曙光集团由75岁名誉董事长余永发控股79%，与67人签署一致行动协议合理性遭问询

Core Viewpoint - Anhui Shuguang Chemical Group Co., Ltd. (Shuguang Group) is undergoing a review process for its listing on the Shanghai Stock Exchange, with a focus on the actual control of the company by its major shareholder, Yu Yongfa, and the agreements made with other shareholders to maintain control stability [1][2]. Shareholding Structure - Yu Yongfa directly holds 19.56% of the company's shares and, through an agreement with 67 other shareholders, controls 79.16% of the voting rights [1]. - The company has a history of using entrusted shareholding agreements to concentrate voting rights among major shareholders since its reform in 2004 [2]. Control Agreements - In late 2023, Yu Yongfa signed a "Joint Action Agreement" with 67 shareholders, allowing him to control an additional 35.76 million shares, which represents approximately 59.6% of the total shares [3]. - The agreements were notarized by the Anqing City Notary Office, ensuring the legal backing of the control structure [3]. Financial Performance - Shuguang Group operates in cyanide chemicals, modern coal chemicals, fine chemicals, and new chemical materials, with three main business segments: cyanides, butanol, and coal-to-hydrogen [4]. - The company's revenue from 2021 to the first half of 2024 shows a decline from 37.8 billion yuan in 2021 to 15.03 billion yuan in the first half of 2024, with net profits also fluctuating during this period [4]. - Key financial metrics include: - Revenue: 37.8 billion (2021), 36.58 billion (2022), 35.47 billion (2023), 15.03 billion (2024 H1) - Net Profit: 8.78 billion (2021), 3.61 billion (2022), 5.05 billion (2023), 1.72 billion (2024 H1) - Gross Margin: 34.58% (2021), 17.21% (2022), 22.64% (2023), 21.74% (2024 H1) [4][5]. Corporate Governance - The company has undergone significant changes in its governance structure, transitioning to a joint-stock company in December 2023, which dissolved previous entrusted shareholding relationships [2]. - Yu Yongfa has been a key figure in the company since its inception, holding various leadership roles, including Chairman and General Manager, and currently serves as Honorary Chairman [5].