A：China's industrial vehicle market as a whole showed a steady growth trend, benefiting from the recovery of the manufacturing industry, the development of the logistics and warehousing industry and the demand for equipment renewal driven by environmental protection policies, with a compound annual growth rate of 11.3. At the same time, the industry pattern accelerated reshaping, leasing penetration rate and electrification rate continued to rise, the trend of concentration of head enterprises is becoming more and more obvious, the electric transformation is in-depth, it is expected that the proportion of electrification in the domestic market will reach 78% in 2025.

A：In 2025, the company will stick to its original intention, promote in depth through the platform strategy, accelerate the release of ecological synergy efficiency, equipment maintenance service revenue increased by 32.1 year-on-year, platform service revenue increased by more than 27% year-on-year. New products are strong, such as electric loaders and other new businesses have achieved remarkable results, the global network organization is optimized, overseas expansion is fully accelerated, the initial construction of a global service network covering the Belt and Road, and successfully achieved a double jump in scale and efficiency under the light asset model.

A：The company has achieved breakthrough progress in the field of remanufacturing. The self-developed remanufacturing technology system is mature and has been applied on a large scale. The annual remanufacturing equipment reached 3500 units, a year-on-year increase of nearly 70%, and the total number of remanufactured parts was nearly 40000. The increase reached 82%.

A：Through professional repair and upgrading, the company has effectively extended the life cycle of equipment, reduced the cost of comprehensive use of customers, promoted the optimization of operating costs throughout the chain, and formed a new pattern of win-win economic and environmental benefits. At the same time, the internal control system was upgraded in an all-round way, and fine management was enabled to increase efficiency to meet the needs of large-scale cross-regional development. The 2025 edition of the management and management encyclopedia was released to promote the comprehensive upgrade of the internal control system from system construction to implementation.

A：In the context of intensified market competition, the company adhered to the strategic direction, deepened economic management, and steadily improved its operating results throughout the year. In 2025, the annual operating income exceeded RMB 1.7 billion, a year-on-year increase of about 9%; the net profit exceeded RMB 82 million, a year-on-year increase of about 10%. This verifies the phased results of platform strategy and fine management, and consolidates the company's leading position in the market. The company adopts the platform strategy, relying on new technologies to build the world's leading B2B industrial and logistics equipment high-risk sharing ecological platform, focusing on three major directions: serving B- end enterprise customers, deep-cultivated industrial and logistics equipment field, building a high-dimensional sharing platform. In order to achieve this goal, the company has built two core capabilities-excellent asset management and operational capabilities, and excellent user experience capabilities for customers, which are verified by seven key performance indicators KPIs.

A：Under the guidance of the platform strategy, the synergy effect of each business segment continued to increase, promoting the optimization of the overall revenue structure and steadily increasing the proportion of high value-added businesses. The proportion of core business application service revenue increased by 2.3 percentage points, the proportion of maintenance and repair revenue increased by nearly three percentage points year-on-year, diversified business synergy, optimize the revenue structure and improve the overall profitability, the comprehensive gross margin increased from 28.8 in 2024 to 30 in 2025.

A：By the end of 2025, the number of management equipment in the company increased to 64193, an increase of 13.9 percent. The number of service B- side customers increased to 12248, up nearly 8% year on year. The revenue retention rate of major customers increased to 95.3 percent, the scale of equipment and service coverage expanded simultaneously, and the market penetration capacity continued to increase.

A：The company insisted on expanding the space inside the strong foundation, deepening the fine management, increasing the investment in remanufacturing technology and strengthening the brand construction, realizing the double reduction of depreciation cost and financial expenses, and the comprehensive financing cost rate decreased by 1.6 percentage points year-on-year. At the same time, through the global layout, overseas investment continues to increase, build the world's leading B2B industrial and logistics equipment high-risk sharing ecological platform, shareholder value has been effectively released.

A：In 2026, the company will comply with digital transformation and green and low-carbon development, continue to promote the core trend of industry upgrading, and comprehensively build a new development pattern of collaborative drive and multi-symbiosis around the four strategic layouts of networking, multi-screen, internationalization and intelligence, enhance the competitiveness of the industry, deepen the global service network, expand the category matrix, provide integrated solutions, enhance customer stickiness and single customer value, and help the company enter the stage of high-quality development.

A：Internationalization strategy is the core path of the company to achieve globalization, through the extension of the geographical map, to achieve platform, ecology, industrial chain collaboration and business model all-round output. We will take policy-friendly countries as the starting point, such as 2025 in Indonesia, Vietnam, Malaysia and other markets on the basis of exploration, relying on intelligent platform and mature operation system, focusing on the layout of Southeast Asia and the Belt and Road along the market. We will strengthen localized team services and supply chain construction, promote adaptive replication and innovation of platform service models, and strengthen overseas brand building and market promotion to enhance global influence and cultivate overseas growth curves.

A：In the intelligent strategy, the company will take artificial intelligence as the core to participate in the fourth industrial revolution. First of all, the company will be committed to becoming a leader in intelligent management in the industry. Through scientific and technological empowerment and data-driven operation, the company will increase research and development investment in the Internet of Things and AI, build a comprehensive center with AIM management platform as the core, gradually realize comprehensive intelligence in enterprise management, start from simple functions such as intelligent question-and-answer and meeting minutes, and gradually intervene in the whole process support of pre-sale, mid-sale and post-sale. Secondly, the company will be an expert in the field of intelligent services, fill the gap in the operation and maintenance market of artificial intelligence applications, provide hardware and software service support through the establishment of R & D centers and business units, seize the opportunity of artificial intelligence, and become a leader in intelligent management and service.

