On the morning of September 1st, the signing ceremony for the establishment of the new business divisions of MU Group was held simultaneously in Ningbo and Yiwu. Chairman and President of MU Group Tom Tang, Leaders of MU Group Henry Xu, Amenda Weng, Eric Zhuang, Amanda Chen, William Wang, and department directors attended the ceremony with all new divisions colleagues in the Group training room. Yiwu and other colleagues who are working in other offices join this ceremony through the online meeting.

At the signing ceremony, Group President Tom Tang, President Assistant and General Manager of Royaumann William Wang signed the contract with Spring Wang and Infi Chen, the heads of the two new business units (Charles Chen, Director Manager of European Division of GT, visited customers abroad). Afterward, Amanda Chen, the representative of the chairman of the business division, delivered a speech. She congratulated Charles Chen and All European Division, colleagues. Today is a new beginning, and the new team needs to be optimistic in the fiercely competitive market. They need to take on a lot of responsibilities and obligations and insist on doing the hard and correct things. Also, they should think about how to make a unique way to contribute to the group and live a better life for colleagues, it is a long-term thinking and continuous exploration.

It is a good day for SC-STARMAX, Greenhill Furniture, Bright Max, and Beauty Division of GU to celebrate their relocation to the Smart Park workspace today. The Group has high expectations for them. Mr. Tang signed a military order with Albert Zhu, Jony Zhu, Jacky Zhou, and Mary Jian respectively: the target annual sales revenue and net profit compound growth rate for three years (2022-2024) shall not be less than 50%. Jony Zhu, General Manager of Greenhill Furniture, spoke as the representative of the military order. He proposed that the signing of the military order today is not only because of the imminent arrival in the Smart Park workspace but also because they must complete the major strategic tasks of the Group. Just like Liu and Deng's army Dabie Mountains in 1947, the establishment of the Dabie Mountain base is of great strategic significance to the overall situation.

Finally, President Tom Tang delivered a speech. He pointed out that the four business divisions and trade subsidiaries that have been relocated all focus on professional product lines, the features of business subsidiaries and departments are high growth, high gross profit, and low expenses. The situation shows high-quality development. Also, he proposed that those benefits may help us become a great company. Mr. Tang shared his analysis and thinking on the current market; With the development of short videos and live, the market trend is decentralization. The overseas version of Pinduoduo will bring a negative effort to the low-end retail industry. Companies that do not create value will be eliminated by companies that create value. Decentralization does not necessarily mean removing the middle person but removing those who do not create value in the supply chain. Mr. Tang proposed that we should accelerate the localization of business in Guangdong, accelerate the localization of dual-line business in Southeast Asia, and accelerate the localization of overseas business. At present, MU Group needs to gradually transform from design-driven to technology-driven, the production of goods has been severely oversupplied. There will have more and more R&D employees and designers in the future. The research and development design is the content and function of product design, rather than the product appearance and packaging design. More products will be electrocuted as a future trend. There will be only dynamic products and static products in the future. We need to recruit more scientific researchers. There will be 70% of employees who are researchers, designers, and testing and quality control people from the R&D and design departments, laboratory respectively in MU Group in the future. The overall strategy is the company should rely on leading from technology. All MU Group people should prosper from ideas first, we believe that our business will surely prosper.