300625内斗升级！董事长选举惊现“2选1”

Core Viewpoint - The internal divisions within Sanxiong Aurora (三雄极光) have been highlighted during the recent board meeting, particularly due to the rare "2 vs 1" election for the chairman position, raising concerns about the company's governance and future prospects [1][5]. Summary by Sections Board Election Controversy - The board meeting on June 27 revealed a contentious election for the chairman position between the current chairman Zhang Yutao and non-independent director Zhang Xianqing, with Zhang Yutao's proposal passing with 7 votes in favor and 2 against [5][7]. - Zhang Xianqing criticized Zhang Yutao's management during his tenure, citing a decline in both revenue and net profit, alongside rising expenses, leading to a loss in Q1 2025 [5][10]. Historical Context and Shareholding - The four key figures in the company, Zhang Yutao, Lin Yan, Zhang Xianqing, and Chen Songhui, were university classmates who co-founded the company, which went public in 2017. Their shareholding percentages are 18.25%, 16.72%, 11.72%, and 9.34% respectively [7][10]. - Since the termination of their joint action agreement in April 2020, the company has been without a controlling shareholder or actual controller [7]. Performance Issues - Sanxiong Aurora has faced declining performance, with 2024 revenue at 2.078 billion yuan, down 11.64%, and net profit at 48.09 million yuan, down 76.53% [10]. - The company reported a significant drop in net profit and a 94.85% decrease in non-recurring net profit, indicating severe operational challenges [10]. - The stock price has plummeted over 80% since reaching a peak of 65 yuan in March 2017, closing at 11.86 yuan on June 27, 2025 [10]. Shareholder Sentiment - Dissatisfaction among minority shareholders is evident, as they rejected the compensation plan for non-independent directors and executives during the 2024 annual meeting [10][11]. - The voting results for Zhang Yutao and Lin Yan during the board election reflected a lack of support from minority shareholders, receiving only 12 votes, which is less than one-millionth of the total effective votes [11]. Expert Insights - Experts emphasize that companies without a controlling shareholder require a high level of consensus among management. Continued internal conflicts could hinder performance recovery and affect relationships with supply chain partners and distributors [12].