Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future price appreciation [4]. Core Insights - The company reported a revenue of 902.87 billion RMB for 2025, representing a year-on-year growth of 48.22%, and a net profit of 35.29 billion RMB, up 51.98% year-on-year [2]. - In Q4 2025, the company achieved a revenue of 298.96 billion RMB, reflecting a year-on-year increase of 73.04% and a quarter-on-quarter increase of 22.94% [2]. - The company's gross margin in Q4 2025 was 7.41%, showing a quarter-on-quarter increase of 0.4 percentage points, indicating ongoing scale effects [2]. Business Analysis - The company's cloud computing business saw a significant revenue increase of 89% year-on-year, reaching 602.7 billion RMB, which now accounts for 67% of total revenue [3]. - AI server revenue grew over threefold, with rapid growth in GPU and ASIC-related products, contributing positively to the overall gross margin of the cloud computing segment, which increased by 0.74 percentage points year-on-year [3]. - The demand for high-speed switches surged, with revenues from switches above 800G increasing by 13 times year-on-year, solidifying the company's market leadership [3]. - The precision component business also showed strong performance, achieving double-digit growth compared to the previous year, driven by stable shipments of high-end smartphones and the upgrade of consumer electronics [3]. Financial Forecasts - Revenue projections for 2026, 2027, and 2028 are estimated at 1,520.66 billion RMB, 2,253.44 billion RMB, and 2,835.41 billion RMB, respectively [4]. - Corresponding net profit forecasts for the same years are 59.62 billion RMB, 75.11 billion RMB, and 95.71 billion RMB [4]. - The company's price-to-earnings (P/E) ratios are projected to be 18.11, 14.37, and 11.28 for 2026, 2027, and 2028, respectively [4].

Core Viewpoint - Industrial Fulian's cloud computing segment is projected to achieve revenue of 602.68 billion yuan in 2025, representing a year-on-year growth of 88.70%, accounting for over 60% of total revenue, making it the primary driver of the company's overall growth [1][4]. Financial Performance - In 2025, Industrial Fulian reported total revenue of 902.89 billion yuan, a year-on-year increase of 48.22%, and a net profit attributable to shareholders of 35.29 billion yuan, up 51.99% [2]. - The quarterly net profit increased from 5.2 billion yuan in Q1 to 12.8 billion yuan in Q4, with Q4 revenue nearing 300 billion yuan, setting a new quarterly record [2]. - The operating cash flow for the year was 5.24 billion yuan, down 78% year-on-year, attributed to increased inventory and customer prepayments [14]. Cloud Computing Segment - The cloud computing segment's revenue reached 602.68 billion yuan in 2025, with AI-related business significantly contributing to this growth, as AI server revenue increased over threefold year-on-year [4]. - In Q4, revenue from AI servers grew over 50% quarter-on-quarter and over 5.5 times year-on-year [4]. Communication and Networking Equipment - The communication and mobile network equipment segment generated revenue of 297.85 billion yuan, a year-on-year increase of 3.46%, with 800G and above high-speed switches seeing a 13-fold increase in revenue [5]. Cost Structure - Direct material costs accounted for 92.50% of total costs, with absolute material costs rising from 515.6 billion yuan to 775.8 billion yuan, a 50.45% increase [11]. - The gross margin for the cloud computing segment was 5.73%, indicating that the company earned less than 6 yuan for every 100 yuan of cloud computing products sold [10]. Customer Concentration - The top five customers accounted for 62.01% of total sales, indicating a high customer concentration [12]. Global Operations - The company's manufacturing focus is shifting overseas, with Mexico contributing 307.04 billion yuan and Vietnam 83.06 billion yuan to revenue, together accounting for over 43% of total revenue [15][16]. Shareholder Returns - Industrial Fulian plans to distribute a cash dividend of 6.5 yuan per share, totaling 12.90 billion yuan, with a dividend payout ratio of 55.12%, marking a record high since its listing [17].