Core Viewpoint - The company announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties, which has led to ongoing internal disputes within the company [1][4]. Group 1: Reasons for Removal - The removal was primarily due to Jing Naiquan's perceived bias in a salary dispute involving director Bao Jia, which was seen as contrary to the interests of the company and minority shareholders [5][7]. - Jing Naiquan suggested continuing to pay Bao Jia a salary despite her not being present at work in 2025, which conflicted with the company's established compensation policies [7][8]. - The company accused Jing Naiquan of acting as a representative for specific shareholder interests rather than maintaining his role as an independent overseer [7][8]. Group 2: Internal Disputes - The company disclosed a lengthy announcement detailing the disputes, indicating a significant internal conflict, with both sides presenting extensive arguments [4][9]. - Bao Jia and Jing Naiquan opposed the removal, with Bao Jia claiming it was retaliation for Jing Naiquan's independent stance [9][10]. - Jing Naiquan described the reasons for his removal as absurd and a challenge to the independence of the independent director system [10][11]. Group 3: Company Background - Reliable Co., Ltd. was established in 2001 and went public on the Shenzhen Stock Exchange in June 2021, focusing on the design, development, production, and sales of disposable hygiene products [15]. - The company has a market capitalization of 3.613 billion yuan as of February 24, with a stock price of 13.29 yuan per share [16].

Core Viewpoint - The company Reliable Co., Ltd. has dismissed independent director Jing Naiquan, citing loss of independence and failure to fulfill duties, amidst ongoing internal conflicts involving significant shareholders [2][5][6]. Group 1: Board Decisions and Conflicts - On February 23, Reliable Co., Ltd. held a board meeting where a resolution to dismiss independent director Jing Naiquan was passed with 5 votes in favor and 2 against [2][17]. - The dismissal is linked to a broader conflict involving board member Bao Jia, who is the ex-wife of the controlling shareholder Jin Liwei, highlighting personal and professional disputes within the company [5][11]. - Bao Jia and Jing Naiquan both opposed the dismissal, with Bao Jia accusing Jin Liwei of retaliating against Jing for his principled stance [5][10]. Group 2: Compensation Controversy - A key issue leading to the dismissal was the discussion around Bao Jia's compensation, which was reported as 2.43 million yuan for 2024, despite her not providing services to the company [6][21]. - The company argued that Jing Naiquan's support for Bao Jia's compensation was a breach of independent director responsibilities, indicating a conflict of interest [7][22]. - Reliable Co., Ltd. stated that Jing Naiquan's actions demonstrated a lack of independence and professionalism, which justified the board's decision to terminate his position [7][23]. Group 3: Shareholder Dynamics - As of the third quarter report for 2025, Jin Liwei holds a 30.13% stake, while Bao Jia holds 29.13%, making them the largest shareholders and intensifying the internal power struggle [11][26]. - The ongoing conflict has roots in the personal relationship between Jin Liwei and Bao Jia, which deteriorated following their divorce in February 2024, leading to increased governance disputes within the company [11][26]. Group 4: Company Background - Reliable Co., Ltd. was established in 2001 and went public on the Shenzhen Stock Exchange in June 2021, focusing on the design, development, production, and sales of disposable hygiene products [14][28]. - The company offers a range of products, including baby care items, adult incontinence products, and pet hygiene products, under well-known brands [14][28]. - As of February 24, the company's stock price was 13.29 yuan per share, with a total market capitalization of 3.613 billion yuan [14][28].

