The inaugural board of directors of SPP convened for its fourth meeting.

The fourth meeting of the inaugural board of Directors meeting of SPP took place on March 1, 2023, with Chairman Zhang Lei presiding over the proceedings. The meeting witnessed the presence of company directors, namely Xuan Ruiguo, Ma Cheng, Dong Yan, Zhang Lei, and Liu Zhujing. Company supervisors: Liu Ming, Yu Tian, Wen Changhong, etc. attended the meeting.

During the meeting, the Board of Directors reviewed the progress made in implementing the resolutions passed during the first three meetings held in 2022. They also received a report on the operational activities carried out in 2022. Additionally, the board deliberated on various matters, including the year-end financial statements for 2022, the budget targets and operational objectives for 2023, as well as the proposed fixed asset investment program. A total of 14 motions were considered and discussed.

   The board of directors acknowledged the accomplishments of the company in 2022 and approved a total of 14 resolutions. These resolutions provide clear guidance and set the course for the company's development in 2023. Mr. Xuan and Mr. Ma delivered speeches during the meeting, providing significant guidance and instructions regarding the work priorities and developmental trajectory of the company for the year 2023.

Mr. Xuan emphasized the importance of concentrating on high-end products and defining the types and categories of products for the company. He also highlighted the need to enhance the proportion of service revenue and elevate the overall gross margin.

Mr. Ma expressed his high level of satisfaction with the accomplishments of SBW Petroleum & Chemical Pump in 2022. He stressed the significance of targeting emerging markets and enhancing the quality and delivery capacity of products. Additionally, he emphasized the importance of building a strong market reputation.

The directors and supervisors of the company exude confidence and hold great expectations for the future development of SPP. They express their collective wishes for SPP to continue its growth and advancement, aiming to reach new heights in 2023.