Absen(SZ:300389) Xin Lang Cai Jing·2025-12-02 14:20Core Viewpoint - The chairman of Aibisen, Ding Yanhui, voted against his own re-election due to dissatisfaction with his salary, which has seen significant increases over the years [2][5][20]. Group 1: Chairman's Salary and Voting - Ding Yanhui cast the only dissenting vote against his re-election as chairman during the board meeting on November 28, citing dissatisfaction with the chairman's salary [2][5][21]. - His pre-tax salary for 2024 is reported at 4.36 million yuan, ranking 135th among over 5,000 A-share companies [7][23]. - From 2020 to 2024, his salary increased nearly sixfold, from 730,000 yuan to 4.36 million yuan, with a 51% increase from the previous year [7][23]. Group 2: Shareholding and Personal Financial Needs - Ding Yanhui holds a 33.78% stake in Aibisen and has announced plans to reduce his holdings by up to 3% due to personal financial needs [5][10][26]. - His entrepreneurial journey began in 1996, leading to the establishment of Aibisen, which has since expanded into international markets [10][28]. Group 3: Company Performance and Challenges - Aibisen's main business involves the R&D, production, and sales of LED displays, but it is currently facing challenges with declining sales prices and volumes [15][31]. - The average sales price of LED displays dropped from 123,000 yuan per square meter in 2022 to 99,200 yuan in 2024, with sales volume decreasing from 373,800 square meters to 355,800 square meters [15][31]. - The company's revenue for 2024 is projected at 3.663 billion yuan, an 8.58% year-on-year decline, with net profit down 62.98% [15][31]. Group 4: Strategic Adjustments - Aibisen is undergoing strategic adjustments, focusing on high-value clients and cutting low-margin, long-term businesses starting in the second half of 2024 [15][31]. - The company maintains a light asset operation model with fixed assets around 600 million yuan, significantly lower than competitors [16][32]. - In Q3 2023, Aibisen reported a revenue of 1.053 billion yuan, a 14.5% increase year-on-year, and a net profit of approximately 69.05 million yuan, up 138.55% [31][32].