C&S(SZ:002511) Xin Lang Cai Jing·2026-01-11 08:48Core Viewpoint - The paper giant Zhongshun Jierou is undergoing a "de-familization" process, with the resignation of its "post-80s" successor, Liu Peng, from the positions of President and Chairman, indicating a significant shift in the company's governance structure [1][3][5]. Group 1: Company Leadership Changes - Liu Peng submitted his resignation as Chairman and other key roles due to personal career development plans, although he will continue to hold other positions within the company [1][5]. - Liu Peng had previously held both the Chairman and President roles, but he resigned as President a month prior to his resignation as Chairman [1][5]. - The founder, Deng Yingzhong, has been planning to step down from the Chairman role for years, aiming to transform Zhongshun Jierou into a modern company [4][10]. Group 2: Financial Performance - The company's revenue from 2020 to 2024 showed fluctuations: 78.24 billion, 91.50 billion, 85.70 billion, 98.01 billion, and 81.51 billion respectively, with a notable 16.84% decline in 2024 [5][11]. - The net profit for the same period decreased significantly, from 9.06 billion to 0.77 billion, with a dramatic 76.80% drop in 2024 [5][11]. - The company attributed the 2024 decline in profitability to intensified market competition and a decrease in overall gross margin [11]. Group 3: Governance and Succession - Liu Peng's appointment was seen as a key event in the company's move towards professional management, with Deng Yingzhong emphasizing the importance of meritocracy in leadership selection [3][4]. - Following Liu Peng's resignation, Yang Yuzhao, a long-time associate of Deng Yingzhong, was elected to the board to ensure continuity in governance [6][11].