Thank You for Being There in 2024; Gather Strength and Embark on a New Journey in 2025! —New Year's Address by the General Manager

As the chimes of the New Year approach, we once again stand at the threshold of time, at a turning point in history. Looking back on the past year, the global landscape was marked by numerous keywords, including the Russia-Ukraine conflict, supply chain reorganization, Trump's electoral victory, Upheaval in the Middle East, the robust development of emerging economies, and China's economic weathering the storms, all capturing the world's attention. The global mining industry has also entered a new cycle, with industry revolutions such as green mines and new energy, as well as intelligent mining technologies, bringing new opportunities and challenges to the field of mining equipment. Looking back on the past year, FAMBITION has also entered a crucial period of development, achieving inspiring results.

Reflecting on 2024, I am filled with gratitude and respect for the relentless efforts and dedication of every FAMBITION member in implementing our company's development strategy. This year, we have experienced challenges and progress together, reaping joy and achievements. This year, we have wrote a splendid chapter that belongs to us own, with every step embodying our sweat and wisdom. We are grateful for every customer, partner, and FAMBITION colleague, for it is your support and trust that have empowered us to persevere and move forward bravely in the face of difficulties.

Over the past year, FAMBITION has achieved steady growth in both operating results and efficiency. Our risk management, internal control, and strategic management capabilities have been steadily enhanced. In the fiercely competitive market, we have successfully increased our market share in target markets, further expanding our global presence through sustainable domestic market penetration and overseas market development. Our team of high-quality key customers and benchmark clients has continued to grow, with cooperation modes evolving from import substitution and bottleneck solutions to operation and maintenance services, and ultimately to comprehensive strategic partnerships, focusing on mutual benefit, cost saving and profit-efficiency increasing practice, and sustainable development. Our aftermarket strategy has gradually been implemented, and the aftermarket system progressively improved. Our research and development efforts are particularly commendable. With team upgrades and structural adjustments, our design team has gradually transitioned from push-based to demand-driven R&D, and from follower-based to forward-looking R&D, forming a true R&D model, and laying a solid foundation for building a truly technological innovation-driven enterprise. Our new industrial park construction is progressing steadily. After a two-year run-in period of "dual-factory" operation, the production, quality, and process teams have completed the strategic goal of transferring production capacity to the new industrial park, further releasing production capacity. The launch of the "Double Zero Action" will provide a stronger guarantee for the full realization of our product strategy.

In the past year, with the joining of various industry elites and outstanding graduates, our team has been upgraded and strengthened, making our FAMBITION family more vibrant. Take dream as a horse, live up to the youth, our future is promising. All the exciting breakthroughs and achievements, seemingly light and easy, are behind countless hours of hard work and sweat, are behind countless courage, perseverance, composure, cooperation and ambition we all share.

Thank you for all the efforts you have made in 2024. For 2025, Let's gather our strength and start again!

In 2025, the national "14th Five-Year Plan" will come to an end. As an important pillar of the national economy, the mining industry has been given the overall requirements of improving the level of mineral resources development and protection, promoting the development of green mining, and building green mines in the plan. In 2023, the Ministry of Industry and Information Technology and other seven departments issued the "Work Plan for Stable Growth of Nonferrous Metals Industry", which mentioned the acceleration of green and intelligent transformation and upgrading, the cultivation of a number of system solution providers, and the promotion and application of intelligent manufacturing technology, equipment, standards, and advanced models.

Technology and innovation are the eternal themes of enterprise development, while the main direction of our FAMBITION's future strategic planning is the realization and application of green mining, intelligentization, informatization, and new energy technologies. We will continue to build a technology-driven enterprise with innovation, further increase investment in research and development, accelerate the transformation and upgrading of research and development models and teams, strengthen cooperation with universities and research institutes, improve the quality and efficiency of research results transformation, and launch new products, more high-quality, efficient, intelligent, and green.

On the foundation of integrating our production base, we will enhance our information technology infrastructure and advance the integration of research and development with manufacturing. This will boost the efficiency and success rate of new product prototyping and commercialization, thereby reducing the product development cycle from initial research to market launch. Concurrently, we will reinforce quality control for established models, continuously improve our processes, and optimize them to enhance quality and reduce costs.

In terms of supply chain construction, we will aim for breakthroughs by deepening our cooperation and information sharing with suppliers. We will increase the proportion of strategic suppliers and work towards a "supply chain co-construction strategy" with them by establishing a value community within the supply chain. Through process innovation, we will elevate the quality and efficiency of our supply chain, creating a superior one that fosters symbiosis and mutual success.

We will continue to meet market demands by leveraging the industry trends of "green mining" and "intelligent mining." We will provide high-quality, efficient products, solutions, and after-market service support. By innovating in processes and paradigms, we will enhance the value attributes of the "FAMBITION" brand. Additionally, building on our solid market foundation, we will further our globalization strategy, expanding into global markets and transitioning from "exporting" and "going global" to "localization." We will utilize high-quality resources from various regions to deeply cultivate local markets, propelling the "FAMBITION" brand to a global stage.

We remain committed to overseeing key aspects such as strategy, risk, internal controls, funding, finance, corporate culture, and social responsibility, ensuring the healthy, rapid, and sustainable development of our enterprise.

Through all trials and tribulations, we persist, waiting for the clouds to part and reveal the bright moon. After enduring all challenges, we stand together, forever young at heart, striving forward with vigor. Like the iron plates and copper pipas that echo the spirit of Su Dongpo, we sing loudly as the great river flows eastward. In 2025, let us embrace change, join hands, and pen a new chapter for "FAMBITION" with concrete actions! 2025, let us unite and set forth anew!

To every partner who walks alongside us, may your tomorrow be even brighter!

Happy New Year!

Susan Ma