C&S(SZ:002511) Sou Hu Cai Jing·2026-01-11 12:25Core Viewpoint - The resignation of Liu Peng as chairman and the appointment of founder's son Deng Guanjun as acting chairman may signal a shift in the governance strategy of Zhongshun Jierou, raising questions about the effectiveness of its "de-familization" approach in management [1][4][5]. Group 1: Management Changes - Liu Peng has resigned from his positions as director, chairman, and legal representative due to "personal career development planning," while Deng Guanjun has been appointed as acting chairman [1][3]. - Liu Peng's resignation follows his earlier departure as president, with Gao Bo taking over that role [3][4]. - Deng Guanjun, who has been involved in the company for many years, is seen as a continuation of the family legacy despite the company's efforts to implement a professional management system [4][5]. Group 2: Financial Performance - Zhongshun Jierou's revenue from 2020 to 2024 showed fluctuations, with figures of 78.24 billion, 91.50 billion, 85.70 billion, 98.01 billion, and 81.51 billion respectively, while net profit declined significantly from 9.06 billion to 0.77 billion [8]. - In 2024, the company experienced a 16.84% decline in revenue and a 76.80% drop in net profit, attributed to intensified market competition and rising raw material costs [8][9]. - Despite a recovery in the first three quarters of 2025, with an 8.78% revenue increase to 64.78 billion and a 329.59% rise in net profit to 2.30 billion, the company still faces challenges in meeting its ambitious targets [9][10]. Group 3: Strategic Direction - The company has been attempting to diversify its product offerings beyond "life paper" to include various consumer goods, but the results have been underwhelming, with personal care and other business revenues only reaching 49.65 million, accounting for just 1.15% of total revenue [10]. - The focus on marketing over research and development is evident, with sales expenses significantly higher than R&D expenditures, which have remained around 2 billion annually [9][10].