100亿中山纸巾之王，家族长子上位

Core Viewpoint - The recent leadership changes at Zhongshun Jierou, a major player in the paper industry, mark a significant shift as the founder's son, Deng Guanjun, takes over amid challenges in the industry and company performance [4][6][12]. Group 1: Leadership Transition - Liu Peng has resigned from his positions as chairman and president, with Deng Guanjun appointed as acting chairman [4][6]. - Deng Guanjun, the son of founder Deng Yingzhong, has been involved in the company since its inception and has held various leadership roles [8][10]. - The board will elect a new chairman by the end of January, indicating ongoing governance adjustments [6][12]. Group 2: Family Business Dynamics - The Deng family controls 49.8% of Zhongshun Jierou, with Deng Guanjun directly holding 0.29% of shares [10]. - The family remains actively involved in the company's operations, with Deng Guanjun managing key brands [10][12]. - The transition comes after a period of "de-familization" initiated by Deng Yingzhong, which aimed to modernize the company's governance [12][14]. Group 3: Industry Challenges - The paper industry faces overcapacity and fluctuating raw material prices, significantly impacting profitability [22][24]. - Zhongshun Jierou's revenue dropped from 98.01 billion yuan in 2023 to 81.51 billion yuan in 2024, with net profit declining from 9 billion yuan to 771.8 million yuan [22][24]. - Despite these challenges, there are signs of recovery, with a reported revenue increase of 8.78% in the first nine months of 2025 [22][24]. Group 4: Strategic Direction - Zhongshun Jierou is attempting to diversify its product offerings beyond paper products, venturing into personal care and household cleaning sectors [24]. - The company aims to become a "companion for a better life," although 98% of its revenue still comes from traditional paper products [24]. - The new leadership faces the dual challenge of stabilizing core operations while successfully launching new business lines [24].