On the morning of April 23, 2025, Everpia Joint Stock Company (EVE) successfully held its Annual Shareholders’ Meeting (ASM) at the Hung Yen Factory. The meeting was attended by 55 shareholders, either in person, via electronic voting, and/or by proxy, representing a total of 27,326,333 shares — equivalent to 65.09% of the company’s total voting shares.

At the meeting, shareholders unanimously approved all agenda items with a 100% approval rate. Key resolutions passed included: report of the Board of Directors, report of the Supervisory Board, audited financial statements for 2024, 2024 profit distribution plan and 2025 business plan, select an independent audit firm for 2025, and remuneration and operating expenses for the Board of Directors and Supervisory Board.

The absolute approval of all proposals reflects the shareholders’ strong confidence in Everpia’s long-term development direction and the management capabilities — especially in the context of a challenging business year. Although the financial results did not meet expectations, the high level of consensus among shareholders serves as recognition of management 's adaptive efforts, commitment to transparency, and determination to improve performance. These foundations will enable the Company to effectively implement its 2025 action plans and move toward a more stable recovery and growth in the future.

Beyond voting, shareholders actively contributed ideas, engaged in discussions, and offered practical perspectives to help the management team refine and align the business plan with the current market context. The Executive Board also attentively listened, provided detailed explanations, and responded openly to all shareholder questions and proposals. Key discussion topics at the ASM included:

Question 1: For many consecutive years, the company has set a revenue target around VND 1,000 billion, which suggests a lack of progress and repetitive planning. Is the Board of Management seriously committed to developing a strategic growth roadmap? Has the Marketing and Market Research team truly fulfilled their role?

=> Answer: Thank you very much for raising such a practical and candid point. As you may know, in 2024, the company set a revenue target of VND 1,000 billion, but the actual result reached only VND 741 billion. Moving into 2025, in the face of ongoing market challenges - particularly tariff-related and economic fluctuations - Everpia has set a revenue plan of VND 950 billion, representing a 28% increase compared to 2024 's result. This target reflects our goal to recover and expand our business, while also being grounded in realistic capabilities and prudent market forecasts.

A key highlight of this year’s plan is the positive contribution from the Giang Dien factory’s export activities, which is being upgraded to meet international standards—paving the way for expanded global market access and enhanced competitiveness abroad

Question 2: Selling expenses continued to increase, while revenue did not grow in parallel. What is the cause of this discrepancy?

=> Answer: In absolute terms, selling expenses in 2024 increased by 5% compared to 2023. This was primarily due to the company’s strategic efforts to support our agent’s network, including inventory clearance at each agent 's store, as well as increased investment in marketing campaigns for the SS Collection and showroom operations. These are long-term investments aimed at strengthening distribution channels and enhancing brand recognition. Additionally, general and administrative expenses rose by 2%, largely driven by depreciation of new interior furnishings at the Giang Dien factory and office equipment investments at this newly operated factory.

Question 3: What is the company 's sales policy? Does the company produce first and then distribute to agents, or does it produce only upon receiving agent orders?

=> Answer: Every year, when launching new collections, the company organizes Agent meeting, inviting agents to visit, experience, and place direct orders. Based on agent feedback and order volumes, we analyze and plan production accordingly. For patterns that receive strong interest and high order volume, we proactively procure materials and produce up to 40% more than the actual order to meet subsequent demand. For less popular pattern, we either revise the designs or manufacture only a slightly higher quantity than what has been ordered. In essence, our sales approach is a flexible mix of made-to-order and forecast-based production—aimed at optimizing both raw material and finished goods inventory

Question 4: Does the Company truly manage its inventory effectively? Financial statement show a relatively high level of inventory. Does the company have any concrete plans to address this in the coming years?

=> Answer: Everpia operates in two main business lines: Padding and Bedding, with seasonal cycles that interweave. Specifically, Padding is in peak demand from March to August, while Bedding are mainly sold from September to February. Thus, the inventory reported in financial statements includes both finished goods ready for market and raw materials prepped for the upcoming season—ensuring continuity in production. From a management perspective, inventory control is considered a key factor influencing operational efficiency and cash flow. In recent years, Everpia has implemented various strategies to manage and optimize inventory levels, including a pre-order-based sales policy (as explained earlier), which allows production to closely align with real market demand. We remain committed to tightening inventory oversight and investing in systems to further digitalize and streamline our supply chain in the coming years.

Question 5: In 2024, several textile companies such as TNG and MSH reported notable growth in both revenue and profit. In contrast, Everpia experienced declines in both metrics. Did the company miss an opportunity for market recovery? What is the plan to make up for the shortfall in revenue?

=> Answer: According to the Vietnam Textile and Apparel Association, the total export value of the Textile and Apparel reached USD 36.7 billion in 2024, a 10.5% increase compared to 2023. The recovery was mainly driven by rising demand for trousers and shirts in major markets such as the US and EU, as global brands began to rebuild supply chains following a prolonged downturn. These are product segments that companies like TNG and MSH specialize in through contract manufacturing. In Everpia’s case, our primary export product is Padding. As the report indicates, purchase orders for outerwear and jackets—our key categories—fell by 6.2% to USD 5.4 billion. As a result, our Padding revenue declined by 9% in 2024. Moreover, as outlined in our financial statement, Everpia made a strategic decision to exit the Cleaner business - deemed no longer aligned with our long-term direction. This has contributed to a temporary decline in both revenue and profit but is expected to strengthen our focus and profitability moving forward.