公司治理的核心是建立权责清晰、规则至上的运行机制，家庭亲情不应成为其正常运转的阻碍。双星名 人集团的内斗，是亲情裹挟治理的反面教材。 汪海在断绝父子关系的声明中列出了九大理由，但从法律层面看，这些诉求值得商榷。 2026年开年，"百年鞋企"双星名人集团的控制权之争便趋于白热化。1月3日，84岁的集团创始人汪海发 布公开声明，宣告与儿子汪军、儿媳徐英断绝父子及姻亲关系，控诉二人多次"抢公章""逼宫"，直指 其"背叛品牌、背叛老爹"，将这场持续近一年的家族内斗推向顶点。 回溯事件脉络，矛盾激化于2025年末双方的声明"攻防战"。2025年12月2日，徐英率先以"双星名人董事 长"及控股股东青岛星迈达工贸名义发布声明，披露当年5月20日公司董事会已决议免去汪海董事长及法 定代表人职务，由其接任，指控汪海霸占营业执照拒不配合变更，私自刻制印章的行为无效。 2025年12月8日，汪海强势反击，登报驳斥徐英说法，直指当年5月20日临时董事会召集程序违法，未由 时任董事长主持且无合法授权，决议当属无效，强调原公章由其妥善保管，并已就决议效力向法院提起 撤销之诉。 这场纷争的根源，实则埋藏于2022年的股权变动——徐英控股8 ...

Core Viewpoint - Crown New Materials Technology Co., Ltd. (Crown New Materials) is initiating an IPO on the A-share market, backed by strong financial performance, including continuous growth in annual net profits, despite significant cash dividends prior to the IPO [1][3]. Financial Performance - Crown New Materials reported revenues of approximately 25.67 billion, 28.95 billion, 31.59 billion, and 15.92 billion for the years 2022 to 2025 (first half) respectively [3]. - Corresponding net profits for the same periods were approximately 2.06 billion, 2.78 billion, 3.02 billion, and 1.55 billion [3]. - The company’s net profit after deducting non-recurring items was approximately 2.26 billion, 2.75 billion, 3.07 billion, and 1.54 billion for the same periods [3]. Dividend Distribution - In 2023 and 2024, Crown New Materials distributed cash dividends of approximately 752.39 million and 825.35 million respectively, totaling around 1.58 billion [4][5]. Fundraising Plans - The company plans to raise approximately 9.19 billion through the IPO, with funds allocated for expansion projects, research and development, and to supplement working capital [5][6]. Shareholder Structure - The actual controllers, Mai Huixia and Mai Huiquan, collectively hold 87.17% of the company's shares, with no single shareholder owning more than 50% [7][8]. - Mai Huiquan directly holds 25.92% of the shares and controls an additional 48.58% through various entities, while Mai Huixia holds 38.59% directly [7]. Governance Concerns - The high ownership concentration raises concerns about potential conflicts of interest, as the actual controllers may prioritize personal interests over those of minority shareholders [8]. Research and Sales Expenses - Crown New Materials has a lower R&D expense ratio compared to industry peers, with rates of 3.9%, 4.59%, 4.77%, and 4.81% against peer averages of 4.42%, 5.48%, 5.21%, and 5.04% [9]. - The company's sales expense ratio is higher than the industry average, recorded at 2.01%, 2.5%, 2.75%, and 2.93% compared to peer averages of 1.74%, 2.22%, 2.14%, and 2.36% [9].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, amid fluctuating performance and significant cash dividends totaling approximately 1.14 billion yuan over 2022 and 2023 [1][3][4]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan respectively [3]. - Corresponding net profits for the same periods are approximately 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [3]. Shareholding Structure - The actual controllers of the company, Zhang Yuqiang and Zhang Jiankang, hold a combined 96.51% of the company's shares, primarily through Tongxiang Huajia Enterprise Management Co., Ltd. [3][4]. - Tongxiang Huajia holds 56.27% of the shares, making it the controlling shareholder [3]. IPO Fundraising and Utilization - The company aims to raise approximately 3.981 billion yuan through the IPO, which will be allocated to the construction of production bases for fiberglass products and composite materials, a production project in Spain, and the establishment of a research and development center [5]. Related Party Transactions - China Jushi is identified as the largest supplier to Zhenstone, with procurement amounts from 2022 to 2025 (first half) being approximately 2.112 billion yuan, 1.895 billion yuan, 2.035 billion yuan, and 1.518 billion yuan, constituting a significant portion of the company's operating costs [8]. - The company has also engaged in regular related party transactions with China Jushi, with amounts of approximately 2.811 billion yuan, 2.279 billion yuan, 2.256 billion yuan, and 1.679 billion yuan, representing a substantial percentage of operating costs [9].

