出品：新浪上市公司研究院 作者：夏天 2019年底，居然智家"借壳"国资武汉中商成功登陆A股资本市场。然而，上市后，公司业绩出现波动， 盈利自2021年后持续缩水。与此同时，公司市值也遭遇大幅蒸发，公司市值巅峰一度超六百亿，而今却 不足两百亿，市值蒸发三分之二。 居然智家遭遇股价业绩"双杀"背后真的动因又是什么？随着灵魂人物实控人离去，居然智家又将何去何 从？ 公司治理之困？实控人资本运作惹是非 公开资料显示，居然智家成立于1999年，是一家以家居为主业，大消费为平台的大型商业连锁集团。 事实上，居然智家在实控人控股之前，其股权结构极其分散，经过其一系列资本腾挪，最终实现控股并 成功上市。然而，公司实控人在资本运作过程却遭遇诸多非议。 首先，实控人"自融式"拿下控股权，即疑似借居然控股资金拿下其控股权。 为夯实对居然控股的掌控并推动居然新零售发展，汪林朋2015年展开密集资本运作。其先是通过个人及 关联平台"中天基业"快速收购分散股权，短短数月内清退自然人股东并强势整合主要机构股东，累计斥 资数十亿将大部分股权收归至其控制之下。 核心观点：居然智家为何遭遇股价业绩"双杀"？这背后究竟是遭受行业周期调整冲击还是 ...

Core Viewpoint - The announcement regarding the detention of the actual controller, chairman, and president of Shiming Technology (300522.SZ) is a personal matter unrelated to the company, leading to a significant drop in the company's stock price. Group 1: Company Overview - Shiming Technology Co., Ltd. was established in December 2001 and specializes in the research and production of color paste, functional additives, and integrated computer color matching systems [4]. - The company went public on the Growth Enterprise Market in 2016, with a current stock price of 16.77 yuan per share, resulting in a market capitalization of approximately 5.4 billion yuan [4]. - Shiming Technology operates four major production bases located in Kunshan, Changshu, Yueyang, and Panjin [4]. Group 2: Financial Performance - In the 2024 annual report, Shiming Technology reported a total revenue of 697 million yuan, representing a year-on-year increase of 2.30%, and a net profit attributable to shareholders of 22.62 million yuan, up 25.61% year-on-year [4]. - The Q1 2025 report indicated total revenue of 159 million yuan, a decrease of 117.64 million yuan compared to the same period last year, reflecting a year-on-year decline of 6.89%. The net profit attributable to shareholders was 5.44 million yuan [4]. Group 3: Leadership and Control - Lu Yong, born in 1974, is the actual controller, chairman, and president of Shiming Technology, and has held multiple leadership positions in various companies [6][8]. - Lu Yong acquired control of Shiming Technology through two share transfers from the controlling shareholders, totaling nearly 650 million yuan, which accounted for 16.96% of the shares [8]. - Lu Yong has been in control of Shiming Technology for only a year and a half, and has served as chairman for less than a year [10]. Group 4: Recent Developments - On July 28, Shiming Technology announced that Lu Yong was subject to detention due to matters related to Jiangsu Banbutang Real Estate Co., Ltd., which is unrelated to the company [1][10]. - Following the announcement, the company's stock price fell by 10.32%, closing at 15.04 yuan [10]. - The company stated that the detention of the chairman is a personal matter and does not affect the company's operations, with the vice chairman prepared to assume responsibilities if necessary [10].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is attempting its third IPO since 2021, facing significant challenges due to financial data and governance issues revealed in its latest prospectus [1][3][23] Group 1: Ownership and Governance Issues - Yuan Chuang Technology has a high family ownership ratio of 95.24%, raising concerns about corporate governance effectiveness [3][5] - The actual controller, Wang Wenjie, has a history of legal issues, including a bribery case, which has led to scrutiny from regulatory bodies [6][7] - The management team is also characterized by familial ties, with several key positions held by relatives of the actual controller, indicating a lack of professional governance [8] Group 2: Customer Dependency and Financial Risks - The company faces significant customer concentration risk, with the top five customers contributing over 46% of sales revenue from 2022 to 2024 [11] - A major customer, Wo De Agricultural Machinery, accounts for 22.91% of revenue but represents 40.43% of accounts receivable, indicating a potential cash flow crisis [12] - The overdue accounts from Wo De Agricultural Machinery have been substantial, with overdue amounts reaching 96.08 million yuan at the end of 2022 [12] Group 3: Financial Performance and Cash Flow Concerns - The company's revenue showed fluctuations, with 2024 net profit declining by 12.94% year-on-year, while accounts receivable surged by 35.18% [14] - The net cash flow from operating activities decreased by 35.88% in 2024, raising concerns about the company's ability to convert revenue into cash [16] - The company has distributed 47.16 million yuan in cash dividends from 2020 to 2023, while planning to raise 60 million yuan for working capital, raising questions about the rationale behind this financial strategy [16] Group 4: R&D and Capacity Expansion Issues - The company reported a sudden increase in patents and claimed to have 14 R&D personnel, despite previously stating a lack of dedicated R&D staff [18] - R&D expenditure remains low at 0.72% of revenue in 2024, which is below industry standards, questioning the claimed technological advantages [19] - The efficiency of fixed asset output has been declining, indicating potential issues with asset utilization amid expansion plans [20] Group 5: Regulatory Scrutiny and Data Discrepancies - The introduction of a rebate policy for traders during a period of declining performance raises concerns about potential financial manipulation [21] - Discrepancies in reported sales figures between the company and its major customer, Wo De Agricultural Machinery, have led to questions about financial transparency [21] - Changes in the educational qualifications of key technical personnel shortly after IPO scrutiny have raised further doubts about the company's credibility [21]

