SIASUN(SZ:300024) Sou Hu Cai Jing·2025-08-14 16:28Core Viewpoint - The recent proposal by Yin Rongzao, CEO of Borante Robotics, to grant himself a fixed monthly salary of 2 million yuan has sparked controversy and accusations of potential company misappropriation from investors [1][2]. Financial Performance - Borante's revenue and net profit have been in continuous decline from 2020 to 2023, with revenue dropping from 447.2 million yuan in 2020 to 201.2 million yuan in 2023, and net profit falling from 73.8 million yuan to a loss of 125.4 million yuan [1]. - Although there is a projected recovery in 2024 with revenue expected to reach 330.7 million yuan, the company will still be operating at a loss [1]. Management and Governance Issues - Yin Rongzao's request for a 200 million yuan fixed salary and a nine-digit year-end bonus is seen as a desperate move following the liquidation of the "Rongzao No. 1 Fund," which previously granted him significant voting power [2][5]. - The upcoming extraordinary shareholders' meeting on August 18 will address significant amendments to the company's articles of association, which could greatly influence Borante's future direction [2][5]. Investor Relations - Investors, particularly Junlan Investment, are actively opposing Yin's proposals and are calling for changes in governance to protect shareholder interests [4][8]. - The relationship between Borante and its management is described as increasingly strained, with Yin and other management members reportedly not collaborating effectively [8]. Market Position - Despite the internal turmoil, Borante remains a significant player in the robotics industry, ranking third in domestic shipment volumes, with over 8,700 units sold in July [7].