| New Year's Greetings

As a new year begins, everything is renewed. At this beautiful moment of bidding farewell to the old and welcoming the new, I extend my sincerest New Year wishes to everyone on behalf of China Merchants Group (CMG).

The year 2025, which is drawing to a close, has been an extraordinary year—marking the successful conclusion of the 14th Five-Year Plan and a strong start to the new journey towards the second centenary goal. 2025 was also a year of deep cultivation and fruitful results for CMG. Adhering to the principles of "ascending value, advancing into new industries, expanding outward in layout, and establishing benevolent business," all members of the CMG family have taken steadier, more solid, and farther steps in the "Third Pioneering Endeavor." We have strived to navigate the channels of transportation and logistics, making industrial and supply chains smoother; we have stabilized the landscape of integrated finance, focusing our efforts on the "Five Key Areas of Finance" to precisely channel financial resources into the real economy; we have taken root in the fertile soil of property and industrial parks, building "good houses" to carry people's aspirations for a better life and operating "good parks" to cultivate new hope for industries; we have competed in the track of sci-tech innovation industries, accelerating the development of new quality productive forces tailored to our enterprises—from exploring cutting-edge technologies and tackling tough challenges to joint innovation in major projects, from transforming and upgrading traditional industries to breakthroughs in emerging sectors—the deep integration of sci-tech innovation and industrial innovation has injected strong momentum into high-quality development. The Group's operating performance has risen against the trend, with core indicators showing steady progress. Total profit has stabilized above the 220 billion yuan level and reached a new high, an increase of over 30% compared to the end of the 13th Five-Year Plan period. This has made a positive contribution to the effective qualitative enhancement and reasonable quantitative growth of the national economy, successfully concluding the 14th Five-Year Plan and laying a solid foundation, adding confidence, and strengthening resolve for a good start to the 15th Five-Year Plan.

All achievements do not come from thin air; all that is extraordinary is forged from the ordinary. In every corner of the world, our employees cultivate, pioneer, and work diligently—from the first light of dawn to the twinkling stars—interpreting responsibility with professionalism, forging quality with attention to detail, and creating value with excellence. Countless family members of the CMG family have also given silent support, serving as our strongest backing and warmest harbor. It is precisely the perseverance of countless "individual selves" that converges into CMG's mighty "Three-Creation Force"; it is precisely this warmth of joining hands that allows us to press forward fearlessly through wind and rain. The most touching aspect of this world is all members of the CMG family striving wholeheartedly for the same dream. Here, I want to say to every striving member of CMG and every silently dedicated family member: Thank you for your hard work! Thank you for being with us on this journey!

CMG's century-long voyage has never been a journey fought alone, but rather a journey taken alongside our motherland, embracing the times, sharing hearts with partners, and integrating with the world. We are rooted in Hong Kong, integrating resources from home and abroad, serving as a bridge, proactively supporting the development of the "three centers and one hub," safeguarding the stability of Hong Kong, and contributing to its prosperity. We actively integrate into the development of the Guangdong-Hong Kong-Macao Greater Bay Area, serve major national regional strategies, and help optimize the economic layout. We embrace the world, unite with global partners, participate in the high-quality co-construction of the Belt and Road Initiative, building bridges of cooperation with a win-win mindset, sowing seeds of developmental hope in Southeast Asia, Europe, the Middle East, Latin America, and Africa, and winning the trust and praise of local people with sincerity and solid work.

The upcoming year 2026 will be one filled with hope and continued struggle, and a crucial year for CMG to comprehensively accelerate the advancement of the "Third Pioneering Endeavor" and expedite the building of a world-class enterprise. Standing at this new historical starting point and looking ahead, the road presents both opportunities to ride the wind and waves and challenges of climbing slopes and crossing barriers. Carrying forward the "century-old foundation" has never been achieved by merely guarding it, but by forging, creating, and doing. To build a "world-class" enterprise, we must remember our mission, forge ahead with gratitude, establish ourselves with strength, reach far with innovation, and accomplish things with a sense of responsibility.

In the new year, we must forever preserve our original aspiration for our nation, becoming pioneers who bear in mind the "national priorities." Born in national difficulty, thriving with national fortune, and strengthening with national prosperity—CMG, over its century, must firmly grasp the opportunities presented by Chinese modernization, proactively serve the broader national development strategy, remain steadfast in strengthening the nation through industry, serving the nation through finance, and rejuvenating the nation through technology. We must ensure transportation and logistics become the link facilitating domestic and international circulation, integrated finance becomes the lifeblood serving the real economy, property and industrial parks become the carriers empowering better lives, and sci-tech innovation industries become the engine driving high-quality development. We must dedicate CMG's capabilities to meet the nation's needs and compose magnificent chapters of serving the nation through commercial success.

In the new year, we must forever preserve our pioneering spirit, becoming pioneers who bravely stand at the forefront of the times. The "Third Pioneering Endeavor" is an expedition to overcome difficulties and an examination that demands forging ahead and innovation. Anchored on the goal of becoming an "innovation-driven, international, and comprehensive world-class enterprise," we must fully leverage the advantages of being a comprehensive central SOE, promote the deep integration and development of "sci-tech — industry — finance," empower industrial development with sci-tech innovation, activate development momentum with digital-intelligent transformation, and broaden development tracks with business model upgrades, continuously enhancing our core competitiveness and international influence.

In the new year, we must forever preserve the true character of hard work, becoming pioneers who stand firmly united. All dreams are realized through hard work. We must treat our cadres and employees as our most valuable asset, enabling every employee to take root with peace of mind, strive with ease, and grow with warmth, providing a stage for strivers, rewarding the hardworking, and honoring the dedicated. We must work together with one heart to translate goals into reality and blueprints into tangible scenes. Upholding the philosophy of openness and win-win cooperation, we will advance hand in hand with our partners, achieving mutual success through practical cooperation and creating new glorious accomplishments.

At a century old, CMG is in its prime, and it is the perfect time for undertaking and achieving! Let us, with the trailblazing courage of daring to be first and bravely standing at the tide's head, and with a relentless, seizing-the-day fighting spirit, strive to create a new phase of "a thousand sails setting forth and a hundred boats racing in the Third Pioneering Endeavor," steering the colossal ship "China Merchants" towards an even brighter future and contributing greater strength to the construction of Chinese modernization!

Miao Jianmin
Chairman
China Merchants Group
December 31, 2025