江山欧派行至十字路口：上半年预计净利大减九成 高管三连辞

Group 1 - The company has experienced significant executive turnover, with three key executives resigning within 29 days, raising concerns about its stability and governance [2][4] - The company expects a substantial decline in net profit for the first half of 2025, projecting a net profit of only 8.5 million to 11.5 million yuan, a year-on-year decrease of approximately 90% [2][4] - The latest financial report indicates that the number of distributors has increased to 68,800, but revenue from distributor channels has only reached 70.09 million yuan, with a drastic drop in gross margin from 19.03% to 9.72% [4] Group 2 - The company's performance is closely tied to the real estate completion cycle, which has seen a cumulative year-on-year decline of over 20% in residential completion area since 2024 [5] - The industry is facing intensified competition and price wars, with the average selling price of mainstream solid wood composite doors decreasing by 15% to 25% from the peak in 2023 [5] - The combination of shrinking upstream demand and increased operational costs has led to a severe decline in both revenue and profit margins for the company [5]