Core Points - The company held its seventh board meeting on October 23, 2025, where board member Chen Jie voted against the Q3 2025 report, citing concerns over the accuracy and completeness of the financial statements [1][2] - Chen Jie raised issues regarding the full provision for bad debts related to a loan of 63.3763 million yuan owed by Ye Yifeng, indicating a lack of proper financial procedures in handling the debt recovery [1] - The company did not adjust or address the issues raised in the Q3 2025 report, leading to distorted financial data and a lack of credibility, which contributed to Chen Jie's dissenting vote [2] Financial Reporting Issues - The report indicated that from 2022 to 2024, there were instances of revenue and cost recognition across periods in the direct sales business of the company and its subsidiary, Fujian Dafang Sleep Technology Co., Ltd [1] - There were also issues with sales rebates affecting the recognition of operating income and discrepancies in the accrual of employee compensation and social security [1]

Core Viewpoint - The company faces significant governance and financial reporting issues, as highlighted by a dissenting board member regarding the accuracy and integrity of the Q3 2025 financial report [1][2]. Group 1: Board Meeting and Dissent - The company's seventh board meeting was held on October 23, 2025, where board member Chen Jie voted against the Q3 2025 report [1]. - Chen Jie expressed concerns about the company's handling of a loan of 63.3763 million yuan owed by a subsidiary, indicating that the full provision for bad debts was a sign of negligence in pursuing repayment [1]. Group 2: Financial Reporting Issues - The company did not adjust or address the issues raised in the Q3 2025 report, leading to distorted financial data and a lack of credibility [2]. - The report was criticized for containing false records and misleading statements, particularly regarding revenue recognition and employee compensation [2].