As a leading food additives manufacturer in China, Changmao has been constantly striving for improvement in production, sales, management, R&D and innovation to provide preferred products.

Changmao's growth is attributable to our strategy of continuously diversifying our products. This can be seen in the variety of our product lines with a wide range of organic acids and sweeteners Aspartame, including fumaric acid, maleic acid, malic acid and tartaric acid. This diversity makes us one of the few widely diversified food additives manufacturers in both domestic and overseas markets. Changmao persists in pursuing advanced technologies as its production direction and focuses on investment in new technology R&D which combines the production process with theoretical concepts. We have received numerous awards in relation to production technologies including the First Prize in the National Scientific Improvement Awards and numerous provincial and ministerial prizes for scientific Improvement. The company has also obtained 10 invention patents, which demonstrates a superior innovation and R&D capability rarely matched in the industry.

To meet increasing market demand, we have constantly strived to improve processes and achieve efficiency breakthroughs in production. At the same time, we have managed to control energy consumption and save production costs on one hand, while increasing production volume on the other hand. Apart from the headquarters in Changzhou, our Lianyungang production base is set to become a key future growth highlight.

Changmao values product safety management and has strengthened management processes with safety standardization. We also are concerned about environmental protection and are sincerely committed to fulfill our corporate social responsibilities. Our environmentally-friendly systems also help reduce energy consumption and further enhance production efficiency.

Looking ahead, Changmao will be facing both opportunities and challenges. With improving living standards, the global food additives market will expand in parallel and more natural and healthy products will be offered to meet the increasing demand. Thus, new products such as natural malic acid and natural fumaric acid are expected to become popular. As a leading industry player, Changmao is therefore well-positioned to realise broader scope for its future development.

Food additives production will continue to be our core business and Changmao will enhance the competitiveness of its existing products by exploring new markets and new application areas. At the same time, we will capitalise on our R&D and production strength to develop new functional food additives, natural food additives and nutraceutical products. We will continue to extend our production chain, expand our economies of scale and strengthen our position in the industry in order to attain new heights of success .

Appreciation
On behalf of the Board, I would like to thank our friends and business partners across various sectors for their interest and assistance. I would also like to express my appreciation to all of our shareholders for their ongoing support for our work and to our staff for their dedication and hard work. Let us all work in concert to create a better Changmao.

Chairman
Rui Xin Sheng