这家航空公司持续“内斗”,创始人减持有何意图?
阿尔法工场研究院·2025-09-26 00:25

Core Viewpoint - The article discusses the internal conflict between the founders of Zhongjian Technology, Yang Yonggang and Wen Yuefang, highlighting their public fallout and its implications for the company's governance and stock performance [4][5][25]. Group 1: Founder Conflict - The conflict between Yang Yonggang and Wen Yuefang escalated in October 2024, leading to a public dispute over company control and governance issues [7][8]. - Wen Yuefang has made multiple stock reductions, including selling 30,000 shares at an average price of 35.23 yuan per share, totaling approximately 1.06 million yuan in cash [4][22]. - The internal strife has not only affected their personal relationship but has also raised concerns about the company's governance structure, as Wen continues to express dissent within the board [18][27]. Group 2: Company Performance - Despite the ongoing conflict, Zhongjian Technology reported a revenue of 812 million yuan in 2024, a year-on-year increase of 45.39%, and a net profit of 356 million yuan, up 23.16% [25]. - In the first half of 2025, the company continued to perform well, achieving a total revenue of 464 million yuan, representing a 59.46% year-on-year growth, and a net profit of 208 million yuan, which is a 99.15% increase [25]. - The company has maintained strong profitability, indicating that the internal disputes have not yet significantly impacted its operational performance [25]. Group 3: Shareholding and Control - As of June 2025, Yang Yonggang and Wen Yuefang hold 2.47% and 2.15% of Zhongjian Technology's shares, respectively, with their combined control over the company reduced to 21.78% after the dissolution of their agreement as concerted actors [19][20]. - The ongoing power struggle has led to a situation where neither founder can unilaterally control the company, complicating decision-making processes [19][28]. - A potential share transfer agreement involving Huatai Investment and Sinopec Capital aims to dilute Wen's influence while introducing a state-owned enterprise as a shareholder, but the internal conflict poses challenges to this transaction [28][29].