514万年薪董事长辞职，任内纸巾巨头四连降

Core Viewpoint - The life paper industry is currently in a highly competitive "red ocean" phase, with significant challenges for companies like Zhongshun Jierou as they navigate management changes and fluctuating financial performance [4][20]. Management Changes - Liu Peng, who has been pivotal in the "de-familization" process of Zhongshun Jierou, has resigned from his positions as Chairman and President due to personal career development plans [5][9]. - Liu's tenure saw the company's performance fluctuate, with net profits declining from 581 million yuan in 2021 to 77 million yuan in 2024, despite some signs of recovery in 2025 [5][16]. - Following Liu's resignation, the company appointed Vice Chairman Deng Guanfeng to temporarily assume the Chairman's responsibilities [11][12]. Financial Performance - Zhongshun Jierou's revenue from 2021 to 2024 showed volatility, with figures of 9.15 billion yuan, 8.57 billion yuan, 9.80 billion yuan, and 8.15 billion yuan respectively [16]. - The net profit figures for the same period were 581 million yuan, 350 million yuan, 333 million yuan, and 77 million yuan, reflecting a significant decline [16]. - In the first three quarters of 2025, the company reported a revenue of 6.478 billion yuan, a year-on-year increase of 8.78%, and a net profit of 230 million yuan, a substantial increase of 329.59% [16][17]. Industry Context - The life paper market in China is expanding steadily, but competition is fierce, with major brands like Vinda, Qingfeng, and others holding significant market shares [20][21]. - Zhongshun Jierou's reliance on the life paper segment is evident, as it contributed 98.85% of the company's revenue in the first half of 2025, while personal care and other segments accounted for only 1.15% [6][23]. - The company faces challenges from rising raw material costs, particularly pulp, which constitutes 40%-60% of production costs, impacting profitability [20][23]. Diversification Efforts - Zhongshun Jierou is attempting to diversify its product offerings into personal care, home cleaning, and health products, but the effectiveness of these efforts remains limited [5][23]. - The company has launched its skincare brand "Yueji Rou" on platforms like Xiaohongshu, indicating a move towards a broader product matrix [23].