CYG(SH:600525) Xin Lang Cai Jing·2025-09-30 10:25Core Viewpoint - ST Changyuan has appointed Qiang Wei as the new president, following a series of leadership changes within the company, which has raised concerns regarding management stability and performance [2][3]. Leadership Changes - The board of ST Changyuan approved the appointment of Qiang Wei as president, effective immediately until the end of the ninth board term [2]. - Qiang Wei has held various positions within the company since 2010, including general manager of Changyuan Electric Technology Co., and has been the general manager of Changyuan Shenrui Automation Co. since 2022 [2]. - The appointment received 7 votes in favor and 2 against, with dissenting board members citing Qiang Wei's lack of attendance at shareholder meetings as a breach of the company's diligence obligations [2]. Previous Leadership Issues - The previous president, Wu Qiquan, resigned on April 29 for personal reasons, and was succeeded by Qiao Wenjian, who also resigned in less than six months due to regulatory compliance issues regarding board composition [3][4]. - Qiao Wenjian's term was originally set to end on January 9, 2028, but he had to step down from the presidency to comply with regulations limiting the number of dual-role executives on the board [3]. Financial Performance - ST Changyuan reported a revenue of 3.47 billion yuan for the first half of 2025, a slight decrease of 0.9% year-on-year [4]. - The company experienced a significant increase in net losses, from 46.99 million yuan in the previous year to 344 million yuan, indicating worsening financial health [4][5]. - The net cash flow from operations was -226 million yuan, although this represented a 4.1% improvement year-on-year [5].