As time marches forward, we welcome a flourishing new year. At this joyous moment of bidding farewell to the old and welcoming the new, on behalf of China Nanshan Development (Group) Co., Ltd.(CNDI), I extend sincere New Year's greetings and best wishes to all cadres and employees who have worked diligently over the past year, to our partners who have journeyed alongside us, and to the leaders at all levels and friends from all sectors of society who have consistently cared for and supported us!

The extraordinary year of 2025 is coming to a close. Over the past year, China's economy has advanced under pressure, developing towards innovation and excellence, successfully concluding the 14th Five-Year Plan and making a strong start on the new journey towards the second centenary goal. Deeply integrating into China Merchants Group's (CMG) wave of the "Third Pioneering Endeavor," CNDI has pursued development amidst challenges and sought breakthroughs through transformation, delivering a commendable report card filled with hard work.

This year, we remained committed to action and prioritized development, continuously strengthening the foundation for high-quality growth. Adapting to changes and forging new paths, we advanced the international layout of modern logistics, iterated and upgraded business models, and consistently improved operational levels, solidifying our competitive edge of "outperforming peers and surpassing local benchmarks." Seizing opportunities and nurturing new growth drivers, we accelerated the cultivation of emerging momentum, expedited the layout of key projects in photovoltaic, wind power, and energy storage, continuously implemented new scenarios and applications, and took solid strides in our green transformation. Capitalizing on opportunities and driving transformation, we accelerated the shift of our manufacturing sector towards higher-end, intelligent, and green development, enhanced capabilities in offshore engineering equipment, achieved new successes in overseas operations, and advanced businesses such as marine outfitting, energy equipment, and green building materials further up the industrial and value chain. Strengthening synergy and optimizing structure, our property and industrial parks business forged ahead under pressure, demonstrating enhanced resilience.

This year, we persisted in using reform to solve challenges and innovation to lead the way, generating stronger momentum for high-quality development. The planning and development of an operation-oriented headquarters progressed, specialized integration yielded results, management efficiency steadily improved, and the framework of an innovation system began to take shape, continuously nurturing and accumulating strength for the "Third Pioneering Endeavor."

Looking back on our journey, every achievement bears the mark of hard work, and every breakthrough embodies the courage to overcome difficulties. Throughout the year, facing a complex and challenging external environment alongside arduous reform and development tasks, all members of the CNDI family, bearing the broader picture in mind and shouldering our mission, have been dedicated, proactive, and diligently worked at their respective posts. This has enabled CNDI to navigate steadily through turbulent market tides, strive to lead in the deep waters and perilous rapids of reform, continuously stabilize the overall development, build momentum for transformation, and steadily sail towards new horizons of high-quality development.

Looking ahead to 2026, the grand opening of the 15th Five-Year Plan period is upon us. CNDI's strategic transformation will accelerate comprehensively, embarking once more on the journey of high-quality development. Standing at this new starting point, we will use a new strategy to guide new development, actively promote a shift in our growth model from quantity to quality, strive to shape the "Two Curves," and compete to create new developmental advantages. We will achieve new breakthroughs through new reforms, benchmark against industry leaders to improve our governance system, deepen business integration focusing on transformation and development, and advance management optimization emphasizing efficiency gains. We will strive for more efficient decision-making, more effective incentives, smoother collaboration, and flatter management structures, using a continuous stream of "reform vitality" to nurture fertile ground for growth. We will demonstrate a new spirit through new actions, adhering to innovative theories to unify thought and purpose, keeping the "national priorities" in mind to serve the broader development landscape, following commercial logic to drive value enhancement, and ensuring our business development resonates with national strategies and CMG's core businesses, continuously releasing new energy for development.

Following the right path requires persistent effort even halfway; the summit is within reach for those willing to strive without respite. A new year full of hope and dreams is approaching, and the magnificent blueprint for the next five years is gradually unfolding. Let us cherish historical opportunities even more, grasp the historical initiative, courageously shoulder the responsibilities of our time, and with the pioneering spirit of trailblazers, the dedication of true implementers, and the posture of strivers, vigorously write a new chapter in CNDI's high-quality development. Let us contribute new and greater strength to CMG's comprehensive acceleration of the "Third Pioneering Endeavor" and the building of an innovation-driven, international, and comprehensive world-class enterprise!

Shu Qian
General Manager
China Nanshan Development (Group) Co., Ltd.
January 1, 2026