Core Viewpoint - The recent shareholder meeting of Nanmo Biology (688265.SH) raised concerns in the market as several key proposals were not approved, indicating potential internal conflicts and governance issues within the company [1][3]. Shareholder Meeting Outcomes - On September 23, 2025, Nanmo Biology held its second extraordinary shareholder meeting, reviewing 11 proposals, of which 5 were rejected, including those related to the company's three-year development plan and management stability [1][4]. - Only one of the additional six temporary proposals put forth by the Shanghai Pudong State-owned Assets Supervision and Administration Commission was approved, specifically regarding the purchase of liability insurance for directors and senior management [4][5]. Shareholding Structure - The shareholding structure of Nanmo Biology has become more concentrated, with a new shareholder, Suzhou Haiwang Hezhong No. 1 Equity Investment Partnership, acquiring 8.68 million shares, representing 11.13% of the total share capital [1][2]. - Haiwang Hezhong and Shanghai Pudong New Industry Investment Co., which holds 7.37% of the shares, are acting in concert, collectively owning 18.50% of the company [2]. Board Composition - The newly elected board consists of 11 directors, with 6 non-independent directors nominated by the controlling shareholder, and 4 independent directors, including one nominated by Haiwang Hezhong [5]. - The board's composition reflects a division among major shareholders, with the controlling shareholder's camp not being entirely unified, as evidenced by the recent dissolution of the agreement between key figures Fei Jian and Wang Mingjun [3][5].