Core Viewpoint - The company Tonghui Information (BJ430090), known as the "first VR application stock" on the Beijing Stock Exchange, is currently embroiled in internal conflicts, particularly between its actual controller Dai Fuhao and the board of directors, leading to concerns over governance and operational direction [1][2]. Group 1: Internal Conflicts - Dai Fuhao, the actual controller and founder, accused the board of deviating from the main business direction and causing continuous performance decline, prompting him to propose a change in board members [1][3]. - On July 28, 2023, Dai's proposal to remove certain board members was rejected during a temporary shareholders' meeting, maintaining the current board structure [1][4]. - Dai claimed that the board abused its rights by improperly soliciting votes from minority shareholders, which he reported to regulatory authorities [1][5]. Group 2: Governance Issues - The board's decision to convene a temporary shareholders' meeting was met with concerns from independent directors about the potential impact of significant board changes on the company's future [4]. - Dai's allegations included claims of the board's misuse of shareholder lists and improper solicitation methods to influence voting outcomes [5][6]. - A board member opposed the authorization of the board chair to handle vote solicitation, arguing that it was inappropriate for someone not a shareholder to manage this process [7]. Group 3: Financial Performance - The company has reported continuous financial losses over the past three years, with net profits of -44.52 million, -128 million, and -71.94 million respectively from 2022 to 2024 [16]. - In the first quarter of 2025, the company experienced a significant revenue drop of 87.12% year-on-year, with a net profit decline of 2776.13% to -5.97 million [16]. - Cash flow issues were highlighted, with a net cash flow from operating activities of -12.42 million in 2024, indicating severe financial strain [15]. Group 4: Strategic Direction - Following the entry of strategic investor Nantian Shujin, the company has diversified into non-core business areas, which Dai believes has negatively impacted its core operations [15][16]. - The company has attempted to explore new growth avenues, including investments in health education and the establishment of a subsidiary in the new energy sector, but these efforts have yet to yield positive results [16][17]. - Dai expressed concerns over the company's shift away from its primary business, particularly the loss of its NEC distribution business, which was a key revenue source [15].
实控人与董事会决裂 北交所“VR应用第一股”同辉信息陷内斗