Dear colleagues:

　　Time is the most objective recorder—though it departs abruptly, rushing by with a roar, it arrives quietly and unobtrusively. Just as we were still reeling from the turmoil of 2018, the door to 2019 had already swung wide open before we knew it. At this pivotal moment in history, I sincerely wish you a Happy New Year!

　　From any perspective, 2018 was a year etched deeply into our memories. All sectors—especially the real economy—faced significant challenges. In the mobile phone industry, Meizu, Hammer, and Gionee all ran into operational crises; in the automotive sector, Great Wall, Haima, and JAC also encountered serious business difficulties. Startups like Mobike, ofo, and Xiao Ming Bike were forced to “sell themselves” or cease operations altogether. Even some large property developers found themselves heavily indebted—Vanke even went so far as to shout the slogan, “Just keep surviving.” As a grassroots enterprise, Feishang has also endured numerous hardships during this economic downturn. Yet, “It is through hardship and adversity that one’s character is refined and perfected.” Over the past eighteen years, Feishang has weathered countless storms, embodying an indomitable spirit that refuses to be daunted by difficulties. These trials have forged in Feishang a resilient spirit—growing stronger with every setback, boldly facing challenges head-on, and always staying at the forefront of change. Although our journey has not been easy, we understand that achieving great things invariably requires overcoming countless obstacles and crossing countless rivers. Only by seizing the fleeting present can we create a brilliant and glorious tomorrow.

　　Focus more on summarizing and less on complaining; plan well and start off on the right foot. As 2018 draws to a close, both the primary and secondary markets—as well as the virtual and real economies—have all faced tremendous financial pressures. In this round of economic upheaval, Feishang Group, like all enterprises, has felt the sting of these challenges firsthand and has drawn strength from them to forge ahead boldly. The lessons learned are invaluable; yet only by being adept at summarizing, carefully reflecting, and deeply analyzing can we imbue every experience with meaning. Only by maintaining a constant sense of vigilance, taking a long-term perspective, and looking far ahead can we harness the boundless momentum needed to achieve breakthrough development.

　　“It’s not necessary for me to be the one to achieve success, but it is certain that I will play a part in making it happen.” Behind the birth of a great enterprise lie countless stories of individuals who have striven tirelessly for their dreams. The development of Feishang is inseparable from every single employee, and ultimately, Feishang’s growth will benefit each and every one of them. Every ordinary job position is an indispensable driving force propelling Feishang forward. Refusing to lag behind, daring to lead the way, boldly exploring, and being adept at innovation—these are the rallying cries of the new era and the true reflection of the people at Feishang. We must embrace the spiritual outlook of “it’s not necessary for me to be the one to achieve success,” yet also shoulder the mission of “I will certainly play a part in making it happen.” With persistent effort and by steadily accumulating small achievements, we can each contribute our part—from our respective positions—to realizing Feishang’s vision of “revitalizing the nation through industry and serving the country with our industries.”

　　Uphold our original aspirations and mission, and solidify the foundation for development. Today is the culmination of yesterday, and it also serves as the cornerstone for tomorrow. At present, the world is facing a transformation of unprecedented magnitude in a century—danger and opportunity coexist. Overcoming danger means seizing opportunity; losing opportunity means courting danger. The more complex the environment becomes, the more firmly we must maintain our confidence, seize opportunities, strive for self-reliance and strength, accumulate steadily and deeply, and build up the vigor and sharpness needed for sustained development. Let the ever-vigorous Feishang spirit illuminate our path forward, and with even greater courage, confidence, determination, and resolve, boldly take the lead and bravely rise to the challenges of the times.

　　Forty years ago, the spring breeze of reform and opening-up swept across Shenzhen; forty years later, Shenzhen has risen to become an international metropolis, achieving the globally acclaimed “Shenzhen Speed.” Feishang Group has taken root in this vibrant land, witnessing and accompanying the city’s remarkable development—and has delivered its own impressive results. Whether in Guizhou, Inner Mongolia, Jiangxi, Guangxi, Henan, Anhui, Shanghai, Guangdong, Hainan, or even in Africa and South America, Feishang’s dedicated workers have left their mark. Standing at the juncture of this historic relay race, Feishang’s footsteps not only haven’t slowed down—they’ve become even more resolute and powerful.

　　The recently concluded Central Economic Work Conference pointed out: “We must enhance the vitality of microeconomic entities, give full play to the initiative and creativity of enterprises and entrepreneurs, establish fair, open, and transparent market rules and a rule-of-law-based business environment, promote positive incentives and survival of the fittest, and foster the development of more high-quality enterprises.” Guided by the spirit of the new era, Feishang Group is brimming with energy, seizing the broader trends, and boldly forging ahead. Under the baptism of the great tide of the market economy, it is bound to usher in its own golden age.

　　In 2019, we’re gearing up and setting off again!

　　Thank you for being with us all along! Once again, I wish everyone a happy new year!

Chairman of Feishang Group: Li Feilie

December 29, 2018