Core Viewpoint - The board of Reliable Co., Ltd. has proposed to dismiss independent director Jing Naiquan, which has sparked controversy and dissent among board members, particularly from director Bao Jia, who views the dismissal as retaliation for Jing's independent stance [1][2]. Group 1: Board Decisions and Controversies - The board meeting on February 12, 2026, resulted in a vote to dismiss Jing Naiquan, with 5 votes in favor and 2 against, highlighting internal conflicts within the board [1]. - Bao Jia criticized the dismissal as a retaliatory act against Jing for his independent performance, arguing that the company's claims of Jing's bias are unfounded [1][2]. - Jing Naiquan contended that the reasons for his dismissal are illegal and stem from work disagreements, asserting his commitment to minority shareholders [1][2]. Group 2: Company Financial Performance - Reliable Co., Ltd. reported a revenue of 829 million yuan for Q3 2025, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 27.98 million yuan, up 26.8% [2]. - The company’s operating cash flow for the same period was 89.72 million yuan, reflecting a significant year-on-year growth of 136.3% [2]. - As of the end of Q3 2025, the total assets of the company stood at 2.151 billion yuan, a 2.9% increase from the previous year, while the net assets attributable to shareholders slightly decreased by 0.04% to 1.334 billion yuan [2]. Group 3: Historical Context and Company Background - Reliable Co., Ltd. was established in 2001 and went public on the ChiNext board in June 2021, focusing on the design, development, production, and sales of disposable hygiene products [4]. - The company’s product range includes baby care products, adult incontinence products, and pet hygiene products, with well-known brands such as Kelao and Absorb [4]. - Bao Jia, a significant shareholder and former CEO, has consistently opposed various board proposals, indicating ongoing governance challenges within the company [3][4].

Core Viewpoint - The company, Kexin Co., announced the dismissal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties, which has led to ongoing internal conflicts within the company [1][4]. Group 1: Reasons for Dismissal - Kexin Co. stated that Jing Naiquan lost his independence and did not fulfill his duties, lacking the professional ethics expected of an independent director [4][6]. - The main conflict revolves around the salary issue of director Bao Jia, with Kexin Co. proposing to adjust Bao's salary due to lack of service, while Jing Naiquan defended Bao's salary during meetings [5][9]. - Kexin Co. accused Jing Naiquan of making inappropriate comments and threatening other directors during discussions about Bao's salary, indicating a breach of independent director principles [5][6]. Group 2: Responses from Jing Naiquan - Jing Naiquan claimed that the reasons for his dismissal were absurd and illegal, asserting that his actions were in line with the interests of the company and minority shareholders [7][8]. - He argued that he left the salary meeting after it did not meet the necessary conditions for discussion and provided written suggestions, but received no response from the company [8]. - Jing Naiquan emphasized his commitment to transparency and accountability, suggesting that he could resign to protect his reputation but chose to remain to inform shareholders of the situation [8]. Group 3: Internal Conflicts - The internal conflict within Kexin Co. has escalated, with Bao Jia opposing the dismissal and framing it as retaliation from the controlling shareholder for his principled stance [9]. - Bao Jia, who has a significant shareholding in the company, has previously voted against several company proposals, indicating ongoing governance issues [10]. - Kexin Co. was founded in 2001 and specializes in disposable hygiene products, with a market presence since 2021 [11].

Core Viewpoint - The internal conflict within Reliable Co. has escalated, leading to the dismissal of independent director Jing Naiquan by the board of directors, which is a rare occurrence in listed companies [2][4]. Group 1: Reasons for Dismissal - Reliable Co. stated that Jing Naiquan lost his independence, failed to fulfill his duties diligently, and lacked the professional ethics expected of an independent director [4][5]. - The main point of contention revolves around the salary issue of director Bao Jia, with Reliable Co. arguing that Bao should not continue to receive a high salary without providing actual labor or services [5][9]. - Jing Naiquan allegedly made inappropriate remarks during discussions about Bao's salary and threatened the company and other directors, which led to the conclusion that he no longer maintained the independence required of his role [5][6]. Group 2: Responses from Jing Naiquan - Jing Naiquan claimed that the reasons for his dismissal were absurd, superficial, and illegal, asserting that it was a retaliation from the major shareholder due to differing opinions on work matters [7][8]. - He emphasized that he acted in the interests of the company and minority shareholders, and his voting decisions were based on the legality and compliance of the matters discussed [8]. - Jing Naiquan also mentioned that he provided written solutions after leaving the salary meeting and criticized the company for not responding to his suggestions [8]. Group 3: Ongoing Internal Conflict - The internal conflict continues to escalate, with Bao Jia expressing strong opposition to the dismissal, viewing it as a personal attack for his principled stance [9]. - Bao Jia, who has a significant shareholding of over 29% after a divorce from the controlling shareholder, has consistently voted against several proposals and reports from Reliable Co. [9][10]. - Reliable Co. was established in 2001 and focuses on the design, research, production, and sales of disposable hygiene products, with a market capitalization of 3.5 billion CNY as of February 13 [11].

