出品丨搜狐财经 作者丨闫思羽 编辑丨李文贤 争夺控制权、电商断货、市场缩水，一场内部争斗正将昔日的"果汁大王"拖向深渊。 1月8日，汇源集团发布了一份火药味十足的声明，炮轰自己的控股股东上海文盛（上海文盛资产管理股 份有限公司）"根本违约"，甚至用上了"窃据品牌"、"冒名顶替"等激烈字眼，并宣布要全面接管北京汇 源。 这事得从2022年说起。当时背负重整压力的北京汇源，引入上海文盛作为重整投资人。对方承诺注资16 亿，换取60%股权，成为绝对控股股东。 春节的饮料销售旺季近在眼前，汇源两大电商渠道的销售仍未恢复。 更狠的指控在后面。汇源称，这家投资公司毫无生产果汁经验，为了掌控"汇源"品牌，竟绕开集团严格 的安全监控体系，向普通代工厂采购原料，生产"冒名顶替"的汇源果汁产品。 这不仅动了品牌的根，更触碰了食品安全的红线。 自8月双方彻底撕破脸，汇源便陷入一场"权力的游戏"——争账号、抢公章，管理层的内斗演成了一出 荒诞的现实闹剧。 而闹剧的代价，是实实在在的市场丢失。 如今，点开汇源粉丝近300万的抖音旗舰店和60万关注的天猫官方店，商品界面一片空白，已经断货。 当内部为了控制权争得头破血流时，外部市场早已变 ...

1月4日，据红星新闻报道，年过八旬的双星名人集团创始人汪海于1月3日发布声明，宣布与儿子汪军、儿媳徐英断绝父子及姻亲关系。 报道称，父子反目的核心矛盾在于围绕百年鞋企双星名人的控制权争夺。2022年，由汪海儿媳徐英控股80%的"青岛星迈达工贸有限公司"通过增资，成为了 双星名人第一大股东。创始人汪海实际上失去了对双星名人的绝对控制。 严正声明 矛盾在2025年5月首次公开化，此后双方陷入长期"拉锯"。12月，徐英以"双星名人董事长"及控股股东青岛星迈达的名义发布《严正声明》，称于2025年5月 20日召开董事会，决议免去了汪海的董事长及法定代表人职务，并选举徐英接任。 关于驳回徐英及青岛星迈达工贸有限公司 2025年12月2日《严正声明》的郑重声明 2025年5月20日,青岛双星名人集团股份有限公 徐英分别作为公司控股股东和决议选举的 司(以下称:公司)依法召开董事会会议,决议免去了汪 人共同严正声明如下: 海担任的公司董事长、法定代表人职务,选举徐英担 任公司资事长、法定代表人。2025年5月23日,公司 在报纸上发布公告,公告前任董事长汪海持有的公章 作废。 因公司前任董事长汪海被免去流事长、法定代表人 ...

一封监管函，揭开信披违规案件一角。 12 月 16 日，浙江证监局和深交所分别向 ST 银江控股股东银江集团及其实控人王辉下发警 示函和监管函，认定二者未向上市公司告知《合作框架协议》及相关补充协议、《表决权委 托及一致行动协议》、《合作备忘录》等系列协议（以下统称未披露协议），对二者采取出 具警示函的监督管理措施。 对上市公司来说，控股股东的表决权委托显然不是一件小事。表决权委托是否涉及实控权变 更？合作框架协议是否与此前治理权之争有关（本报曾在 12 月 1 日以《 突发！董事举报！ 参加董事会遭阻，同一董事会会议开两次 》进行报道）？ ST 银江董事彭小勇告知记者，其认为公司 12 月 15 日召开的董事会会议存在重大违法情 形，并以此再度向监管机构提交举报函。 【导读】劲爆！易主竟未公告 中国基金报记者 赵新亮 记者获得的资料显示，不仅是控股股东及实控人秘而不宣，上市公司董事会也已掌握全部材 料，但未及时公之于众。 10.3% 股权 " 一物两卖 " 记者获得的材料显示，早在 2024 年底，银江集团就与上海元卓及其实控人（以下统称上海 元卓）签订借款合同和合作框架协议。 合同显示，为了解决银江集团对 ...

良品铺子（603719）控制权转让纠纷再起波澜。 12月16日晚，良品铺子（603719.SH）发布诉讼进展公告，披露广州轻工工贸集团有限公司（下称"广州 轻工"）二次变更诉讼请求，彻底放弃受让控股股东宁波汉意创业投资合伙企业（有限合伙）（下称"宁 波汉意"）所持股份以获取公司控制权的诉求，转而要求解除股权转让协议，并索赔合计2073.86万元。 放弃收购 根据公告内容，广州轻工此次变更后的诉讼请求核心包括四项：其一，请求法院解除双方2025年5月签 订的《协议书》及《附生效条件的股份转让协议》，该协议原约定广州轻工以12.42元/股的价格受让宁 波汉意所持7976.40万股良品铺子股份，交易总价款约9.91亿元。 其二，要求宁波汉意支付违约金1981.34万元，该金额按股份转让总价款的2%计算。 其三，索赔诉讼保全损失87.52万元及律师费5万元。 其四，要求宁波汉意承担案件受理费、保全费等相关诉讼费用。 值得注意的是，此次现金索赔总额较广州轻工最初提出的3262.66万元大幅缩减36.44%，同时财产保全 措施也同步调整。 目前，该案已被法院受理，但尚未开庭审理。 后续仍存变数 这场持续半年的股权纠纷，源 ...

