“我要举报！” 独家对话可靠股份二股东：财报披露缺失，6.5亿收购案“事先不知情”

Core Viewpoint - The article discusses the internal conflict within Reliable Co., highlighting the opposition from the second-largest shareholder, Bao Jia, against the company's third-quarter report for 2025, raising concerns about governance and transparency [3][4][5]. Financial Performance - In Q3 2025, Reliable Co. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [7][8]. Governance Issues - Bao Jia has consistently opposed the company's reports, citing issues such as the concealment of investment project bankruptcies and the alteration of her dissenting opinions in board announcements [4][5][17]. - The company responded by asserting that it adheres to legal and regulatory requirements in its decision-making and information disclosure processes [5]. Shareholder Dispute - The conflict escalated following the divorce between Bao Jia and the company's actual controller, Jin Liwei, leading to a power struggle over company governance [20][21]. - Bao Jia has raised multiple concerns regarding the company's management capabilities and financial practices, including significant increases in management and consulting fees without corresponding revenue growth [8][14]. Regulatory Concerns - Bao Jia highlighted that the company has faced regulatory warnings regarding violations of disclosure rules related to related-party transactions, which have not been adequately addressed [23]. - The Zhejiang Securities Regulatory Bureau issued a warning to Reliable Co. for failing to disclose related-party transactions in a timely manner, which has raised concerns about the company's governance practices [23]. Recent Developments - Reliable Co. announced plans to acquire at least 60% of Shanghai Hanhua Paper Co. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [25][26]. - Despite the company's reported revenue growth, Bao Jia expressed skepticism about the strategic direction and governance structure, emphasizing the need for a return to compliant and professional management practices [26][27].