Meeting Overview - The 2024 Annual General Meeting of Bohai Automotive Systems Co., Ltd. is scheduled for May 16, 2025, at 14:00 [3] - The meeting will be held at the company's conference room located at No. 569, Bohai 21st Road, Binzhou, Shandong Province [3] - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [3][4] Agenda Items - The meeting will include the announcement of the meeting's commencement, selection of monitors, and review of various proposals [4] - Independent directors will present their annual work reports, which are non-voting items [4] Financial Performance - The company reported a net loss of RMB 1.26373 billion for 2024, with retained earnings of -RMB 986.20 million as of December 31, 2024 [19][20] - The proposed profit distribution plan for 2024 is to not distribute any profits or implement any capital reserve transfers due to the negative net profit [19][20] Business Operations - In 2024, the company sold 23.24 million pistons, marking a year-on-year increase of 5.25% [7] - The company has strengthened its market position in the commercial vehicle sector, particularly in the gas heavy truck market, achieving a record market share [7][8] - The company has established deep collaborations with major clients such as Chery, BYD, and Beijing Benz, contributing to increased sales of lightweight products [8] Strategic Focus - The company aims to enhance operational efficiency and profitability by focusing on core business areas, particularly piston products and lightweight business [24][25] - Plans include optimizing asset structure and promoting the revitalization of underperforming assets to achieve profitability [25] Industry Context - The automotive industry in China saw production and sales reach 31.28 million and 31.44 million vehicles respectively in 2024, maintaining a scale above 30 million [10] - The commercial vehicle market experienced a decline, with production and sales down by 5.8% and 3.9% year-on-year [10] - The trend towards lightweight vehicles is expected to accelerate due to the push for energy conservation and emissions reduction, presenting opportunities for domestic automotive parts manufacturers [11]