Core Viewpoint - ST Longyuan's board meeting faced opposition votes regarding several key proposals, highlighting internal control issues and governance concerns within the company [1][3]. Group 1: Board Meeting Resolutions - The board approved seven proposals, including the cancellation of the supervisory board and amendments to the company's articles of association [1]. - Two directors, Chen Meichuan and Deng Xiangxiang, opposed five of these proposals, citing the need for stricter standards in governance reforms due to existing internal control problems [3]. Group 2: Appointment of Accounting Firm - The company plans to change its annual auditing firm to Beijing Dehao International Accounting Firm, which has faced regulatory scrutiny in recent years [6]. - The opposing directors raised concerns about the quality control team of the proposed firm having received warning letters from regulators in 2023 and 2024, which could jeopardize the audit quality and internal control rectification [3][6]. Group 3: Director and Executive Compensation - The proposed compensation for directors and senior management for 2025 is capped at 21.802 million yuan, with the former and current chairmen's combined salary not exceeding 5.171 million yuan [6]. - The opposing directors argued that the compensation plans do not align with the company's performance, especially given the significant losses reported in recent quarters [7]. Group 4: Governance and Compliance Issues - The opposing directors emphasized that the compensation should be linked to company performance and include mechanisms for reclaiming payments in cases of misconduct [7]. - The company has faced significant financial challenges, with net profit dropping from a profit of 674 million yuan in 2022 to a loss of 978 million yuan in 2024, and further losses in the first three quarters of 2025 [7]. Group 5: Regulatory Actions - ST Longyuan received a regulatory notice from the Shanghai Stock Exchange regarding the board's resolutions, indicating ongoing scrutiny of the company's governance practices [10].