.07 million yuan [7]. - In 2024, the company recorded a revenue of 925 million yuan, a year-on-year decline of 37.04%, with a net loss of 258 million yuan, marking a significant downturn compared to the previous year [7]. Strategic Changes - He Xiuxia implemented several reforms during her tenure, including the elimination of low-end products and the introduction of new mid-to-high-end products [5]. - The company aims to enhance its product structure and brand image, focusing on the "Fuhuo Xiang" series to improve profitability [8]. Market Context - The liquor industry is currently facing intense competition, with Jinzhongzi struggling against both national brands like Moutai and local competitors [8]. - Analysts suggest that the recent management changes reflect the investors' desire for a turnaround amid ongoing market challenges [8]. Future Outlook - The new leadership is expected to focus on optimizing product structure and leveraging resources from China Resources to revitalize the brand [11]. - The stock price of Jinzhongzi Liquor was reported at 10.64 yuan, with a market capitalization of approximately 6.999 billion yuan as of July 9, 2023 [12].