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4 Chairman'

s Statement According to estimated statistics from CMM, it is expected that retail volume of refrigerators in

2019 will decrease by 4.4% year-on-year, while retail volumes of air-conditioners in the online market and offline market will drop by 14.3% and 8.3% year-on-year, respectively. Given the high inventory of the aid-conditioning industry, operation of home appliances in

2019 will suffer from intensified pressure. In the face of the severe market conditions, the Company will enhance capacities, drive profit........