Absen(SZ:300389) Mei Ri Jing Ji Xin Wen·2025-12-03 03:25Core Viewpoint - The chairman of Absen, Ding Yanhui, expressed dissatisfaction with the company's governance structure and compensation mechanisms, indicating a need for internal reform, which he initiated by voting against his own re-election as chairman [1][4][6]. Group 1: Governance and Compensation Issues - Ding Yanhui's opposition to his re-election was framed as a protest against the company's compensation structure, which he described as "unscientific, unreasonable, and incomplete" [3][6]. - The company reported a significant decline in financial performance, with 2024 revenues of 3.663 billion yuan and a net profit of 117 million yuan, representing year-on-year decreases of 8.58% and 62.98%, respectively [5]. - In the first three quarters of the current year, the company showed signs of recovery, achieving revenues of 2.872 billion yuan and a net profit of 185 million yuan, with year-on-year increases of 5.66% and 57.33% [5]. Group 2: Shareholding Structure and Reform Challenges - The shareholding structure is heavily concentrated among three founders: Ding Yanhui (33.78%), Deng Jiangbo (16.61%), and Ren Yonghong (14.23%), which complicates decision-making and reform efforts [7][8]. - Ding Yanhui indicated that the reluctance of major shareholders to reduce their stakes is a barrier to necessary reforms, suggesting that their willingness to divest could facilitate company development [9][10]. - The company has faced challenges in governance due to the lack of a controlling shareholder since the termination of a joint control agreement in 2019, leading to inefficiencies in decision-making [9]. Group 3: Future Outlook and Leadership Intentions - Ding Yanhui stated that if reforms cannot be implemented, he may resign from his position as chairman, highlighting the urgency of addressing governance issues [11][12]. - He emphasized the importance of open discussions regarding his compensation as a means to initiate broader reforms within the company [6][12].