21世纪经济报道 记者 崔文静 上市公司乱象再遭监管重拳出击。 近日，最高人民法院发布《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的解释（征求意 见稿）》（以下简称《征求意见稿》），面向社会公开征求意见。值得关注的是，该文件专门针对上市 公司列出10条特别规定，内容直指当前公司治理中的关键问题，涉及薪酬追回、承诺效力、反收购措施 等多个方面，将对资本市场产生深远影响。 根据《征求意见稿》，上市公司若出现财务报告虚假记载等重大违法行为，公司可要求董事、高管退回 与其业绩不匹配的超额薪酬、股权或期权。这意味着，靠财务造假获得的"违法薪酬"将面临追回风险。 同时，文件还明确多项承诺条款将失效：定增保底承诺不被法律支持，上市公司提供财务资助行为可被 认定无效，与市值挂钩的回购或补偿协议也不具法律效力。这些规定旨在遏制利益输送、防止股价操 纵，保护中小投资者权益。 造假高薪不再稳赚？违法收入面临"秋后算账" 《征求意见稿》所列的10条上市公司特别规定中，最受关注的当属违法薪酬退回制度。 按照规定，上市公司财务会计报告存在虚假记载或者隐瞒重要事实，公司请求董事、高级管理人员退回 与其业绩不相匹配的超出合理标准而 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 吴晓璐 10月9日，《国务院关于进一步提高上市公司质量的意见》（简称《意见》）发布五周年。五年来，监 管部门以贯彻落实《意见》为抓手，优化完善一系列制度机制，夯实上市公司高质量发展的基础。 同时，上市公司"量""质"齐升，结构不断优化。据沪深北交易所数据统计，截至今年9月底，上市公司 合计5444家，较《意见》出台前增长34.22%；总市值达到106.03万亿元，较《意见》出台前增长 46.92%。目前，A股科技板块市值占比超过四分之一，已明显高于银行、非银金融、房地产行业市值合 计占比。 增强"软约束" 上市公司治理能力提升 完善公司治理是上市公司提高核心竞争力的基石，也是提高上市公司质量的重要一环。五年来，证监会 两次修订信息披露管理办法，增强信息披露针对性和有效性；同时，以新公司法实施和独立董事制度改 革为抓手，完善上市公司治理规则，上市公司运作更加规范、透明。 独立董事制度是上市公司治理的重要制度安排。2023年4月份，国务院办公厅印发《关于上市公司独立 董事制度改革的 ...

独立董事制度是上市公司治理的重要制度安排。2023年4月份，国务院办公厅印发《关于上市公司独立董事制度改革的意 见》，启动独立董事制度改革。2023年8月份，证监会发布《上市公司独立董事管理办法》，完善独立董事相关配套规则。随 着独立董事制度改革落地，独立董事积极履职，充分发挥监督作用。 2023年底公司法修订，完善了公司治理架构，强调控股股东、实际控制人和董事、高级管理人员的义务和责任，规范上市 公司"关键少数"行为。2025年3月份，为了贯彻落实新公司法，证监会对《上市公司章程指引》《上市公司股东会规则》等制 度规则进行修订，完善公司治理监管机制，强化控股股东、实际控制人规范约束，落实股东权利保护规定等。 此外，2024年5月份，证监会制定《上市公司股东减持股份管理暂行办法》，堵住各类"绕道"减持漏洞，将大股东减持与 股价破发、破净及分红挂钩。 本报记者 吴晓璐 10月9日，《国务院关于进一步提高上市公司质量的意见》（简称《意见》）发布五周年。五年来，监管部门以贯彻落实 《意见》为抓手，优化完善一系列制度机制，夯实上市公司高质量发展的基础。 同时，上市公司"量""质"齐升，结构不断优化。据沪深北交易所数据 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ST长园（维权）（600525.SH）昨晚公告，公司最新一次董事会审议通过了聘任公司总裁的议案，但作 为第一大股东代表的两名董事投下了反对票。前后不到两个月时间的五次董事会会议中，这两名董事已 在三次会议投出反对票，系此前所罕见，且其反对意见皆指向董事、高管的人事变动。曾是李嘉诚家族 A股"旗舰"的ST长园，在经历长达十余年的无实控人状态后，其主要股东间的博弈强度又有上升之势。 回看李嘉诚退出后的这些年，ST长园曾历经多路资本竞逐、并购交易密集的"繁华"，可换来的却是股 价低迷不振。特别是自去年"924"以来，在大盘涨幅超40%的牛市背景板前，ST长园逆势下跌逾21%的K 线图，更显刺眼。这背后，有此前积弊的拖累、有内控问题的曝光、有经营上的举步维艰……情况纷 繁、疑云重重。而如今，通过数月前一场鲜为人知的董事会会议作为"观察窗"，投资者或可一窥ST长 园的现状以及未来。 相关人士向智通财经记者透露，在7月4日的董事会会议上，至少有两位非独立董事对该议案表示反对， 理由包括：出售长园共创股权存在核心优质资产流失风险，以及本次关联交易定价存在不公允的风险。 ST ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000572 证券简称：海马汽车 公告编号：2025-30 海马汽车股份有限公司 董事会十二届十一次会议决议公告 海马汽车股份有限公司（以下简称"公司"）董事会十二届十一次会议于2025年9月24日以电子邮件等方 式发出会议通知，并于2025年9月26日以通讯表决的方式召开。 关联董事卢国纲、覃铭、董国强回避表决。本次会议应表决的董事6人，实际表决的董事6人。会议的召 集、召开程序符合公司法等法律法规和公司章程的规定。 二、董事会会议审议情况 会议审议通过了《关于向关联方海南海马新能源汽车销售有限公司增资暨关联交易的议案》。 表决结果：同意6票、反对0票、弃权0票。 具体内容详见同日刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）上的《关于向关联方海南海马新能源汽车销售有限公司增资暨关联交易的 公告》。 公司独立董事2025年第四次专门会议对此事项发表了审查意见。 三、备查文件 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会 ...

