As we bid farewell to the past year and embrace the new one, I wish to express, on behalf of Hongwang Holding Group, my sincere appreciation to all esteemed leaders, valued partners, dear friends, and our entire Hongwang family. The year 2024 holds exciting possibilities, and our confidence in advancing is stronger than ever. Wishing everyone a fantastic New Year filled with success and joy!

2023 marks the beginning of the full implementation of the spirit of the 20th Party Congress and plays a crucial role in carrying forward the goals outlined in the "14th Five-Year Plan." The collective efforts of everyone within the Hongwang family have propelled us forward with determination and unity. Focusing on "enterprise management" as our core competency, we are actively contributing to the transformation and upgrading of industries by building a synergy between "green manufacturing" and "intelligent manufacturing." Our commitment to the paths of technological innovation, energy conservation, environmental protection, and high-quality development has led to a series of notable achievements.

Over the past year, we have delved into organizational reforms, igniting new vitality for high-quality development. Guided by a freshly upgraded corporate culture, we have simplified management, grounded ourselves in practical operations, and, through embodying the spirit of diligence and practicing the "Four Thousand Principles," we have fostered organizational vitality, enhanced efficiency, and created a powerful force to drive the high-quality development of our company.

Over the past year, we have consistently adhered to innovative development, exploring new momentum for high-quality growth. In the field of electrical steel, the successful trial production of Hunan Hongwang marked a significant breakthrough in high-end grain oriented electrical steel continuous rolling technology. Simultaneously, by collaborating across the industry supply chain, we have collectively optimized the industrial spatial layout, seizing new opportunities and momentum from national strategies to serve the market.

In the field of the stainless steel, the scale advantage and competitiveness of Fujian Hongwang have significantly improved: the annual production of 600,000 tons four-stand tandem mill and continuous annealing pickling line has successfully commenced production. The Group's East China electrical steel core and stainless steel processing projects have been settled in Wuxi, which will greatly enhance our service capabilities in the Yangtze River Delta region market.

Over the past year, we seized the opportunities in the digital economy, creating a new situation of high-quality development. Through digitization, we propelled the entire "research-production-supply-sales" value chain, achieving comprehensive order-based production. We continuously explored, optimized, and iterated in practice to better serve our customers. The Group's digitalization project was honored with the "IDC China Future Enterprise Award - Future Operation Leader," marking a significant milestone in our digital transformation efforts.

Looking back on 2023, despite the adversities we faced, we emerged stronger and more resilient. Looking ahead to 2024, we stand poised for new opportunities, unwavering in our commitment to progress. Our company is like a ship, and each of us is a sail. In the face of both domestic and international challenges, the entire team at Hongwang is united by a sense of duty and purpose. We will cherish our work and the platform it provides, working together to steer the ship of Hongwang towards stable, high-quality, and sustainable development. With determination, we will overcome obstacles and chart a course for a prosperous future.

The current era belongs to those who strive, and the new journey is for dreamers. In 2024, we will continue to embody the hardworking and enterprising spirit of Hongwang. We remain steadfast in our commitment, focusing on stainless steel and electrical steel. We will persist in our efforts towards technological innovation, increased production, enhanced quality and efficiency, cultural leadership, digital operations, service upgrades, and the extension of our industrial chain. Let our dreams guide us, our responsibility drive us, and our determination empower us. Together, let us pursue a brighter future to realize the century-long development vision of Hongwang.

Thank you to everyone who has shown care and support for the growth of Hongwang, and to all the dedicated individuals within our organization!

Wishing you all a Happy New Year, seamless work pursuits, family happiness, and success in all your endeavors!