振芯科技“控制权之争”再度激化 董事长公开发文声讨实控人

Core Viewpoint - The control dispute at Chengdu Zhixin Technology Co., Ltd. (referred to as "Zhixin Technology"), known as the "first stock in satellite navigation," has intensified, highlighting ongoing conflicts between the actual controller and the management team, which poses risks to the company's recovery in 2025 [1][3]. Group 1: Background of the Control Dispute - The conflict between the management team and the actual controller has been public for over seven years, beginning in 2013 when He Yan, the actual controller, became embroiled in a criminal case that affected the company's operations [2]. - He Yan was arrested in 2014 for embezzlement and sentenced to five years in prison in 2016, leading to a significant deterioration in the company's business and governance [2][3]. - Since February 2018, the management team has sought legal action to dissolve the controlling entity, Guoteng Electronics, marking the public emergence of the struggle for control [2]. Group 2: Recent Developments - On December 30, 2024, the Chengdu Intermediate Court upheld a ruling rejecting the management team's request to dissolve Guoteng Electronics, and on January 15, 2025, Zhixin Technology announced a proposal to recognize He Yan as the actual controller [3]. - The management team publicly criticized He Yan, claiming he lacks the qualifications to be the actual controller due to his criminal history and interference with the company's operations [3][5]. Group 3: Financial Performance - Zhixin Technology experienced a decline in revenue and net profit in 2023 and 2024, with revenues of 852 million yuan and 797 million yuan, representing year-on-year decreases of 27.95% and 6.44%, respectively [4]. - In 2025, the company reported a recovery in performance, achieving revenues of 736 million yuan in the first three quarters, a year-on-year increase of 30.56%, and a net profit of approximately 93 million yuan, up 30.79% [4]. Group 4: Industry Position and Challenges - Zhixin Technology has developed over 300 types of chips in various fields, including Beidou applications and high-end chips, establishing a complete industrial ecosystem and achieving significant technological advancements [4]. - The ongoing control dispute is seen as a threat to the company's development potential, with concerns raised about governance and sustainability due to He Yan's past and current actions [5][9].