Sichuan Tianwei Electronic (SH:688511) Xin Lang Zheng Quan·2025-08-29 14:43Core Viewpoint - The appointment of Ju Wanfu as the new deputy general manager of Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei) has sparked discussions regarding the company's governance structure, particularly the implications of family governance models in the context of its operational challenges and market position [1][3]. Group 1: Company Background and Governance - Ju Wanfu, born in 1975, has a background in real estate management and has worked for companies such as Shenzhen Xianke Real Estate Development Co. and Baoneng Holdings [2]. - Ju Wanfu is the younger brother of current shareholder Ju Wanzhen and the brother of chairman Ju Wanli, which raises concerns about family governance due to the close relationships among key stakeholders [3]. - The family governance structure is not uncommon in the A-share market, especially among small and medium-sized enterprises, and may indicate a tightening control over the company amid its ongoing struggles [4]. Group 2: Financial Performance - For the first half of 2025, *ST Tianwei reported a revenue of approximately 84 million CNY, a significant increase of 87.37% compared to the same period last year [6]. - The total profit for the same period was approximately 33 million CNY, showing a substantial recovery from previous losses [6]. - Despite a slight improvement in financial performance, the company has been labeled as "high risk" and "shell protection," indicating ongoing concerns about its ability to recover fully [6]. Group 3: Market Reactions and Future Outlook - The timing of the personnel adjustment suggests a strategic repositioning, potentially indicating a shift towards new business areas or a consolidation of governance within the family [5]. - The market remains skeptical about whether family control will serve as a remedy for the company's governance and operational issues, especially given the regulatory scrutiny on family-run enterprises [7]. - As of August 29, *ST Tianwei's stock closed at 23.91 CNY per share, with a year-to-date increase of 53.56%, reflecting some market optimism despite underlying challenges [8].