Dear colleagues, friends, and employees:

As the old year draws to a close and the new one begins, "A new year starts with majestic mountains and rivers, and all things take on a fresh look as the spring breeze stirs the plants and trees." As we bid farewell to the busy and fulfilling year of 2024 and welcome the brand-new year of 2025, on behalf of Tianhai Group, I extend my New Year greetings and best wishes to all employees of the company and their families, as well as to leaders at all levels, domestic and overseas partners who have long supported, cared about, and trusted Tianhai Group.

Looking back at 2024, every moment remains vivid and inspiring in our memories.

This year was fraught with risks and challenges. The once-in-a-century great changes in the world are accelerating: Economic globalization has encountered obstacles, major-power economic rivalries have intensified, geopolitical conflicts have become more prominent, and factors of insecurity, instability, and uncertainty have increased significantly. The post-pandemic economic recovery has faced numerous difficulties.

This year also gave birth to opportunities and hopes. The great changes in the world, the times, and history are unfolding at an unprecedented pace. A new round of scientific and technological revolution and industrial transformation is developing in depth. Artificial intelligence is evolving rapidly, and its industrial applications are extending to a wider range of fields. The processes of digitalization, greening, and intelligentization of the world economy are accelerating, injecting new momentum into economic globalization.

Despite the challenges, Tianhai Group's business performance soared against the odds. Actively integrating into the national major regional development strategies, fully implementing the new development philosophy, deeply integrating into the new development paradigm, and promoting high-quality development, during the first three-year action plan since the 14th Five-Year Plan, Tianhai Group achieved a revenue compound annual growth rate of 30.7%. Since the beginning of 2024, as industry "involution" has intensified, we overcame challenges such as order fluctuations and cost pressures, worked hard to ensure production and supply, and still achieved double-digit year-on-year revenue growth. The cultivation of incremental businesses has yielded remarkable results, the business structure has been continuously optimized, and the pace of transitioning towards high-level growth has accelerated, presenting a vibrant development trend, a steadily rising trajectory, and a spirit of striving for excellence.

This year, market development yielded one success after another. Focusing on market orientation and prioritizing projects, we continuously expanded incremental markets, made efforts in key customer market development, and won over 200 new projects in the wire harness and core component categories in multiple-dimensional customer markets, including mainstream domestic brands, new force car-making brands, and intelligent driving systems. The additional revenue generated within the project lifecycle exceeded 10 billion yuan, creating new achievements on our journey forward.

This year, lean management improved efficiency and effectiveness. Focusing on the three major fields of automotive connection, transmission, and control, and centering on extreme cost reduction, efficiency improvement, and operational support, we implemented a series of significant lean management initiatives to deliver the most cost-effective system solutions to customers. Our operational efficiency, cost management, and quality control reached advanced industry levels, effectively offsetting the rising operating costs of the company. The brand influence and market competitiveness of the THB brand were further consolidated.

These outstanding achievements are the result of passionate dedication and the sweat of hard work. They are the fruitful outcomes of all Tianhai employees working together with unity and striving forward, and a powerful manifestation of the Tianhai spirit of "unity, cooperation, and innovation." Here, I extend my sincere gratitude to all Tianhai employees and people from all walks of life who have cared about and supported the development of Tianhai Group.

When the time is right and the situation is favorable, we should ride the waves and move forward bravely; when the task is arduous and the journey is long, we need to spur on our horses and quicken our pace. The year 2025 is the closing year of the implementation of the 14th Five-Year Plan, the planning and layout year of the 15th Five-Year Plan, and also a crucial year for Tianhai Group's high-quality transformation and development. In this new year, let us embrace our responsibilities with passion, unite and strive forward, and strive towards the vast ocean of leapfrog development.

We should greet 2025 with the momentum to scale new heights. Market competition is like rowing against the current; if you don't advance, you will fall back, and even slow progress means falling behind. We should always maintain the belief that "after sifting through thousands of times, only the gold remains," further strengthen our development confidence, muster the courage to challenge higher goals, ride the waves and strive for the lead in the highly competitive automotive "red ocean," and make new achievements on the new starting point and new journey while advancing steadily and moving forward with innovation.

We should greet 2025 with the ability to adapt to changing situations. At present, industrial transformation is accelerating, scientific and technological innovation is advancing rapidly, and market conditions are changing moment by moment, which places higher demands on our ability to iterate. We must always maintain a forward-looking vision, keen insight, and rapid adaptability, accelerate the renewal of concepts, the revitalization of organizations, and innovation in research and development, stay calm in the face of change, seize opportunities when they arise, find the right goals, set the right direction, and sail smoothly in a complex and ever-changing environment.

We should greet 2025 with the joint efforts of efficient collaboration. Those who share the same aspirations will surely succeed, and those who weather the storm together will surely prosper. We should take a global view from the perspective of the "one game of chess" of the group, think and work in an integrated manner, promote collaborative marketing among the three major business segments of connection, transmission, and control, enhance the integrated capabilities of subsidiaries, continuously improve the multi-department collaboration mechanism, give full play to the maximum effectiveness of vertical integration capabilities, and gather a strong joint force to promote the realization of the group's strategic goals.

The journey lies in the vast ocean of stars and the sea, and the tide surges in the magnificent mountains and rivers. History has turned a new page, and the multi-billion-yuan Tianhai Group has embarked on a new journey. On this journey, our concept of creating value and sharing life becomes even more firm; on this journey, our sense of responsibility for serving the country through industry and striving for excellence becomes even stronger; on this journey, our pursuit of excellence and continuous innovation becomes even more intense. In 2025, let us continue to carry forward the Tianhai spirit of "unity, cooperation, and innovation," look towards the future with wisdom, contribute to wonderful travel experiences, and strive hard to realize the wonderful vision of becoming a global first-class automotive electronic and electrical system supplier.

May our great motherland enjoy prosperity, peace, and stability!

May Tianhai Group have a long-lasting foundation and enduring vitality!

May all employees and their families, as well as colleagues and friends from all walks of life, enjoy good health and family happiness!

Tianhai Group Chairman and Party Secretary
Dong Ligang
January 1, 2025