Looking ahead at 2024, economic uncertainties worldwide and in mainland China will continue to pose challenges to the Group’s business. In light of that, the Group will continue to deepen its sound business strategy and manage finance with prudence. It will promote long-term development via two main pursuits – the plans it has mapped out for its three major businesses and its expansion plan in the ASEAN region.

The colorants, pigments and compounded plastic resins business has shown clear signs of recovery. The number of customers from the food packaging and automotive application industries have grown, and order volume has been on the rise. Among them, the automotive industry has bright development prospects. In 2023, the mainland government implemented policies in favor of auto sales to promote growth of the auto market. While, in recent years, the Group has been actively rallying customers in the automotive application industry, in the hope of securing more product orders with high value-adding potential. For the engineering plastic business, the Group will closely watch market trends to prepare for the consumption rebound when market conditions recover, the interest rate hike cycle in Europe and the United States stabilizes and inflation turns steady. Stable geopolitics will be conducive to a profitable plastic raw material trading business. However, uncertainties are prevailing currently, so the Group is maintaining a conservative and cautious strategy.

Following its 2022/23 blueprint for tapping new ASEAN markets, the Group has found a stronghold in the region for exploring and building a new customer base with tremendous potential, which is expected to officially start operation in the first half of 2024. It will help the Group open up wider channels to bring in overseas customers, contributing to the Group achieving continuous business growth and expanding its business footprint.

In addition to the aforementioned business expansion strategies, global green and low-carbon transformation and innovation have become an irreversible trend. In 2023, the Group’s subsidiaries had secured ISCC PLUS certification. In the future, the Group expects market suppliers to assume a stronger leading role in promoting capital and social adaptation and acceptance of environmentally friendly materials, as such, it believes demand for environmentally friendly materials will keep growing.

The Group has grown its business in the industry for more than 50 years, able to push forward relentlessly and overcome various difficulties, all owed to the support from customers and shareholders and the hard work and dedication of the management team and staff. It expresses its heartfelt gratitude to them all. In the future, the Group will uphold its professional and prudent management strategy and pragmatic approach, and as always continue to strive for long-term development and optimum returns to shareholders.