Core Viewpoint - The unusual voting scenario during the board meeting of Absen (300389.SZ) highlighted internal governance issues, with the chairman, Ding Yanhui, voting against his own re-election to signal the need for reform in the company's governance and compensation structure [2][3]. Group 1: Governance and Shareholding Structure - Ding Yanhui's dissenting vote was motivated by a desire to address the company's governance structure, which he believes is hindered by concentrated shareholding and unequal distribution of interests [3][5]. - The three founding shareholders, including Ding Yanhui, hold a significant portion of the company's shares: Ding holds 33.78%, while the other two founders hold 16.61% and 14.23%, respectively, leading to limited market participation from institutional investors [3][4]. - The concentrated ownership structure has resulted in decision-making inefficiencies, with major decisions potentially blocked by dissent from any of the three major shareholders [5]. Group 2: Compensation and Incentive Mechanisms - Ding Yanhui expressed dissatisfaction with the current compensation system, describing it as "unscientific and unreasonable," which has led to internal inequities in pay among employees [12][13]. - The company reported a significant increase in employee compensation, with total payable employee salaries reaching 156 million yuan, a 27.80% increase year-on-year, aligning with a 30.84% increase in net profit [10]. - Despite the increase in compensation, Ding Yanhui noted that the distribution mechanism has not kept pace with the company's growth, indicating a need for a more balanced approach to value creation among shareholders, the company, and employee incentives [10][11]. Group 3: Future Directions and Challenges - Ding Yanhui aims to establish a more modern and transparent board decision-making mechanism, emphasizing the importance of optimizing the shareholding structure as part of the reform process [6][11]. - The company is taking steps to address governance issues by hiring younger, highly educated professionals for key positions and engaging third-party consultants to revamp the compensation system [13]. - The internal conflict and governance challenges at Absen reflect broader issues faced by private enterprises in China as they transition towards modern governance practices [13].

Group 1 - The company Absen (300389) responded to investor inquiries on December 4, indicating that shareholders should pay attention to the company's upcoming periodic reports for information on shareholder numbers [1] - The company emphasized its commitment to fulfilling information disclosure obligations in accordance with relevant regulations [1]

Core Viewpoint - The chairman of Absen, Ding Yanhui, voted against his own re-election due to dissatisfaction with his salary of 4.35 million yuan for 2024, raising questions about internal governance and the effectiveness of the company's compensation committee [2][3] Group 1: Internal Governance Issues - The public disclosure of internal governance conflicts raises concerns about compliance with information disclosure norms, as significant disagreements and reform proposals should ideally be discussed within the board and transparently communicated to all shareholders [3] - Ding Yanhui's choice to vote against his re-election may force reforms but raises questions about whether this approach aligns with the fairness and regulatory requirements of information disclosure for listed companies [3] Group 2: Public Relations and Narrative - There is suspicion of a "public relations narrative" where some entrepreneurs create a "celebrity" image, framing internal conflicts as a public transformation, which could be a strategic move to break negotiation deadlocks [3] - The internal power dynamics at Absen, particularly the influence of its three founding shareholders, complicate the situation and prompt scrutiny of whether the public opposition is a calculated strategy [3] Group 3: Potential for Real Change - The critical question remains whether the public discourse will lead to genuine institutional changes, such as a review and optimization of the compensation committee's response and decision-making processes [3] - The outcome of the compensation reform plan will determine if it is a compromise or a scientifically structured system linked to long-term performance and risk-sharing [3]

Core Viewpoint - The dramatic scene at the board meeting of Aibison, where Chairman Ding Yanhui voted against his own reappointment due to dissatisfaction with his salary, highlights deeper internal conflicts regarding governance and reform within the company [1][2] Group 1: Governance and Internal Conflicts - Chairman Ding Yanhui's rejection of his own reappointment was initially perceived as a personal grievance over his salary of 4.35 million, which has increased more than threefold since 2021 [1] - The company clarified that Ding's dissatisfaction was a "surface reason," indicating that he aimed to address significant issues related to governance structure, profit distribution, and compensation mechanisms [1] - Ding expressed that he faced substantial resistance in pushing for internal reforms, as the founding team remains influential, with any dissent from one of the three major shareholders halting major decisions [1] Group 2: Company Performance and Market Position - Despite the internal governance issues, Aibison's operational performance is strong, particularly in the LED display sector, with over 70% of revenue coming from overseas markets, establishing the company as an "export champion" in the industry [2] - Ding suggested that major shareholders consider reducing their stakes to improve the company's equity structure, although he acknowledged the significant obstacles to such changes [2] - The rejection of Ding's reappointment, while seemingly a minor issue regarding salary, reflects a broader challenge to the company's governance and long-term reform efforts [2]

