During the Year, the Group continued to rely on technological innovation to promote development of high quality products, while focusing on meeting market demands as well as pursuing its proven effective strategic initiatives to create an omni-channel marketing model. Its business made steady progress, including:

• Revenue reached approximately RMB40,375 million.
• Profit attributable to the owners of the Company amounted to approximately RMB348 million.
• The Group’s high quality development has long been recognized by the industry and authoritative institutions. The Group continued to be included on the list of “Top500 Chinese Enterprises” (中國企業500強) and the “Top 500 Chinese Private-owned Enterprises” (中國民營企業500強), and was among the “Top 500 Chinese Energy Enterprises (Group)” (中國能源企業(集團)500強), “Fortune Top 500Chinese Companies” (《財富》中國500強), “Global Top 500 New Energy Enterprises” (全球新能源企業500強) and “China’s Top 500 New Economy Enterprises” (中國新經濟企業500強). With its strong technological innovation capability and brand influence, the Group has been successfully listed on the List of the “Top 500 National Technological Innovation Enterprises” (全國科技創新企業500強) and “China Brand Value Evaluation Information List” (中國品牌價值評價信息榜), speaking volumes to its brand image as an industry leader.
• The Group places great importance on technological innovation and has continued to promote creation, protection and transformation of intellectual property. Its comprehensive intellectual property management system has been certified by authoritative institutions and has passed the “National Model Enterprise of Intellectual Property” (國家知識產權示範企業) review.

During the Year, against the backdrop of the e-commerce and logistics industries in the People’s Republic of China (the “PRC” or “China”) rapidly growing, and demand increasing for upgrade and replacement of electric bikes and electric tricycles for multiple scenarios, the Group was able to maintain steady business development. With the PRC government implementing the “Safety Technical Specifications for Electric Bicycles” (《電動自行車安全技術規範》) (the “New National Standards” ( 新國標)) in various provinces and cities across the country, and various policies and regulations related to electric bicycles and electric tricycles gradually being introduced, the industry further consolidated. Under a number of new regulations, domestic electric bicycles are subject to more arduous specifications resulting in higher industry barriers, which is favorable to the development of leading enterprises that produce high-quality, high-specific-energy lead-acid motive batteries for electric bicycles.

During the Year, building on its outstanding technological strengths and widely-recognized product quality, the Group promoted the sustainable and stable development of its lead-acid motive battery business, enabling it to maintain leadership in the lead-acid motive battery industry. To meet market demands in the long run, the Group has adhered to the approach of pursuing different technologies side-by-side, undertaking its own research and development (“R&D”) and also engaging in high-end cooperation with partners, in and outside the country. As such, it came up with a number of new products with different features and for different applications. Moreover, the Group implemented its proven strategic layout, deepened the reach of its distribution network, enhanced brand building effort and continued to increase brand influence and competitiveness. At the same time, as a leading enterprise in the battery industry, the Group has also actively participated in formulating many industry standards, contributing its humble “CHILLWEE” strength to helping the industry develop.

On behalf of the Group, I would like to express my sincere gratitude to all shareholders, customers and business partners for their long-term trust and support. I would also like to thank the Board, the management and all employees for their outstanding contribution. In 2024, we will continue to honor our corporate mission of “getting the world to use the Group’s green energy”, continuously improve product quality, strengthen marketing and sales for the purpose of achieving even better results and bringing more lucrative returns to shareholders.