YKS(SZ:300209) Nan Fang Du Shi Bao·2025-11-24 02:13Core Viewpoint - The company "Youkeshu" is currently embroiled in a power struggle, marked by a series of management changes and legal disputes initiated by its founder, Xiao Siqing, against the decisions made during a recent extraordinary shareholders' meeting [2][6][10]. Group 1: Management Changes and Legal Disputes - The internal conflict escalated after the October 2025 extraordinary shareholders' meeting, which resulted in the complete turnover of the management team [2][6]. - Xiao Siqing has filed a lawsuit to annul the resolutions from the October 10, 2025 meeting, claiming procedural flaws, including undisclosed judicial freezes on the largest shareholder's shares [6][7]. - The company has responded by asserting that the shareholders' meeting was conducted legally and that the current governance structure remains unaffected, although the impact on profits is still uncertain [2][7]. Group 2: Historical Context and Shareholder Dynamics - The turmoil stems from a shift in the company's equity structure following its bankruptcy restructuring in September 2024, which led to the dilution of Xiao Siqing's shares to 3.28% while the new major shareholder, Wang Wei, acquired 18% [8][10]. - The power struggle intensified as Wang Wei attempted to convene shareholder meetings to gain control, which were initially blocked by the existing board led by Xiao Siqing [8][9]. Group 3: Financial Performance and Future Outlook - The company has faced significant financial challenges, with a reported revenue drop of 81.33% in the first half of 2025 compared to the previous year, despite a slight profit turnaround [11][12]. - The ongoing internal conflict and management changes have raised concerns about operational stability, asset management, and the company's ability to recover in a competitive market [10][12]. - Industry analysts suggest that the capital influx intended for expansion has led to governance issues, making it crucial for the new management to restore market share and operational efficiency [12].