Core Points - Shanghai Qifan Cable Co., Ltd. is holding a shareholders' meeting on August 7, 2025, to ensure the orderly conduct of the meeting and protect shareholders' rights [1][2] - The meeting will include voting on various proposals, including the cancellation of the supervisory board and changes to the company's business scope [5][6][7] - The company plans to amend its articles of association and governance structures to enhance operational efficiency and compliance with legal requirements [11][12] Meeting Procedures - Shareholders must register in person on the day of the meeting, providing necessary identification and documentation [1][2] - The meeting will follow a structured agenda, allowing shareholders to express their opinions and vote on proposals [2][3] - Voting will be conducted through both on-site and online methods, with results announced post-meeting [4][5] Proposals for Consideration - Proposal to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors [6][7] - Proposal to change the business scope to include housing leasing, reflecting the company's strategic adjustments [7][8] - Proposal to revise the articles of association to align with updated governance practices and legal standards [11][12] Board Election - The company is proposing a new board of directors, consisting of nine members, with a mix of independent and non-independent directors [13][14] - Candidates for the new board have been nominated based on their qualifications and compliance with regulatory requirements [13][14][15]

Core Points - Zhuhai Huafa Industrial Co., Ltd. has decided to cancel its supervisory board and amend its articles of association to enhance corporate governance and compliance with the latest Company Law and regulatory guidelines [1][2][3] - The supervisory functions will be transferred to the audit committee, which will assume the responsibilities previously held by the supervisory board [1][2] - The amendments include changes to the articles of association, shareholder meeting rules, and the abolition of the supervisory meeting rules [1][2] Summary of Amendments - The articles of association now include provisions to protect the rights of the company, shareholders, employees, and creditors [2] - The legal representative of the company will be the chairman of the board, and the company must appoint a new legal representative within 30 days if the chairman resigns [2] - The company will bear civil liability for actions taken by the legal representative in the course of their duties [2][3] - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their shareholdings [3] - The company will establish a party organization to play a leading role and ensure compliance with the Party's regulations [4][5] - The articles of association will now have legal binding force on the company, shareholders, directors, and senior management [5][6] - The issuance of shares will adhere to principles of fairness and equality, ensuring that all shares of the same category have equal rights [6][7] - The company’s stock will be registered and managed by the Shanghai branch of the China Securities Depository and Clearing Corporation [6][7] - The company will not provide financial assistance for acquiring its shares, except for employee stock ownership plans [6][7] - The company can increase its capital through various methods, including public offerings and private placements, as approved by the shareholders [7][8]

深圳市景旺电子股份有限公司 董事会提名委员会实施细则 第一章 总则 第一条 为规范深圳市景旺电子股份有限公司（以下简称"公司"）决策管 理人员的产生，优化董事会组成，完善公司治理结构，根据《中华人民共和国公 司法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所股 票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《深 圳市景旺电子股份有限公司章程》（以下简称"《公司章程》"）及其他相关规 定，公司特设立董事会提名委员会（以下简称"委员会"），并制定本实施细则。 第二条 委员会是董事会下属的专门工作机构，主要负责拟定董事、高级管 理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格进行遴选、 审核并提出建议。 第二章 人员组成 第三条 委员会成员由 3 名董事组成，其中独立董事过半数。 第四条 委员会委员由董事长、1/2 以上独立董事或者全体董事的 1/3 提名， 并由董事会选举产生。委员在任期内出现不适合任职的情形时，该委员应主动辞 职或由公司董事会予以撤换。 第五条 委员会设主任委员（召集人）1 名，由独立董事委员担任，负责主 持委员会工作并召集委员会会议 ...

