转自：新华财经 新华财经北京12月29日电（记者刘玉龙）中国上市公司协会12月29日发布消息称，根据《上市公司治理准则》及证监会相关工作部署，协会研究开展上市公 司治理评价工作。为全面客观反映上市公司治理现状，结合2025年评价工作，协会梳理总结沪深A股上市公司治理表现，形成年度上市公司治理情况报告。 报告显示，从资金占用披露情况来看，98.34%的公司2024年度未发生控股股东、实际控制人及其关联企业对公司非经营性资金占用行为。 从关联交易来看，91.61%的公司2024年度关联交易成本费用占比小于10%；90.75%的公司2024年度关联交易收入占比小于10%。 从现金分红来看，2024年度公司现金分红总额为2.4万亿元（数据截至2025年6月30日），其中有9家上市公司2024年度现金分红金额超过500亿元，33家上市 公司分红金额超过100亿元。在4445家上市满三年（时间截至2024年12月31日）的公司中，2447家近三年连续现金分红；在3569家上市满五年的公司中， 1681家近五年连续现金分红，其中210家近五年分红连续增长。 从机构投资者持股情况来看，机构投资者持股比例（剔除第一大股东）高于 ...

本报记者 吴晓璐 2026年1月1日，上市公司将全面告别监事会。 实践中，相较于监事会，审计委员会成员多具备财务、法律等专业背景，能更精准地监督财务和经营风险。因此，业内人 士表示，取消监事会既降低了公司运营成本，也有利于对上市公司实现全面监督。 中国人民大学财政金融学院教授郑志刚在接受《证券日报》记者采访时表示，此次改革后，审计委员会行使监督权力，可 以让监督职责更加聚焦和明确，也降低了上市公司的人力成本，有助于提高公司治理效率。 陈运森表示，董事会审计委员会成员需具备更强的专业性，同时召集人必须是会计专业人士，这有助于上市公司监督质量 的实质性提升。 审计委员会发挥监督优势 距离过渡期结束还剩几天时间，目前上市公司调整进度如何？据统计，全部5470家上市公司均已提出修改公司章程等相关 规则，明确董事会审计委员会行使监事会职权。截至2025年12月31日，上市公司将基本完成取消监事会工作。 随着审计委员会"接棒"监事会，上市公司治理结构优化，监督体系更加高效、专业，有望形成公司治理新格局。中央财经 大学教授、资本市场监管与改革研究中心主任陈运森在接受《证券日报》记者采访时表示，通过强化董事会审计委员会的监督 ...

Core Viewpoint - The A-share market in 2025 is experiencing a series of intense internal conflicts within listed companies, revealing deep governance issues that affect corporate vitality and market performance [1][2]. Group 1: Internal Conflicts - Since 2025, internal conflicts among A-share listed companies have erupted, covering various industries such as home textiles, healthcare, electronics, and manufacturing, with forms of conflict ranging from board voting confrontations to public accusations and legal disputes [2][3]. - Dream洁股份 is embroiled in a control dispute, with board member Chen Jie publicly accusing Chairman Jiang Tianwu of financial misconduct and decision-making issues, leading to a significant governance crisis [3][4]. - Reliable股份 faces ongoing internal strife stemming from the divorce of its controlling shareholder, resulting in a close shareholding battle between the former couple, which has escalated into public confrontations over company management [5][6]. -艾比森's founder voted against his own election as chairman, highlighting dissatisfaction with the company's governance structure and concentrated shareholding, which hinders long-term development [7][21]. -金鸿顺 has seen repeated attempts by its second-largest shareholder to remove the chairman due to absenteeism, linked to the controlling shareholder's debt crisis, leading to a power struggle [8][22]. - ST路通 has experienced a dramatic power struggle, with new shareholders attempting to oust the original management, resulting in legal disputes and governance chaos [9][23][24]. Group 2: Governance Issues - The internal conflicts reflect common governance issues such as imbalanced shareholding structures, ineffective governance mechanisms, and unequal distribution of interests, which have long been latent and erupted at specific points [11][25]. - The instability of shareholding structures is a key factor in internal conflicts, as seen in Dream洁股份's loss of a controlling shareholder and the close shareholding in Reliable股份, leading to ongoing confrontations [12][26]. - Governance mechanisms in some companies have become ineffective, with board operations being dominated by a few individuals, and independent directors failing to play their roles effectively, exacerbating internal conflicts [13][27]. - Unequal distribution of interests and lack of communication mechanisms have escalated minor disagreements into major conflicts, as seen in艾比森 and Reliable股份, where shareholder interests are not adequately represented [14][28]. Group 3: Path to Resolution - The surge of internal conflicts in 2025 serves as a warning for governance optimization in A-share listed companies, necessitating a collaborative effort from enterprises, regulators, and the market to strengthen governance foundations [15][29]. - Companies should solidify their shareholding structures and establish clear boundaries and exit mechanisms when introducing strategic investors to prevent future conflicts [29]. - Improving governance mechanisms is essential, including standardizing board and shareholder meeting operations, enhancing the independence and professionalism of independent directors, and ensuring compliance with disclosure requirements [29]. - Balancing interest distribution and establishing a compensation system linked to company performance and governance levels are crucial for maintaining harmony among stakeholders [29][30].

