In 2022, uncertainties in the international situation continued to increase, including rising global inflation and significant volatility in international financial markets and commodity markets, which also had a significant impact on the Company's performance. The industrial incubations and investments segment successfully promoted the listing of over 60 enterprises in the last three years, among the best in the industry. However, as these investments were measured at fair value, the segment's performance was affected by the volatility of the capital market; in addition, Joyvio Group made a provision for goodwill and asset impairment in 2022 year due to factors such as rising operating costs caused by the increase in raw material prices and the interest rate hike by the Federal Reserve. Facing the challenges, the company carefully studied the layout and solidly promoted its strategy to strengthen its competitive ability while stabilizing its fundamentals and ensuring sustainable profitability.

Mr. Li Peng, Executive Director and CEO of Legend Holdings, said that during the reporting period, the company's performance recorded a considerable decrease, but the company insisted on the goal of achieving high-quality development, with "industrial operation and technological innovation" as the core of its long-term development strategy. The company's fundamentals are sound, and certain enterprises in the industrial operations and incubations & investments sectors have good long-term growth potential. The main task now is to further strengthen the existing business foundation and enhance industrial competitiveness, while actively adjusting the business portfolio and optimizing the business model to improve shareholders' returns. During the reporting period, the industrial operations segment overcame various unfavorable factors and continued to promote management improvement and operation enhancement; the industrial incubations and investments segment focused on national key fields, supporting independent innovation and industrial chain upgrades, promoting the development of specialized and innovative enterprises, and linking economic chains in line with the dual circulation strategy. At the same time, the company continued to increase investment in scientific research and frontier layout, grasp green opportunities, promote energy saving and carbon reduction, and make positive progress in various businesses.

Driven by Technological Innovation, Continuously Expand R&D Investment in Frontier Technologies

In the current context of China's implementation of science and technology innovation to lead high-quality development, Legend Holdings grasps the opportunities of the times and has been constantly improving its enterprise-led innovation system based on partnership among industry, academia and research institutes, and shaping a collaborative and efficient innovation pattern with specialized and innovative enterprises to promote the sustainable development of the enterprises.

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