公司于 2025 年 7 月 9 日召开第四届董事会第三十一次会议、第四届监事会 第二十次会议，审议通过了《关于回购注销部分限制性股票及注销部分股票期权 的议案》，公司拟对触发回购情形的 177,648 股限制性股票进行回购注销。回购 注销前述股份后，公司总股本相应减少 177,648 股。上述变动后，公司注册资本 由 934,365,401 元变更为 934,187,753 元，公司股份总数由 934,365,401 股变为 原条款 修订后的条款 第六条 公司的注册资本为人民币 第 六 条 公 司 的 注 册 资 本 为 人 民 币 第 二 十 条 公 司 股 份 总 数 为 第二十条 公司股份总数为 934,187,753 证券代码：603228 证券简称：景旺电子 公告编号:2025-081 债券代码：113669 债券简称：景 23 转债 深圳市景旺电子股份有限公司 关于变更注册资本、取消监事会并修订《公司章程》 及修订、制定部分制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 深圳市景旺电子股份有限公司（以 ...

杭州华星创业通信技术股份有限公司 第一章 总则 第一条 为规范公司董事、管理人员的产生，优化董事会组成，完善公司治 理结构，根据《中华人民共和国公司法》、《上市公司治理准则》、《杭州华 星创业通信技术股份有限公司章程》（以下简称"《公司章程》"）及其他有 关规定，公司特设立董事会提名、薪酬与考核委员会，并制定本工作细则。 第二条 董事会提名、薪酬与考核委员会是董事会按照股东会决议设立的专 门工作机构，主要负责对公司董事和高管人员的人选依照选择标准和程序进行 选择并提出建议；制定公司董事及高管人员的考核标准并进行考核；负责制 定、审查公司董事及高管人员的薪酬政策与方案，对董事会负责。 第二章 人员组成 第三条 提名、薪酬与考核委员会成员由三名董事组成，其中二名为独立董 事。 第四条 委员会成员应该具备以下条件： （一）熟悉国家有关法律、法规，具有人事管理方面的专业知识，熟悉公 司的经营管理工作； 人力资源管理部门负责具体工作。董事会秘书负责薪酬委员会和董事会之 间的具体协调工作。 第三章 职责权限 第九条 提名、薪酬与考核委员会的主要职责权限： （二）遵守诚信原则，廉洁自律、忠于职守，为维护公司和股东权益，积 ...

杭州华星创业通信技术股份有限公司 第一章 总 则 第一条 为适应现代企业制度的要求，促进公司经营管理的制度化、规范化、 科学化，确保公司重大经营决策的正确性、合理性，根据《中华人民共和国公司 法》、《中华人民共和国证券法》、《上市公司治理准则》、《深圳证券交易所 创业板股票上市规则》（以下简称"《创业板上市规则》"）、《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 （以下简称"《创 业板规范运作》"）等法律法规和《杭州华星创业通信技术股份有限公司章程》 （以下简称《公司章程》）等的规定，特制定董事长工作细则。 第二条 董事长担任公司法定代表人。 第二章 董事长的任免程序 第三条 公司设立董事长一名，董事长由董事会以全体董事的过半数选举产 生。 第四条 董事长的任职资格按照《中华人民共和国公司法》、 《中华人民共和 国证券法》、《创业板规范运作》、《公司章程》的有关规定执行。 第五条 董事长任期三年，任期届满连选可以连任。 第六条 董事长由公司董事会依照法定程序选举或罢免。 第七条 有下列情形之一的，不得担任本公司董事长： （一）无民事行为能力或者限制民事行为能力； （二）因犯有贪 ...

广东辰奕智能科技股份有限公司 董事、高级管理人员离职管理制度 第二章 离职情形与生效条件 广东辰奕智能科技股份有限公司 第一章 总则 第一条 为规范广东辰奕智能科技股份有限公司（以下简称"公司"）董事、高 级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民共 和国公司法》 《中华人民共和国证券法》 《上市公司章程指引》等法律法规及《广 东辰奕智能科技股份有限公司章程》 （以下简称《公司章程》）的有关规定，特制 定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员因辞任、 任期届满未连任、被解除职务、退休或其他原因离职等情形。 第三条 董事可以在任期届满以前辞任。董事辞任应向公司提交书面辞职报 告。公司收到辞职报告之日辞任生效，公司将在 2 个交易日内披露有关情况。 如因董事的辞任导致公司董事人数低于法定最低人数，独立董事辞职导致 董事会或者其专门委员会中独立董事所占的比例不符合《上市公司独立董事管理 办法》或者《公司章程》的规定，或者独立董事中欠缺会计专业人士时，在改选 出的董事就任前，原董事仍应当依照法律、行政法规、部门规章和《公司章程》 规定，履行董事职务。 第四条 ...