CYG(SH:600525) Sou Hu Cai Jing·2025-11-25 04:07Core Points - The company has not received any investigation documents from authorities and is unaware of the progress or conclusions of the ongoing investigation [1] - The company’s operations and management are reported to be normal despite the internal control issues [1] Management Changes - The company appointed Qiao Wenjian as chairman just two months after the resignation of former chairman Wu Qiquan, who stepped down for personal reasons [3] - The board meeting that elected Qiao Wenjian had a vote of 7 in favor and 2 against, with dissenting votes from directors Chen Meichuan and Deng Xiangxiang [3] Board and Management Compensation Issues - Two directors opposed several proposals, citing concerns over internal control issues and the appropriateness of the proposed remuneration for directors and executives [6][7] - The proposed total compensation for directors and senior management for 2025 is capped at 21.802 million yuan, with the former and current chairmen's combined compensation not exceeding 5.171 million yuan [9] - Qiao Wenjian's salary has increased significantly over the past three years, with a cumulative increase of approximately three times from 41.30 thousand yuan in 2022 to 166.23 thousand yuan in 2024, despite the company's declining performance [9] Financial Performance and Legal Issues - The company has faced significant financial losses, with a net profit drop from 674 million yuan in 2022 to a loss of 978 million yuan in 2024, and a further loss of 328 million yuan in the first three quarters of 2025 [9] - The company is facing a lawsuit from its major shareholder, Zhuhai Gree Financial Investment Management Co., for approximately 413 million yuan due to alleged false statements regarding its financial performance [10][12] - The lawsuit claims that the company misrepresented its financial data in 2016 and 2017, leading to inflated revenue and profit figures [11]