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, amid fluctuating performance and significant cash dividends totaling approximately 1.14 billion yuan over 2022 and 2023 [1][3][4]. Group 1: Company Overview - Zhenshi Co. is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [3]. - The company has experienced revenue fluctuations, with reported revenues of approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Corresponding net profits for the same periods were approximately 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [3]. Group 2: Shareholding Structure - The actual controllers of Zhenshi Co. are Zhang Yuqiang and Zhang Jiankang, who together control 96.51% of the company's shares through various entities, including Tongxiang Huajia Enterprise Management Co., Ltd. [3][4]. - Tongxiang Huajia holds 56.27% of the shares, making it the controlling shareholder [3]. Group 3: Financial Performance and Dividends - The company distributed cash dividends of approximately 540 million yuan in 2022 and 600 million yuan in 2023, totaling around 1.14 billion yuan [4]. - The IPO aims to raise approximately 3.981 billion yuan, which will be allocated to various projects, including the construction of production bases and a research center [5]. Group 4: Related Party Transactions - China Jushi is the largest supplier to Zhenshi Co., with procurement amounts of approximately 2.112 billion yuan, 1.895 billion yuan, 2.035 billion yuan, and 1.518 billion yuan for the respective years, constituting a significant portion of the company's operating costs [8]. - The company has faced scrutiny regarding its related party transactions, which accounted for 70.49%, 60.42%, 69.22%, and 69.31% of operating costs in the respective periods [9].

Core Viewpoint - Xiangyang Chia Tai Seed Industry Co., Ltd. (referred to as "Chia Tai Seed") has submitted an application for public stock issuance and listing on the Beijing Stock Exchange, which has raised inquiries regarding its corporate governance and control structure [1][2]. Group 1: Company Overview - Chia Tai Seed was established in July 1996 and primarily engages in the research, production, and sales of corn seeds, operating as an integrated seed enterprise with a comprehensive system for research, production, sales, promotion, and service [1]. - The controlling shareholder of Chia Tai Seed is Chia Tai Group, which directly holds 33.99% of the company's shares and indirectly holds an additional 27.76% through its wholly-owned subsidiary, Chia Tai Livestock Investment [2]. Group 2: Corporate Governance and Control - The company currently has no actual controller due to the dispersed shareholding of Chia Tai Group's major shareholders, which prevents any single large shareholder from exerting absolute control [2]. - The Beijing Stock Exchange has requested Chia Tai Seed to explain the rationale behind Chia Tai Group's multi-layered offshore control over Chia Tai Livestock Investment and to assess whether the absence of an actual controller is adequately justified [2][3]. Group 3: Financial and Operational Risks - There are concerns regarding potential fund occupation by Inner Mongolia Chia Tai Agriculture during the reporting period, which raises questions about the effectiveness of the company's governance and internal control systems [2]. - The company is required to disclose any potential competitive issues in accordance with the relevant regulations, including risks related to share pledges and debt obligations that could adversely affect its shareholding structure [3]. - Chia Tai Seed must also evaluate whether there are any undisclosed equity control relationships or other arrangements among shareholders that could circumvent foreign investment restrictions [3].