Leadership Changes - Effective October 1, 2026, Debra Crew will become Chair of the Board upon the retirement of Donald Allan, Jr., who has served as Executive Chair since stepping down as CEO on October 1, 2025 [1] - Debra Crew will also assume the role of Lead Independent Director immediately, succeeding Andrea Ayers, who will retire from the Board at the annual meeting of shareholders in April after over 11 years of service [2] Board Composition - Debra Crew has been a director at Stanley Black & Decker since December 2013 and has served on the Compensation and Talent Development Committee and the Finance and Pension Committee [3] - Shane M. O'Kelly, President and CEO of Advance Auto Parts, Inc., will join the Board of Directors effective January 23, 2026, bringing expertise in supply chain management and customer-focused strategy [5][6] Executive Background - Debra Crew previously served as CEO of Diageo plc from June 2023 to July 2025 and has held senior executive roles at companies such as Reynolds American, PepsiCo, Kraft Foods, Nestlé S.A., and Mars, Inc. [4] - Shane O'Kelly has been President and CEO of Advance Auto Parts, Inc. since September 2023 and has held leadership positions at HD Supply, PetroChoice Holdings, and A.H. Harris & Sons [6][7] Company Overview - Stanley Black & Decker, founded in 1843 and headquartered in the USA, is a global leader in tools and outdoor products, employing approximately 48,000 people [8]

Core Viewpoint - Water Well Square, a well-known Chinese liquor company, has reported a significant gap in revenue and net profit compared to industry leaders, indicating challenges in its market position and performance [2][6]. Group 1: Business Performance - In Q3 2025, Water Well Square's revenue was 2.348 billion, ranking 13th in the industry, significantly lower than the top competitors, Kweichow Moutai at 128.454 billion and Wuliangye at 60.945 billion [2]. - The company's net profit for the same period was 326 million, ranking 12th in the industry, again trailing behind Kweichow Moutai's 66.899 billion and Wuliangye's 22.212 billion [2]. - The main business composition shows high-end liquor revenue at 1.305 billion, accounting for 87.10% of total revenue, while mid-range liquor contributed 86.9813 million, representing 5.81% [2]. Group 2: Financial Ratios - As of Q3 2025, Water Well Square's debt-to-asset ratio was 39.26%, lower than the previous year's 44.02% but still above the industry average of 32.41% [3]. - The gross profit margin for the same period was 80.18%, down from 82.94% year-on-year, yet still higher than the industry average of 67.32% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.58% to 80,500, while the average number of circulating A-shares held per shareholder increased by 5.91% to 6,053.23 [5]. - The top circulating shareholders include the China Securities White Wine Index A, holding 17.7303 million shares, an increase of 1.6367 million shares from the previous period [5]. Group 4: Management Compensation - The chairman, Fan Xiangfu, received a salary of 1.1117 million in 2024, an increase of 25,200 from 2023, while the general manager, Hu Tingzhou, earned 6.2339 million [4].