Core Viewpoint - The board of directors of Zhenxin Technology (振芯科技) unanimously rejected a proposal from the controlling shareholder to convene an extraordinary general meeting to discuss the early replacement of the board of directors, citing concerns over company governance and stability [1][2]. Group 1: Board Meeting and Shareholder Proposal - The board meeting held on January 16, 2026, had all 9 attending directors vote against the proposal from the controlling shareholder, Chengdu Guoteng Electronics Group [1][2]. - Directors expressed concerns that an early board replacement would affect the disclosure of the 2025 annual report and violate industry regulatory requirements [2]. - The board emphasized the importance of stable governance and suggested postponing the extraordinary general meeting until after the annual report disclosure to protect the interests of all shareholders, especially minority investors [2][3]. Group 2: Regulatory Issues - Two days prior to the board meeting, Zhenxin Technology received a warning letter from the Sichuan Securities Regulatory Bureau for violating information disclosure regulations by releasing information through non-statutory channels [3]. - The warning letter indicated that the company’s actions harmed investors' rights to fair information and violated the principles of truthfulness, accuracy, and completeness [3]. Group 3: Financial Performance - Zhenxin Technology has experienced a decline in performance over the past two years, with net profit growth rates of -75.81% and -44.91% for 2023 and 2024, respectively [4]. - The company's net profits for these years were reported at 72.6 million yuan and 40 million yuan, significantly lower than the 300 million yuan net profit in 2022 [4]. - The 2025 Q3 report indicated a revenue of 736 million yuan, a year-on-year increase of 30.56%, with a net profit of 92.8 million yuan, also up by 30.79% [4].