With steadfast determination at our desks, diligent efforts naturally yield abundant results. As December draws to a close, we carry our aspirations with practical action, diligently cultivating domestic and international business, uniting our efforts to achieve our goals and draft a new chapter.

1.Business Activities
1.1 Domestic Business
(1) 2025.12.02-03: Company leaders, along with BU2, visited Hualing in Hainan, Nantu in Hunan, and Jinci in Hunan for business visits, reaching cooperation agreements with various parties, promoting business expansion in Hong Kong, Macau, and Vietnam, implementing joint venture projects, and engaging in high-end sector collaborations.
(2) 2025.12.05: Company leaders led a team to visit FAW Toyota in Tianjin for a business meeting to understand their procurement and production-sales system and clarify cooperation directions. Both parties introduced their company profiles and conducted in-depth discussions on cooperation directions and models, agreeing to explore suitable cooperation models based on their respective advantages and carry out pragmatic cooperation.

1.2 International Business
(1) December 12, 2025: The signing ceremony for the cooperative development agreement of the "Vietnam Project" and "Thailand Project" between BASR and Tianjin Qiqiao was held at the Airport Base. Han Zhelong, General Manager of Tianjin Qiqiao, led the core team to attend the event. Both parties discussed their vision for cooperation, and the atmosphere was solemn and enthusiastic.

The leaders of both sides jointly signed the cooperation agreement, firmly believing that working together will achieve higher-level development. At the signing ceremony, General Manager Han Zhelong of Qiqiao delivered a speech to express gratitude and emphasized deepening cooperation and further developing the Southeast Asian market. General Manager Guan Baodong presented an ink work with the words "Faith, Hope, Love," illustrating the company's business philosophy. Deputy General Manager Yang Zhiping began the event with the symbolism of "Double Twelve" to highlight win-win cooperation, and overseas department representative Guan Yunja delivered a speech on behalf of the company.

This signing marks a new phase in the cooperation between both parties, injects momentum into the strategic layout of the Southeast Asian market, and will help promote cross-border industry cooperation and coordinated development of the industrial chain.

2.Management Improvement
2.1 December 2025: The Human Resources Department will focus on employee growth and development, conducting comprehensive competency assessments for all employees, thoroughly reviewing their job performance, and accurately identifying individual development potential. Based on the results of scientific evaluations, talent allocation will be optimized, and simultaneously, a fair, transparent, and accessible career advancement pathway will be established to genuinely empower and support employees' career development.
2.2 December 2025: With Christmas, New Year, and Spring Festival approaching, to ensure a successful conclusion to 2025 and support a strong start to 2026, the company will designate December 1, 2025 – March 10, 2026 as "BASR Safety Month." During this period, all departments are required to strictly adhere to safety production protocols, focus on key areas such as production and equipment to strengthen hazard inspections, organize safety education and training to enhance employee skills, and increase inspections in key areas. At the same time, a safety management team will be established to ensure production and supply through safety management, safeguarding everyone’s enjoyment of a peaceful and happy holiday season.

3. Team Building
3.1 December 26, 2025: The 4th BASR Book Sharing Session was successfully held in a synchronized, cross-location format, taking everyone on a journey of collision between words and ideas. Ren Qu shared insights through the book *May You Fly Freely*, encouraging colleagues to cherish the fruits of their hard work; Li Yuan focused on *The Miracles of the Namiya General Store*, interpreting the core of self-awareness and choices. Both presenters conveyed a positive attitude by relating it to work and life, resonating strongly with colleagues in both locations, creating a lively atmosphere for on-site exchanges.

4.Steel and Aluminum Market Trends by December 2025
4.1 Steel Market Trends

4.2 Aluminum Price Trend