Core Viewpoint - Yunnan Watson Bio (300142) has been ordered to rectify its governance practices due to non-compliance with regulations regarding the approval of director and senior management remuneration for 2023 and 2024 [1][3][4] Group 1: Regulatory Violations - The company failed to submit the remuneration matters for directors to the shareholders' meeting for approval as required by the Corporate Governance Guidelines [1][3] - Senior management remuneration matters were not submitted to the board for approval, violating the same governance standards [1][3] Group 2: Regulatory Actions - The Yunnan Securities Regulatory Bureau has decided to impose corrective administrative measures on Watson Bio, which will be recorded in the securities and futures market integrity archives [1][4] - The company is required to take effective measures to rectify the situation within 30 days of receiving the decision and submit a written report on the rectification [4] Group 3: Shareholder Information - As of September 30, 2025, the largest shareholder is the Industrial and Commercial Bank of China - E Fund ChiNext ETF, holding 34,471,370 shares (2.16%) [2] - The ninth largest shareholder is the Bank of China - CICC National Bio-Medical Index Fund, holding 23,067,800 shares (1.44%) [2]

Core Viewpoint - The Chinese capital market is experiencing significant development in 2023, marked by a total A-share market value exceeding 100 trillion yuan and a notable increase in market confidence and investor returns, driven by comprehensive reforms in the investment and financing landscape [1][2]. Group 1: Market Development and Reforms - A-share total market value has surpassed 100 trillion yuan, with the technology sector accounting for over 25% of the market [1]. - Daily trading volume in A-shares is approximately 1.7 trillion yuan, indicating a significant recovery in market confidence [1]. - The amount of cash dividends distributed by listed companies has exceeded 2.6 trillion yuan, reinforcing investor returns [1]. - Regulatory bodies have implemented a series of reforms to enhance the coordination between primary and secondary markets, improving the adaptability and competitiveness of the capital market [1][2]. Group 2: Multi-layered Market Activation - The China Securities Regulatory Commission (CSRC) has introduced reforms targeting the Sci-Tech Innovation Board and the Growth Enterprise Market to support technological innovation and stimulate market vitality [2]. - As of December 22, 2023, A-shares welcomed 106 new listings, a year-on-year increase of 9.28%, with total fundraising reaching 122.02 billion yuan, up 95.29% [2]. - The reforms have successfully covered the entire lifecycle of unprofitable, high R&D, and hard-tech enterprises, significantly enhancing institutional inclusiveness [2]. Group 3: Financing and Investment Strategies - The issuance of technology innovation bonds has been supported by the People's Bank of China and the CSRC, with a total issuance scale of 1.77 trillion yuan for 1,618 new tech bonds since May 8 [3]. - The CSRC is focusing on deepening reforms in the Growth Enterprise Market, optimizing listing standards for unprofitable companies, and improving refinancing and merger processes [3]. Group 4: Market Stability and Quality Enhancement - Regulatory measures are being taken to enhance the quality of listed companies and investment value, including the introduction of long-term investment mechanisms and the promotion of public funds [4][5]. - The number of major asset restructuring disclosures by A-share companies has increased significantly, with over 190 cases reported, marking a 1.6-fold increase compared to the previous year [6]. - A new round of corporate governance initiatives is set to address issues such as fund occupation and irregular guarantees, aiming to enhance operational transparency and accountability [6]. Group 5: Risk Management and Investor Protection - The regulatory framework has been strengthened to ensure a stable market environment, focusing on risk prevention and investor protection [7][8]. - The CSRC has implemented a series of measures to enhance investor protection throughout the entire lifecycle of securities, from issuance to delisting [8]. Group 6: Market Openness and Attractiveness - The Qualified Foreign Institutional Investor (QFII) system has been continuously optimized, with 913 QFIIs registered by the end of October [9]. - The number of A+H dual-listed companies has increased to 170, with 19 new additions in 2023, reflecting a growing trend of domestic companies seeking international capital [9]. - Future initiatives will focus on enhancing market openness and competitiveness, including reforms to the QFII system and improvements in cross-border regulatory cooperation [9].

