Core Viewpoint - The departure of Hou Xiaohai, the chairman of China Resources Beer, raises concerns about the potential impairment of goodwill from the acquisition of the金沙 brand, which has seen significant declines in revenue and profit since the acquisition [4][7][20]. Group 1: Leadership Changes - On June 27, China Resources Beer announced the resignation of chairman Hou Xiaohai, who also stepped down from various committees [4]. - Hou's departure is speculated to be linked to the controversial acquisition of金沙, which had a valuation of 123 billion RMB [5][17]. - Following Hou's exit, the role of chairman is now held by the current president, Zhao Chunwu [11]. Group 2: Financial Performance and Concerns - The金沙 brand's revenue dropped from 36.4 billion RMB in 2021 to 21.5 billion RMB in 2024, a decline of 41% [20]. - The EBITDA for金沙 in 2024 was reported at 8.47 billion RMB, down from 13.15 billion RMB in 2021, indicating a near halving of profit [20]. - Concerns arise regarding the 74 billion RMB goodwill from the acquisition and whether it will be impaired, impacting overall performance [7][9]. Group 3: Strategic Missteps - The acquisition of金沙 is viewed as a significant misstep, as it involved a high valuation for a third-tier brand in a declining market [22][16]. - The strategy of diversifying into a different category (from beer to liquor) is criticized, as it is generally seen as a risky move in the consumer industry [46]. - The success of China Resources Beer in the beer market led to overconfidence, resulting in the underestimation of challenges in the liquor sector [25][29]. Group 4: Market Dynamics - The white liquor market is characterized by strong brand loyalty, which contrasts with the beer market where price and distribution are more critical [38][39]. - The perception of "啤白协同" (beer and liquor synergy) is deemed a misconception, particularly in the context of market realities [45]. - The historical performance of汾酒, which saw significant growth after China Resources' investment, may have misled Hou into believing that similar strategies would work in the liquor market [31][32].