Core Viewpoint - Shanghai Jiubai has not disclosed the announcement for the re-election of its board of directors and supervisory board, indicating that the current board has been in office for four months beyond its term [1][7] - The company's 2024 annual report shows a revenue of 92.70 million yuan, a year-on-year increase of 7.11%, but a net profit attributable to shareholders of 42.03 million yuan, a year-on-year decrease of 32.42% [1][2] Financial Performance - Shanghai Jiubai's revenue has remained below 100 million yuan for ten consecutive years, placing it at the bottom of the retail sector among A-share listed companies [2][3] - The company achieved a net profit of over 42 million yuan despite its low revenue, primarily due to investment income from joint ventures [2][3] - The main sources of profit are from joint ventures, specifically Shanghai Jiuguang Department Store and Shanghai Jiubai City Square, which contributed significant investment income [3][4] Subsidiary Performance - The wholly-owned subsidiary, Shanghai Zhengzhang Laundry Co., has reported losses for 11 consecutive years, accumulating a total loss of 121.9 million yuan [5][6] - Shanghai Jiubai has a significant amount of other receivables from Zhengzhang Laundry, totaling 151 million yuan, which accounts for 83.99% of the company's total other receivables [5][6] - Despite the ongoing losses from Zhengzhang Laundry, the company has not made substantial progress in improving its core business performance [6][7] Governance and Future Outlook - The current board's term has been extended, and there is uncertainty regarding the new board's ability to address the ongoing issues with the subsidiary and improve revenue [1][7] - The company has not disclosed any updates on the new board members as of May 13, 2024, raising concerns about its governance and strategic direction [1][7]