Core Viewpoint - The internal conflict at Reliable Co., Ltd. has escalated, leading to the dismissal of independent director Jing Naiquan by the board of directors, which has raised significant concerns regarding corporate governance and the independence of board members [2][5]. Group 1: Dismissal of Independent Director - Reliable Co., Ltd. announced the removal of independent director Jing Naiquan due to a loss of independence and failure to fulfill his duties, which the company claims undermined the interests of minority shareholders [2][5]. - The board's decision to dismiss Jing will be presented for shareholder approval, indicating a formal process following the internal conflict [2]. - Jing Naiquan's removal has sparked a heated debate, with over 10,000 words exchanged between the opposing parties, highlighting the ongoing internal strife within the company [5]. Group 2: Reasons for Dismissal - The primary contention revolves around the salary of director Bao Jia, who received a pre-tax salary of 2.43 million CNY for 2024, despite not providing actual labor or services to the company [5]. - Jing Naiquan allegedly made inappropriate comments during discussions about Bao Jia's salary and threatened the company and other board members, which led to the conclusion that he had lost his independence [5][6]. - The company accused Jing of failing to review meeting materials as required, leaving meetings without permission, and refusing to sign meeting records, which violated the diligence expected of an independent director [5][6]. Group 3: Jing Naiquan's Response - Jing Naiquan has publicly stated that the reasons for his dismissal are absurd and illegal, asserting that his actions were in line with the interests of the company and minority shareholders [7]. - He claims that he has consistently voted based on the legality and compliance of matters presented to the board, indicating a commitment to corporate governance [7]. - Jing also mentioned that he provided written solutions after leaving the salary meeting and criticized the company for not responding to his suggestions [7]. Group 4: Ongoing Internal Conflict - Director Bao Jia has expressed strong opposition to Jing Naiquan's dismissal, framing it as retaliation from the controlling shareholder, Jin Liwei, for Jing's principled stance [8]. - Bao Jia, who has a significant shareholding of over 29% in the company, has a history of voting against several company proposals, indicating a pattern of dissent within the board [8][9]. - The company, founded in 2001 and listed on the ChiNext board in 2021, specializes in the design, research, production, and sales of disposable hygiene products, which include baby care and adult incontinence products [9][10].

Core Viewpoint - Ongoing internal conflicts within Reliable Co., Ltd. (301009) have not been resolved, highlighted by recent board meetings where board member Bao Jia voted against proposed related party transactions, leading to a public dispute with the current chairman and general manager, Jin Liwei [1][12]. Group 1: Related Party Transactions - The board approved a related party transaction with Qiaozhi Company, allowing its subsidiary, Hangzhou Kexin Meideng Material Technology Co., Ltd., to lease property from Qiaozhi for an estimated amount not exceeding 1.68 million yuan for 2026 [3]. - Bao Jia opposed this transaction, arguing that it contradicts Jin Liwei's prior commitment to avoid related party transactions unless unavoidable, and criticized the lack of transparency regarding the fair pricing process [3][4]. - Reliable Co. defended the necessity of the lease, stating that Kexin Meideng's limited scale necessitates renting rather than purchasing property, and emphasized the importance of maintaining operational stability [4][5]. Group 2: Procurement from Hanggang Company - The board also approved a related party transaction with Guangxi Hanggang Material Technology Co., Ltd. for raw material procurement, with an estimated amount not exceeding 60 million yuan for 2026 [6]. - Bao Jia raised concerns about the declining procurement amounts, noting discrepancies between the company's stated strategic importance of Hanggang and the actual procurement figures, which decreased from 146.69 million yuan in 2024 to 60 million yuan in 2026 [7][8]. - Reliable Co. responded by stating that the procurement volume is a result of balancing capacity and supplier structure, and emphasized that Hanggang meets the basic due diligence requirements for qualified suppliers [10]. Group 3: Governance and Compliance Issues - Bao Jia has consistently voted against various proposals, including financial reports and related party transactions, raising questions about governance and transparency within the company [12][13]. - The company received a warning letter from the Zhejiang Securities Regulatory Bureau in 2025 due to previous related party transactions, which has led to internal discussions about accountability and compliance with new governance standards [11]. - Reliable Co. asserted that it has completed necessary rectifications and will enhance training for directors to ensure compliance with governance requirements in the future [11].

