Core Points - Kelly Tai (300326.SZ), a leading orthopedic company, announced a delay in the disclosure of its 2024 annual report and 2025 Q1 report due to significant discrepancies in audit opinions, particularly regarding the fair value of equity instrument investments and the completeness of related party disclosures [1] - The company was originally scheduled to release these reports on April 24 and 28, respectively, but must comply with the Shenzhen Stock Exchange regulations, which require annual reports to be disclosed within four months after the end of the fiscal year [1] - If the reports are not disclosed by the April 30 deadline, the company will face inquiries from the exchange and potential penalties from the China Securities Regulatory Commission [1] Shareholding and Control - As of April 20, Shanghai Xinchengyi and Yuan Zheng, the second-largest shareholders, have increased their stake in Kelly Tai to approximately 6.38%, nearing the first-largest shareholder Yongjin Holdings' 6.99% [2] - There has been intense internal conflict over company control between the former management led by Yuan Zheng and the major shareholder Yongjin Holdings [2] - During the 2025 first extraordinary shareholders' meeting held on March 19, a new board was elected, with significant representation from both the second-largest and first-largest shareholders, while the company's founder and chairman Yuan Zheng, along with general manager Wang Zhengmin, were not re-elected [2] Company Overview - Kelly Tai, established in 2005, specializes in the production, research and development, sales, and service of orthopedic implant medical devices, including minimally invasive spinal products and orthopedic trauma implant products [2]