华天酒店，气走邓永平！

Core Viewpoint - The resignation of executive vice chairman and vice president Deng Yongping highlights deep governance issues within Huatian Hotel, which has faced continuous performance decline since its mixed-ownership reform began in 2014, raising questions about the effectiveness of this reform model and other underlying causes [1][11]. Financial Performance - Huatian Hotel has reported a negative net profit for 11 consecutive years, with a cumulative net loss of 3.576 billion yuan from 2014 to 2024 [2][11]. - In the first three quarters of 2025, the company achieved operating revenue of 398 million yuan, a year-on-year decrease of 12.52%, and a net profit attributable to shareholders of -156 million yuan, down 39.99% year-on-year [3]. Governance and Management Issues - Deng Yongping's resignation, which comes more than a year before the end of his term, reflects dissatisfaction with the company's operational results, as he has voted against several key proposals citing poor financial performance and lack of strategic execution [2][3]. - The governance structure has been criticized, with the second-largest shareholder, Hunan Huaxin Hengyuan, expressing frustration over the management's failure to implement proposed reforms and the lack of transparency in decision-making processes [7][11]. Mixed-Ownership Reform - The mixed-ownership reform initiated in 2014 aimed to revitalize Huatian Hotel but has led to a "stalemate" situation, with the company failing to adapt to market changes and maintain competitive advantages [4][11]. - Hunan Huaxin Hengyuan's entry as a significant shareholder was initially seen as a positive development, but the expected transformation has not materialized, leading to ongoing losses and operational challenges [5][10]. Market Position and Competitive Landscape - Huatian Hotel, once a leading player in the hotel industry, has struggled to maintain its market position amid increasing competition from both domestic and international high-end hotel brands [8][10]. - The company's decision to divest its economy hotel segment in 2011 is viewed as a critical misstep that has contributed to its inability to respond effectively to market dynamics [9][10].