Respected Colleagues and Friends,

Greetings to all! As the earth welcomes the renewal of spring, we bid farewell to the past and embrace the arrival of 2025. As the primary leader of our company, I am deeply aware of the weight of responsibility on my shoulders, yet I am also filled with confidence. At this moment, on behalf of Hangzhou Longshan Chemical, I extend my warmest New Year’s blessings and sincerest gratitude to every employee who has worked diligently and contributed silently to our collective success.

The year 2024 was extraordinary—a year of the most severe domestic and international environment and market conditions since the COVID-19 pandemic. It was a time of profound reflection and unforgettable challenges. Together, we weathered the seasons, facing a series of unprecedented difficulties. These obstacles stood firmly in our path, bringing resistance and pressure unlike anything we had experienced before. Against the backdrop of widespread losses, massive layoffs, and pay cuts across the industry, maintaining stable production was no small feat. However, we must also recognize that the days of smooth sailing are long gone; the road ahead is fraught with thorns and hardships.

Dear colleagues, we must clearly understand the profound shifts in the market environment. The industry’s downturn may not reverse in the short term, and clinging to outdated ways or isolating ourselves will only lead to a dead end. Longshan’s future of reform, innovation, and development faces many uncertainties—it will not come easily or without struggle. We must also soberly acknowledge that some employees remain trapped in the comfort zone of Longshan’s old state-owned enterprise days. Private enterprises are the driving force of market profitability, and competition for survival is the defining theme of our era. Those who fail to adapt will inevitably be left behind.

Though dreams may seem distant, perseverance will bring them within reach; though aspirations may be arduous, steadfastness will make them attainable. Difficulties are not to be feared—what is truly frightening is a lack of confidence and courage. Only by facing challenges head-on and overcoming them can we emerge from the mire of stagnation in the new year and embrace a brighter future.

Stay true to the path, but press forward with determination even when halfway; success is within grasp, yet reaching the summit demands unwavering effort. In this time of economic chill, I urge you to cherish your workplace and value your role within the company. Remember, no winter lasts forever, and spring will surely come. In this brand-new year of 2025, I call upon all employees to steadfastly uphold the principle of innovation-driven development, stay attuned to industry trends, optimize resource allocation, and ensure the smooth implementation of our strategic plans. Under the strong leadership of Longsheng Group, we must uphold integrity while embracing innovation, confront challenges with resilience, and drive forward new management approaches, business models, and growth drivers. Together, we will advance internal reforms steadily and sustainably.

In closing, I extend my deepest gratitude once again to every employee for your hard work and selfless dedication. In the coming year, may our nation enjoy peace, prosperity, and abundance! Wishing you all good health, professional success, and happiness for your families!

General Manager: Shen Liang