本报记者 王僖 2025年最后一个交易日收盘后，山东省章丘鼓风机股份有限公司（以下简称"山东章鼓"）公告，因涉嫌定期报告财务信息 披露违法违规，被中国证监会立案调查。这距离该公司上次收到监管文件仅约两周时间。 山东章鼓方面在公告中表示，将积极配合中国证监会立案调查工作，并严格按照相关法律法规的规定和监管要求及时履行 信息披露义务，并称目前，该公司各项生产经营活动正常有序开展，本次立案不会对公司生产、经营和管理造成重大影响。 从责令改正到立案调查 王智斌分析认为，关联交易管理缺位表明董事会及专门委员会未能有效识别、审议和披露利益冲突事项；募集资金违规使 用则显示出财务内控制度执行不力，资金审批流程流于形式；股东大会监票问题，则说明议事规则未被严格遵守，中小股东权 利保障机制薄弱。 众和昆仑（北京）资产管理有限公司董事长柏文喜对《证券日报》记者进一步表示，该公司合规文化薄弱、内部审计独立 性不足、独立董事与监事会监督乏力，是治理失效的深层根源。 值得注意的是，内控危机之下，山东章鼓长期"父子掌舵"的治理结构也迎来变局。作为持股29.8%的国资控股股东，济南 市章丘区公有资产经营有限公司（章丘公资公司）一改往日"持 ...

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].