Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, is closely linked to the company's poor performance, with significant losses reported during her tenure [2][5][15]. Financial Performance - Jinzhongzi Wine has experienced continuous losses from 2022 to 2024, with total losses amounting to 467 million yuan [2][5]. - Revenue for 2024 is projected to drop by 37% to 925 million yuan, and the first quarter of 2025 shows a 29.41% decline in revenue compared to the previous year [2][5][15]. - The company's low-end wine revenue fell by 29.08% in 2024 and by 40.89% in the first quarter of 2025 [13]. Executive Compensation - Despite the company's financial struggles, executive compensation has significantly increased, with total executive salaries rising from 3.441 million yuan in 2021 to 11.1413 million yuan in 2024 [2][5]. - He Xiuxia's highest annual salary during her tenure reached 3.0496 million yuan [5][6]. Market Position and Strategy - Jinzhongzi Wine is struggling to establish itself in the mid-to-high-end market while facing challenges in the low-end segment [3][10]. - The company has focused on products like "Fuhuo Xiang" but has faced difficulties in brand recognition and consumer acceptance [10][12]. - The brand's low recognition outside its home province has hindered its ability to compete in business settings [12]. Shareholder Sentiment - Shareholders have expressed dissatisfaction with the high executive compensation amid ongoing losses, with nearly 46% voting against the proposed executive salary resolutions at the 2024 annual meeting [4][7]. Management Changes - The management team has seen frequent changes, with He Xiuxia's departure marking a significant shift in leadership [8][15]. - The new interim management is tasked with exploring effective strategies to reverse the company's financial decline [15].

Core Viewpoint - The resignation of He Xiuxia, the general manager of Jinzhongzi Wine, is linked to the company's poor performance, with significant losses reported during her tenure [2][3]. Financial Performance - Jinzhongzi Wine reported cumulative losses of 467 million yuan from 2022 to 2024, with a 37% revenue drop in 2024 to 925 million yuan [2][3]. - The company experienced a net profit loss of 187 million yuan in 2022, 22 million yuan in 2023, and 258 million yuan in 2024 [3]. - In Q1 2025, the company reported a revenue of 296 million yuan, a year-on-year decline of 29.41%, and a net profit loss of 39 million yuan, a decrease of 320.62% [3]. Executive Compensation - Despite the financial losses, the total compensation for the executive team increased significantly, from 3.441 million yuan in 2021 to 11.1413 million yuan in 2024 [2][3]. - He Xiuxia's highest annual salary during her tenure reached 3.0496 million yuan [3]. Shareholder Sentiment - Shareholders expressed dissatisfaction with executive compensation during the 2024 annual meeting, with 45.59% and 45.57% of votes against the proposed compensation for directors and supervisors, respectively [3][5]. Market Position and Challenges - Jinzhongzi Wine struggles with brand recognition outside its home province, limiting its market presence in competitive environments [9]. - The company faces challenges in upgrading its product offerings, particularly in the mid-to-high-end segments, as consumer preferences shift towards established brands [7][9]. - Revenue from low-end products declined by 29.08% in 2024, and by 40.89% in Q1 2025 [11]. Strategic Direction - He Xiuxia aimed to improve the company's brand image and product structure but did not achieve these goals before her departure [11]. - The company is now under the interim management of Liu Fubi, with a focus on exploring effective strategies for turning around its financial performance [11].