On October 30, Shanghai Yaoji Technology Co., Ltd. released its Q3 2025 financial report and announced the resignation of Liang Meifeng, the company's director, deputy general manager, and chief financial officer, citing personal reasons.
Liang Meifeng will be succeeded by Ji Wenjun, a certified public accountant with experience at Ernst & Young Hua Ming LLP. The appointment was approved by the company's board of directors on October 29.
This marks the third change in senior management at Shanghai Yaoji Technology within the past year. Earlier in 2025, the company also replaced its internal audit department head.
The leadership transition comes during a critical earnings reporting period. According to company filings, Liang Meifeng's resignation will take effect after the release of Q3 2025 results. The 42-year-old executive earned 1.04 million yuan in 2024 and holds 124,400 company shares. She joined Shanghai Yaoji Technology in May 2020 as deputy general manager and CFO, later becoming a non-independent director in May 2023.
Her successor, Ji Wenjun, 45, holds a management degree from Fudan University and brings experience from Ernst & Young, China Minsheng Investment Corp., and Shanghai NIO Automotive Electronics.
Shanghai Yaoji Technology has been struggling with declining performance. For the first three quarters of 2025, revenue fell 24.42% year-over-year to 2.108 billion yuan, while net profit dropped 7.51% to 410 million yuan. All three main business segments showed revenue declines: playing cards (-12.72%), gaming (-6.33%), and internet marketing (-40.76%).
The company attributed the revenue decline to business adjustments in digital marketing and reduced investment in gaming. Structural challenges persist, with internet marketing accounting for 36.19% of total revenue but generating only 8.16% gross margin. While gaming maintains a high 96.39% gross margin, its revenue continues to shrink, contrasting with the 14.08% growth in China's overall gaming market.
Meanwhile, controlling shareholder Yao Shuobin and related parties announced plans in July 2025 to sell up to 12.524 million shares (3% of total shares) for personal financial needs. The Yao family currently holds 49.63% of the company. Additionally, the company issued 583 million yuan in convertible bonds in 2024, adding to financial expenses.
The CFO change during this critical reporting period reflects broader operational challenges. New CFO Ji Wenjun faces significant challenges in improving profitability, particularly in the low-margin internet marketing segment. Investors will be watching closely to see if new management can effectively drive business transformation and reverse the downward trend, especially against the backdrop of controlling shareholder减持.
Comments