New Year's Address | Breaking Barriers, Sailing Beyond, Forging Ahead

To All Colleagues, Partners, and Friends,

The Yangtze's tides surge, and time flows deep. As the first light of the New Year dawns upon our shipways, we stand once more on the deck of time. We look back upon the 125-year voyage carried forward by generations, and gaze toward the journey that lies ahead. On this occasion of bidding farewell to the old and welcoming the new, we extend our sincerest greetings and best wishes to all Wuhu Shipyard members and our fellow travelers who have journeyed with us along the way.

The year 2025 stands as a significant chapter in the 125-year history of Wuhu Shipyard. We remained true to our founding aspiration of industrial development for national strength, passing on our century-long legacy through steadfast dedication. By upholding our core values while pursuing innovation, we fully implemented the integrated industrial ecosystem of "R&D – Manufacturing – Finance – Services".

This year, we sustained our momentum of high-quality development, achieving a continuous doubling of performance for the fourth consecutive year since 2022. Our output value surpassed the ten-billion-yuan mark, elevating our operational scale to a new level. We further expanded our green and intelligent vessel business, deepening its reach across our operational landscape. Moreover, we actively explored cross-industry integration, pioneering automotive-inspired shipbuilding concepts. We successfully adapted advanced waterjet propulsion technology from shipbuilding for application in the automotive industry, supporting Anhui's automotive sector in achieving new milestones "on roads and across waters". In the process of creating value for customers, driving industry progress, and serving national strategies, the indelible mark of Wuhu Shipyard's dedication has been firmly imprinted.

We stay rooted in our industrial core while pushing boundaries through innovation, advancing steadily on the track of green and intelligent shipbuilding.

In the field of new energy for inland waterways, we focus on our primary responsibilities and core business. Through technological innovation, we achieved the breakthrough of "30-minute full-vessel battery swap", independently developed the PACK-powered battery-swapping vessel "Blowfish Azure", and created modular battery packs. These accomplishments have been selected for the "National Key R&D Program under the 14th Five-Year Plan", providing strong support for green inland waterway shipping and the electrification of the Yangtze River.

In the field of high-end vessel R&D, we inherit a century of shipbuilding craftsmanship while balancing conceptual and technological innovation. We successively launched three series of "high-end, green, and intelligent" chemical tankers, which obtained DNV's BDA (Battery Driven Approved) certification, breaking through international technical barriers. This has systematically built our comprehensive competitiveness in the high-end chemical tanker sector, steadily positioning us at the forefront of the global first tier for chemical tanker construction.

We remain committed to collaboration for shared success, uniting development strengths through business model innovation to build an industrial symbiosis ecosystem.

By partnering with industry stakeholders, we have established a deeply integrated model of "Operations, Intelligent Manufacturing, and Finance", jointly creating a new platform for the shipping industry. This enhances resilience against industry cyclical fluctuations, delivers long-term value to clients, and contributes to the stable, sustainable advancement of the industrial ecosystem.

We remain anchored in serving the market, expanding our service boundaries through capability innovation, and refining systemic solutions for the blue economy.

We have developed a "Four-Dimensional Integrated Smart Emergency Solution" that merges maritime, land, air, and space capabilities, incorporating unmanned vessels, drones, intelligent sensing, and satellite communication technologies to build a multi-dimensional water safety and protection system. This drives Wuhu Shipyard's transformation from a high-end equipment manufacturer into a "systemic solution provider for the blue economy."

We launched a "Shipping-Energy Integration" systemic solution to advance the integration of vessel energy management and green operations, enabling low-carbon transformation across the entire shipping chain. In partnership with Harbin Engineering University, we co-established an ice-class welding laboratory and a high-end equipment innovation center. Additionally, we set up a deep-sea equipment testing and research center in Qingdao, strengthening the foundation for R&D and verification of cutting-edge technologies.

The smooth delivery of vessels including a 14,600-ton high-end heavy-lift vessel and three 7,000-car carriers bearing the mission of “domestic vehicles, domestic transport,” as well as upcoming deliveries such as a 22,000-ton hybrid chemical tanker, an 18,500-ton chemical tanker, and a large fracturing vessel—all high-value-added ships—demonstrate the effective implementation of the “River-Sea Coordination, Dual-Engine Drive” strategy.

We uphold our fundamental responsibility, strengthen our developmental foundation through conceptual innovation, and convey the warmth of our enterprise.

We implement an ESG strategy, integrating sustainable development into all aspects of our operations. By anchoring our growth in business ethics and compliance governance, and collaborating with local communities through initiatives such as the "Community Partnership" mechanism to support rural revitalization, our practical achievements were honored as the "2025 Outstanding ESG Practice Case in the Shipbuilding Industry."

