Core Insights - In late September 2025, a large-scale incident involving the removal of audio dramas occurred on Miaoer FM, leading to strong user reactions [1]. Company Information - Beijing Miao Si La Network Technology Co., Ltd., the parent company of Miaoer FM, was established in July 2014 and is wholly owned by Shanghai Huandian Information Technology Co., Ltd. [1] - The registered capital of the company is approximately 1.864 million yuan, with a paid-in capital of about 1.112596 million yuan [1]. - The company operates in various sectors, including technology promotion services, internet cultural activities, and broadcasting program production [1]. Legal Issues - The company is involved in multiple lawsuits, including disputes over the infringement of network dissemination rights and recording rights [2]. - Notable cases include disputes with other companies regarding copyright issues, with several cases ongoing as of 2025 [2]. - The company has registered copyrights for works such as "Saway" and "Mo Dao Zu Shi," which include audio recordings and other related works [2].

Core Viewpoint - The Shanghai Stock Exchange has issued an inquiry letter to Dalian Shenya regarding doubts in its semi-annual report, particularly concerning two directors' abstention votes and the company's ongoing financial struggles, including continuous losses over the past three years [1][2]. Group 1: Inquiry Details - The inquiry letter requests directors Zhang Liang and Zhu Kun to disclose the verification procedures and conclusions related to their non-affirmative opinions on the semi-annual report, including the basis for their judgment and its compliance with legal regulations [2]. - The exchange also demands clarification on whether the reasons for their non-affirmative opinions are prudent, clear, and specific, and how they relate to the content of the periodic report [2]. - Additionally, the inquiry seeks an explanation of the current control of the listed company, given that the major shareholder, Xinghaiwan Investment, has stated it is not the actual controller [2]. Group 2: Financial Performance and Legal Issues - Dalian Shenya has faced continuous financial pressure since 2018, with three consecutive years of losses, and its major shareholder's shares are under judicial freeze [3]. - As of the announcement date, 30,945,600 shares of Xinghaiwan Investment, accounting for 24.03% of the total share capital, are under judicial freeze due to guarantees provided for financing lease business [3]. - The company is also involved in a legal dispute leading to the auction of its 15.1% stake in Zhenjiang Big Whale Ocean World Co., Ltd., due to a failure to fulfill capital contribution obligations [4].