As we enter the latter half of the year, the busiest season is upon us—scenes of relentless day and night work can be seen everywhere, from client sites to laboratories and manufacturing workshops. Just yesterday, HGTech celebrated its 25th anniversary without disrupting the rhythm of work and life for everyone. The Brand Department produced a heartwarming short film using AI tools, capturing the perspectives of different "yous" to reflect on a period of growth over the years. Memories of this unforgettable time resonate deeply within me, filled with mixed emotions. Born at the turn of the century in the burgeoning optoelectronic information industry, and nurtured amidst the wave of global economic integration, we have risen through top-level reforms separating academia and enterprise. In the "stories of time," there's a relentless drive for self-improvement, innovation, and a palpable sense of the era's forward momentum.

These 25 years have underscored transformation as the cornerstone of our company's development. From going public and relocating from campus to a technology park, to embedding modern corporate management philosophies and procedural frameworks, we have transitioned from campus culture to corporate culture. Focused on our core business, we implemented a strategy targeting major clients, moving away from opportunistic development models to channel limited resources into critical business areas. Cultural reform was pivotal; we introduced an OPE culture centered on market orientation and customer-centricity, issuing the "HGTech Collective Action Plan," establishing fundamental management logic, and setting a management standard of eliminating non-value-adding processes and departments, and adjusting mismatches between value creation and revenue. We established smaller accounting units, a platform + product line organizational structure, and delegated operational responsibilities, enhancing the sense of contribution and nurturing a cadre of highly promising young talents. The separation of academia and enterprise, to some extent, addressed issues such as inefficient decision-making and inadequate long-term incentive mechanisms. We abandoned blind and boundary-less innovation, refining a dual-level innovation architecture for the group and subsidiaries, optimizing processes from demand management and project initiation to R&D and product launch, effectively promoting the conversion of technological achievements... For any enterprise, transformation isn't a choice but a necessity; in rapidly changing markets and technological environments, problem-oriented self-renewal is essential to maintaining vitality.

These 25 years have expanded our development horizons. Our internationalization journey began with a multinational acquisition in 2000. However, rather than rapid expansion, we systematically established overseas branches and localized talent, optimizing products and services year after year with reverence and dedication. Our increasingly refined and mature brand has resonated deeply with global customers, firmly establishing us in the dual circulation of the international and domestic markets. Over a decade ago, we recognized that corporate competition lies within industrial chains, and effective resource integration towards market competition success encompasses finance, technology, talent, supply chains, industrial chains, markets, R&D, and manufacturing. Vertical integration, chain innovation, industrial-financial integration, incubation, and nurturing of synergistic industrial chain development patterns create a fertile ground for mutually beneficial growth. Openness has continually opened new possibilities with each step we take.

Facing challenges requires courage. Reflecting on 25 years is to appreciate all contributors at HGTech who embody the initial commitment to represent national competitiveness and possess international competitiveness, steadfastly advancing towards localization. In 2002, HGGaoli won against numerous competitors from Japan and South Korea, securing a contract with China's largest home appliance company, breaking the monopoly of foreign enterprises in the domestic NTC temperature sensor market. In 2005, East Electric Machinery used laser technology for the first time to cut the magnetic pole pieces of a 1300-ton generator rotor for the Three Gorges Dam project, a testament to HGlaser technology challenging overseas giants. In 2006, HG center independently developed semiconductor laser chip industrial applications. In 2009, HGLaser represented Chinese enterprises in entering the global automotive body welding field... HGTech's brand influence, resource integration capabilities, and scale today are significantly different from 20 years ago, driven by the courage of "young calves not fearing tigers" and the determination to challenge international giants with robust supply chain systems and stable customer relationship systems—even in failure, attempting is more commendable than not trying at all!

The torrential currents of the River gorge stir, while the verdant woods and ancient vines exude a sense of elegance. Reflecting on 25 years is appreciating the determination amid uncertainty. We have weathered industrial bubbles, financial storms, the COVID-19 pandemic, and industry cycles, relying on strategic thinking, bottom-line thinking, and system thinking, deploying precise, coordinated, and sustained efforts to overcome obstacles and challenges.

Development isn't measured in three or five years but in decades. Looking to the future, how do we embark on the next journey? My answer is: Surpass Oneself, Achieving Success, and Help Others Succeed.