闻泰科技（600745）致力恢复荷兰安世控制权事宜又有新进展。 但截至目前，闻泰科技方面并未收到迪里克、或其他在荷兰法院授意之下代行荷兰安世半导体控制权董事或高管的回复。 此前，荷兰经济事务部负责人卡雷曼斯虽然"官宣"暂停实施根据《货物可用性法案》对安世半导体公司下达的行政令，但实际并未主动撤回或 要求法院撤回"夺权"指令。 由于法院裁定独立于政府行政指令，荷兰经济事务部暂停政令更似"空中楼阁"，导致目前闻泰科技尚未能恢复对荷兰安世的控制权。 21世纪经济报道记者获悉，12月9日，闻泰科技已正式向荷兰方面指定的安世半导体(Nexperia)股权托管人迪里克(Guido Dirick)等人发出函件， 提议就安世半导体相关争议开展建设性会谈，以期通过对话弥合分歧、寻求符合各方利益的长期解决方案。 此前荷兰企业法庭作出裁决，"剥夺"闻泰科技对荷兰安世半导体之控制权和CEO张学政职务，同时任命迪里克担任安世半导体的非执行董事， 赋予其决定性投票权及独立代表权。 消息人士称，邀请会谈的核心议题，预计将围绕恢复闻泰科技对安世半导体的合法控制权与完整股东权益展开。 ...

Core Viewpoint - The company "Youkeshu" is currently embroiled in a power struggle following significant management changes and a lawsuit initiated by its founder, which has led to operational uncertainties and delayed financial reporting [1][3][5]. Group 1: Internal Conflict and Legal Proceedings - The founder, Xiao Siqing, has filed a lawsuit to annul the resolutions from the October 2025 extraordinary shareholders' meeting, which resulted in the resignation of the entire sixth board of directors [1][2]. - Xiao claims that the shareholders' meeting had procedural flaws, including undisclosed judicial freezes on the largest shareholder's shares and unverified funding sources [2]. - The company has responded by asserting that the shareholders' meeting was conducted legally and that the governance structure remains intact despite the ongoing legal dispute [2][3]. Group 2: Impact on Operations and Financial Reporting - The internal conflict has led to a failure to complete the handover of responsibilities, resulting in the inability to disclose the third-quarter financial report within the legal timeframe [3][5]. - The company has faced scrutiny from regulators due to allegations of obstructing shareholders' rights and failing to disclose significant information [6]. Group 3: Historical Context and Financial Performance - The power struggle stems from a shift in the company's ownership structure following a bankruptcy restructuring in 2024, which diluted the founder's stake to 3.28% while the new major shareholder acquired 18% [5]. - The company's financial performance has deteriorated significantly, with a reported 81.33% year-on-year decline in revenue for the first half of 2025, despite a slight profit turnaround [9]. - The company has acknowledged that the recovery of its cross-border e-commerce business has not met expectations, indicating ongoing risks of further revenue decline [9][10].

Core Viewpoint - The capital operation of Mengke Pharmaceutical, known as the "first stock of antibiotics," has ended with the termination of its planned private placement of 1.033 billion yuan due to strong opposition from its major shareholder Genie Pharma, leading to significant internal conflicts within the company [1][2][8]. Group 1: Termination of Private Placement - Mengke Pharmaceutical announced the termination of its private placement plan after significant disagreements with its major shareholder Genie Pharma, which opposed the execution of the plan [1][8]. - The company cited that continuing with the stock issuance could negatively impact its stable operational development [1][8]. - Following the termination, Mengke Pharmaceutical plans to explore various financing channels, including engaging new strategic investors and issuing shares to unspecified parties [1]. Group 2: Financial Performance and Background - Mengke Pharmaceutical has been facing financial difficulties, with net losses of 220 million yuan, 421 million yuan, and 441 million yuan from 2022 to 2024, and a net loss of approximately 194 million yuan in the first three quarters of this year [2][3]. - As of June 30, the company had cash and cash equivalents of only 237 million yuan, prompting a shift in the use of IPO funds to supplement working capital [3]. Group 3: Shareholder Dynamics - Genie Pharma, the largest shareholder, has been vocal in its opposition to the private placement, raising concerns about the potential loss of the company's independence and the financial implications of the deal [6][7]. - The proposed private placement would have allowed Haiqing Pharmaceutical to become the controlling shareholder, which raised alarms for Genie Pharma regarding control over the board and company operations [7][8]. - The internal conflict escalated to a point where Genie Pharma sought to replace existing board members, indicating a struggle for control within the company [7].

