Recently, Perfect Display held the highly anticipated 2024 equity incentive conference at our headquarters in Shenzhen. The conference comprehensively reviewed the significant achievements of each department in 2023, analyzed the shortcomings, and fully deployed the company's annual goals, important tasks, and departmental work for 2024.

2023 was a year of sluggish industry development, and we faced numerous challenges such as soaring upstream supply chain prices, rising global trade protectionism, and intense price competition at the end. However, with the joint efforts of all employees and partners, we still achieved commendable results, with significant growth in output value, sales revenue, gross profit, and net profit, which basically met the company's initial goals. According to the company's current regulations on on-the-job dividends and excess profit sharing, the company sets aside 10% of net profit for excess profit sharing, which is shared among business partners and all employees.

Department managers will also compete for and present their work plans and positions for 2024 to further enhance work efficiency. Department heads signed responsibility agreements for the important tasks of each department in 2024. The company also awarded equity incentive certificates for 2024 to all partners, recognizing their outstanding contributions to the company's development in 2023 and motivating managers to continue their hard work in the new year with an entrepreneurial mindset, cost reduction, and efficiency improvement, taking the company's development to a new level.

The conference also reviewed the implementation of important work tasks by each department in 2023. In 2023, the company made significant progress in new product development, pre-research of new technology reserves, expansion of marketing networks, production capacity expansion of the Yunnan subsidiary, and the construction of the Huizhou industrial park, solidifying the company's leading position in the industry, enhancing its competitiveness, and laying a solid foundation for further development.

In 2024, we expect to face even fiercer industry competition. The pressure of rising prices of upstream components, intensified competition from existing and new entrants in the industry, and unknown changes in the international situation are all challenges that we need to collectively address. Therefore, we emphasize the importance of unity and clearly define the company's mission and vision. Only by working together, uniting as one, and implementing the concept of cost reduction and efficiency improvement can we achieve the company's performance growth and create greater value for customers.

In the new year, let us unite and forge ahead with the goal of cost reduction and efficiency improvement, driven by innovation, and stride towards a more brilliant future together!