To be a company of the times, individuals must engage in the era. Over 25 years, I've witnessed many enterprises fall from their peaks, crushed under the wheels of time. With epochs changing, industries cycling, and technologies evolving, clinging to yesterday's experiences and familiar domains without new insights, ideas, initiatives, technologies, or breakthroughs traps us in self-imposed limitations. Globally, the intelligent era has arrived, where large models voraciously consume vast data, embodied intelligence transitions from theory to practice, and algorithms, massive data sets, and computing power converge at unprecedented speeds, unleashing transformative potential across economic spheres. Simultaneously, global market fluctuations, narrowing strategic spaces, intensified competition, and diversified market demands challenge even those who have navigated industry cycles in household appliances, consumer electronics, and new energy vehicles. The future is unpredictable, and our best course is proactive anticipation. The best way to embrace the future is through learning. Investment guru Peter Lynch said: "All resources become obsolete; only learning ensures enduring advantages." Presently, our capabilities compared to societal expectations, business development stages, survival challenges, and world-class enterprises highlight significant gaps. Through regular learning, all employees must strive to enhance the professional capabilities required for their positions. Executives should enhance trend-spotting abilities, strengthen system thinking, actively research opportunities and potential risks in global operations, and ensure managers adopt a broader perspective, delve into business operations, and enhance complex problem-solving capabilities, transforming themselves into "scarce assets." We'll optimize our qualification systems, elevate assessment requirements, encourage self-empowerment among employees, leverage learning platforms and tools, and strive for new heights in capabilities. HGTech's "summiting in the highest peaks" is only possible with over 8,000 employees.

Mastering Self leads to Achieving Success. Success demands speed. In the 1980s, Shenzhen popularized the slogan: "Time is money, efficiency is life." Speed transformed Shenzhen into China's most dynamic and innovative city. Today, the optoelectronic information industry has entered a phase of tenfold accelerated development, where today's progress builds upon yesterday's advancements. Perceiving niche market demands swiftly, establishing new paths, launching new products rapidly, facilitating sample testing, and swiftly scaling production capacity are essential to seizing market opportunities. Success must also maintain quality to ensure overall efficiency gains. Identifying new opportunities and business/product directions without establishing corresponding organizational capabilities leads to significant resource wastage and undermines successful outcomes.

Around the pillars of speed and quality, HGTech aims to build three core support systems. First, a rigorous, efficient product generation mechanism. The company has established hierarchical, innovation-focused systems across central research institutes and subsidiary technology centers, emphasizing demand management, R&D initiation, resource allocation, knowledge management, phased reviews, and performance evaluations to enhance organizational, flexibility, and efficiency, erecting technological barriers and establishing standardized, reusable technology sharing systems to reduce redundant development, shorten development cycles, and prevent unnecessary resource wastage. Meanwhile, we are exploring software product supply conditions domestically and internationally, accelerating the cultivation of "soft power," and gradually advancing the "AI+" initiative. Second, a management system supporting global operations. To meet the challenges of global operations, we are formulating differentiated strategies for regional customer groups, enhancing professional exploration in finance, human resources, legal compliance, supply chains, after-sales service, and branding to raise the system's overall proficiency. Additionally, we are extending quality requirements and management to our supply chain links, constructing customer-oriented high-quality through shared quality improvements. Third, a high-performance talent team. We'll continue collaborating with universities to cultivate a high-level, highly educated R&D team adept at solving complex engineering challenges, fortify local talent development, empowering local talents to become pillars of local business development, refine value contribution assessment systems, optimize precise incentive mechanisms, dynamically adjust or eliminate underperforming staff, and ensure managers excel in their roles.

An excellent organization not only furthers its own development but also cultivates outstanding individuals. We seek to foster a vibrant environment where talents emerge, relying on mechanisms and culture, as well as on managers at all levels. They must guide in the right direction, identify talents, innovate, take responsibility, and defend company interests, inspiring subordinates with passion and dedication, influencing and nurturing subordinates with vision, expertise, and professional skills, providing opportunities for growth and ensuring clear work directions to lead continuous improvement.

Starting again at 25 allows us to celebrate yesterday's progress while recognizing it as the driving force guiding us forward. Starting again, let's master ourselves, achieve success, and become experts together, with diligence and determination, perpetually striving forward!