Noble steeds bring auspiciousness to herald a new journey; we gather joyfully to welcome the new spring. On the morning of February 14th, within the newly constructed workshop of the company's administrative park, an atmosphere of festivity and warmth prevailed. The 2025 Annual Summary and Commendation Conference, themed "Stabilizing Oil, Expanding Reform, Opening New Horizons; Five-Dimensional Integration Driving the Future—Comprehensively Opening a New Chapter in High-Quality Green Ship Repair Development," was grandly convened here. Chairman Zhou Yaguo, General Manager Xia Songkang, Deputy General Managers He Feng'en, Wang Junting, Zhou Boting, Shao Bin, Assistant General Manager Yu Haigang, and CFOs Zheng Haiyan and Yu Xiaozhang attended the meeting. A total of 2,080 employees from various departments and work zones, filled with boundless aspirations and joy for the future, participated in this year-end commendation conference.

"Good, very good, excellent," and "As long as the heart remains, the dream remains..."—the 2025 Annual Summary and Commendation Conference commenced as scheduled amidst resounding slogans and a grand chorus of "Start Anew."

Chairman Zhou Yaguo delivered an important speech at the conference. On behalf of the company's board of directors and himself, he extended sincere greetings and Lunar New Year blessings of the Year of the Horse to every Xinya person who has devoted wisdom, sweat, and responsibility to their ordinary posts. He congratulated all advanced employees who received honors and expressed special gratitude to the management team led by General Manager Xia Songkang for achieving a series of milestone breakthroughs in 2025, with ship repair volume and comprehensive strength reaching new peaks. Chairman Zhou Yaguo stated that this impressive performance report stems from our firm execution of the "Stabilizing Oil, Expanding Reform" strategy, our innovation and development of technical processes, and even more from our persistence and dedication to green ship repair. Over the past year, we bravely forged new paths amid transformation and solidified our foundation through perseverance, achieving a new leap in high-quality green ship repair development.

With hooves treading upon the new spring and steeds leaping toward new journeys, Chairman Zhou Yaguo emphasized that Xinya's grand blueprint for 2026 has already been unfurled. With missions upon our shoulders, we must gather the momentum of strategic leadership and reform innovation, ride the tide in the blue ocean of the shipping market, break through with the spirit of dragon horses, advance with unstoppable momentum, plan for the long term with the wisdom of fine steeds, and move forward with the trend. We must unswervingly develop toward green, intelligent, and high-end directions, jointly creating a new legend for Xinya's future.

General Manager Xia Songkang delivered a work report titled "Stabilizing Oil, Expanding Reform, Opening New Horizons; Five-Dimensional Integration Driving the Future—Comprehensively Opening a New Chapter in High-Quality Green Ship Repair Development." The report pointed out that 2025 was a pivotal year linking the past and future of the company's "Five-Five Plan." The company held high the banner of trinity development encompassing "Green, Safety, and Digital Intelligence," adhered to the strategic development direction of "Stabilizing Oil, Expanding Reform," continuously optimized ship repair structure and industrial layout, and synergistically exerted efforts across multiple dimensions including green retrofitting breakthroughs, technical process innovation, digital-intelligent safety iterative upgrading, and major project infrastructure construction. We achieved multiple breakthroughs from "0 to 1" and leaps from "having to excelling," with operating performance hitting new highs. The company's comprehensive strength, industry position, and brand reputation continued to rise, and the "Xinya Model" advanced steadily through waves in the magnificent voyage of green intelligent ship repair!

General Manager Xia comprehensively summarized and reviewed the company's achievements in 2025 from seventeen aspects, particularly highlighting multiple breakthroughs in ship green retrofitting that filled numerous gaps in the company's ship retrofitting domain: completion of the first semi-submersible barge retrofit, first offshore living vessel retrofit, first cable-laying vessel retrofit, first Rotor Sail installation project, first undertaking of offshore drilling platform retrofit engineering and bulk-to-container conversion engineering... We also achieved Zhoushan's first oil tanker tank cleaning operation while berthed at the dock. The full launch of the Xintai Offshore Engineering Base project, the rise of the seventeen-story sea-view tower, and the comprehensive activation of the Xinya Administrative Park marked that the company has laid a solid foundation for future industrial layout, capacity enhancement, and expansion of the high-end offshore engineering sector, accumulating strong momentum for high-quality enterprise development.

The mountain pass has just been crossed, dust yet unwashed; we whip our horses and spur forward once more. 2026 is the decisive year of the company's "Five-Five Plan." In his report, General Manager Xia Songkang proposed that we must take the "One-One-Two-Eight" strategy as core guidance, embrace the grand vision of the "Xinya Dream," set "One Dream, Three Highs, Six Persistences" as development goals, deeply practice the principles of "Differentiation, Compliance, High Quality," closely follow the industrial wave of green low-carbon and digital-intelligent integration, firmly grasp the three development elements of quality, efficiency, and service, continuously promote comprehensive upgrading of five-dimensional integration work, and navigate steadily through the fiercely competitive market. General Manager Xia Songkang stated that there is only splendor achieved through action, not glory waited for. He hopes all Xinya people will unite in spirit and purpose, strive together, gallop freely across the starry sea of green intelligent ship repair, and jointly sail toward the magnificent shore where the "Xinya Dream" shines brilliantly!

The conference was presided over by Deputy General Manager He Feng'en. This meeting was both a conference of summary and review, a conference of advanced recognition, and even more a conference of future outlook. Its purpose is to require all employees to carry forward the glory of role models through dedication, responsibility, and practical action, vigorously promote "Xinya Culture," gather forward-moving strength, and with a proactive spirit accompanied by stirring melodies, advance bravely in the new year, take on responsibilities, and strive to comprehensively open a new chapter in high-quality green ship repair development.

Deputy General Managers Wang Junting, Zhou Boting, Shao Bin, Assistant General Manager Yu Haigang, and CFO Zheng Haiyan respectively read out the documents announcing various advanced collectives and individuals for 2025. Award-winning advanced representatives took the stage to deliver wonderful sharing sessions.

The conference commended and rewarded the 2025 "Highest Value Award," the 7th "Most Beautiful Xinya People," Xinya Warriors, Diligence Awards, Gold Medal Technical Experts, Internal Coordination Construction Management Pioneer Teams, and other advanced collectives and individuals. Gold medals, certificates, and bonuses were respectively presented to the awardees.

Looking toward 2026, the blueprint has been drawn and the bugle has sounded. In the new year and on the new journey, we must adopt the posture of "fine steeds galloping" to accelerate high-quality green ship repair development. In the new year with new hopes, we must gather "irresistible" strength to play the strongest notes of "Stabilizing Oil, Expanding Reform." May we uphold the "spirit of dragon horses," demonstrate the drive of "whipping steeds forward," gather the combined force of "ten thousand horses galloping," think as one and work with united effort, and together spur our horses forward to fully open a more beautiful future for Xinya...