2024 Annual Board of Directors Work Report
In 2024, Jiayu Holdings Co., Ltd. (hereinafter referred to as "the Company") Board of Directors strictly adhered to the provisions of the Company Law, Securities Law, Shenzhen Stock Exchange Listing Rules, and other regulations, as well as the Company’s Articles of Association and Board Meeting Rules. The board diligently fulfilled its responsibilities assigned by the Company and the shareholders' meeting, earnestly implementing all resolutions passed by the shareholders' meeting; it worked responsibly to promote the implementation of board resolutions, safeguard the interests of the Company, continuously standardize corporate governance, and enhance governance levels. The main work of the Board of Directors in 2024 is reported as follows:
1. 2024 Company Operating Situation
During the reporting period, the Company faced significant pressure and challenges in its production and operations. To resolve the debt crisis and restore and enhance the Company's ongoing operations and profitability, the Company actively promoted judicial restructuring while implementing a series of measures such as asset disposal and strengthening accounts receivable management to reduce operational risks. The main business revenue during the reporting period primarily came from the new energy business. In addition to actively advancing judicial restructuring, the Company further optimized its business structure, focusing on risk prevention and strengthening internal control management. The main tasks completed included:
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Firmly prioritizing the development of the new energy business. During the reporting period, the Company continued to accelerate the speed of product updates and actively promoted the upgrade of high-performance TOPCon module technology and production line transformation. In February 2024, the Company signed new photovoltaic module sales contracts worth 242 million yuan.
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Improving the business management system to enhance the Company's risk resistance. The Company actively responded to potential impacts on production and operations due to litigation cases related to traditional businesses by segmenting different businesses to ensure the independence of the doors, windows, and curtain walls, and new energy businesses.
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Optimizing the management structure and improving internal control mechanisms. During the reporting period, to actively respond to various risks, the Company established a risk resolution team, further optimized the organizational structure, compressed management levels, merged redundant functions, streamlined personnel, reduced costs, and enhanced supervision and management functions over subsidiaries to improve decision-making efficiency.
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Strengthening cash flow-centered target management. During the reporting period, the Company adhered to the principle of matching income with expenditure, reinforced budget management, and implemented daily control. By revitalizing assets and collecting receivables, the Company optimized resource allocation, divested assets with poor synergy with the main business, accelerated capital return, and supplemented working capital to support steady business development.
2. 2024 Board of Directors Overall Daily Work Situation
(1) Board Meeting Situation and Resolution Content
In 2024, the Company’s Board of Directors held a total of 4 meetings, reviewing and approving 19 proposals. The procedures for convening and holding board meetings complied with the Company’s Articles of Association, Board Meeting Rules, and relevant laws and regulations. The specific situation of the board meetings is as follows: