For example, during the COVID-19 pandemic between the end of 2019 and the beginning of 2023, government-imposed measures such as travel restrictions, extended holidays and delays of business resumption, interrupted normal operation of businesses and adversely affected and slowed down economic development.

filing / Apr 17, 2026 / receipt

The increase in staff costs was mainly due to an increase in the number of employees with general corporate functions. Our general and administrative expenses as a percentage of our revenues decreased from 9.2% in 2023 to 3.9% in 2024.

filing / Apr 17, 2026 / receipt

Based on this assessment, our management, with the participation of our chief executive officer and chief financial officer, concluded that our internal control over financial reporting was effective as of December 31, 2025.

filing / Apr 17, 2026 / receipt

Our ability to achieve or maintain profitability depends in large part on our ability to increase sales of our products and services, increase cost efficiency and manage operating expenses.

filing / Apr 17, 2026 / receipt

In addition, as our business grows, we expect to achieve greater operating leverage, increase the productivity of our personnel, and obtain more favorable terms from our suppliers.

filing / Apr 17, 2026 / receipt

International expansion represents a large opportunity to further grow our business and enhance our competitive position, and is one of our core strategies.

filing / Apr 17, 2026 / receipt