每经评论员吴泽鹏 对于两次减持的原因，实控人家族均解释为自身资金需求。这一理由不禁让人联想到A股市场长期存在 的"上市造富"现象：不少公司在限售股解禁后，重要股东常以资金需求为由，快速将账面浮盈转化为实 际资金，而非与公司长期绑定、共享成长收益。但这种"恰逢利好窗口期"的资金需求，看似合理，实则 会直接动摇中小投资者的信心，削弱其对公司长期价值的信任。 基于此，笔者认为，聚赛龙实控人家族此次减持，是一场"规则之内、情理之外"的资本操作。从个人角 度看，这或许满足了郝氏家族实现资产变现、规避风险的"理性"，但从公司发展角度而言，稍有不慎便 可能挫伤上市公司赖以生存的市场信任。而这种信任，正是企业长期健康发展的重要基石。 透过此次减持事件，更值得关注的是其背后的"家族式"治理隐忧。这类企业在创业初期，家族化治理往 往能凭借决策高效、凝聚力强的优势推动企业快速发展，但当企业成为公众公司后，若仍延续家族利益 优先的思维，就可能出现"重家族财富保值、轻全体股东利益"的倾向，难以实现全体股东利益最大化的 目标。更进一步说，市场对家族式治理企业的内部运作、决策逻辑本就存在信息不对称，缺乏充分了 解，在这种情况下，重要股东的 ...

Core Viewpoint - The appointment of Ju Wanfu as the new deputy general manager of Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei) has sparked discussions regarding the company's governance structure, particularly the implications of family governance models in the context of its operational challenges and market position [1][3]. Group 1: Company Background and Governance - Ju Wanfu, born in 1975, has a background in real estate management and has worked for companies such as Shenzhen Xianke Real Estate Development Co. and Baoneng Holdings [2]. - Ju Wanfu is the younger brother of current shareholder Ju Wanzhen and the brother of chairman Ju Wanli, which raises concerns about family governance due to the close relationships among key stakeholders [3]. - The family governance structure is not uncommon in the A-share market, especially among small and medium-sized enterprises, and may indicate a tightening control over the company amid its ongoing struggles [4]. Group 2: Financial Performance - For the first half of 2025, *ST Tianwei reported a revenue of approximately 84 million CNY, a significant increase of 87.37% compared to the same period last year [6]. - The total profit for the same period was approximately 33 million CNY, showing a substantial recovery from previous losses [6]. - Despite a slight improvement in financial performance, the company has been labeled as "high risk" and "shell protection," indicating ongoing concerns about its ability to recover fully [6]. Group 3: Market Reactions and Future Outlook - The timing of the personnel adjustment suggests a strategic repositioning, potentially indicating a shift towards new business areas or a consolidation of governance within the family [5]. - The market remains skeptical about whether family control will serve as a remedy for the company's governance and operational issues, especially given the regulatory scrutiny on family-run enterprises [7]. - As of August 29, *ST Tianwei's stock closed at 23.91 CNY per share, with a year-to-date increase of 53.56%, reflecting some market optimism despite underlying challenges [8].