AUCMA(SH:600336) Sou Hu Cai Jing·2025-10-13 01:26Core Viewpoint - The recent health-related absence of Aucma's chairman, Zhang Bin, alongside management changes and performance pressures, has drawn significant market attention to the company, which is known for its slogan "There is no best, only better" [1][4]. Management Changes - On October 10, Aucma announced that Chairman Zhang Bin would temporarily step down due to health issues, with General Manager Wang Yingfeng appointed to take over his responsibilities [4]. - Zhang Bin has been with Aucma since 2003, serving in various key roles, including Chairman since May 2021 [4][8]. - The company has experienced a downward trend in performance during Zhang's tenure, with revenues of 8.626 billion yuan in 2021, 9.567 billion yuan in 2022, 9.304 billion yuan in 2023, and a projected 7.816 billion yuan in 2024, alongside net profits declining from 1.8 billion yuan in 2021 to a loss of 490 million yuan in 2024 [4][6]. Recent Personnel Changes - In September, two other executives, Vice General Manager Zheng Peiwei and Director Sun Mingming, resigned for personal reasons, indicating a period of instability in the management team [5][6]. - Despite these changes, Aucma has stated that its internal management structure remains stable and that business operations continue without risk [6]. Company History and Challenges - Aucma's history reflects a series of transformations, initially focusing on refrigeration products but later diversifying into nearly 20 sectors, which diluted its core business strengths [9]. - The company has struggled to exceed 10 billion yuan in annual revenue since its listing in 2000, facing financial challenges, including a significant fund misappropriation incident in 2006 [9][11]. Strategic Shifts - Since 2015, Aucma has been transitioning from a traditional home appliance manufacturer to a cold chain IoT enterprise, emphasizing refrigeration technology [11]. - The company is also pursuing international expansion, with a focus on markets in the Middle East, Southeast Asia, and Latin America, and has registered companies in the U.S., Indonesia, Nigeria, and Mexico [11][12]. Financial Performance - In 2024, Aucma's main business revenue showed a decline domestically but an increase in exports, with export revenue reaching 2.3 billion yuan, up 7.67% year-on-year [12]. - The company is investing 360 million yuan to establish a manufacturing base in Indonesia, aiming to produce 500,000 refrigerators annually, which is seen as a critical step in its international strategy [13].