近日，中顺洁柔又迎来关键人事变动，刘鹏在短短一个月内先后辞去中顺洁柔总裁、董事长等职位。作为中顺洁柔去家族化 管理以及推动中顺洁柔转型变革的关键人物，刘鹏的离去，被业界解读为"或许是中顺洁柔对这位职业经理人多少有些不 满"。受原材料成本上涨影响，中顺洁柔近几年业绩长期处于波动中，而刘鹏主导的转型变革还未有明显效果。 对于中顺洁柔来说，转型变革、积极拓展第二增长曲线依然是未来发展的关键，但如何寻找到一条适合自身的变革之路，还 需要进一步探索。 人事再调整 根据中顺洁柔公告，刘鹏此番申请辞去公司董事、董事长、提名委员会委员、战略与可持续发展委员会委员以及法定代表人 职务。辞职后，刘鹏仍担任其他职务。由副董事长邓冠彪（中顺洁柔创始人邓颖忠之子）代为履行公司董事长的职责，代行 职责的期限至董事会选举产生新任董事长之日止。而在一个月前的2025年12月11日，中顺洁柔公告，刘鹏申请辞去总裁职 务。对于刘鹏的辞职，中顺洁柔给出的原因是"因个人职业发展规划"。 2022年年底，中顺洁柔提出了"2025年营收不低于121亿元，净利润不低于3亿元"目标，根据财报数据，2025年前三季度中顺 洁柔营收为64.78亿元，归属于上市 ...

12月11日晚，中顺洁柔（002511.SZ）发布公告称，董事长兼总裁刘鹏因公司战略发展需要，申请辞去 总裁职务，由公司董事高波接任。刘鹏仍担任董事长、提名委员会委员、战略与可持续发展委员会委员 职务。对此，12月12日，中顺洁柔相关负责人回应南都湾财社记者称，以公告为准。 简历显示，新任总裁高波曾在另一纸巾巨头清风任职，他还有多家投资管理公司、零售商超永辉超市、 生鲜电商平台美菜网等的任职经历。2021年，他加入中顺洁柔担任审计部负责人，后升任财务总监、公 司董事。 刘鹏则为中顺洁柔创始人邓颖忠引入的职业经理人。刘鹏于2021年3月22日担任公司总裁，同年4月12日 担任公司董事长，此前，刘鹏先后在兴业银行江门分行、兴业银行中山分行担任行长职务。 从财报数据上看，刘鹏任职期间，中顺洁柔总营收一度将近突破百亿大关，但持续受到行业价格战、企 业多元化战略等的挑战。财报显示，2020年-2024年，中顺洁柔营收分别为78.24亿元、91.50亿元、 85.70亿元、98.01亿元、81.51亿元，归母净利润分别为9.06亿元、5.81亿元、3.50亿元、3.33亿元、0.77 亿元。 刘鹏 邓颖忠曾在接受新华网采 ...

Core Viewpoint - The recent quarterly report of Reliable Co., Ltd. has faced strong opposition from its second-largest shareholder, Bao Jia, highlighting deep governance issues stemming from personal conflicts between her and the company's controlling shareholder, Jin Liwei [2][3]. Financial Performance - In Q3 2025, Reliable Co., Ltd. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [5][6]. Governance Issues - Bao Jia has consistently opposed the company's reports, claiming that the board has deleted or altered her dissenting opinions, which raises concerns about transparency and compliance with disclosure regulations [6][10]. - The company has faced scrutiny for alleged violations related to related-party transactions and has received warnings from regulatory authorities regarding these issues [19][20]. Shareholder Disputes - The conflict between Bao Jia and Jin Liwei escalated after their divorce in February 2024, leading to a power struggle within the company's governance structure [17][18]. - Bao Jia has expressed concerns about the board's lack of independence, noting that five out of seven board members are closely associated with Jin Liwei, which undermines effective governance [21]. Investment Decisions - Reliable Co., Ltd. announced plans to acquire a 60% stake in Shanghai Hanhe Paper Industry Co., Ltd. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [20][21]. - The company’s strategic shift into the paper industry has been criticized as misaligned with its core focus on adult incontinence products, raising questions about the rationale behind such a significant investment [20][21].

