SZAP(SZ:000061) Nan Fang Du Shi Bao·2025-11-18 08:04Core Viewpoint - The recent resignation of Chairman Huang Wei from the board of Shenzhen Agricultural Products Co., Ltd. marks a significant leadership change, with current President Zhang Lei stepping in as the new chairman, raising concerns about future management structure adjustments [1][3][10]. Group 1: Leadership Transition - Huang Wei has served as chairman for over four years, leading the company through a transformation towards modern agricultural product circulation, but faced challenges in profitability despite revenue growth [3][5]. - Zhang Lei, the new chairman, has a strong financial background and extensive experience in corporate management, which may help address the company's profitability issues and enhance operational efficiency [10][11]. Group 2: Financial Performance - During Huang Wei's tenure, the company's revenue increased from 4.09 billion in 2021 to 5.63 billion in 2024, a growth of 38%, while net profit only slightly rose from 374 million to 384 million, indicating a significant "revenue without profit" issue [5][6]. - In the first three quarters of 2025, revenue surged by 36% to 5.2 billion, nearing the total revenue of 2024, but net profit fell by 16% to 260 million, highlighting ongoing challenges in cost control and profitability [6]. Group 3: Future Challenges - The new management team will need to continue the transition from traditional wholesale to a modern agricultural product supply chain, focusing on technology integration and digital investment to improve supply chain efficiency [12]. - Addressing the "revenue without profit" issue and optimizing the profit structure will be critical for enhancing the company's sustainable profitability [12].