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邓颖忠“去家族化”四年收效甚微 中顺洁柔中报喜忧参半仍受制原材料

Core Viewpoint - After four consecutive years of declining performance, Zhongshun Jierou (002511.SZ) is expected to return to growth in the first half of 2025, with a projected net profit of 140 million to 160 million yuan, representing a year-on-year increase of 59.85% to 82.68% [2][8]. Company Overview - Zhongshun Jierou was founded by Deng Yingzhong, who transformed the company from a small workshop into a leading enterprise in the consumer paper industry [2]. - In 2021, Deng initiated a de-familization strategy, transferring management to a professional team led by Liu Peng, who became the chairman [2][6]. Financial Performance - The company faced significant profit declines due to rising raw material prices over the past four years, with net profits dropping from 3.49 billion yuan in 2017 to 771.8 million yuan in 2024 [7][8]. - The anticipated recovery in 2025 is attributed to a decrease in raw material prices and improved management efficiency, with a projected revenue increase [8]. Strategic Initiatives - Liu Peng attempted to diversify the business by entering personal care sectors, but this strategy has not yielded significant results, with over 90% of revenue still coming from the main consumer paper business [9]. - The company has faced challenges with product quality and service, as evidenced by over 600 complaints on platforms like Black Cat Complaints [10]. Leadership Changes - Deng Yingzhong's sons were appointed as vice chairmen in 2024, indicating a potential shift back towards family involvement in management [10]. Future Challenges - The company must navigate intense competition and address the ongoing challenges posed by raw material price fluctuations to ensure sustainable growth [11].