Absen(SZ:300389) Xin Lang Cai Jing·2025-12-03 12:47Core Viewpoint - The recent board resolution announcement from A-share listed company Absen has sparked market discussions, particularly due to the unique situation where the founder and chairman Ding Yanhui cast the only dissenting vote against his own election, citing dissatisfaction with the chairman's salary of 4.35 million yuan [1][11]. Group 1: Voting and Reactions - During the first meeting of the sixth board of directors on November 28, 2025, all 9 directors attended, and the election of the chairman resulted in 8 votes in favor and 1 vote against, which was from Ding Yanhui himself [3][13]. - The announcement of Ding's dissent quickly gained traction on social media, with mixed reactions from netizens questioning why he was dissatisfied with a salary of 4.35 million yuan [3][13]. Group 2: Salary Data - Ding Yanhui's pre-tax remuneration for 2024 was 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan, marking a 51% increase from 2.8845 million yuan in 2023 [5][15]. - Over five years, his salary has increased nearly fivefold from 730,000 yuan in 2020 to 4.3556 million yuan in 2024 [5][15]. - Compared to peers, Ding's salary is significantly higher, with the chairman of Leyard earning 1.051 million yuan, and others earning even less, indicating that Ding's compensation is more than double the average salary of 2.0971 million yuan for other executives at Absen [5][16]. Group 3: Company Performance - In 2024, Absen reported a revenue of 3.663 billion yuan, a year-on-year decline of 8.58%, and a net profit attributable to shareholders of 117 million yuan, down 62.98% [6][16]. - However, in the first three quarters of 2025, the company showed signs of recovery with a revenue of 2.872 billion yuan, up 5.66%, and a net profit of 185 million yuan, up 57.33% [6][16]. Group 4: Company Response and Governance Issues - In response to the public outcry regarding Ding's salary dissatisfaction, Absen clarified that the statement was a clerical error, and Ding's actual concern was about the overall incentive mechanism of the company [7][17]. - Ding aims to push for reforms in the company's governance structure, focusing on optimizing governance, improving the distribution of benefits, and adjusting the incentive mechanisms [7][17]. Group 5: Shareholder Dynamics and Market Reaction - As the founder and actual controller of Absen, Ding holds approximately 12.5 million shares, accounting for 33.78% of the total share capital, with a market value of around 2 billion yuan [8][18]. - Ding's limited influence over his own salary is highlighted by his absence from the compensation and assessment committee, which is led by another individual [9][21]. - Following the "self-opposition" incident, Absen's stock price fell by 1.36% to 16.01 yuan per share, with a total market capitalization of approximately 5.9 billion yuan [10][22]. - The incident has drawn attention to potential adjustments in the executive compensation system, with the board also passing a proposal to revise the senior management compensation management system [10][23].