Core Viewpoint - Kaskela Law LLC is investigating MediaAlpha, Inc. on behalf of long-term investors due to a significant decline in the company's stock price and potential violations of securities laws or fiduciary duties by the company's officers and directors [1][3]. Stock Performance - Since February 2024, MediaAlpha's stock has decreased from over $21.00 per share to less than $12.00 per share, representing a cumulative decline of over $9.00 per share, or over 42% in value [2]. Legal Investigation - The investigation aims to determine if MediaAlpha and its executives breached securities laws or fiduciary duties in relation to recent corporate actions [3]. Investor Communication - Current shareholders of MediaAlpha are encouraged to contact Kaskela Law LLC for more information regarding the investigation and their legal rights [4]. Firm Background - Kaskela Law LLC has a history of representing investors in securities fraud and corporate governance cases, having recovered over $500 million for investors since 2020 [4].

Core Points - The board of directors of Heshun Electric Co., Ltd. approved multiple resolutions during its 18th meeting of the 5th board, including the Q3 2025 report and amendments to the company's articles of association [1][3][4] - The meeting aimed to enhance corporate governance and comply with the latest regulatory requirements [1][4] Meeting Details - The board meeting was held on October 27, 2025, with all 7 directors present, including both independent and non-independent directors participating via remote voting [2] - The meeting was legally convened and complied with relevant laws and regulations [2] Key Resolutions - The Q3 2025 report was approved unanimously, confirming that it accurately reflects the company's operational status without any misleading statements [3] - Amendments to the company's articles of association were proposed to align with the latest legal requirements, pending approval from the shareholders' meeting [3] - A total of 15 governance system revisions and new implementations were approved to enhance compliance and governance standards [3] Upcoming Events - A temporary shareholders' meeting is scheduled for November 14, 2025, to discuss the proposed amendments and governance changes [3][4]

公告显示，本次董事会会议于2025年10月27日在公司会议室召开，会议通知已于10月25日通过电话、电 子通讯、专人送达等方式送达全体董事。会议应到董事9人，实际到会董事9人，符合《公司法》及《公 司章程》的相关规定。会议由公司董事黄展鹏先生主持，高级管理人员列席，会议召集、召开及表决程 序合法有效，所形成决议具有法律效力。 董事会会议召开情况概述 广东奥飞数据科技股份有限公司（证券简称：奥飞数据，证券代码：300738；债券简称：奥飞转债，债 券代码：123131）于2025年10月28日发布公告称，公司第四届董事会第二十六次会议已于10月27日顺利 召开。会议以现场与通讯相结合的方式举行，审议通过了《2025年第三季度报告》《关于修改公司章程 的议案》《关于制定证券投资管理制度的议案》等多项重要议案，为公司后续经营发展及规范治理奠定 基础。 多项议案获审议通过 聚焦经营规范与发展规划 审议通过2025年第三季度报告 广东奥飞数据科技股份有限公司董事会于2025年10月28日发布上述公告。 点击查看公告原文>> 会议审议通过了《关于2025年第三季度报告的议案》。公司董事会表示，该报告的编制符合法律法规及 ...

Core Viewpoint - Recent management changes at Shanghai Die Paper Technology Co., Ltd. reflect routine corporate operations, with COO Yao Fei replacing founder and CEO Yao Runhao as the legal representative [1][4]. Group 1: Company Overview - Shanghai Die Paper Technology Co., Ltd. was established in March 2019 with a registered capital of 100 million RMB, focusing on advertising, clothing retail, and online cultural operations, fully owned by Die Paper Technology [1]. - Yao Runhao retains a 54.74% stake in Die Paper Technology, maintaining control over the company despite the management changes [1]. Group 2: Management Changes - The transition of legal representatives is part of a broader trend, as Yao Runhao has also stepped down from other positions, including as legal representative of Wuhu Die Paper and Shanghai Die Paper Interactive Entertainment [4]. - This year has seen significant personnel changes within the company, marking the most substantial management restructuring in its 12-year history [4]. Group 3: Industry Position - Die Paper Games, founded in 2013, is a leading player in the female-oriented gaming sector in China, known for its core IPs "Warm Warm" and "Love and Production" [9]. - The game "Shining Warm Warm" features 3D clothing dynamic display technology, while "Love and Production" pioneered a fully dynamic Live2D and multi-thread narrative model, enhancing the industrialization of domestic dating simulation games [9]. - The company achieved a 75% month-on-month revenue growth in December 2024, ranking fifth in the "Top 30 Chinese Mobile Game Publishers" [9]. - However, the highly anticipated AAA project "Contract of All Things" faced significant setbacks, with the team size reduced from 120 to about 20 members earlier in 2025 [9].

