裕太微罢免90后女董秘：权力博弈下的资本暗涌

Group 1 - The core event involved the dramatic dismissal of Wang Wenqian, the 90s-born secretary of the board, during the second board meeting of Yutai Micro (688515.SH), which is the first company listed on the Sci-Tech Innovation Board for Ethernet physical layer chips. The decision was passed with 5 votes in favor and 2 against, raising concerns in the capital market due to internal disagreements among actual controllers, ongoing performance pressures, and the sensitive timing of the financial report window [1][2][4]. Group 2 - Wang Wenqian, who played a crucial role in Yutai Micro's listing, had her tenure unexpectedly cut short. Despite her original term lasting until December 2027, the chairman, Shi Qing, proposed her dismissal just before the board meeting, which was supported by the majority. Notably, the dissenting votes came from shareholders who are aligned with Shi Qing, indicating a power struggle within the company [2][5]. Group 3 - Yutai Micro's financial performance has been deteriorating, with the 2024 financial report showing a 44.86% year-on-year revenue increase to 396 million yuan, but a 34.36% increase in net loss to 202 million yuan. The high R&D expenditure, which reached 294 million yuan (32.4% increase year-on-year) and accounted for 74.1% of revenue, is a core issue affecting profitability. The company's stock price has plummeted from a peak of 268 yuan per share at its IPO to a low of 46.58 yuan, with a recent recovery to 101.63 yuan, but the market capitalization remains below half of its peak value at 8.1 billion yuan [3][4]. Group 4 - The timing of Wang Wenqian's dismissal, just before the scheduled release of the 2025 semi-annual report on August 30, has raised suspicions in the market. This event follows the departure of three other executives since 2023, suggesting potential strategic disagreements within the management team [4][5]. Group 5 - The company has characterized the dismissal as a "normal personnel adjustment," but the public disagreement among aligned shareholders reveals governance fractures. This incident reflects a broader narrative of power struggles and strategic challenges faced by Yutai Micro in the current semiconductor industry downturn [5].