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - Amid the Iran - US conflict, global risk preferences are disturbed, with rising oil prices, weakened Fed rate - cut expectations, and a rapid rise in US Treasury yields. The domestic two - sessions continue moderately loose monetary and more active fiscal policies. Attention should be paid to the war situation and risk control [4]. - The economic recovery's sustainability needs observation, and there is still room for loose monetary policy. The Iran geopolitical conflict and rising inflation may put pressure on the bond market, and the bond market is expected to continue to fluctuate [7]. - Gold prices are in a narrow - range shock. Geopolitics boosts gold and silver prices in the short - term, but inflation expectations and weak US economic data suppress precious metal prices. A cautious bearish view is taken on precious metals [9]. - Due to the Middle East war, copper prices are expected to rise in the short - term, aluminum prices are expected to remain strong, zinc prices may break downward, lead prices are expected to stop falling and recover, nickel prices will fluctuate, tin prices will fluctuate widely, lithium carbonate prices will fluctuate in a range, alumina prices will fluctuate widely, stainless steel prices will rise in a shock, and casting aluminum alloy prices will remain strong [12][14][16][17][18][20][21][24][25][27]. - Steel prices are expected to fluctuate weakly in the short - term, iron ore prices will fluctuate, coking coal and coke prices may fluctuate or slightly rebound in the short - term and are optimistic in the long - term, glass prices will fluctuate in a range, soda ash prices will fluctuate with the coal - chemical industry, manganese silicon and ferrosilicon prices may have short - term rebound opportunities, and industrial silicon and polysilicon prices will fluctuate [30][32][35][38][39][40][43][46][48]. - Rubber trading should be flexible, crude oil has a bearish strategic configuration, methanol should take profit at high prices, urea should be short - allocated, pure benzene and styrene should be observed on the sidelines, PVC may rebound in the short - term, ethylene glycol may have inventory reduction expectations, PTA may have valuation increase space, PX has a good medium - term pattern, polyethylene can be short - sold on rallies, and polypropylene's long - term contradiction shifts to production mismatch [54][56][58][60][62][64][66][68][72][74][77]. - Pig prices may remain weakly stable in the short - term, egg prices may be stable with partial narrow - range adjustments, soybean and rapeseed meal prices should be observed on the sidelines in the short - term, oil prices are bullish in the medium - term, sugar prices may rebound, and cotton prices may rise if downstream starts up well [80][82][85][87][91][93]. Summary by Directory Macro - finance Stock Index - **Market Information**: Iran's parliamentary speaker says no cease - fire is sought, Trump says conditional negotiation with Iran is possible; the National Internet Emergency Center issues a risk warning for OpenClaw; storage chips and precious metals rise, and some car companies try to raise prices; Industrial Foshan's 2025 revenue is 902.887 billion yuan, a year - on - year increase of 48.22%, and net profit is 35.286 billion yuan, a year - on - year increase of 51.99% [2]. - **Basis Annualized Ratio**: IF: 6.96%/5.44%/8.68%/6.49%; IC: 6.01%/5.89%/11.20%/8.33%; IM: 13.22%/9.71%/16.30%/11.40%; IH: 0.44%/0.43%/1.63%/3.34% [3]. - **Strategy Viewpoint**: Pay attention to the war situation and control risks [4]. Treasury Bond - **Market Information**: On Tuesday, TL, T, TF, and TS main contracts have different changes; China's January - February exports and imports increase, and the trade surplus is 213.62 billion US dollars; Middle East oil production cuts up to 6.7 million barrels per day; the central bank conducts 3.85 billion yuan of 7 - day reverse repurchase operations, with a net investment of 52 million yuan [5]. - **Strategy Viewpoint**: The economic recovery's sustainability needs observation, and the bond market may be pressured by inflation. It is expected to continue to fluctuate [7]. Precious Metals - **Market Information**: Shanghai gold and silver, COMEX gold and silver rise; US API crude oil inventory is lower than expected, and US non - farm payrolls decrease; Trump and Iran's parliamentary speaker have different stances on negotiation and cease - fire, and Iran may lay mines in the Strait of Hormuz [8]. - **Strategy Viewpoint**: Gold prices are in a narrow - range shock. Geopolitics and inflation expectations affect prices. A cautious bearish view is taken, with Shanghai gold's reference range of 1100 - 1200 yuan/gram and Shanghai silver's of 20500 - 23000 yuan/kilogram [9]. Non - ferrous Metals Copper - **Market Information**: Crude oil and precious metals rise, driving up copper prices. LME and domestic warehouse inventories change, and the spot basis changes [11]. - **Strategy Viewpoint**: The Middle East war provides emotional support. The copper supply is tight, and prices are expected to rise in the short - term. The reference range for Shanghai copper is 100800 - 102800 yuan/ton, and for LME copper is 12900 - 13300 US dollars/ton [12]. Aluminum - **Market Information**: Crude oil fluctuates, LME aluminum's cancelled warrants increase, and aluminum prices rise. Warehouse inventories and spot basis change [13]. - **Strategy Viewpoint**: The Middle East war affects supply, and domestic downstream production resumes. Aluminum prices are expected to remain strong. The reference range for Shanghai aluminum is 24600 - 25800 yuan/ton, and for LME aluminum is 3350 - 3500 US dollars/ton [14]. Zinc - **Market Information**: Zinc prices rise slightly. Warehouse inventories and basis change [15]. - **Strategy Viewpoint**: The zinc industry is weak, and the Iran conflict has little impact on supply. Zinc prices may break downward and will fluctuate widely [16]. Lead - **Market Information**: Lead prices fall. Warehouse inventories and basis change [17]. - **Strategy Viewpoint**: Lead production and demand are weak, but prices are at the lower end of the shock range. They are expected to stop falling and recover [17]. Nickel - **Market Information**: Nickel prices rise slightly. Spot premiums and raw material prices change [18]. - **Strategy Viewpoint**: In the medium - term, nickel prices are supported by policies. In the short - term, they will fluctuate. The reference range for Shanghai nickel is 120000 - 160000 yuan/ton, and for LME nickel is 16000 - 20000 US dollars/ton [18]. Tin - **Market Information**: Tin prices rise. Supply is tight, and demand is in the recovery stage [19]. - **Strategy Viewpoint**: The market is bullish on tin, but supply and demand are marginally loose. Tin prices will fluctuate widely. The reference range for domestic tin is 370000 - 450000 yuan/ton, and for overseas tin is 47000 - 54000 US dollars/ton [20]. Lithium Carbonate - **Market Information**: Lithium carbonate prices rise. Spot and futures prices change [21]. - **Strategy Viewpoint**: The Iran situation eases, and the lithium market may range - fluctuate. The reference range for the Guangzhou Futures Exchange's lithium carbonate 2605 contract is 150000 - 175000 yuan/ton [21]. Alumina - **Market Information**: Alumina prices fall. Warehouse inventories and basis change [22]. - **Strategy Viewpoint**: Over - inventory and supply factors suppress prices. They will fluctuate widely. The reference range for the domestic main contract AO2605 is 2700 - 3000 yuan/ton [24]. Stainless Steel - **Market Information**: Stainless steel prices rise. Spot prices and warehouse inventories change [25]. - **Strategy Viewpoint**: Market purchasing warms up, and prices are expected to rise in a shock. The reference range for the main contract is 13800 - 14500 yuan/ton [25]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rise slightly. Warehouse inventories and contract spreads change [26]. - **Strategy Viewpoint**: Cost and demand factors support prices, which are expected to remain strong [27]. Black Building Materials Steel - **Market Information**: Rebar and hot - rolled coil prices fall. Warehouse inventories and positions change [29]. - **Strategy Viewpoint**: Steel prices will fluctuate weakly in the short - term. The key lies in inventory digestion and demand verification [30]. Iron Ore - **Market Information**: Iron ore prices fall slightly. Warehouse inventories and basis change [31]. - **Strategy Viewpoint**: Overseas supply is volatile, and demand is weak. Prices will fluctuate in the short - term [32]. Coking Coal and Coke - **Market Information**: Coking coal and coke prices fall. Spot prices and basis change [33]. - **Strategy Viewpoint**: In the short - term, prices may fluctuate or slightly rebound. In the long - term, they are optimistic [35][38]. Glass and Soda Ash - **Glass** - **Market Information**: Glass prices fall. Warehouse inventories and positions change [39]. - **Strategy Viewpoint**: Demand improves slightly, and prices will fluctuate in a range. The reference range for the main contract is 1040 - 1130 yuan/ton [39]. - **Soda Ash** - **Market Information**: Soda ash prices fall. Warehouse