Core Viewpoint - The IPO of Hangzhou Yijia 3D Printing Technology Co., Ltd. (referred to as "Yijia Additive") raises concerns regarding corporate governance and internal control risks, despite plans to raise 1.205 billion yuan [2][5]. Group 1: IPO Details - Yijia Additive plans to raise 1.205 billion yuan, which accounts for 92.41% of its net assets [2]. - The funds will be allocated as follows: 464 million yuan for expanding metal 3D printing in Beijing, 442 million yuan for industrialization of additive manufacturing equipment in Hangzhou, 187 million yuan for a research and development center in Hangzhou, and 112 million yuan for building a technical service network [2]. Group 2: Ownership Structure - The actual controllers, Li Cheng and Li Jianhao, hold a combined 54.53% of the company's shares [3]. - Major institutional shareholders include Advanced Manufacturing Investment, Chuanghe New Materials, and Chuanghe Fund, with respective holdings of 3.58%, 3.10%, and 3.01% [3]. - Li Jianhao, the chairman, has a notably low salary of 1,200 yuan for 2024, raising questions about compensation practices [3]. Group 3: Governance Concerns - The high concentration of ownership may lead to a lack of decision-making participation from other shareholders, potentially resulting in nepotism and governance issues [3]. - Historical issues include shareholding proxies and financial practices that may challenge regulatory compliance, such as "loan transfers" to manipulate cash flow [5]. Group 4: Legal Risks - As of the end of 2024, the company and its subsidiaries face pending lawsuits totaling 21.19 million yuan [5]. - Specific lawsuits include claims against companies for unpaid debts, with amounts of 1.764 million yuan and 20.299 million yuan, respectively [6][7]. Group 5: Risk Profile of Executives - Li Jianhao has numerous positions and associated risks, with 20 directorships and 38 surrounding risks [7]. - Li Cheng has an even higher risk profile, with nearly 1,000 associated risks and multiple legal issues linked to companies he has managed [8].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating a need for strategic adjustments to maintain stable operations in the future [4]. Financial Performance - The company achieved operating revenue of 2,269.52 million yuan, a year-on-year decrease of 4.89% [4]. - The net profit attributable to shareholders was 549.28 million yuan, down 4.35% year-on-year [4]. - The liquor business generated a main business income of 1,978.33 million yuan and a net profit of 380.59 million yuan [4]. Balance Sheet Highlights - The balance of trading financial assets increased by 100.34% compared to the end of the previous year, primarily due to holdings in money market funds [5]. - Accounts receivable decreased by 65.50%, attributed to improved management practices [6]. - Other current assets decreased by 31.70%, mainly due to a reduction in deductible VAT [7]. - The balance of construction in progress decreased by 70.25%, reflecting project completions and ongoing investments [7]. - Long-term prepaid expenses increased by 135.39%, linked to renovation costs associated with project completions [7]. Profit and Loss Statement - Other income increased by 186.54% year-on-year, mainly due to increased supportive funding [9]. - Investment income decreased by 69.95%, influenced by changes in investment scale, duration, and yield [9]. - Credit impairment losses shifted from -1.88 million yuan to 2.16 million yuan, reflecting enhanced accounts receivable management [9]. Cash Flow Analysis - Net cash flow from operating activities rose from 538.73 million yuan to 755.39 million yuan, driven by improved accounts receivable management and receipt of supportive funds [11]. - Net cash flow from investing activities improved from -740.91 million yuan to -428.80 million yuan, due to reduced capital expenditures and acquisition costs [11]. - Net cash flow from financing activities changed from 246.28 million yuan to -346.81 million yuan, primarily due to profit distribution and debt repayments [11]. Shareholder Information - The company issued 11,274,695 convertible bonds with a remaining amount of 1,127.47 million yuan as of the report date [15]. - The company plans to hold a temporary shareholders' meeting to discuss various proposals, including amendments to the company’s articles of association [29][54].

Core Viewpoint - The company, Ningbo United Group Co., Ltd., has announced the cancellation of its supervisory board and the revision of its articles of association to enhance corporate governance and compliance with updated regulations [14]. Financial Data - The third-quarter financial report for 2025 has been prepared and reviewed, confirming that the content is accurate and complies with relevant regulations [11]. - The financial statements for the third quarter are unaudited, covering the period from January to September 2025 [3][4]. Corporate Governance Changes - The supervisory board will be dissolved, and its responsibilities will be transferred to the audit committee, with corresponding amendments to the company's articles of association [9][14]. - The decision to cancel the supervisory board was made during the 11th Board's third meeting held on October 24, 2025, and requires approval from the shareholders' meeting [14]. Meeting Resolutions - The resolutions passed during the meetings included the approval of the third-quarter report and the proposal to cancel the supervisory board [8][10].

