“美女富豪”从阶下囚到掌舵人，115亿振芯科技终归她手

Core Viewpoint - The long-standing control dispute at Zhenxin Technology has reached a resolution, with He Yan regaining control after nearly a decade of conflict, but governance issues and shareholder disputes may continue to affect the company's future operations [1][28]. Group 1: Control Dispute Background - He Yan, the actual controller of Zhenxin Technology, was sentenced to five years in prison in October 2016 for embezzlement and issuing false invoices [28]. - In 2018, four shareholders initiated a lawsuit to dissolve Chengdu Guoteng Electronics Group Co., Ltd., the controlling shareholder, citing operational difficulties and a lack of cooperation among shareholders [28]. - After a lengthy legal battle, the court ruled against the dissolution request in December 2024, allowing He Yan to regain control in January 2025 [16][28]. Group 2: Board Restructuring - The recent board restructuring resulted in a 5:3 board seat distribution favoring Guoteng Group, which now holds five seats, providing it with decisive control over company decisions [5][32]. - The newly elected board includes members with expertise in military aviation and unmanned systems, indicating a strategic shift towards low-altitude economy and unmanned systems while maintaining the core business of BeiDou navigation [41][32]. - The management positions remain with the existing team, as the chairman and general manager are both core members of the previous management [34]. Group 3: Company Performance and Governance - As of February 25, 2026, Zhenxin Technology's stock price was 27.35 yuan per share, with a total market capitalization of 15.53 billion yuan [30]. - The company reported a revenue of 797 million yuan in 2024, a decline of 6.44% year-on-year, and a net profit of 40 million yuan, down 44.91% [52]. - The company has faced compliance issues, including a ban on its subsidiary from participating in procurement activities due to bid-rigging violations [55]. Group 4: Future Outlook - The ongoing shareholder conflicts and governance challenges may lead to strategic uncertainties, affecting major operational decisions [47]. - Analysts suggest that the ability of the new board to transition from confrontation to collaboration will be crucial for the company's competitiveness in both satellite navigation and low-altitude economy sectors [41][13].