inventories and positions change [40]. - **Strategy Viewpoint**: The market is in a wait - and - see state, and prices will fluctuate with the coal - chemical industry. The reference range for the main contract is 1200 - 1300 yuan/ton [40]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices fall, and ferrosilicon prices rise slightly. Spot prices and basis change [41]. - **Strategy Viewpoint**: The Middle East war affects market sentiment. Manganese silicon and ferrosilicon may have short - term rebound opportunities [43]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: Industrial silicon prices fall. Warehouse inventories and basis change [45]. - **Strategy Viewpoint**: Supply and demand may increase in March, and prices will fluctuate or rebound [46]. - **Polysilicon** - **Market Information**: Polysilicon prices fall. Warehouse inventories and basis change [47]. - **Strategy Viewpoint**: Supply and demand increase, but inventory reduction is limited. Prices will fluctuate [48]. Energy and Chemicals Rubber - **Market Information**: Crude oil and butadiene prices fall, affecting rubber prices. Tire production and inventory change [50][51]. - **Strategy Viewpoint**: Trade flexibly and set stop - losses. Consider buying NR main contract and short - selling RU2609 [54]. Crude Oil - **Market Information**: Crude oil and refined oil prices fall [55]. - **Strategy Viewpoint**: Adopt a bearish strategic configuration, do long - short operations on different oil spreads [56]. Methanol - **Market Information**: Methanol prices change. Spot and futures prices change [57]. - **Strategy Viewpoint**: Take profit at high prices [58]. Urea - **Market Information**: Urea prices change. Spot and futures prices change [59]. - **Strategy Viewpoint**: Short - allocate urea [60]. Pure Benzene and Styrene - **Market Information**: Pure benzene prices fall, and styrene prices rise. Supply, demand, and basis change [61]. - **Strategy Viewpoint**: Observe on the sidelines [62]. PVC - **Market Information**: PVC prices fall. Cost, supply, demand, and inventory change [63]. - **Strategy Viewpoint**: Prices may rebound in the short - term, but beware of risks [64]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fall. Supply, demand, and inventory change [65]. - **Strategy Viewpoint**: Supply may decrease, and inventory may reduce. Be cautious of over - rising [66]. PTA - **Market Information**: PTA prices fall. Supply, demand, and inventory change [67]. - **Strategy Viewpoint**: PTA may not enter a de - stocking cycle. Valuation may rise, but beware of over - rising [68]. p - Xylene - **Market Information**: PX prices fall. Supply, demand, and inventory change [70][71]. - **Strategy Viewpoint**: PX will enter a de - stocking cycle in March. Valuation may rise, but beware of over - rising [72]. Polyethylene PE - **Market Information**: PE prices fall. Supply, demand, and inventory change [73]. - **Strategy Viewpoint**: Short - sell on rallies for the LL2605 - LL2609 contract [74]. Polypropylene PP - **Market Information**: PP prices fall. Supply, demand, and inventory change [75]. - **Strategy Viewpoint**: The long - term contradiction shifts to production mismatch [77]. Agricultural Products Live Pigs - **Market Information**: Pig prices vary. Market supply and demand change [79]. - **Strategy Viewpoint**: Pig prices may remain weakly stable in the short - term. Short - sell on rallies for the near - term and observe the far - term [80]. Eggs - **Market Information**: Egg prices vary. Market supply and demand change [81]. - **Strategy Viewpoint**: Egg prices may be stable with partial narrow - range adjustments. Short - sell on rallies for the near - term and pay attention to cost support for the far - term [82]. Soybean and Rapeseed Meal - **Market Information**: Soybean import and production data change [83][84]. - **Strategy Viewpoint**: Observe on the sidelines in the short - term [85]. Oils - **Market Information**: Indonesia may restart the B50 policy, and palm oil production, export, and inventory data change [86]. - **Strategy Viewpoint**: Bullish in the medium - term [87]. Sugar - **Market Information**: Sugar production data in different countries change [88][90]. - **Strategy Viewpoint**: Sugar prices may rebound. Participate in long positions on dips [91]. Cotton - **Market Information**: Cotton production, export, and inventory data change [92]. - **Strategy Viewpoint**: Pay attention to downstream start - up. Buy on dips [93].