2025年夏天，一张游记式的照片在网上炸开了锅，矛头指向曾经的印刷王朝——有人站在美国某选举活 动现场的台阶上，笑得挺灿烂，却带着一股"脱身成功"的意味，这张照片像一颗投向池塘的石子，激起 了国内17万小股民的连环涟漪。 事件起点得倒回到2011年，那一年鸿博集团的掌门家族开始掰着手指头做减持试探，先是小手笔，再逐 步放量，短短几年内，股份像滚雪球一样被分割出场，最终十年家族成员合计套现逾20亿元，这个数字 在账本上是冷冰冰的，却在股民微信群里炸出人情冷暖；有人在群里发言问——"这是合法操作吗"，有 人回怼——"股份归谁不是归谁的"，争论像一株长不大的野草，越踩越多。 早年间，这个家族还有真实的创业脉络，创始人退伍后经商，凭一手工厂和外贸起家，后辈接棒把公司 做大，2007年成功在深圳上市，这段历史看起来像励志片的开头，设备引进、抢占国企垄断线，短平快 建立竞争优势，股价也跟着热闹起来，邻里酒席上有人还会自豪地说"我们这边的印刷厂上了市"，那是 一段被吹出的光环，但光环下有裂缝，行业进入瓶颈，三次外部并购和投资失利，资金链开始拉长，一 家人里有人开始把"保全家产"念得比"保住工厂"更响亮。 2011年到202 ...

Core Insights - The average governance index for Chinese listed companies in 2025 is 64.94, showing a slight increase from 64.87 in 2024, indicating a steady improvement in governance quality [1][2][3] - Financial sector companies exhibit the highest governance levels, with an average index of 67.32, while the main board companies require further improvement [4][5][17] Governance Index Overview - The governance index has increased by 0.07 from 2024 to 2025, with improvements in shareholder governance, board governance, and stakeholder governance, while supervisory board governance, management governance, and information disclosure have declined [1][3][6] - The distribution of governance ratings shows that 84.43% of companies fall into the B, C, and D categories, with no companies rated AAA or AA [2][3] Industry and Sector Analysis - The governance index varies significantly across industries, with financial companies leading, followed by sectors like scientific research, accommodation, and manufacturing [4][5] - The governance index for private-controlled companies continues to outperform state-owned companies, with companies without actual controllers showing the best governance performance [4][5] Regional Governance Characteristics - Governance levels show a gradient improvement from coastal to inland regions, with 32 regions having an average index above 62.00, indicating a reduction in regional disparities [5] Detailed Dimension Analysis - Shareholder governance index increased from 69.42 to 69.73, driven by improvements in dividend continuity and protection of minority shareholders [7][8] - Board governance index rose to 65.26, reflecting better operational efficiency and structure [8] - Supervisory board governance index slightly decreased to 59.12, indicating a decline in the competency of supervisory board members [9] - Management governance index fell to 60.39, with a slight improvement in appointment systems but a decline in incentive mechanisms [9] - Information disclosure index slightly decreased to 66.19, although relevance and timeliness improved [10] - Stakeholder governance index increased to 69.70, despite a decrease in stakeholder participation [12] Recommendations for Improvement - Establish a mechanism for the audit committee to prevent governance risks during transitional periods [18][19] - Encourage the participation of actual controllers in governance while establishing accountability mechanisms [19][20] - Leverage digital tools to enhance governance efficiency and reduce costs [20][21] - Develop tailored governance guidelines for private-controlled companies to address recent declines in governance quality [20] - Promote differentiated governance standards based on industry characteristics [21] - Create a governance-oriented market value management system to enhance governance premiums [21] - Expand investor litigation channels to strengthen market oversight and protect shareholder rights [22] - Encourage institutional investors to actively participate in governance activities [22]

