Guo Ji Jin Rong Bao·2025-12-05 15:44Core Viewpoint - The departure of senior executives from Jinzhongzi Liquor highlights ongoing challenges within the company, which continues to struggle with losses despite some recent revenue growth [1][4][11]. Group 1: Executive Departures - He Wuyong, the vice president of Jinzhongzi, has resigned for personal reasons, marking a significant change in the company's leadership [1]. - He Wuyong was part of the initial management team sent by China Resources after its acquisition of Jinzhongzi in 2022, and he is the latest in a series of departures from this group [3][4]. - The company has seen a total of three senior executives from the "China Resources" team leave within five months, leaving the general manager position vacant for five months [4][11]. Group 2: Financial Performance - Jinzhongzi Liquor reported a 23.92% year-on-year increase in revenue to 1.469 billion yuan in 2023, with a net profit increase of 89.41%, yet it still recorded a loss of 20 million yuan [11]. - In 2024, the company's net profit loss expanded to 257 million yuan, the lowest in nearly a decade, with total revenue dropping below 1 billion yuan [12]. - For the first three quarters of 2023, Jinzhongzi achieved revenue of 630 million yuan, a year-on-year decline of 22.1%, with a corresponding net profit loss of 100 million yuan [12]. Group 3: Market Position and Strategy - Jinzhongzi Liquor, once a leading player in the Anhui liquor market, has struggled to adapt to market changes and has faced significant financial challenges since diversifying its business [5][6]. - The company attempted to refocus on its core liquor business and launched new products to regain market share, but these efforts have not yet yielded significant results [10][11]. - The product structure indicates that Jinzhongzi's path to upward transformation remains unclear, raising questions about future leadership and strategic direction [13].