（一）控制权与决策机制

（1） Control and decision-making mechanism

合理分配股权比例是控制权的基础，持有 67% 以上股权可拥有绝对控股权，影响修改公司章程等重大决策，而李子柒最初 49% 的持股使其处于决策弱势。此外，通过一致行动协议、表决权委托、AB 股模式等投票权设计，或合理分配董事会席位，能在股权稀释时保障核心方控制权，兼顾决策科学性与各方利益。

Reasonable distribution of equity ratio is the basis of control, holding more than 67% of equity can have absolute control, which affects major decisions such as amending the company's articles of association. However, Li Ziqi's initial 49% shareholding puts him in a decision-making disadvantage. In addition, through the design of voting rights such as consensus agreements, voting rights delegation, AB share models, or reasonable allocation of board seats, the control rights of core parties can be guaranteed during equity dilution, balancing the scientificity of decision-making and the interests of all parties.

（二）股权分配与员工激励

（2） Equity distribution and employee incentives

股权分配需综合考量股东的出资、资源投入及能力贡献，规避 “均分股权” 导致的决策僵局。同时，设置动态股权调整机制、实施股权激励，可调动员工积极性，增强归属感；而回购条款能避免离职员工长期持股，保障股权结构稳定。

Equity distribution should comprehensively consider shareholders' contributions, resource inputs, and ability contributions to avoid decision-making deadlock caused by "equal distribution of equity". At the same time, setting up a dynamic equity adjustment mechanism and implementing equity incentives can stimulate employees' enthusiasm and enhance their sense of belonging; The repurchase clause can avoid long-term shareholding by departing employees and ensure the stability of the equity structure.

（三）融资与资本规划

（3） Financing and Capital Planning

引入战略投资者可为企业带来资金、技术等资源，但创始人需通过持股平台（如有限合伙企业，兼具决策效率、风险控制与税务优势）、AB 股或协议控制等方式，在融资过程中坚守控制权。

Introducing strategic investors can bring capital, technology, and other resources to the enterprise, but the founder needs to maintain control during the financing process through shareholding platforms (such as limited partnerships, which combine decision-making efficiency, risk control, and tax advantages), AB shares, or agreement control.

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