Group 1: Core Views - The core focus of the recent announcements by the China Securities Regulatory Commission (CSRC) is on risk prevention, enhanced regulation, and promoting high-quality development in the capital market [1] - The reform roadmap aims to deepen comprehensive reforms in capital market financing and investment, contributing to high-quality economic development and a good start for the 14th Five-Year Plan [1] Group 2: Institutional Improvements - The CSRC plans to scientifically formulate the "14th Five-Year" planning system for the capital market, aiming to enhance the institutional inclusiveness and attractiveness of the capital market [2] - Under the guidance of the new "National Nine Articles" and the "1+N" policy framework, reforms in the financing sector will focus on advancing the Sci-Tech Innovation Board and multi-tiered bond market systems [2] Group 3: Long-term Capital and Investment Environment - The investment side will see efforts to create a more attractive environment for long-term capital, fostering patience capital and long-term investments [2][3] - The focus will also be on cross-border investment management reforms and building world-class exchanges and investment banks to better serve the real economy, particularly in technology innovation [2] Group 4: Governance and Market Stability - The CSRC emphasizes enhancing the internal stability of the market through improved company quality, promoting medium to long-term capital inflow, and establishing a long-term market stabilization mechanism [5] - A new round of corporate governance initiatives will be launched to ensure compliance with the updated Corporate Governance Guidelines, aiming to enhance the operational standards of listed companies [5][6] Group 5: Shareholder Returns and Market Dynamics - There has been a notable increase in the willingness of listed companies to distribute dividends, with total cash dividends reaching 2.56 trillion yuan by December 15, surpassing the total for the entire year of 2024 [6] - The market is moving towards a balanced relationship between shareholder returns and financing, with companies expected to utilize dividends and buybacks more flexibly to enhance company value [7] Group 6: Regulatory Enhancements - The CSRC is committed to strengthening regulatory enforcement against financial fraud, insider trading, and market manipulation, utilizing technology to enhance oversight capabilities [8][9] - There is a focus on improving the synergy between administrative, civil, and criminal accountability in regulatory actions to create a more robust enforcement environment [9]

今天分享的是：2025年A股上市公司股东大会投票趋势观察：对机构股东参与治理的启示白皮书 报告共计：55页 A股治理新生态：机构股东如何用"投票权"重塑上市公司未来 当前，A股市场正经历一场从"规模扩张"向"高质量发展"的深刻转型。在这一进程中，上市公司治理水平的系统性优化已成为核 心议题。长期以来，"一股独大"、内部监督乏力等问题制约着市场的健康发展。如今，伴随政策顶层设计的完善与市场结构的 变迁，以公募基金、保险资金等为代表的机构投资者，正从过去的"被动资本"转变为积极参与公司治理的"关键变量"，通过手 中的投票权，悄然重塑着A股的治理生态。 数据透视：机构入场激活股东投票，治理效能初显 近期一份基于2023年至2025年股东大会数据的观察显示，机构投资者的积极参与正在切实改变股东会的"气象"。数据显示，全 部A股上市公司的平均股东参会率保持在50%左右，但结构变化显著。在机构持股比例更高的公司，如沪深300、基金重仓股样 本中，股东大会的表决权出席率显著高于市场平均，中小股东的参与也更为活跃。一个更具说服力的发现是，在机构投资者持 股集中的公司，中小股东对议案的异议率反而更低。这或许意味着，专业机构的深 ...