Core Viewpoint - Reliable Co. plans to acquire at least 60% of Shanghai Hanhua Paper Industry Co. for cash, with a valuation of no more than RMB 650 million for 100% of Hanhua's equity, aiming to enhance its market position and international reach [1][2] Group 1: Acquisition Details - The acquisition is expected to be completed with less than RMB 400 million in cash, allowing Reliable Co. to gain access to Hanhua's established sales channels in Japan, South America, and Europe [2] - Hanhua Paper's main business includes ODM/OEM production of daily paper products, which are primarily export-oriented [1] Group 2: Financial Performance - In the first three quarters of the year, Reliable Co. achieved revenue of RMB 829 million, a year-on-year increase of 5.12%, and a net profit of RMB 27.98 million, up 26.79% [2] - The operating cash flow reached RMB 89.72 million, reflecting a significant year-on-year growth of 136.29% [2] Group 3: Market Context - The adult incontinence care market is experiencing growing demand domestically due to an aging population, while the international market is more mature with higher consumer expectations for product quality [3] - Hanhua's international operational experience is expected to provide valuable insights for Reliable Co. in navigating cultural differences, consumer habits, and regulatory policies in various markets [3]

Core Viewpoint - Reliable Co. plans to acquire at least 60% of Shanghai Hanhua Paper Industry Co., Ltd. for cash, with a valuation of no more than 650 million yuan for 100% equity, aiming to enhance its market presence and overseas channels [1] Group 1: Acquisition Details - The acquisition is in the planning stage, with financial audits and asset evaluations yet to be conducted, making it difficult to assess its impact on the company's current year performance [1] - Hanhua Paper's main products include various types of paper products, primarily exported to Japan, South America, and Europe [1] - The acquisition is seen as a horizontal extension of the company's industrial layout, facilitating strategic complementarity between product lines and overseas channels [1] Group 2: Company Overview - Reliable Co. specializes in the design, research, production, and sales of personal hygiene products, having transitioned to focus on adult incontinence care products since 2008 [2] - The company generated 626 million yuan from domestic operations in 2024, accounting for 58.03% of total revenue, while overseas operations contributed 453 million yuan, representing 41.97% [2] - The company has initiated its own brand's cross-border business, which is expected to enhance international market development efficiency post-acquisition [2] Group 3: Financial Performance - In the first three quarters of the year, Reliable Co. achieved a revenue of 829 million yuan, a year-on-year increase of 5.12%, and a net profit of 27.98 million yuan, up 26.79% [2] - The operating cash flow reached 89.72 million yuan, reflecting a significant year-on-year growth of 136.29% [2] - Despite a net loss of 294,200 yuan in the third quarter, the loss margin has narrowed compared to the previous year [2] Group 4: Management and Strategic Decisions - A board member expressed concerns over the management's decision-making, particularly regarding the sale of the Dudi brand baby diapers, which is expected to incur losses in 2024 and the first half of 2025 [3] - The company defended its strategy, stating that the Dudi brand's sales were approved by the board to enhance channel collaboration and improve production efficiency, with a 61% year-on-year revenue increase in related business [3] - Overall, the company reported revenue growth in the third quarter, with a 2.1 percentage point increase in gross margin, despite net profit being affected by foreign exchange losses [3]

Core Viewpoint - The internal conflicts within Reliable Co., Ltd. have intensified, particularly following the divorce of its founders, leading to significant governance and operational issues that have raised concerns among shareholders and regulators [3][4][14]. Group 1: Internal Conflicts and Governance Issues - The board meetings of Reliable Co., Ltd. have been marked by intense disputes, particularly with the second-largest shareholder and former general manager, Bao Jia, frequently voting against key proposals and highlighting serious internal management problems [3][4]. - Bao Jia has raised concerns about excessive related-party transactions that have not been approved by the board, indicating that these issues are under regulatory investigation [3][4]. - Despite Bao Jia's requests for temporary shareholder meetings to address related-party transactions, these requests have been denied by the board [3][4]. Group 2: Financial Performance and Strategic Decisions - The company has faced significant financial challenges, with reported losses of 34.39 million yuan in 2024 and continued losses in the first half of the year [4]. - The decision to invest in a loss-making enterprise without buyback clauses has been criticized, with the company reporting a loss of 14.07 million yuan from a specific product line in 2024 [4]. - Following its IPO in 2021, the company experienced a dramatic decline in revenue and net profit, with a 27.44% drop in revenue and an 81.43% drop in net profit in the same year [17]. Group 3: Leadership and Management Changes - The appointment of Wang Xiangting as vice general manager and board secretary has been met with opposition from Bao Jia, who questions his qualifications and professional ethics [5][6]. - The company has seen frequent changes in its board secretary since its listing, indicating potential instability in management [5][6]. - The relationship between the founders has deteriorated post-divorce, impacting the company's governance and operational effectiveness [14]. Group 4: Company Background and Market Position - Reliable Co., Ltd. has been involved in the design, production, and sale of personal hygiene products since its establishment in 2001, initially focusing on OEM for major brands before shifting to its own brands [15]. - The company achieved significant revenue growth prior to its IPO, with a notable increase in net profit driven by a temporary mask production line during the pandemic [15][16]. - However, the inability to sustain this growth post-IPO has raised concerns about the company's long-term viability and strategic direction [17][18].