As a new chapter unfolds and the seasons turn,winter plum blossoms bloom against the snow to herald spring’s arrival. We step into the brand-new journey of 2026 hand in hand, brimming with the fruitful achievements of 2025.

On this occasion of bidding farewell to the old and ushering in the new, I extend my sincerest Spring Festival greetings and best New Year wishes to all colleagues, partners, and friends from all walks of life who have cared for and supported JIN BAODAO’s development!

 Eighteen Years of Braving Storms, Eighteen Years of Forging Ahead

Since its founding, JIN BAODAO has forged forward courageously amidst the tides of the times – we have navigated industry downturns, weathered the storms of domestic and international financial crises, and pulled through the arduous days of pandemic prevention and control. Time has tempered our original aspiration, and accumulated experience has fortified our strength. Today, JIN BAODAO has grown into a benchmark enterprise for full-spectrum ground improvement, boasting standardized management, leading-edge technologies, and robust equipment. Over 300 full-time employees work in unison, laying a solid foundation for the company’s steady development.

Looking back on 2025, it was a year when we wrote a splendid chapter with "striving" as our brush and "solid action" as our ink. Faced with the complex and volatile domestic and international landscape, fierce competition in the ground improvement sector, and the daunting challenges in the construction market, we rose to the occasion and strengthened ourselves both internally and externally.

In the domestic market, we adhered to the principle of "intensive cultivation" and implemented a strategy of selective consolidation. We prioritized project quality and evaluated projects based on benefits and risks, carefully selecting high-quality projects, optimizing resource allocation, and consolidating our core development base.

In the international market, we pursued the vision of "forging ahead bravely". Building on our deep-rooted presence in Southeast Asian markets such as Thailand, Cambodia, and Malaysia, we successfully expanded into fertile grounds in Central Asia including Uzbekistan and Kazakhstan. We achieved a sound balance between domestic and international output value, enabling the company to maintain steady progress amid market fluctuations.

The Path of Endeavor, Empowered by Technology

In 2025, we remained committed to our positioning as a R&D-driven dynamic compaction enterprise, sprinting at full speed on the track of technological innovation. Our monograph Research and Application of Dynamic Compaction Equipment and Technology was published, contributing our intellectual achievements to the industry. We were successfully accredited as a "Taiyuan Municipal Enterprise Technology Center", a testament to the government and industry’s high recognition of our innovation capabilities. Our project "Key Technology Research on Ultra-high Energy Dynamic Compaction for Large-thickness Miscellaneous Fill Sites" was selected into the science and technology program of Shanxi Provincial Department of Housing and Urban-Rural Development. The Technical Standard for Ground Improvement in Filled Areas of Hunan Province, which we co-compiled, passed review and public notice. Behind each of these achievements lies the relentless efforts of our R&D team. We have also upgraded our full range of supporting equipment, leading the industry in equipment standards with our core strength and laying a solid foundation for project quality and efficiency.

Equipment Upgrading, Empowering Development

We have built a comprehensive full-process management chain for dynamic compaction production in the industry. From material procurement and compactor transportation, to parts supply and fuel support, to construction control and equipment maintenance – we have pursued excellence in every link. This has enabled the company to achieve leading industry levels in operational efficiency and cost control, injecting inexhaustible impetus into high-quality development.

A Splendid Tapestry Weaved Last Year, New Heights to Scale This Year

In 2026, the tides of the times surge forward. The global economy will continue to navigate a path of "uncertainty intertwined with resilience", and industry competition will intensify further. We will undoubtedly face more new challenges and tests. To this end, we will embrace "forging new ground" as our annual theme, and with the courage to pioneer and a pragmatic work style, we will blaze new trails and write new chapters on our new journey.

Forging new ground means the courage to break boundaries and the boldness to embrace the unknown; it means awakening innovative thinking and taking responsibility to forge ahead in practice; more importantly, it represents the firm belief to seize new opportunities amid changes and create glories amid challenges.

To meet challenges head-on, we must expand into new market blue oceans with the momentum of "opening up new territories". Going global and establishing a worldwide footprint is the inevitable path for JIN BAODAO’s survival and development. Having already gained a firm foothold in Southeast Asian and Central Asian markets, in 2026 we will ride the momentum to steadily expand into neighboring Central Asian countries such as Kyrgyzstan, Armenia, and Azerbaijan, and actively explore new tracks in the African market. Building on the balanced domestic and international output value, we will strive to elevate our overseas business to new heights, allowing the JIN BAODAO brand to shine brightly on a broader stage.

To meet challenges head-on, we must explore new industrial fields with the wisdom of "cross-border integration". We will remain steadfast in our core dynamic compaction business, continuously refining and strengthening our flagship operations. Meanwhile, leveraging the establishment of the "Golden Phoenix Survey and Design Institute" (another member of the "Golden" brand series) in Kazakhstan, we will actively expand into related fields such as geotechnical engineering survey, design, and testing. This will create new economic growth drivers and profit centers, opening up broader space for the company’s development.

To meet challenges head-on, we must develop new management models with the power of "reforming and innovating". Having fine-tuned the organizational structure of our headquarters in 2025, in 2026 we will comprehensively promote the upgrading of management mechanisms. We will innovate a series of models covering operational management, production management, and financial management, continuously improve the salary incentive system, and fully implement the performance-oriented principle. We will accelerate JIN BAODAO’s transformation into a modern enterprise, empowering high-quality development through efficient management.

The wheel of history rolls forward; the tide of the times surges ahead. Only pioneers can stand at the forefront of the times, and only doers can live up to their prime. Let us chase our dreams with vigor, live up to our youth, lead the way with a pioneering spirit, and write new chapters through hard work. Let us join hands, march forward with the times, and jointly create a more brilliant and prosperous future for the JIN BAODAO family!

Finally, I sincerely wish everyone a happy New Year, a harmonious family, good health, and all the best!

Chairman: WenZhe