Cao Dewang's annual salary exceeds 7.7 million yuan, and the CEO of Joyson Electronics takes a 50% pay cut | Parts annual report reveals

Questioning AI · Do zero-salary chairmen at three companies indicate that equity income is becoming a new mainstream for executive wealth?

With the earnings season in full swing, executive compensation at major companies has become a key focus of widespread market attention.

During this financial reporting season, a Financial First reporter compiled statistics on the 2025 executive compensation of 13 auto parts companies with top market capitalization, based on data disclosed by listed companies up to March 31. The data shows that in 2025, the average compensation of chairmen at these companies was 1.54 million yuan, and the average compensation of general managers/presidents was 2.65 million yuan.

Among the two key positions of chairman and general manager, Chen Wei, president of Junsheng Electronics, ranked first with an annual salary of 5.964 million yuan. Notably, Chen Wei’s annual salary in 2024 was 11.89 million yuan, and it has been cut by 50% in 2025.

Second place went to Wang Jianfeng, chairman of Junsheng Electronics, with an annual salary of about 4.47 million yuan. Compared with 4.654 million yuan in 2024, it has also declined slightly.

Third was Wang Dayong, president of Sanhua Intelligent Controls, with an annual salary of 4.44 million yuan, also down by 890,000 yuan from 5.331 million yuan in 2024.

In addition, those with annual salaries of more than 3 million yuan include Ye Shu, general manager of Fuyao Glass (3.86 million yuan), Zhang Yabo, chairman of Sanhua Intelligent Controls (3.45 million yuan), and Zou Ganyong, chairman and president of Huayang Group (3.32 million yuan).

Not limited to chairmen and general managers: Cao Dewang, Fuyao Glass’s lifetime honorary chairman who stepped down as chairman last year, became the highest-paid executive in this survey with an annual salary of more than 7.7 million yuan. Since 2022, Cao Dewang’s annual salary has consistently been above 7 million yuan.

In 2025, Fuyao Glass’s vice president Chen Juli’s annual salary was also as high as 6.53 million yuan, slightly down from 6.236 million yuan in 2024.

Meanwhile, Cao Hui, the son of Cao Dewang who took over as chairman of Fuyao Glass in October 2025, did not see any significant change in pay, with 2025 compensation at 1.62 million yuan. From 2022 to 2024, Cao Hui’s annual salary was around 1.5 million yuan.

It is noteworthy that the chairmen of Weichai Power, Top Group, and Huayu Automotive show “0” in chairman compensation. Among them, Weichai Power chairman Ma Changhai and Huayu Automotive chairman Wang Xiaoqiu both received compensation from related parties, while the reason Top Group chairman Wu Jianshu has a zero salary has not been officially clarified at present.

Wu Jianshu is the founder and actual controller of Top Group (holding nearly 9 million shares at the end of 2025). According to the 2025 Hurun Global Rich List, his personal wealth reaches 59 billion yuan, ranking him as Ningbo’s richest person. Market speculation suggests that as a major shareholder, his returns come more from equity appreciation and capital-level gains rather than salary income.

Between August 29 and September 10 last year, Wu Jianshu, his son and vice chairman Wu Haonian, and their concerted-action party Ningbo Zhuyue Investment Management Co., Ltd. and Ningbo Paishe Real Estate Co., Ltd. collectively reduced their holdings of Top Group shares by 13.43 million shares, accounting for about 0.7728% of the company’s total share capital. Based on the average selling-period share price of 65.8 yuan for the reduction range, this cash-out totaled approximately 8.84 billion yuan.

In distributing executive compensation, the three companies were relatively generous. Fuyao Glass, Junsheng Electronics, and Top Group paid 37 million yuan, 27.16 million yuan, and 23.62 million yuan respectively last year. In addition, Sanhua Intelligent Controls, Weichai Power, Shuanglin Shares, and Huayang Group’s total executive compensation amounts also all exceeded 10 million yuan.

(This article comes from Financial First )