Core Viewpoint - The resignation of two vice presidents, Wang Cao and Jiang Lingwei, from Vatti Corporation may indicate a shift in the company's marketing strategy, as both had only served for a short period of five months after their appointment [1][3][7]. Group 1: Resignation of Executives - Wang Cao and Jiang Lingwei applied for resignation due to personal reasons and will not hold any positions in the company or its subsidiaries after their departure [1]. - Wang Cao has been with Vatti Corporation for several years, having been appointed vice president in September 2020, and his salary reached 735,000 yuan in 2021, ranking third among executives [5][6]. - Jiang Lingwei, who has a background in marketing, was appointed vice president in May 2022 and has previously worked at Alibaba and Boss Electric [6]. Group 2: New Appointment - The company has appointed Han Wei as the new vice president, effective from the date of the board's approval until the end of the ninth board's term [7]. - Han Wei has a history with Vatti Corporation, having served as vice president previously and held various managerial positions in other companies [7]. Group 3: Financial Performance - Vatti Corporation's third-quarter report indicates a decline in both revenue and net profit for the first three quarters of 2025, with revenue at 4.16 billion yuan, down 9.1% year-on-year, and net profit at 360 million yuan, down 11.9% [8]. - The company's sales expenses slightly decreased by 4.3% to 1.06 billion yuan, but the sales expense ratio reached a three-year high of 25.5% [8].

Group 1: Financial Performance Overview - In the first half of 2025, the company achieved a revenue of 1.091 billion yuan, a year-on-year decrease of 16.56% [3] - The net profit attributable to shareholders was 106 million yuan, down 51.31% year-on-year [3] - The net profit after deducting non-recurring items was 93 million yuan, a decline of 51.95% compared to the previous year [3] Group 2: Reasons for Revenue and Profit Decline - The decline in revenue and profit was primarily due to reduced sales from both direct and franchise stores, as well as extended inventory turnover periods for franchisees [4] - Increased sales expenses compared to the previous year also contributed to the profit decline [4] - The company plans to adjust marketing strategies and inventory structures to improve performance in the second half of the year [4] Group 3: Changes in Expenses and Accounts Receivable - Platform expenses increased due to changes in e-commerce channel policies and promotional activities [5] - Accounts receivable rose by 27 million yuan, mainly from the Sam's Club channel, following a renewed partnership [6] Group 4: Gross Margin Insights - The gross margin for the e-commerce channel was 49.41%, an increase of 2.89% year-on-year, attributed to a shift towards higher-priced, high-margin products [7] - The overall gross margin was 53.61%, down 1.41% year-on-year, due to increased inventory proportions and enhanced support for franchisees [8] Group 5: Dividend Policy - The company intends to maintain a stable and continuous dividend policy, barring significant market changes or unforeseen circumstances [8]