Core Viewpoint - Jinzhongzi Liquor has been struggling with continuous losses since its change of ownership three years ago, leading to shareholder dissatisfaction with the management team's governance capabilities [2] Group 1: Shareholder Meeting and Voting Results - On May 29, 2024, Jinzhongzi Liquor held a shareholder meeting where no proposals were rejected, but nearly half of minority shareholders opposed the executive compensation proposals [2][3] - The meeting had a record attendance of 908 shareholders, representing 28.76% of the total voting rights [3] - The compensation proposals for directors and supervisors faced significant opposition, with over 45% of minority shareholders voting against them [4][5] Group 2: Financial Performance and Executive Compensation - Jinzhongzi Liquor's revenue in 2022 was 1.19 billion yuan, a slight decrease of 2.1%, with a net loss of 190 million yuan, down 12.5% year-on-year [7] - In 2023, the company reported revenue of 1.47 billion yuan, a 23.9% increase, but still recorded a net loss of 22.07 million yuan [7] - However, in 2024, revenue dropped to 925.2 million yuan, and the net loss surged to 257.6 million yuan, marking a year-on-year decline of 37.04% and 1067.17%, respectively [7] - Executive compensation for 2024 decreased by 12.9% compared to 2023, with the highest-paid executive's salary dropping by 34.8% [6][7] Group 3: Governance and Performance Concerns - The management's ability to govern has been questioned, especially as high executive salaries do not align with the company's poor performance [5][9] - The current performance evaluation system was modified after the new controlling shareholder, China Resources, took over in 2022, linking executive pay to company performance [6][9] - Despite the intention of the performance-based salary system, the disconnect between executive pay and company losses has raised concerns among investors [9]