Core Viewpoint - The resignation of Liu Peng as chairman and the appointment of founder's son Deng Guanjun as acting chairman may indicate a shift in the governance strategy of China Shunwei Jierou, raising questions about the company's "de-familization" approach [1][2][4]. Group 1: Management Changes - Liu Peng resigned from his positions as chairman, director, and legal representative due to "personal career development planning," while Deng Guanjun has been appointed as acting chairman until a new chairman is elected [2][5]. - Liu Peng's departure follows his earlier resignation as president, indicating a gradual exit from the company's core management [2][5]. - Liu Peng was a key figure in promoting the company's "de-familization" governance strategy, aiming to transform it into a modern public enterprise [4][5]. Group 2: Financial Performance - During Liu Peng's tenure, the company struggled to break the 10 billion yuan revenue barrier, facing challenges from industry price wars and diversification strategies [6]. - Revenue figures from 2020 to 2024 show fluctuations, with 2024 revenue at 81.51 billion yuan, a 16.84% decline year-on-year, and net profit down 76.80% to 0.77 billion yuan [6]. - The company has set ambitious revenue targets of at least 10 billion yuan for 2023, 11 billion yuan for 2024, and 12.1 billion yuan for 2025 [7]. Group 3: Product Diversification - The company is expanding from "living paper" to "daily necessities," launching various products, but these new offerings account for less than 2% of total revenue [6]. - Despite the introduction of new products like sanitary napkins and cleaning supplies, the overall revenue growth remains challenged by market competition and rising raw material costs [6].

Group 1 - The chairman and president Liu Peng of Zhongshun Jierou has resigned as president due to the company's strategic development needs, with Gao Bo taking over the role while Liu remains chairman [1] - Gao Bo, the new president, has a background in the tissue industry and has held positions in various companies, including as the head of the audit department at Zhongshun Jierou [1][3] - Liu Peng, who was introduced by the founder as a professional manager, faced challenges during his tenure, including industry price wars and diversification strategies [3] Group 2 - Financial data shows that during Liu Peng's tenure, Zhongshun Jierou's revenue approached 10 billion yuan, but faced significant challenges, with revenues of 78.24 billion yuan in 2020, 91.50 billion yuan in 2021, and a projected 81.51 billion yuan in 2024 [3][4] - In 2024, the company experienced a 16.84% decline in revenue and a 76.80% drop in net profit due to intensified market competition and rising raw material costs [4] - The company is expanding from "living paper" to "daily necessities," launching products such as sanitary napkins and cleaning supplies, although these new products currently account for less than 2% of total revenue [4][5] Group 3 - The latest financial report indicates a revenue growth of 8.78% to 6.478 billion yuan in the first three quarters of the year, with a net profit increase of 329.59% to 230 million yuan [5] - Zhongshun Jierou set ambitious performance targets for 2023-2025, aiming for revenues of no less than 10 billion yuan in 2023, 11 billion yuan in 2024, and 12.1 billion yuan in 2025, but it appears challenging to meet these goals [5]