Absen(SZ:300389) Sou Hu Cai Jing·2025-12-04 08:19Core Viewpoint - The dramatic scene at the board meeting of Aibison, where Chairman Ding Yanhui voted against his own reappointment due to dissatisfaction with his salary, highlights deeper internal conflicts regarding governance and reform within the company [1][2] Group 1: Governance and Internal Conflicts - Chairman Ding Yanhui's rejection of his own reappointment was initially perceived as a personal grievance over his salary of 4.35 million, which has increased more than threefold since 2021 [1] - The company clarified that Ding's dissatisfaction was a "surface reason," indicating that he aimed to address significant issues related to governance structure, profit distribution, and compensation mechanisms [1] - Ding expressed that he faced substantial resistance in pushing for internal reforms, as the founding team remains influential, with any dissent from one of the three major shareholders halting major decisions [1] Group 2: Company Performance and Market Position - Despite the internal governance issues, Aibison's operational performance is strong, particularly in the LED display sector, with over 70% of revenue coming from overseas markets, establishing the company as an "export champion" in the industry [2] - Ding suggested that major shareholders consider reducing their stakes to improve the company's equity structure, although he acknowledged the significant obstacles to such changes [2] - The rejection of Ding's reappointment, while seemingly a minor issue regarding salary, reflects a broader challenge to the company's governance and long-term reform efforts [2]