BOCIC(SH:601696) Xin Lang Cai Jing·2025-11-19 11:01Core Viewpoint - The recent shareholder meeting of Zhongyin Securities resulted in the election of two non-independent directors, Liang Gang and Dong Shangbin, both affiliated with China National Petroleum Corporation (CNPC), which is the second-largest shareholder of Zhongyin Securities with a 14.32% stake [1][3]. Group 1: Election Results - Both director election proposals received over 99.8% approval from the voting shareholders [1]. - Among minority shareholders, Liang Gang received 90.44% approval, while Dong Shangbin received 89.34%, indicating around 10% dissent among small shareholders [1][2]. Group 2: Historical Context - The current voting results contrast sharply with the previous elections in June 2023, where the directors appointed by CNPC received over 99% support from minority shareholders [2][3]. - The previous directors, Xuan Liyong and Zhou Jing, resigned due to "work arrangement reasons," and their tenure saw lackluster performance from Zhongyin Securities [3]. Group 3: Company Performance - In the second half of 2023, Zhongyin Securities experienced a year-on-year decline in revenue and net profit by 10.81% and 11.63%, respectively [3]. - In 2024, revenue slightly decreased by 1.79%, while net profit saw a minor increase of 0.64% [3]. - By 2025, with a more active capital market, Zhongyin Securities reported over 20% growth in both revenue and net profit for the first three quarters [3]. Group 4: New Board Members' Background - Liang Gang has extensive experience within CNPC, having held various positions since 1997, and is currently involved in capital operations and corporate governance [5]. - Dong Shangbin, a management PhD and senior accountant, has a diverse background in both industrial and financial sectors, having worked in CNPC and Kunlun Bank [5][4]. Group 5: Market Position - Zhongyin Securities ranks 34th among 43 listed securities firms in terms of revenue size, despite the overall industry experiencing significant growth [5]. - In the third quarter, Zhongyin Securities achieved a year-on-year revenue growth of 38.33%, ranking 20th in the industry for growth rate [5]. Group 6: Future Outlook - The effectiveness of the newly adjusted board in seizing market opportunities and achieving significant growth remains uncertain and will be revealed over time [6].