AGSW(SH:600199) Xin Lang Zheng Quan·2025-07-17 09:51Core Viewpoint - Jinzhongzi Liquor has shifted from profit to loss, with a projected net profit loss of 60 million to 90 million yuan for the first half of 2025, indicating a continued downward trend in performance after four consecutive years of losses [1][2]. Group 1: Management Changes - He Xiuxia, a senior executive from China Resources, has submitted her resignation, marking a significant leadership change just four months before her term was set to end [2][3]. - He was appointed as the new general manager in July 2022, tasked with reversing the company's declining performance, but failed to do so over three years [2][4]. Group 2: Sales and Product Strategy - The company has faced a continuous cycle of declining sales and increased losses, exacerbated by a failed price increase strategy that led to reduced sales and lower distributor engagement [4][5]. - Jinzhongzi's key product line, Fuhuo Xiang, has been suspended from shipment due to poor sales performance, despite significant investment in marketing and consumer education [5][6]. Group 3: Financial Performance - Jinzhongzi Liquor has reported a significant drop in revenue, with low-end products accounting for 67% of total income in 2024, reflecting a shift in product structure that has not yielded positive results [6][7]. - The overall gross margin for the liquor business has declined to 38.4% in 2024, the lowest in its history, indicating ongoing challenges in profitability compared to industry peers [6][7].