A：The four core engines of the company's future development are networking, multi-product, internationalization and intelligence. Networking through the offline service network to break through barriers, build efficient collaborative bottom support, multi-product relying on a rich product matrix to accurately connect multiple needs, consolidate the foundation of value creation, international expansion of the global market, to achieve win-win value, intelligent use of data algorithms to empower the whole chain, to provide inexhaustible power for all links. These four dimensions are interdependent and progressive, leading the company to move forward in the digital economy era.

A：The company's revenue structure has been optimized this year, and the high-margin service business has increased by a total of five percentage points, which indicates that the strategic transformation of the company's platform providers has steadily moved from a comprehensive layout to a dividend cashing stage. The specific performance is a significant increase in the number of new customers, application and maintenance of two high value-added business revenue ratio increased significantly, while the value of old customers continued to release, customer retention rate high operation. In addition, multi-business synergies have been enhanced, the proportion of maintenance and repair business revenue has increased, and the value of single customers has increased significantly due to cross-selling, further consolidating barriers to customer contact and cooperation.

A：After the official operation of the electric loader business in 2025, relying on the company's existing resource chassis and operational capabilities to fully empower, has brought the company nearly 50 million yuan of subscription service revenue contribution.

A：Based on the strategic focus of the active adjustment, the company will optimize the proportion of trade business from 38% to 33%, aiming to more accurately allocate limited resources to high value-added, sustainable, high-growth service business, in exchange for a moderate contraction in short-term trade scale in exchange for a systematic improvement in long-term profitability and asset quality.

A：Intelligence is the core engine driving the company's strategic transformation, the company has built and deepened the dual-energy-driven intelligent promotion path. To build long-term barriers and create a second growth curve through service-oriented core, and to become an expert in the field of smart device aftermarket services, and to innovate business models, through the platform-based operating model and core competency translation, to provide smart device life cycle services to seize the gap in the smart service market.

A：This high-quality profit growth is mainly due to the optimization of business structure, the proportion of high gross margin business continues to increase, especially the proportion of maintenance and repair service revenue, resulting in a significant increase in the overall profit level. This indicates that the company is shifting to a high-quality development stage with equal emphasis on scale and efficiency, and has a certain degree of sustainability.

A：The Company attaches great importance to shareholder returns and has established a clear dividend policy, the core principle of which is to maximize the sharing of operating results with shareholders on the premise of ensuring the long-term development of the Company. For 2024, the implementation of a 10% payout ratio is the first return to shareholder trust and marks the official landing of a stable dividend policy. However, 10% is not a long-term fixed standard, and the dividend level will be dynamically optimized in the future according to the company's development rhythm and capital allocation plan. The decision not to pay dividends in 2025 is based on the company's current stage of development and strategic needs. The company is in the strategic landing of the key period, the need to focus resources to seize the domestic market in-depth breakthrough and service network encryption and other opportunities, as well as overseas markets in a comprehensive deep cultivation, these strategic investments need abundant capital protection. Therefore, although the company has the ability to dispatch, but in order to long-term development, choose not to pay dividends.

A：In 2025, by deepening fine management and accelerating global layout and multi-category expansion, although the key operating expenses showed an optimization trend of one drop and one rise, the increase in strategic investment led to a slight increase of 1.3 percentage points in the sales and management expense rate year-on-year. This rise and fall reflects the improvement of operating efficiency in the current period and the foreshadowing of future growth. With the continuous expansion of the company's business scale and profitability, the optimization of cash flow structure driven by the new asset model and the gradual maturity of the business, the company's distributable profits will grow steadily, and the scale effect is expected to further appear in the future.

A：By deepening the full life cycle management of equipment and the application of remanufacturing technology, the company has effectively extended the useful life of equipment and improved the efficiency of the use of unit assets, thereby reducing the depreciation pressure brought about by new assets. In addition, by virtue of the industry leader's brand advantage and robust scale effect, the company optimized its debt structure and cash flow management, enhanced its financing bargaining power, and led to a reduction in comprehensive financing costs.

A：The increase in operating expenses in 2025 is the choice of the company's strategic layout for the future. On the one hand, the global layout has entered a critical stage. The company has set up branches in key overseas regions and set up localized service teams and warehousing systems. Although these upfront investments have increased sales and management costs in the short term, they have helped build global delivery capabilities. On the other hand, the expansion of category construction has also entered the production period, the company in new product research and development, supply chain adaptation and initial market promotion and other aspects of increased investment, although the current period affected the cost side, but to broaden the business boundaries, cultivate new growth curve of the necessary pre-conditions.

A：By 2026, overseas outlets such as Indonesia, Vietnam and Malaysia have entered a steady operation stage after a year of cultivation. As overseas operations continue to mature and new-product marketing initiatives yield tangible results, revenue growth is expected to outpace expense growth. Consequently, the operating expense ratio is likely to reach an inflection point for improvement in the second half of 2026. In the long run, global network synergies will continue to strengthen, single-point fixed cost dilution, domestic business relying on fine operation and remanufacturing system continued to reduce cost efficiency, market share steadily expanded, scale effect will be significantly reflected in the future.

A：The electric loader business, as a strategic entry point for the company to build its second growth curve, has achieved remarkable results since its launch. In the next three years, the business management fleet size and application service revenue are expected to double year by year, and the proportion of revenue will continue to increase. With the expansion of business scale and the release of scale effects, the electric loader business will form an increasingly significant contribution to the company's overall revenue and profit, and will become the core growth engine to promote the company's high-quality and sustainable development. At the same time, the successful experience of electric loaders can be copied to other categories such as cleaning equipment and intelligent logistics equipment, helping the company to succeed in its multi-product strategy.