Core Viewpoint - The company "Youkeshu" is currently embroiled in a power struggle, marked by a series of management changes and legal disputes initiated by its founder, Xiao Siqing, against the decisions made during a recent extraordinary shareholders' meeting [2][6][10]. Group 1: Management Changes and Legal Disputes - The internal conflict escalated after the October 2025 extraordinary shareholders' meeting, which resulted in the complete turnover of the management team [2][6]. - Xiao Siqing has filed a lawsuit to annul the resolutions from the October 10, 2025 meeting, claiming procedural flaws, including undisclosed judicial freezes on the largest shareholder's shares [6][7]. - The company has responded by asserting that the shareholders' meeting was conducted legally and that the current governance structure remains unaffected, although the impact on profits is still uncertain [2][7]. Group 2: Historical Context and Shareholder Dynamics - The turmoil stems from a shift in the company's equity structure following its bankruptcy restructuring in September 2024, which led to the dilution of Xiao Siqing's shares to 3.28% while the new major shareholder, Wang Wei, acquired 18% [8][10]. - The power struggle intensified as Wang Wei attempted to convene shareholder meetings to gain control, which were initially blocked by the existing board led by Xiao Siqing [8][9]. Group 3: Financial Performance and Future Outlook - The company has faced significant financial challenges, with a reported revenue drop of 81.33% in the first half of 2025 compared to the previous year, despite a slight profit turnaround [11][12]. - The ongoing internal conflict and management changes have raised concerns about operational stability, asset management, and the company's ability to recover in a competitive market [10][12]. - Industry analysts suggest that the capital influx intended for expansion has led to governance issues, making it crucial for the new management to restore market share and operational efficiency [12].

Core Viewpoint - The company, Sinovac Biotech Ltd., is facing delisting from NASDAQ due to failure to submit its 2024 annual report on time, following the resignation of its auditing firm [2][6]. Group 1: Delisting and Financial Reporting Issues - Sinovac received a delisting notice from NASDAQ on November 12, 2025, and must request a hearing by November 19 to avoid suspension of its securities on November 21 [1][2]. - The company failed to submit its 2024 annual report by the extended deadline of November 11, 2025, after its auditor Grant Thornton resigned on April 15, 2025 [2][10]. - The company has hired a new auditing firm, UHY LLP, and plans to appeal the delisting decision [2][10]. Group 2: Historical Context and Governance Issues - Sinovac's stock has been suspended since February 22, 2019, due to "chaotic corporate governance" [3][6]. - The governance issues trace back to a significant disagreement between the company's founders in 2016, leading to a prolonged power struggle that included various disruptive actions [5][6]. - The internal conflict has resulted in operational disruptions, including a power cut in 2018 that led to the destruction of vaccines worth 15.4 million yuan [5][6]. Group 3: Financial Performance and Business Developments - In 2021, Sinovac achieved a record revenue of $19.375 billion and a net profit of $8.467 billion, significantly higher than the total profit of the previous six years [6][7]. - However, the company's revenue plummeted to $448 million in 2023, a decline of 97.7% as global demand for COVID-19 vaccines decreased [7][9]. - Despite the financial downturn, the company has made some progress in its vaccine business, including approvals for flu vaccines and a polio vaccine [9][10]. Group 4: Dividend Controversy and Shareholder Impact - In June 2025, Sinovac announced a substantial dividend of $55 per share, totaling over $7.5 billion, which was perceived as a "liquidation-style dividend" amid declining business performance [8][9]. - Major shareholders have benefited from significant dividends, while small shareholders have been unable to trade their shares due to the prolonged suspension [9][10]. Group 5: Future Plans and Market Strategy - The company is pursuing a secondary listing on the Hong Kong Stock Exchange to restore liquidity and address shareholder losses [10]. - The board approved plans for an H-share issuance, aiming to raise funds for drug development and operational needs, with the application submitted to the Hong Kong Stock Exchange on November 6, 2025 [10].

Core Points - The control dispute over ST Lutong (300555.SZ) has escalated to a "seal contention" following a heated extraordinary shareholders' meeting [1][6] - The company announced that certain shareholders unlawfully convened a so-called extraordinary shareholders' meeting, which the company claims is invalid [1][7] - A statement was issued claiming that the company's official seal was forged, which could have been used for signing contracts and other fraudulent activities [2][3] Group 1: Control Dispute - The company has declared that any documents signed with the forged seal are invalid and that it will not recognize any actions taken based on these documents [3][4] - The company has completed the process of changing its legal representative to Tan Wenshu and has obtained a new business license [6][8] - The previous board members, including former chairman Qiu Jingwei, were dismissed during the extraordinary shareholders' meeting, and Tan Wenshu was appointed as a non-independent director and subsequently as chairman [6][8] Group 2: Shareholders' Meeting - The company emphasized that all major matters are to be disclosed according to the announcements made [7][8] - The extraordinary shareholders' meeting held on November 7 was contested, with claims that the meeting was improperly continued after the chairman left [7][8] - The new board is moving to stabilize the company's operations and has decided to withdraw lawsuits initiated by the previous board against shareholders [8]