Core Viewpoint - The recent board meeting of Aibisen revealed significant internal governance issues, highlighted by Chairman Ding Yanhui's dissenting vote against his own re-election due to dissatisfaction with salary, which he claims is a facade for deeper systemic problems within the company [2][3]. Group 1: Governance Issues - Ding Yanhui's dissenting vote was a strategic move to draw attention to the company's governance and compensation distribution mechanisms, indicating a need for reform [2][3]. - The company faces challenges in decision-making efficiency due to the influence of major shareholders, which Ding believes hinders necessary reforms [3]. Group 2: Internal Structure and Management - The current human resources system is described as arbitrary, with older employees retaining high salaries despite underperformance compared to younger staff [3]. - The internal conflicts and management issues reflect a broader challenge faced by many companies in transitioning from startup success to sustainable operations, often leading to stagnation and potential decline [4][5]. Group 3: Need for Reform - Aibisen must address these governance and compensation issues promptly to avoid further discontent among employees and investors, indicating a critical need for a comprehensive reform plan [4]. - The situation underscores the importance of proactive governance and adaptability in maintaining a company's competitive edge and operational effectiveness [5].

Group 1 - The only opposing vote in the recent board election came from Ding Yanhui, who expressed dissatisfaction with the chairman's compensation, which is 4.3556 million yuan, an increase of 1.4711 million yuan from the previous year [1][4] - Ding Yanhui clarified that his opposition was not solely about salary but rather dissatisfaction with the company's incentive mechanism and concentrated shareholding structure, which he believes hinders corporate governance [1][2] - The company, Abison, was founded in 2001 and is a leading provider of LED display applications and services globally, reporting revenue of 2.872 billion yuan and a net profit of 185 million yuan for the first three quarters of 2025 [3]

Core Viewpoint - The article discusses the dissatisfaction of Ding Yanhui, the chairman of Aibisen, regarding the company's governance structure and compensation mechanisms, leading him to vote against the chairman election due to concentrated shareholding issues and ineffective incentive systems [1][3]. Group 1: Governance Structure - Ding Yanhui expressed concerns about the serious issues within the company's governance structure, highlighting the concentrated shareholding that hinders optimization through negotiation [1]. - He has communicated repeatedly with the company regarding the concentrated shareholding problem but has not seen any results, which prompted his dissenting vote during the chairman election [1]. Group 2: Compensation Mechanism - Ding criticized the company's profit distribution mechanism as being inadequate and the compensation distribution mechanism as unscientific and unreasonable [1]. - In 2024, Ding Yanhui received a total pre-tax compensation of 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan, marking a 51% increase from his 2.8845 million yuan salary in 2023 [3]. Group 3: Personal Philosophy - Ding Yanhui stated his commitment to reform, emphasizing his motto of contributing more taxes to the state and providing better compensation to employees [1].

Core Viewpoint - The chairman of Absen, Ding Yanhui, opposed his re-election due to dissatisfaction with his salary, which increased significantly despite the company's declining profits [1][3][5]. Group 1: Salary and Performance - Ding Yanhui's salary for 2024 is 4.3556 million yuan, ranking 135th among approximately 4,500 A-share companies [1][8]. - In 2024, Ding's salary increased by nearly 1.5 million yuan compared to 2023, where he earned 2.8845 million yuan [3]. - Absen's revenue for 2024 is approximately 3.663 billion yuan, a decrease of 8.58% year-on-year, while the net profit dropped by 62.98% to about 117 million yuan [3]. Group 2: Shareholding Structure - Ding Yanhui, along with co-founders Ren Yonghong and Deng Jiangbo, holds a combined 66.32% of Absen's shares, indicating a highly concentrated ownership structure [6]. - Ding Yanhui holds 33.78% of the shares, while Ren Yonghong and Deng Jiangbo hold 16.61% and 14.23%, respectively [6]. Group 3: Industry Context - In the A-share market, 13 chairpersons have salaries exceeding 10 million yuan, with WuXi AppTec's chairman earning the highest at 41.8 million yuan [8][9]. - The high salaries in the pharmaceutical sector reflect the industry's characteristics of high investment, high returns, and intense competition [9].

