CYG(SH:600525) Xi Niu Cai Jing·2025-12-02 08:44Core Viewpoint - ST Changyuan's chairman Qiao Wenjian has been placed under detention due to suspected job-related violations, raising concerns about the company's governance and financial health [2][3]. Group 1: Management Changes - On September 12, 2025, former chairman Wu Qiquan resigned for personal reasons, and Qiao Wenjian was elected as chairman on September 27, 2025, serving only two months before his detention [3]. - Qiao Wenjian previously worked at China Bank from 2007 to 2021 and joined Changyuan Technology Group as a special assistant to the chairman in June 2021 [3]. Group 2: Compensation Issues - Two weeks prior to his detention, the board approved the 2025 annual director compensation plan, with Qiao's salary base significantly increasing compared to the previous year [3]. - Qiao's compensation as vice president from 2022 to 2024 saw a cumulative increase of over 300%, with figures of 413,000 yuan, 1.5667 million yuan, and 1.6623 million yuan respectively [3]. - The dissenting votes against the compensation plan were from representatives of the largest shareholder, Zhuhai Gree Jin Investment, citing misalignment with corporate governance standards and the company's financial losses [3]. Group 3: Legal Issues - On November 14, 2025, ST Changyuan faced a civil lawsuit from Zhuhai Gree Jin Investment and its affiliate for securities false statement liability, with a total claim of 413 million yuan [4]. - The lawsuit alleges that ST Changyuan's 2016 and 2017 annual reports contained false records, leading to significant losses for the plaintiffs [4]. Group 4: Financial Performance - For the first three quarters of 2025, ST Changyuan reported revenue of 5.438 billion yuan, a year-on-year decline of 1.34%, and a net profit attributable to shareholders of -328 million yuan, a year-on-year decline of 567.01% [4]. - The company specializes in smart grid equipment, energy internet technology services, consumer electronics, and lithium iron phosphate materials [4].