Core Viewpoint - The company, Longbai Group, has announced its third-quarter financial report for 2025, which includes a profit distribution plan and the renewal of its accounting firm. Financial Data - The company reported a net profit attributable to shareholders of 1,674,452,840.92 yuan for the first three quarters of 2025, with the parent company achieving a net profit of 1,607,370,852.89 yuan [46][47]. - As of September 30, 2025, the consolidated distributable profits amounted to 5,572,362,699.58 yuan, while the parent company's distributable profits were 442,759,883.68 yuan [46][47]. Profit Distribution Plan - The board proposed a cash dividend of 1.00 yuan per 10 shares, totaling 237,080,075.60 yuan (including tax) to be distributed to shareholders [47][48]. - The profit distribution plan is subject to approval at the upcoming second extraordinary general meeting of shareholders in 2025 [49][50]. Board and Supervisory Committee Meetings - The eighth board of directors and the supervisory committee held their 23rd meetings on October 27, 2025, where they approved the third-quarter report and the profit distribution plan [11][32]. - All resolutions were passed unanimously, with no votes against or abstentions [13][36]. Renewal of Accounting Firm - The company has proposed to renew its contract with Lixin Certified Public Accountants for the 2025 fiscal year, with a total fee of 2 million yuan, which includes 1.6 million yuan for financial statement audits and 400,000 yuan for internal control audits [53][54]. - This renewal is also subject to approval at the upcoming extraordinary general meeting of shareholders [61]. Amendments to Company Governance - The company plans to amend its articles of association to eliminate the supervisory board, transferring its responsibilities to the audit committee of the board [62][63]. - The amendments will also include updates to various governance documents to enhance operational standards and compliance with regulatory requirements [64]. Capital Increase for Subsidiary - The company intends to increase the capital of its wholly-owned subsidiary, Gansu Baililian Chemical Co., Ltd., by 400 million yuan to enhance its financial strength and operational capacity [68]. - This capital increase will be funded through self-owned and self-raised funds, including 130 million yuan from a new policy financial tool provided by the Export-Import Bank of China [68].

Core Points - The company has announced the cancellation of the supervisory board and the revision of its articles of association to enhance corporate governance and compliance with legal regulations [11][37][38] - The company will hold its first extraordinary general meeting of 2025 on November 13, 2025, to discuss the relevant proposals [17][34] - The third quarter report for 2025 has been approved by both the board of directors and the supervisory board, confirming its alignment with the company's actual operational status [28][29] Financial Data - The financial statements for the third quarter of 2025 have not been audited [3] - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided documents [3][4] Shareholder Information - The company has provided details regarding the total number of shareholders and the voting rights of preferred shareholders [5] - The upcoming extraordinary general meeting will allow shareholders to vote both in person and online, with specific voting times outlined [19][20] Governance Changes - The supervisory board will be dissolved, and its responsibilities will be transferred to the audit committee of the board of directors [11][37] - The articles of association will be revised to reflect the cancellation of the supervisory board and to clarify the roles of independent directors and board committees [38][39] Meeting Details - The extraordinary general meeting will take place at the company's headquarters, with provisions for both onsite and online voting [17][19] - Shareholders must register for the meeting in advance, with specific instructions provided for both corporate and individual shareholders [22][23]

对此，新浪科技从接近叠纸人士处获悉，此次调整，属于企业层面常规操作。 公开资料显示，上叠成立于2019年，注册资本1亿元人民币，由苏州叠纸网络科技股份有限公司（以下 简称苏叠）全资持股。股权结构显示，作为上叠的全资母公司苏叠，姚润昊在其中持有54.74%股份， 实控叠纸。 新浪科技讯 10月28日上午消息，近日，上海叠纸科技有限公司（以下简称上叠）发生工商变更。作为 叠纸科技旗下公司，上叠的法定代表人由叠纸科技创始人兼CEO姚润昊，变更为叠纸科技COO姚飞。 责任编辑：江钰涵 从相关法务人士处了解到，CEO与法定代表人为两个角色。两者不是必须合一，取决于公司治理需求、 风险管理及法律合规性。（闫妍） ...