XCEC(SH:600777) Zheng Quan Zhi Xing·2025-07-04 16:33Core Viewpoint - The company plans not to distribute profits for the fiscal year 2024, which includes no cash dividends, no bonus shares, and no capital reserve transfer to share capital [1][2][3] Summary by Sections Profit Distribution Plan - The profit distribution plan for 2024 is to not distribute cash dividends, not issue bonus shares, and not conduct capital reserve transfers to share capital [1][2] - This plan is subject to approval at the company's 2024 annual general meeting [1][2] Financial Performance - For the fiscal year 2024, the company reported a consolidated net profit of approximately 2.04 billion yuan, with the net profit attributable to the parent company also being 2.04 billion yuan [1] - As of December 31, 2024, the parent company's undistributed profit balance was approximately -2.54 billion yuan, while the consolidated undistributed profit was approximately 7.33 billion yuan [2][3] Reasons for Negative Undistributed Profit - The negative undistributed profit in the parent company is attributed to the operational results of its U.S. subsidiary, which has accumulated profits over the years [3] - The company does not meet the conditions for distributing cash dividends or bonus shares due to the negative profit balance [3] Measures to Address Financial Issues - The company plans to amend its articles of association to allow the use of capital reserves to cover accumulated losses [3] - The company is actively seeking to resolve historical issues related to its banking relationships and aims to lift the freeze on its bank accounts [5] Decision-Making Process - The board of directors approved the profit distribution plan during a meeting held on July 4, 2025, and it will be submitted for shareholder approval [6] - The supervisory board also agreed with the decision to not distribute cash dividends for 2024 [6]