“同学创业典范”滤镜破碎，三雄极光内讧分歧走到台前

Core Viewpoint - The internal conflicts within Sanxiong Aurora have come to light, revealing significant divisions among the founding members, which may impact the company's future performance and governance [3][9]. Company Background - Sanxiong Aurora was founded in 1991 by four alumni from South China University of Technology, initially gaining recognition for their successful electronic ballast products and later becoming a leader in engineering lighting [4][5]. - The company went public in 2017, with annual revenues around 2.5 billion yuan and net profits between 230 million and 250 million yuan [5]. Internal Conflicts - Recent board meetings have highlighted disagreements, particularly during the election of the chairman, where two proposals were made, leading to a split vote [3][6]. - Founders Zhang Xianqing and Chen Songhui have expressed concerns over the management style of current chairman Zhang Yutao, citing disorganization and declining performance [7][9]. Financial Performance - The company's revenue has seen a significant decline from 2.7 billion yuan in 2021 to 2.078 billion yuan in 2024, marking the lowest since its IPO [9][10]. - Net profit has also dropped sharply, with a notable 88% decrease in 2021 and a further decline in 2024, resulting in a net loss of 15.31 million yuan in Q1 2025 [9][10]. Market Conditions - The overall lighting industry is facing challenges, with a projected market value decline of 7.6% in 2024, affecting Sanxiong Aurora's primary business in home lighting [11]. - The company is attempting to mitigate losses through strategies like digital marketing and city coverage, but these efforts have yielded minimal growth [10][11]. Shareholder Sentiment - Trust in the current management has waned, as evidenced by the near-unanimous rejection of executive compensation proposals by minority shareholders at the 2024 annual meeting [11]. - The company's stock price has plummeted over 80% from its peak, resulting in a market capitalization loss of approximately 13 billion yuan [11].