Under the guidance of provincial and municipal trade unions, we organized the inaugural Pan-Yangtze River Delta "Wuhu Shipyard Cup" Welding Skills Competition to promote the spirit of craftsmanship and nurture industry talent. We firmly believe that a century-old enterprise must not only deepen its market presence but also embed itself within society, achieving harmonious coexistence among people, society, and nature.

Every achievement embodies the dedication and hard work of the Wuhu Shipyard team and carries the trust and collaboration of our partners. We are deeply grateful, yet remain clear-eyed that no voyage is without challenges, and progress inevitably brings trials. True value is forged through perseverance in overcoming obstacles and manifested in the practice of innovation and breakthroughs. This confidence stems precisely from the heritage of a century and our commitment to evolving with the times.

The General Secretary has pointed out,"Each generation has its own Long March to undertake, and each must walk its own path well." In 2026, standing at the outset of the 15th Five-Year Plan and facing the grand blueprint laid out by the nation, we choose to take root even deeper as we walk Wuhu Shipyard's Long March. Our path is clear and steadfast: focus on “fast delivery” and strengthen the “robust system.” This operational philosophy is the consistent survival ethos we uphold—breaking through formidable barriers, sailing past countless waves, and forging ahead toward the seas and mountains.

"Breaking through formidable barriers" embodies a commitment to upholding integrity. It means infusing the spirit of craftsmanship into every blueprint, every weld seam, and every process optimization. It is also an act of innovation, tackling technical challenges with pioneering courage. We must ensure designs are closely aligned with production realities, solidify the stability of our supply chain, and enhance the precision and penetration of management. By staying true to our foundations while innovating to solve problems, we can overcome obstacles one by one through dedicated and meticulous work.

"Sailing past countless waves" represents the responsibility of upholding integrity. It means shouldering the expectations of our clients, the aspirations of our industry, and the dignity of our century-old brand. It is also an act of innovation, consolidating our leadership in green and intelligent vessels through forward-looking strategies. We commit to enhancing delivery certainty through systematic development and strengthening our core competitiveness with innovation-driven empowerment. With responsibility on our shoulders, the people of Wuhu Shipyard will courageously embrace our mission, navigate challenges, and break new ground.

Ultimately, all these efforts and commitments point toward the goal of "forging ahead toward new horizons." What drives us forward is the grand vision of building a thriving Wuhu Shipyard ecosystem. We strive for the satisfaction and recognition of our clients, employees, and stakeholders, for the honor of establishing "Built by Wuhu Shipyard" as a renowned global brand in the shipbuilding industry, and for creating a healthy, efficient, and dynamic industrial ecosystem. This goal lies not in the distant future, but in today's accumulation of diligent work, in every act of responsibility undertaken, and in each step of innovative progress. 

Fellow Colleagues and Partners,125 years of journey have taught us this: a mighty river flows to the sea, undeterred by reefs in its path; a great enterprise grows stronger, refined through trials and tests. We now stand at a critical juncture in the intelligent and green transformation of the shipbuilding industry. This is not only a test that hones our capabilities but, more importantly, an opportunity to write a new chapter. Only by staying true to our original aspirations can we stand firm and navigate steadily toward a far-reaching future.

The challenges before us are the necessary path to a new journey. We do not shy away from problems but are building a problem-solving system with firm determination. We do not fear market cycles, planning long-term development from a perspective of long-termism. This confidence stems from the resilience accumulated over 125 years, from the collaborative strength of our industrial ecosystem, and, even more, from every Wuhu Shipyard employee who strives forward and works diligently in their ordinary posts. 

A mountain stands majestic because of its backbone; a house remains sturdy because of its pillars. 

Let us take our century-old heritage as our backbone, let consolidation and innovation be our guide, and let each day’s hard work be our foundation. Holding fast to our original aspirations and immersing ourselves in determined effort—without hesitation or wavering—we will advance steadily toward our goals.

When we look back from the end of 2026, we will see a Wuhu Shipyard that has steadily achieved its operational targets, with a stronger system, more robust foundations, and a more steadfast vision. That will be our finest answer—to ourselves and to our times.

We wish our great nation peace across the seas, prosperity, and flourishing vitality.

We wish all colleagues and partners good health in the New Year and happiness to their families!

May our journey ahead be as vast and brilliant as the starry seas!

Zhang Zhao

Chairman of the Board

Wuhu Shipyard Co., Ltd.

December 31, 2025