Core Viewpoint - The training system for directors and senior management at Shanghai Yashi Investment Development Co., Ltd. aims to enhance governance awareness and operational standards in compliance with relevant laws and regulations [1][10]. Group 1: General Principles - The system is established to improve the governance of the company and enhance the professional conduct and operational awareness of its directors and senior management [1]. - The training targets include the chairman, directors, independent directors, general manager, deputy general managers, financial director, board secretary, and securities affairs representatives [1]. Group 2: Training Content, Purpose, and Requirements - Training for the chairman and general manager covers domestic and international capital market conditions, information disclosure requirements, governance principles, rights and responsibilities, and the latest policies on financing and mergers [2]. - Training for directors (excluding independent directors) and other senior management focuses on the legal framework of listed companies, rights and responsibilities, information disclosure requirements, governance principles, and policies on related transactions and refinancing [2]. - The financial director's training includes the legal framework, latest accounting standards, related transactions, and information disclosure rules [2]. - The board secretary's training emphasizes the legal framework, rights and responsibilities, information disclosure norms, and operational practices [3]. - Independent directors receive training on the latest laws and regulations, accounting standards, and governance frameworks [3]. Group 3: Training Formats - Training is categorized into external and internal formats, with external training organized by regulatory bodies and internal training conducted by the company or invited professionals [5]. - Directors and board secretaries must complete at least one external training session during their tenure and obtain a training certificate [5][6]. - The company organizes regular or irregular training sessions during board meetings [6]. Group 4: Training Organization - The board of directors oversees the training program, with the board secretary responsible for specific operations [14]. - The board office maintains records of training participation, including content, location, time, and certification [15]. - The company collects training information from external institutions to plan training sessions and coordinates logistics for participants [17]. Group 5: Training Supervision - The company summarizes training activities and reports to the China Securities Regulatory Commission [20]. - The training plan details participants, content, timing, hours, and instructor arrangements [21]. - Training attendance is assessed and included in the annual performance evaluation of participants [23].

Section 1: Important Notes - The semi-annual report summary is derived from the full semi-annual report, and investors are advised to read the complete report on the Shanghai Stock Exchange website for a comprehensive understanding of the company's operational results, financial status, and future development plans [1][2] - The company's board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and there are no false records, misleading statements, or significant omissions [1][3] - The board of directors' resolution regarding profit distribution or capital reserve transfer to increase share capital indicates that no profit distribution or capital reserve transfer will occur during the reporting period [1] Section 2: Company Overview - The company is identified as China Northern Rare Earth (Group) High-Tech Co., Ltd. [2] - The report includes major financial data, but specific figures are not provided in the summary [2] - There are no changes in the controlling shareholder or actual controller during the reporting period [2] Section 3: Significant Events - The company held the sixth meeting of the ninth supervisory board on August 26, 2025, via communication voting, with all seven supervisors present [4] - The supervisory board approved the "2025 Semi-Annual Report and Summary" with unanimous consent [5] - The supervisory board also approved the "Risk Continuous Assessment Report of Baogang Group Financial Co., Ltd." with unanimous consent [6] - The board approved the "2025 Annual Contractual Assessment Plan for the Management Team" with unanimous consent [7] - The board approved the "2024 Annual Salary Payment Plan for Management Team Members" with unanimous consent [8] - The board also approved the write-off of bad debt provisions for receivables from the former controlling subsidiary Inner Mongolia Xijie Environmental Technology Co., Ltd. with unanimous consent [9] Section 4: Board Meeting Decisions - The sixth meeting of the ninth board of directors was also held on August 26, 2025, via communication voting, with all 14 directors present [14] - The board approved the "2025 Semi-Annual Report and Summary" after the audit committee reviewed the financial information [15] - The board approved the "Risk Continuous Assessment Report of Baogang Group Financial Co., Ltd." with non-related directors voting in favor [17] - The board approved the "2025 Annual Contractual Assessment Plan for the Management Team" with non-related directors voting in favor [18] - The board approved the "2024 Annual Salary Payment Plan for Management Team Members" with non-related directors voting in favor [19] - The board also approved the write-off of bad debt provisions for receivables from the former controlling subsidiary with unanimous consent [21] Section 5: Major Operating Data - The company disclosed major operating data for the second quarter (April to June) and the first half of 2025, but specific figures are not provided in the summary [25][26]

Core Viewpoint - Anhui Heli Co., Ltd. proposes a mid-year profit distribution plan for 2025, reflecting confidence in stable business performance and commitment to enhancing investor returns [1][3]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 939,032.28 million CNY, representing a year-on-year increase of 6.18% - The net profit attributable to shareholders was 79,623.77 million CNY, showing a decline of 4.60% compared to the previous year - In the second quarter (April to June), revenue reached 511,589.94 million CNY, with a growth of 9.89%, while net profit was 47,439.25 million CNY, increasing by 9.80% [1]. Profit Distribution Proposal - The company suggests a cash dividend of 1 CNY (including tax) for every 10 shares, totaling a distribution of 89,069,276.10 CNY based on a total share capital of 890,692,761 shares [1]. Corporate Governance Changes - The company plans to abolish the supervisory board and amend relevant articles in its articles of association to establish an audit committee within the board of directors, in compliance with regulatory requirements [3][4]. - The audit committee will assume the supervisory functions previously held by the supervisory board, including financial oversight and internal audit guidance [4][5]. - Amendments to the articles of association will include provisions for the rights and responsibilities of independent directors and the audit committee, ensuring compliance with the latest corporate governance standards [6][7].