Speech by Chairman of Shanghai No.2 Textile Machinery Co., Ltd.

In 2003, the board of directors of Shanghai Second Textile Machinery put forward the company's work goal of paying close attention to mechanism innovation, technology innovation and management innovation, and creating asset benefit, product benefit and operating benefit. With the care and support of all shareholders, through the pioneering and innovative management and the hard work of all employees, the company has achieved its annual business objectives, achieved a good momentum of sustained economic growth and all-round development of all work, and laid a solid foundation for the company's sustainable development strategy.

2004 is a year in which opportunities and challenges coexist. Guided by the concept of comprehensive, coordinated and sustainable development, Shanghai Second Textile Machinery will further strengthen corporate governance, promote standardized operation, pay attention to honest operation, speed up resource integration, do a better and stronger main business, accelerate the promotion of core competitiveness, and strive to realize the brilliant prospect of the revitalization and development of Shanghai Second Textile Machinery.