Absen(SZ:300389) Sou Hu Cai Jing·2025-12-02 15:52Core Viewpoint - The recent board meeting of Aibisen highlighted a significant governance issue, as founder Ding Yanhui cast the only dissenting vote against the election of the new chairman, citing dissatisfaction with the chairman's compensation as the reason [1][3]. Group 1: Governance and Shareholder Structure - Ding Yanhui's dissenting vote was later clarified to reflect his concerns about the company's governance structure and incentive mechanisms rather than just salary dissatisfaction [4]. - He expressed that the company's ownership structure is overly concentrated, making it difficult for institutional and retail investors to participate effectively [6]. - Ding has been actively increasing his stake in the company, having acquired 41 million shares through a private placement in 2022, funded by a personal loan of 260 million yuan [6]. Group 2: Financial Performance - Aibisen reported strong financial results for the first three quarters of 2025, with revenue reaching 2.872 billion yuan, a year-on-year increase of 5.66% [6]. - The net profit attributable to shareholders was 185 million yuan, reflecting a substantial year-on-year growth of 57.33% [6]. - The net profit after excluding non-recurring gains and losses was 163 million yuan, showing an impressive growth rate of 107.40% compared to the previous year [6]. Group 3: Industry Context and Leadership - The situation with Ding Yanhui is not an isolated case, as it mirrors instances in other companies where founders have faced challenges in adapting to market changes and governance structures [8]. - The incident serves as a reminder of the need for effective communication mechanisms and reform paths when founder interests conflict with corporate governance [8]. - The governance attempt by Ding Yanhui is viewed as a significant step towards maturity in corporate governance practices [9].