Shede Spirits (SH:600702) Sou Hu Cai Jing·2025-07-31 05:31Core Viewpoint - The resignation of Ni Qiang, the former chairman of Shede Liquor, marks a significant shift in the company's management structure, potentially impacting its strategic direction and governance dynamics [1][5][9]. Management Changes - Ni Qiang submitted his resignation due to work reasons and will no longer hold any position within the company, despite his term originally set to expire on September 20, 2026 [1][2]. - The board expressed gratitude for Ni Qiang's contributions during his tenure, indicating that his departure is part of normal personnel adjustments and will not significantly affect the company's operations [2][5]. Background of Ni Qiang - Ni Qiang, born in 1977, has a master's degree and has held various positions within the Fosun Group since 2012, including chairman and CEO of Shanghai Yuyuan Cultural Commercial Group [3][5]. - He took over as chairman of Shede Liquor in January 2023 but stepped down from the position in December of the same year, remaining a board member until his recent resignation [5][6]. Current Leadership - The new chairman, Pu Jizhou, is a veteran of the company and lacks ties to the Fosun Group, suggesting a shift towards a more locally rooted management approach [5][9]. - The board previously had a significant representation from the Fosun Group, which may now be balanced following Ni Qiang's exit, potentially affecting decision-making dynamics [6][9]. Financial Performance - Under Ni Qiang's leadership, Shede Liquor reported a revenue of 7.087 billion yuan in 2023, a year-on-year increase of 17.04%, and a net profit of 1.769 billion yuan, up 4.98% [9]. - However, in 2024, the company faced a decline in both revenue and net profit, with total revenue dropping to 5.357 billion yuan, a decrease of 24.41%, and net profit falling to 346 million yuan, down 80.46% [9][10]. Strategic Direction - In 2025, Shede Liquor aims to implement an "old liquor strategy" to counteract declining performance, focusing on channel expansion and brand enhancement [10]. - The company is also exploring new business models, such as "wine tourism integration," with significant investments planned for related projects [10][12]. Market Position - As of July 30, 2023, Shede Liquor's stock price was 53 yuan, with a market capitalization of approximately 17.655 billion yuan [12][13].