Core Viewpoint - Ongoing internal conflicts within Reliable Co., Ltd. have not been resolved, highlighted by the recent board meeting where board member Bao Jia voted against two proposed related party transactions, leading to a public dispute with the current chairman and general manager Jin Liwei [1][17]. Group 1: Related Party Transactions - The board approved a related party transaction with Qiaozhi Company, allowing its subsidiary Hangzhou Kexin Meideng Material Technology Co., Ltd. to lease property from Qiaozhi for an estimated amount not exceeding 1.68 million yuan for 2026 [5][10]. - Bao Jia opposed this transaction, arguing that it contradicts Jin Liwei's prior commitment to avoid related party transactions unless unavoidable, and criticized the lack of transparency regarding the fairness of the rental price and the existence of vacant properties [5][6][8]. - Reliable Co. defended the necessity of the lease, stating that the subsidiary's scale does not justify purchasing land for a factory, and that maintaining the current lease is crucial for operational continuity [7][8]. Group 2: Procurement from Hanggang Company - The board also approved a related party transaction with Hanggang Company for raw material procurement, with an estimated amount not exceeding 60 million yuan for 2026 [10][12]. - Bao Jia raised concerns about the declining procurement amounts, questioning the company's claims of cost advantages and strategic significance, as the actual procurement amounts have decreased over the years [11][12]. - Reliable Co. responded by emphasizing that the transaction is a result of balancing production capacity and supplier structure, and that the procurement decisions are made independently by both parties [14][15]. Group 3: Internal Conflicts and Governance - Bao Jia, who is also the ex-wife of Jin Liwei, has consistently voted against various proposals, indicating ongoing personal and professional conflicts within the company [16][18]. - The company has faced regulatory scrutiny in the past due to related party transactions, which has led to a warning from the regulatory authority, prompting the company to implement corrective measures [15][12]. - Reliable Co. has committed to enhancing board training to ensure compliance with governance standards and improve decision-making processes in the future [15].

Core Viewpoint - The company focuses on the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products [1] Group 1: Company Performance - For the period from January to September 2025, the company achieved a revenue of 2.623 billion yuan, representing a year-on-year growth of 12.80% [1] - The net profit attributable to the parent company was 245 million yuan, with a year-on-year increase of 2.53% [1] Group 2: Product Lines - The company's brand "Ziyoudian" is associated with sanitary napkins, "Haozhi" is linked to baby diapers, and "Danning" is related to adult incontinence products [1] Group 3: Market Focus - The company will closely monitor policies and industry trends related to the silver economy and continuously track market opportunities and industrial upgrades in the elderly care sector [1]

Group 1 - The stock of Reliable Co., Ltd. increased by 5.03% on January 13, reaching a price of 13.77 CNY per share, with a trading volume of 97.1 million CNY and a turnover rate of 4.78%, resulting in a total market capitalization of 3.744 billion CNY [1] - Reliable Co., Ltd. is based in Hangzhou, Zhejiang Province, and was established on August 7, 2001. The company went public on June 17, 2021, and its main business involves the design, research and development, production, and sales of disposable hygiene products [1] - The revenue composition of Reliable Co., Ltd. includes adult incontinence products at 52.30%, baby care products at 38.05%, pet hygiene products at 6.14%, and other products at 3.51% [1] Group 2 - Among the top ten circulating shareholders of Reliable Co., Ltd., one fund from Bosera Fund ranks as a significant shareholder. The Bosera Third Industry Growth Mixed Fund (050008) entered the top ten shareholders in the third quarter, holding 761,500 shares, which accounts for 0.5% of the circulating shares [2] - The Bosera Third Industry Growth Mixed Fund (050008) was established on April 12, 2007, with a current scale of 754 million CNY. Year-to-date, it has achieved a return of 2.24%, ranking 6169 out of 8836 in its category; over the past year, it has returned 25.91%, ranking 4988 out of 8091; and since inception, it has returned 29.24% [2]