Please share your thoughts: does such a state-owned enterprise have any hope?

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My employer is an old state-owned coal chemical enterprise with a history of over 50 years; it falls under the category of enterprises that can benefit from some local policies aimed at supporting agriculture. It is a listed company, but its performance has always been poor; it belongs to the category of junk stocks with basically no themes that could be exploited for speculative purposes. It can be said that we had glorious times, and the employees have also passed on some precious corporate spirit. However, due to investing money in poor choices when profits were high, heavy losses were incurred. The current situation is one of Funding shortages, outdated manufacturing processes, old equipment, high energy consumption, high costs, and annual losses; it’s a business that earns insufficient amounts during peak seasons and cannot cover its expenses during off-peak times. In old state-owned enterprises like ours, there are few front-line workers; there are also few skilled workers, whether they are on shift or involved in maintenance work. There are many employees working in the office buildings. Many middle-level managers are very worldly-wise, and some of them are bureaucratic. It’s not that they lack the ability to handle production issues and keep production running, but when it comes to innovation, improving process conditions, and resolving bottleneck problems, few of them have the necessary skills. Front-line workers have developed many bad habits: smoking at work (smoking is really common here; no one worries about what might happen to them for smoking), doing personal tasks, sleeping at work (those on night shifts sleep at midnight, which is something everyone in the factory knows; it seems only those who don’t sleep are considered newsworthy), bragging, complaining, being unwilling to carry out inspections, submitting fake reports and analyses, failing to maintain the equipment, and neglecting to keep the workplace clean. There are not just a few such workers; they can be found to varying degrees in each workshop. They always complain about not being paid enough (there’s over 1000 as well), and they’re unwilling to work hard. They also know that the company won’t do anything drastic to them – at most it might deduct money from their salaries or transfer them to another position. (Here, it’s unclear whether it’s because they can’t or because they don’t dare; unless someone commits a crime, the company certainly won’t fire employees casually. It seems that working for a state-owned enterprise is like having a secure job for life.) But our new manager is really great – he’s bold, has a broad perspective, is willing to take risks, and cares deeply about the employees and technical staff. The factory managers are also very united. In terms of the workshop, my direct supervisor is highly competent, and the frontline staff there work well together. Although their salaries are not high (around 1,000 per month), they are very enthusiastic about their work, and they always support one another and cover for each other’s shortcomings while doing their tasks. It’s very comfortable to use. In summary: Is it possible for a company with a weak foundation and outdated management systems, but whose factory managers and frontline technical or functional staff are competent, to survive? If one relies not on strength or power, how much ability does one have on their own? Can a company have hope without major changes? Would major changes be like having surgery at the age of 80 – collapsing in pain before things even get better? I don’t know; please share some valuable suggestions!