Core Viewpoint - The recent board resolution announcement from A-share listed company Absen has sparked market discussions, particularly due to the unique situation where the founder and chairman Ding Yanhui cast the only dissenting vote against his own election, citing dissatisfaction with the chairman's salary of 4.35 million yuan [1][11]. Group 1: Voting and Reactions - During the first meeting of the sixth board of directors on November 28, 2025, all 9 directors attended, and the election of the chairman resulted in 8 votes in favor and 1 vote against, which was from Ding Yanhui himself [3][13]. - The announcement of Ding's dissent quickly gained traction on social media, with mixed reactions from netizens questioning why he was dissatisfied with a salary of 4.35 million yuan [3][13]. Group 2: Salary Data - Ding Yanhui's pre-tax remuneration for 2024 was 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan, marking a 51% increase from 2.8845 million yuan in 2023 [5][15]. - Over five years, his salary has increased nearly fivefold from 730,000 yuan in 2020 to 4.3556 million yuan in 2024 [5][15]. - Compared to peers, Ding's salary is significantly higher, with the chairman of Leyard earning 1.051 million yuan, and others earning even less, indicating that Ding's compensation is more than double the average salary of 2.0971 million yuan for other executives at Absen [5][16]. Group 3: Company Performance - In 2024, Absen reported a revenue of 3.663 billion yuan, a year-on-year decline of 8.58%, and a net profit attributable to shareholders of 117 million yuan, down 62.98% [6][16]. - However, in the first three quarters of 2025, the company showed signs of recovery with a revenue of 2.872 billion yuan, up 5.66%, and a net profit of 185 million yuan, up 57.33% [6][16]. Group 4: Company Response and Governance Issues - In response to the public outcry regarding Ding's salary dissatisfaction, Absen clarified that the statement was a clerical error, and Ding's actual concern was about the overall incentive mechanism of the company [7][17]. - Ding aims to push for reforms in the company's governance structure, focusing on optimizing governance, improving the distribution of benefits, and adjusting the incentive mechanisms [7][17]. Group 5: Shareholder Dynamics and Market Reaction - As the founder and actual controller of Absen, Ding holds approximately 12.5 million shares, accounting for 33.78% of the total share capital, with a market value of around 2 billion yuan [8][18]. - Ding's limited influence over his own salary is highlighted by his absence from the compensation and assessment committee, which is led by another individual [9][21]. - Following the "self-opposition" incident, Absen's stock price fell by 1.36% to 16.01 yuan per share, with a total market capitalization of approximately 5.9 billion yuan [10][22]. - The incident has drawn attention to potential adjustments in the executive compensation system, with the board also passing a proposal to revise the senior management compensation management system [10][23].

Core Viewpoint - The chairman of Aibisen, Ding Yanhui, cast a dissenting vote against the election of the new board chairman due to dissatisfaction with the chairman's compensation and the company's governance structure [2][4][5]. Group 1: Governance Issues - Ding Yanhui expressed that the company's governance structure has serious problems, particularly regarding the concentrated shareholding and the lack of willingness from major shareholders to reduce their stakes, which hampers governance optimization [5][6]. - He highlighted the inadequacy of the company's incentive mechanisms and the unscientific nature of the compensation distribution system [6]. Group 2: Financial Performance - Aibisen reported a revenue of 2.872 billion yuan for the first three quarters of the year, representing a year-on-year increase of 5.66%. The revenue for the third quarter alone was 1.053 billion yuan, showing a growth of 14.5% compared to the same period last year [10]. - The net profit attributable to shareholders for the first three quarters was 185 million yuan, marking a significant year-on-year increase of 57.33%. The net profit for the third quarter reached approximately 69.05 million yuan, up 138.55% year-on-year [10]. Group 3: Compensation Details - Ding Yanhui directly holds 124,671,149 shares of the company, accounting for 33.78% of the total share capital, making him the actual controller of Aibisen [8]. - His pre-tax compensation for 2024 was reported at 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan. This represents a 51% increase from his 2023 salary of 2.8845 million yuan [8].