Group 1 - A total of 6 listed companies in A-shares announced profit distribution plans for 2025, with a total cash dividend distribution exceeding 13.8 billion yuan [1] - Industrial Fulian (601138) is expected to distribute the highest total cash dividend amounting to 12.901 billion yuan [1] - Chongqing Beer (600132) is projected to distribute the highest cash dividend per share, estimated at 1.2 yuan [1] Group 2 - Industrial Fulian reported an operating revenue of 902.887 billion yuan for 2025, representing a year-on-year growth of 48.22% [1] - The net profit attributable to shareholders of the listed company reached 35.286 billion yuan, with a year-on-year increase of 51.99% [1] - The company plans to distribute a cash dividend of 6.5 yuan (including tax) for every 10 shares, totaling 12.901 billion yuan in cash dividends [1] - The total cash dividend for the year amounts to 19.451 billion yuan, accounting for 55.12% of the net profit attributable to shareholders [1]

Group 1 - The core viewpoint of the article highlights Industrial Fulian's impressive financial performance in 2025, with revenue exceeding 900 billion yuan, reaching 902.887 billion yuan, representing a year-on-year growth of 48.22% [1] - The net profit attributable to shareholders reached 35.286 billion yuan, marking a year-on-year increase of 51.99%, with multiple key operational indicators hitting record highs since the company went public [1] - Industrial Fulian plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included) to all shareholders, with a total annual cash dividend (including interim dividends) amounting to 19.451 billion yuan, resulting in a cash dividend rate of 55.12%, both figures being the highest since its listing [1] Group 2 - The company has implemented a 100 billion yuan dividend plan for four consecutive years, with cumulative cash dividends reaching 63.1 billion yuan [1] - As of the latest closing in the A-share market, the company's market capitalization stands at 1.1 trillion yuan [1] - Additionally, Industrial Fulian announced plans to engage in derivative commodity trading activities with a limit of up to 53 billion yuan in 2026 [2]

富士康工业互联网股份有限公司 2025 年度内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的规定, 建立健全和有效实施内部控制,并评价其有效性是贵公司董事会的责任。 ii 注册会计师的责任 内部控制审计报告 普华永道中天特审字(2026)第0075号 (第一页,共二页) 富士康工业互联网股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了富士康工业互联 网股份有限公司(以下简称"贵公司")2025年 12月 31日的财务报告内部控制的有效性。 企业对内部控制的责任 í 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见,并对注意到的 非财务报告内部控制的重大缺陷进行披露。 内部控制的固有局限性 lil (第二页, 共二页) 四、 财务报告内部控制审计意见 我们认为，贵公司于2025年12月31日按照《企业内部控制基本规范》和相关规定在所有重大方面保 持了有效的财务报告内部控制。 普华永道中天 会计师 中国 H A 2026年3月1 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此 ...

富士康工业互联网股份有限公司 2025年度财务报表及审计报告 富士康工业互联网股份有限公司 2025 年度财务报表及审计报告 | | 页码 | | --- | --- | | 审计报告 | 1-7 | | 2025 年度财务报表 | | | 合并及公司资产负债表 | 1 | | 合并及公司利润表 | N | | 合并及公司现金流量表 | 3 | | 合并股东权益变动表 | ব | | 公司股东权益变动表 | 5 | | 财务报表附注 | 6-148 | | 财务报表补充资料 | 1-2 | 审计报告 普华永道中天审字(2026)第 10017 号 (第一页,共七页) 富士康工业互联网股份有限公司全体股东: 审计意见 (一) 我们审计的内容 我们审计了富士康工业互联网股份有限公司(以下简称"贵公司")的财务报表，包括 2025 年 12 月 31 日 的合并及公司资产负债表，2025年度的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益 变动表以及财务报表附注。 (二) 我们的意见 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了贵公司 2025 年 12 月 31 日的合 ...

