Core Viewpoint - The company is preparing for its 2024 annual general meeting, where it will discuss various proposals including financial reports, profit distribution, and future strategies amidst challenging market conditions [1][4][6]. Meeting Procedures - The board emphasizes the importance of maintaining order and efficiency during the meeting, ensuring that shareholders can exercise their rights without disrupting the proceedings [1][2]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots allocated for each [2][3]. Financial Performance - The company reported a significant decline in key financial metrics for 2024 compared to 2023, including total assets of 9,154.04 million RMB (down 7.47%), total liabilities of 5,123.43 million RMB (down 8.84%), and a net profit attributable to shareholders of -126.71 million RMB [4][6]. - Revenue decreased by 33.16% to 4,026.31 million RMB, with a notable drop in operating profit and net profit margins [4][6][8]. Revenue Breakdown - Revenue by region showed a decline across all markets, with the domestic market experiencing a 15.9% drop, and significant reductions in overseas markets such as the Americas (down 55.4%) and Turkey (down 49.0%) [8][9]. - The spinning division generated 3,511.40 million RMB in revenue, a decrease of 35.4%, while the technology division saw a 13.0% decline to 515.45 million RMB [10]. Industry Trends - The textile machinery industry is facing challenges due to economic fluctuations, geopolitical tensions, and increased competition, leading to a general decline in demand [11][12]. - However, there is potential for growth driven by technological advancements, particularly in smart manufacturing and green technologies, which are expected to reshape the market landscape [11][12][13]. Future Strategies - The company plans to focus on innovation and product optimization to enhance competitiveness, particularly in high-performance and environmentally friendly textile machinery [13][14]. - There is an emphasis on expanding into emerging markets and diversifying export strategies to mitigate risks associated with traditional markets [12][13]. Governance and Oversight - The board and supervisory committee have been actively engaged in ensuring compliance with regulations and maintaining transparency in operations, with regular meetings and oversight of financial practices [17][19]. - The independent directors have played a crucial role in safeguarding shareholder interests and providing objective assessments of company performance [25][26].