As the tides of our times surge forward, at this beautiful moment of transition from the old year to the new, on behalf of the Group's Board of Directors and management team, I extend my sincere gratitude and best wishes to every striving Desay employee and your families, and to leaders at all levels, partners, customers, and friends from all walks of life who have supported Desay's growth.
 

In 2025, the market environment remained complex and volatile. With the care and support of the Municipal Party Committee, Municipal Government, and departments at all levels, we forged ahead with confidence and unity, pressing forward through transformation and challenges. We maintained steady growth and enhanced our competitiveness, successfully earning places on both the Top 500 Chinese Enterprises and Top 500 Chinese Private Enterprises lists. Desay's smart automotive electronics industry completed a capital increase of 4.399 billion yuan through a private placement, achieving synergy between capital operations and industrial development. Leveraging our full-stack R&D strength, we climbed to 58th place on the 2025 Global Top 100 Automotive Suppliers ranking and received the "Eighth Guangdong Provincial Government Quality Award". The new energy battery industry continued to power into new tracks, with industrialization achievements repeatedly recognized by customers and the industry. Every accomplishment embodies the wisdom and hard work of all Desay people.
 

We have always firmly believed that technological innovation is the very foundation of an enterprise. This year, we continued to increase R&D investment, further raising the "innovation content" of our technology. Desay SV deepened its expertise in smart mobility, building a full-stack integrated R&D hub for hardware and software, achieving multiple "zero-to-one" breakthroughs in key technologies such as communication-perception integration and core algorithms for smart cockpits. Desay Battery established an "Innovation Center" to accelerate new business deployment, and launched active safety cells and systems, elevating energy storage safety to new heights. Lanway Electronics continued its deep cultivation, innovating in product and technology areas including power tools and outdoor power equipment. Desay SIP enhanced its R&D in new processes, earning high recognition from customers.
 

With a "global" vision to shape the future and a "localized" approach to rooting ourselves in markets, we kept expanding the boundaries of our overseas business and strengthening our international competitiveness. Desay SV's smart factory in Spain achieved a construction milestone with its main building topping out, while its Mexico plant began mass production and deliveries. Its global network now extends to Germany, France, Spain, Japan, Singapore, and many other countries and regions. The three Vietnam bases of our new energy battery industry continued to release growth momentum, with annual output value exceeding 2 billion yuan, marking a new phase in global production capacity deployment.
 

The rise or fall of any enterprise hinges on its people. This year, we promoted five mid-to-senior executives within the Group, enrolled 50 trainees in the sixth generation of development talent, and attracted a large number of master's and doctoral graduates. A new wave of outstanding talent is now injecting fresh vitality into Desay's growth. We focused on the development of frontline employees, improving skills enhancement and career progression pathways. Ten employees were honored as Huizhou "Chief Technicians," and 79 were named "Municipal Young Experts." We are building a competitive and energetic "Desay Artisan" team. We are dedicated to cultivating talent: Desay SV won the industry's "China Talent Development Lighthouse Award – Exemplary Enterprise" for its outstanding talent development system; Desay Battery accelerated the cultivation of versatile talent and promoted the rejuvenation of its talent pipeline.
 

Standing at the new starting point of 2026, we find ourselves in the deep waters of industrial transformation and global competition. The accelerating pace of technological change and the intensity of market competition place ever-higher demands on us. Yet the AI era has arrived, new energy is accelerating its global expansion, and the first batch of approved L3 autonomous driving systems has been launched – all of which harbor unprecedented opportunities. Challenges and opportunities coexist; difficulties and hope go hand in hand. The next five years are a critical window for Desay and its core industries to leap across the 100-billion-yuan threshold, and a decisive phase to achieve our strategic goals. Our goals inspire action, our mission calls for responsibility. The more formidable the obstacles, the more we must unite as one. The steeper the climb, the more determined we must be to break through!
 

Innovation is the only way to overcome fierce competition. We must place "innovation-led breakthroughs" at the strategic center, improve our innovation mechanisms, drive organizational change, and continue to increase R&D investment. We will keep products as the primary battlefield for innovation, creating industry-leading products and services. Development is the foundation and key to solving all problems. We will maintain endogenous growth as the main driver of our development. While consolidating the foundation of our core businesses, we will strengthen strategic insights and new-track deployment, accelerating new business expansion in areas such as functional unmanned vehicles, robotics, and energy storage cells, striving to build a second growth curve. We will systematically enhance our investment planning and operational integration capabilities, improve the efficiency of allocating global resources, and actively seek valuable M&A opportunities.
 

As the global industrial landscape reshapes, internationalization is the only way to achieve a counter-trend breakout. We will maintain product focus and market focus, resolutely advance higher-level global deployment, accelerate the commissioning of our Spanish manufacturing base, enhance the overall capability of our Vietnam bases, and build a globally unified system of manufacturing excellence. Artificial intelligence is accelerating the fourth industrial revolution and is becoming a key engine for driving efficiency improvements and innovation breakthroughs. We must attach great importance to this, strengthen organizational capacity, develop all-round AI capabilities, empower our products and operational management, move toward scenario-based application, and create real value.
 

Once our goals are set, talent is the fundamental key to achieving breakthroughs. With "talent strengthening the foundation" as our core principle, we will systematically build talent echelons and organizational capabilities that match the 100-billion goal. We will improve training and management mechanisms, enabling talent to circulate, step out of comfort zones, and gain more opportunities to enhance capabilities and refresh thinking, with a focus on cultivating versatile talent and achieving sustainable talent development. We will strengthen our "internal造血" ability and accelerate the building of core talent echelons. At the same time, we will precisely attract and cultivate key talent, focusing on top-tier talent in digital technology, international operations, and high-end R&D. Through organizational reform, performance management, and incentive design, we will better stimulate the initiative of our people and organizational vitality.
 

When people are united, even a mountain can be moved; where there is unwavering resolve, success is certain. The journey to 100 billion will not be accomplished easily or with fanfare. Desay is our common cause, carrying our shared ideals. Let us pool our hearts and minds, join hands, gallop forward with resolve, and advance with purpose. A better version of you and me will surely build an even better Desay and an even better tomorrow!