Distinguished guests, dear staff and family members of Dayu:

Hello everyone!

On the occasion of the Spring Festival, on behalf of the board of directors, I would like to extend my sincere greetings and New Year's blessings to all guests, staff and their families!

Today, Dayu Electric's 2023 Annual Recognition and Spring Festival Gala is grandly opened. This is the company's Spring Festival Gala that has been suspended for 3 years due to the COVID-19 pandemic. I wish it a complete success!

2023 is a year full of tests and challenges, a year of "overcoming difficulties and striving for progress together"! With the support of courage and wisdom, all Da Yu soldiers will forge ahead, withstand market pressure, overcome various difficulties, and achieve the company's expected goals in general: revenue, profit, R&D investment, and taxation have all increased to varying degrees. Here, on behalf of the board of directors and supervisors of the company, I would like to thank all Da Yu employees for their hard work and struggle, which has brought about the company's steady development despite the adverse situation! Everyone has worked hard!

In the past year, the company's "Starry Sea" strategy has made significant breakthroughs. In 2020, the company launched the "Starry Sea" journey with the goal of market transformation and upgrading at the Enshi conference. Facing the challenges brought by business pioneering and difficulties in market penetration, after three years of breaking barriers and striving for strength, new markets and new technologies have achieved breakthroughs, and business transformation has achieved remarkable results. The company successfully delivered two sets of 25MW high-voltage high-power frequency converters supporting the Yicheng 300MW air energy storage project; successfully put 24 sets of 14000KVA high-voltage frequency converters supporting the CASIC Laishui project into trial; steadily promoted multiple pumped storage projects; maintained stable strategic customer relationships, and achieved normalized communication with multiple large central and state-owned enterprises, accumulating energy for consolidating the competitive position of military and new energy markets.

In the past year, the "rapid response and efficient collaboration" has demonstrated the team's combat capability. With the support of the marketing system reform, the transformation of sales from individual combat to team combat has achieved initial results, and the military team can be considered as a representative, which can provide experience for all the legions to learn from. In the Zhuozhou reconstruction project and Laishui commissioning project, the "rapid response and efficient collaboration" has been fully demonstrated. Zhuozhou aid construction started from asking for a battle to a perfect ending in just one week, but it created a classic case. After receiving the task, all departments and combatants responded quickly, cooperated and collaborated effectively, fully carried forward the spirit of Dayu, were not afraid of hardship and tiredness, fought continuously, and finally fulfilled their mission, contributing to the post-disaster reconstruction of Zhuozhou and gaining high praise from the project site headquarters and awarding them with banners. It once again verifies that Dayu is a heroic team that dares to fight hard battles, can fight hard battles, and win hard battles.

In the past year, the company's soft power has been strengthened to enhance its social influence. Over the past year, the company has won the honor of National Advanced Enterprise Trade Union for "Double Love and Double Appraisal", National Trademark and Brand Value Promotion Action for "Thousands of Enterprises and Hundreds of Cities", National High-end Equipment Manufacturing Standardization Pilot Enterprise, Vice Chairman Unit of Hubei Province Disabled Persons' Union, "Most Beautiful Red Enterprise" in High-tech Zone, etc. Through the national three-year review of specialized, innovative, professional and unique enterprises, the three-year review of national intellectual property demonstration enterprises, and the annual evaluation of enterprise technology centers in Hubei Province, Li Chongbo was awarded the honor of Jingchu Craftsman, Wu Dechao was awarded the honor of Learning Workers in Hubei Province, Fu Shengqiang was awarded the honor of Xiaogan Model, and I was awarded the honor of Advanced Model Person for the 30th Anniversary of Xiaogan City. The company's unique skills in specialized, innovative, professional and unique enterprises were featured in a CCTV column. Leaders at all levels paid high attention to the company's development: Hu Jiuming, secretary of the municipal Party committee, Baobao Dayu Electric, helped solve problems on-site; a special investigation group of the National Committee of the Chinese People's Political Consultative Conference came to the company for research and condolences to disabled workers; a meeting on grassroots party building in Xiaogan was held in the company. These honors and the attention of leaders at all levels have helped the company's development, making its soft power stronger and further enhancing its influence.

In the past year, the company listed on the "New Third Board" to accelerate the development of enterprises. On December 29, 2023, the company received a listing letter from the Beijing Stock Exchange, taking a key step towards IPO. The company's listing has injected new momentum and vitality into its future development, and will serve as an accelerator for the company's rapid growth.

In the past year, the post-60s generation has shown great courage and integrity. Due to the company's need to release positions to absorb newcomers, our post-60s comrades, with deep feelings for Dayu, have carried forward the spirit of dedication and sacrifice, and have taken the initiative to take a rest to release space for Dayu and make room for new employees. These old comrades have worked in Dayu for more than ten or twenty years, contributing their youth and sweat to Dayu, working hard and uncomplainingly, making historic contributions to Dayu! You are the participants in the construction of Dayu's cause, and you deserve credit. Your contributions will definitely be remembered on Dayu's meritorious wall! On behalf of the board of directors, supervisors, and management, I would like to express my highest respect and heartfelt thanks to these "old oxen" of Dayu! Please give a round of applause!

Looking back to 2023, Dayu, who has gone through many trials and hardships, has shown strong resilience and vitality. True good companies are all won through hard work and struggle! Countless drops of struggle converge into a forward-looking power, reflecting the style of Dayu of "perseverance and perseverance in the face of adversity".

In 2024, Dayu's new journey and new layout are accelerating: taking the road of high-quality development, building Dayu Electric into a first-class service-oriented manufacturing enterprise, using superior cost-effective solutions to break the market monopoly of foreign brands, and achieving the goal of localization substitution.

To achieve this goal, we must unswervingly accelerate the construction of a new business structure and promote high-quality development. We must adhere to the principle of making progress while maintaining stability, establishing foundations before breaking new ground, and ensuring steady and long-term business performance.

Our goal is very simple. In the final analysis, it is to let all the Da Yu people live a better life. I am concerned about the upbringing and education of Da Yu employees' children, their employment and success, and their parents' medical care and old-age care. We will create a warm and harmonious atmosphere of "one family of Da Yu", expand inclusive and active innovation space, create convenient and comfortable living conditions, and make everyone happy, live a brilliant life, and realize their dreams.

There are many uncertainties in 2024, and we will face more difficulties. In the face of complex and changing situations and severe market competition, we must still adhere to the idea of "survival first, victory first", be prepared for a protracted war, be calm and rational, maintain our determination, and more importantly, be passionate and carry forward the spirit of "fighting like a sword". I hope that all Da Yu people will have a new look in the new year, work together with high morale, and start again on the road to victory!

Finally, I wish the great motherland prosperity! Wish you all good fortune, prosperity, and health throughout the four seasons!

Thank you all!

Wang Yihua, Chairman of Dayu Electric Technology Co., Ltd