Shede Spirits (SH:600702) Sou Hu Cai Jing·2025-07-30 10:11Core Viewpoint - The resignation of Ni Qiang from Shide Liquor Industry's board highlights significant market pressures and a shift in investor intentions within the liquor industry, which is currently undergoing a deep adjustment period [3][6]. Company Summary - Ni Qiang has resigned from his position as a director of Shide Liquor Industry due to work reasons, effective July 29, 2025, with his original term set to expire on September 20, 2026 [5][6]. - The company stated that Ni Qiang's departure will not affect the board's legal quorum and normal operations, and they will proceed with the election of a new director [5][6]. - Shide Liquor Industry's stock price closed at 53.00 yuan per share, with a slight decline of 0.75%, resulting in a total market capitalization of 17.66 billion yuan [4]. Financial Performance - In 2024, Shide Liquor Industry reported revenue of 5.357 billion yuan, a year-on-year decline of 24.41%, and a net profit attributable to shareholders of 346 million yuan, down 80.46% year-on-year [8]. - The company faced scrutiny from the Shanghai Stock Exchange regarding a significant drop in gross margin and a sharp increase in interest-bearing debt, which surged by 744.07% to 1.166 billion yuan [8]. - The decline in gross margin by 7.65 percentage points was attributed to a decrease in the sales proportion of products priced above 200 yuan, along with rising procurement costs and labor expenses [8]. Leadership Changes - Ni Qiang's resignation follows the earlier departure of marketing executive Wang Weilong, indicating a broader trend of leadership changes aimed at addressing the challenges faced by the company [3][10]. - Ni Qiang's tenure as chairman was brief, lasting less than a year, during which he continued the "old liquor strategy" and proposed several pragmatic work directions to navigate uncertainties in the market [10]. - The new leadership will be taken over by Pu Jizhou, who has over 30 years of experience in Shide Liquor Industry, indicating a strategic move to balance local interests with the intentions of the controlling investor, Fosun Group [10][11].