YKS(SZ:300209) Nan Fang Du Shi Bao·2025-11-25 23:12Core Viewpoint - The company "Youkeshu" is currently embroiled in a power struggle following significant management changes and a lawsuit initiated by its founder, which has led to operational uncertainties and delayed financial reporting [1][3][5]. Group 1: Internal Conflict and Legal Proceedings - The founder, Xiao Siqing, has filed a lawsuit to annul the resolutions from the October 2025 extraordinary shareholders' meeting, which resulted in the resignation of the entire sixth board of directors [1][2]. - Xiao claims that the shareholders' meeting had procedural flaws, including undisclosed judicial freezes on the largest shareholder's shares and unverified funding sources [2]. - The company has responded by asserting that the shareholders' meeting was conducted legally and that the governance structure remains intact despite the ongoing legal dispute [2][3]. Group 2: Impact on Operations and Financial Reporting - The internal conflict has led to a failure to complete the handover of responsibilities, resulting in the inability to disclose the third-quarter financial report within the legal timeframe [3][5]. - The company has faced scrutiny from regulators due to allegations of obstructing shareholders' rights and failing to disclose significant information [6]. Group 3: Historical Context and Financial Performance - The power struggle stems from a shift in the company's ownership structure following a bankruptcy restructuring in 2024, which diluted the founder's stake to 3.28% while the new major shareholder acquired 18% [5]. - The company's financial performance has deteriorated significantly, with a reported 81.33% year-on-year decline in revenue for the first half of 2025, despite a slight profit turnaround [9]. - The company has acknowledged that the recovery of its cross-border e-commerce business has not met expectations, indicating ongoing risks of further revenue decline [9][10].