Dear Shareholders, 2025 marks a defining year for Huaxin Building Materials to reshape landscape and redefine value. Amid a cyclical downturn in the domestic building materials market, the Company not only weathered the storm but also successfully expanded the global footprint of strategic assets. Navigating in the intensifying industry "involution" and evolving demand dynamics, the management demonstrated unwavering strategic resolve, steering the team through a pivotal transition from "scal