Core Viewpoint - The appointment of Wei Qiang as CFO of China Resources Vanguard reflects the challenges faced by China Resources' dual strategy of "beer + liquor," indicating that the expected synergies have not materialized as anticipated [2] Group 1: Strategic Challenges - China Resources Beer has been a leader in the Chinese beer industry since 2006, holding over 30% market share, but the beer market's growth is plateauing, prompting the company to seek new growth avenues in the higher-margin liquor sector [6][7] - Despite initial successes in liquor investments, including significant acquisitions, the liquor segment has faced severe operational challenges, leading to a 33.7% year-on-year revenue decline in the first half of 2025, marking the first loss for the liquor division [7][8] Group 2: Management Changes - Recent months have seen significant management turnover within China Resources Beer, including the resignation of key executives and the appointment of new leadership, reflecting the strategic difficulties and the company's intent to drive change [9][10] - The frequent changes in leadership, particularly in the liquor segment, have raised concerns about the stability and continuity of strategic execution, complicating the integration of the liquor business [9][10] Group 3: Long-term Strategy - Despite current challenges, the liquor business is viewed as a strategic priority for China Resources, with a commitment to long-term development and a focus on building sustainable competitive advantages [12][14] - The company has outlined a "3+3" strategy for its liquor business, aiming to explore and strengthen its position in the first three years (2023-2025) and establish a unique business model in the subsequent three years (2026-2028) [14]