富士康工业互联网股份有限公司 衍生性商品交易业务管理制度 第一章 总则 第一条 为规范富士康工业互联网股份有限公司（以下简称"公司"）及下属 分子公司衍生性商品交易业务及相关信息披露工作，加强对衍生性商品交易业务 的管理，控制投资风险，健全和完善公司衍生性商品交易业务管理机制，确保公 司资产安全，制定本《衍生性商品交易业务管理制度》（以下简称"管理制度"）。 第二条 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第5号——交易 与关联交易》等有关法律、法规、部门规章和业务规则，以及《富士康工业互联 网股份有限公司对外投资管理制度》《富士康工业互联网股份有限公司章程》（以 下简称"《公司章程》"）的规定，制定本管理制度。 第三条 本管理制度所称衍生性商品，系指其价值或价格由标的现货价格所 衍生的交易契约。 所称"标的"，其项目如下： （一）大宗物资：如贵金属（黄金、白银）、基本金属（铜、铅）； （二）金融资产：如汇率、利率、股价、指数等； （三）其他资产、利益等商品：其种类与范围由董事会视公司业务需要决定。 所称"交易契约"，其形式如下： ...

证券代码：601138 证券简称：工业富联 富士康工业互联网股份有限公司 2025年度独立董事述职报告（廖翠萍） 2025年度，本人作为富士康工业互联网股份有限公司（以下简称"公司"） 第三届董事会独立董事，严格按照《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《上市公司独立董事管理办法》《富士康工业互 联网股份有限公司章程》（以下简称"《公司章程》"）以及《富士康工业互联 网股份有限公司独立董事工作制度》等相关规定及要求，积极出席公司相关会议， 仔细审议各项议案，审慎、认真、勤勉地履行独立董事职责，并按规定对公司相 关事项发表了客观、公正的独立意见，切实维护了公司的整体利益。现将本人2025 年度履职情况报告如下： 一、独立董事的基本情况 作为公司独立董事，本人拥有专业资质及能力，在从事的专业领域积累了丰 富的经验。本人个人工作履历、专业背景以及任职情况如下： 廖翠萍，1966年生，中国籍，毕业于华东理工大学，获资源与环境学院化学 工艺专业博士学位。现任中国科学院广州能源研究所能源战略研究中心二级研究 员、博士生导师。同时担任广东省环境经济与政策研究会副理事长、广东省碳标 签专委会副 ...

富士康工业互联网股份有限公司 董事会薪酬与考核委员会议事规则 第二条 薪酬与考核委员会是董事会下设的负责制定董事、高级管理人员 的考核标准并进行考核，制定、审查董事、高级管理人员的薪酬政策与方案的专 门委员会，向董事会报告工作并对董事会负责。 第三条 本议事规则所称董事是指在公司支取薪酬的董事；高级管理人员 是指董事会聘任的总经理、副总经理、财务总监、董事会秘书等以及董事会确定 的其他高级管理人员。 第四条 董事会有权否决损害股东利益的薪酬计划或方案。 第六条 委员由董事长、二分之一以上独立董事或全体董事的三分之一以 上提名，并由董事会会议选举产生。 第七条 薪酬与考核委员会设召集人 1 名，负责召集和主持薪酬与考核委 员会会议，由独立董事委员担任。召集人在委员内选举，并报请董事会批准产生。 第八条 薪酬与考核委员会委员任期与董事会任期一致，委员任期届满， 连选可以连任。薪酬与考核委员会委员任期届满前，除非出现《公司法》《公司 章程》或本议事规则规定的不得任职之情形，不得被无故解除职务。期间如有薪 酬与考核委员会委员不再担任公司董事职务，自动失去薪酬与考核委员会委员资 格。 第九条 薪酬与考核委员会因委员辞职 ...