At the meeting, each department head summarized the work of the first half of the fiscal year around the goals set at the beginning of the year of the department, shared the results achieved, analyzed the shortcomings, and put forward the strategies to deal with the situation and the work arrangements, and finally, the general manager, Mr. Jiang Yourong, summarized the achievements and challenges of VALUE in the first half of the fiscal year 2024, and focused on the key work of the company in the second half of the fiscal year.

     In 2024, the external environment has become more complicated and uncertain, and the competition is more intense. In such a challenging environment, all the partners of VALUE make concerted efforts to achieve good business results:

I. Sales Revenue: In the first half of fiscal year 2024 (23.10-24.04), VALUE sales revenue exceeded the target set at the beginning of the year by 9%, and increased by 20% over the same period last year;

Second, brand building: maintain good cooperation with the channel network of our own brand in more than 100 countries around the world, market share and brand influence continue to improve, and our core products maintain the first market share in the global market;

Third, innovation and research and development: in the first half of fiscal year 2024, the R&D investment of 6.6% of sales revenue effectively supported VALUE's innovation and research and development, with 6 new validly authorized patents; breakthrough in three core technologies, and the realization of 18 new products listed on the market, which is a major breakthrough in technology, products, and R&D system;

Fourth, operational excellence: launch the VPS system, and continue to promote the establishment of operational excellence system.

lthough we have achieved good results, we also face many challenges:

1. Global political turmoil and economic downturn;

2. Iteration of new technological revolution

3. New business models

4. Iteration of digital digital technology, etc.

At the same time, we also have many limitations:

1. Cognitive conceptual limitations: Very often we will use yesterday's successful experience, knowledge and ability to accomplish today's design, planning and tasks, but the future will be more ambiguous, complex and uncertain, so how do we discard the past, innovate and change, conceptualize new market needs, design new business models, and redefine the future?

2. Organizational limitations: How can our organizational capacity building adequately match the strategic needs and mission requirements to cope with the complexity of business and development?

3. Limitations of management system: Historical leap has realized the scale development, but there is a lack of more complete, scientific and systematic management system that can comfortably cope with the future to support the enterprise's business activities;

4. Limitations of capabilities and resources: Can the insight of market demand, the planning and development of leading technology platforms, the development of products with higher technical difficulties and quality requirements, and the quality supplier channels and external partners support us to continue to lead?

How we should break through the internal and external limitations of the organization to achieve sustained growth has placed new demands on our work in the second half of the fiscal year:

1. ensure that we achieve our sales targets for the second half of the fiscal year and realize full-year sales growth;

2. accelerating the layout of global business in core industries;

3. maintain investment in new product development in core areas, continue to develop new products and services, and ensure efficient and high-quality launch of new products;

4. increase brand marketing investment, from global brand layout to brand enhancement management;

5. build a modern management system and organization system to cope with future development;

In the second half of fiscal year 2024, we hope that all Feiyue people: with a sense of correct direction and a strong sense of urgency, break through the internal and external limitations to achieve sustained growth!