Regulatory Penalties - On September 12, 2025, the company received warning letters from both the Liaoning Securities Regulatory Bureau and the Shenzhen Stock Exchange due to non-compliance in information disclosure related to its 2025 semi-annual report [2][10] - The regulatory bodies identified errors in the preparation and entry of data in the company's financial reports, which were deemed as "non-compliance in information disclosure" [2][10] Error Details - The financial issues primarily stemmed from the 2025 semi-annual report, with significant errors in the cash flow statement where the company confused data between the "parent company cash flow statement" and the "consolidated cash flow statement" [3][12] - Additional errors were found in the notes of the financial statements, affecting various items such as current liabilities due within one year, income tax expenses, and supplementary cash flow statement data [3][12] Company Response - The company expressed that it takes the issues seriously and has initiated a self-examination process across relevant departments [4][13] - It has criticized the responsible personnel and implemented corrective measures focusing on improving procedural systems, enhancing business training, and strengthening verification mechanisms [4][13] Operational Challenges - The company's main business is heating services, which accounts for over 90% of its revenue, primarily serving urban residents and non-residential users [6][15] - Financial data indicates significant operational pressure, with revenue of 1.21 billion yuan in the first half of 2025, showing only a slight increase of 0.05% year-on-year, and a net loss of 144 million yuan, despite a 51.05% reduction in losses compared to the previous year [7][15] Underlying Issues - The financial reporting errors, while appearing as technical mistakes, reveal deeper governance issues within the company [8][16] - The simultaneous penalties for the top executives suggest flaws in the governance structure, where the core management is responsible for both strategy and operations, potentially leading to regulatory oversights [8][16] - On the same day the warning was issued, the board approved a related party transaction, raising concerns about governance transparency [8][16]

证券日报网讯 12月10日，国际医学在互动平台回答投资者提问时表示，国际医学作为一个已上市的公 众公司，严格遵循上市公司治理准则与相关法律法规，所有高级管理人员的聘任均履行了合法、合规的 决策程序，其任职资格、专业背景与经验经历符合公司经营管理与发展需要。公司采用"集团化管理， 分院区经营"的模式，在上市公司层面，根据业务发展需要，聘任了具有丰富管理经验、财务经验等专 业背景的高级管理人员，他们为公司规范运作和高效管理提供了有力支持。公司下属医疗机构院级领导 班子成员为医疗专业管理人员，并有深厚的行业管理经验。 （文章来源：证券日报） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：遇见宁波银行 2025年12月9日，中国上市公司协会正式发布"2025年上市公司董事会秘书履职评价"结果。凭借在信息披露、规范运作、维护投资者关系等方面的优异表 现，宁波银行董事会秘书再次荣膺"5A董秘"称号，系连续第四年斩获该项荣誉。 董事会秘书履职评价 证书 俞罡: 荣获2025年上市公司董事会秘书履职评价_5A 评级,特发此 证。 证书编号: CAPCODM2025002142 "上市公司董事会秘书履职评价"自2022年启动以来，已连续开展四届，旨在进一步提高董秘履职能力和职业素养，推动公司治理水平整体提升。评价指标 涵盖了规范运作、信息披露、内部控制、投资者关系、社会责任等10个方面67项指标。今年共有36个监管辖区的1571位董秘入围，仅282位获得5A评级。 在激烈的竞争中，宁波银行董秘及其团队凭借扎实的履职表现、卓越的治理水平以及专业的服务品质脱颖而出，赢得专家评委的高度认可。 作为资本市场沟通的关键角色，宁波银行董秘及其团队始终坚持以高标准推进信息披露透明化、规范运作常态化，积极构建与投资者之间的良性互动机 制。在信息披露领域，宁波银行已 ...