Dear colleagues, partners, and investors of BGT:

As the old year gives way to the new, a fresh chapter unfolds. As the New Year’s bells are about to ring, I extend my most sincere New Year’s greetings from the BGT Group headquarters in Beijing’s Yizhuang District to every BGT employee working across the country, as well as to the leaders, clients, partners, and shareholders who have consistently supported us.

2025 marks a breakthrough year for BGT’s strategic transformation and the foundational year for our “Resources + Environmental Protection” dual-drive strategy.

Looking back on this year, we have persevered through storms and achieved breakthroughs amid challenges. Faced with macroeconomic fluctuations and industry cyclical adjustments, allBGT employees did not retreat but instead forged ahead with even greater determination, charting our own path of “resource recycling and coexistence with nature.”

This year, our traditional core business remained as solid as a rock. The Wanhua Chemical Penglai 100,000-ton-per-day seawater desalination project was officially completed and put into operation, becoming a benchmark project for industrial membrane-based seawater desalination in China. The chemical water station, condensate water station, and dual-membrane desalination and reuse project for the 1.2 million metric tons per year ethylene project in Tianjin Nangang have been fully commissioned. The evaporation and crystallization process at the Shanxi Synthetic Biology Industrial Park has met the conditions for handover. As the industrial wastewater project with the largest designed salt separation capacity in China to date, it is turning “zero discharge” from an ideal into reality.

This year, we achieved a historic breakthrough in smart operation and maintenance. The nation’s first smart O&M project for water treatment in the petrochemical sector was successfully implemented, with equipment automatic start-stop rates exceeding 90%, bringing “unmanned operation” from blueprint to reality. This represents BGT’s firm commitment to “AI + Environmental Protection” and serves as powerful proof of our data-driven approach to the future.

This year, our second growth curve moved from planning to implementation. In Xinjiang, we secured wastewater resource recovery projects in the industrial parks of Hotan, Kashgar, and Urumqi, with a cumulative contract value of 1.41 billion yuan. In the Aljin mineral belt, we have unlocked one “treasure of the earth” after another—four copper-polymetallic exploration rights, one lithium exploration right, and one lead-zinc polymetallic exploration right, with some sites already meeting industrial-grade standards. In Yunnan, we completed the strategic acquisition of Dahao Mining and, as the year drew to a close, initiated the integration of Wenyu Nonferrous Metals. Moving from “antimony recovery” to “antimony resource control,” and from “end-of-pipe treatment” to a “closed-loop full industrial chain,” BGT has become the first company in China to establish a fully integrated antimony industrial chain.

This year, our industrial assistance to Xinjiang has gradually taken shape. The Kashgar North Water Supply and Drainage Project, with a total investment of 1.327 billion yuan, has taken root in Southern Xinjiang under a BOT model. Upon completion, it will provide water to 300,000 residents and industrial parks, while a 40% wastewater reuse rate will help conserve every precious drop of water in this region. With cumulative investments in Xinjiang nearing 2 billion yuan, we are writing a new chapter in the “mutual commitment” between Beijing and Xinjiang through a three-pronged approach of “technology empowerment, industrial self-sustainability, and ecological conservation.”

This year, we have also faced growing pains. Due to factors such as delays in the acceptance of certain projects and a significant increase in R&D expenditures, the company’s current profits have come under pressure. But I want to tell everyone: We at BGT never fear short-term fluctuations, because we are committed to building value that transcends economic cycles. We have secured 1.4 billion yuan in orders in Xinjiang, we are safeguarding salt lake resources on the Qinghai-Tibet Plateau, and we are consolidating strategic mineral resources in the southwestern frontier—today’s investments are the foundation for tomorrow; today’s dedication is the harvest of the future.

Looking ahead to 2026, we are charting the future under the banner of “Making Resources Eternal.”

What does “Resources for Eternity” mean? It is not merely a slogan, but a BGT’s profound understanding of the ultimate destiny of our industry: every drop of water and every gram of metal on this planet should not be discarded, but should find eternal life through the cycle of renewal.

Making Resources Eternal is our commitment to water resources. We will continue to leverage our zero-discharge salt separation technology as our core, transforming industrial wastewater into high-quality industrial salt and desalinating seawater to serve as the lifeblood of industry. We aim not only to ensure “not a single drop of wastewater is discharged from industrial parks,” but also to equip every water treatment plant with an “intelligent brain” through smart operations and maintenance. Water, taken from nature and returned to production—this is the eternal cycle of water.

Ensuring the eternal use of resources is our responsibility toward mineral resources. From copper, lithium, lead, and zinc in Xinjiang to antimony, tungsten, silver, and fluorite in Yunnan, BGT’s mining footprint is gradually expanding across the western regions of our country. Yet we deeply understand that resource development is not about extracting from nature, but about unlocking its value. We will adhere to “green mining” as our baseline, employ “intelligent mining” as our method, and aim for a “closed-loop full industrial chain,” ensuring that every ton of ore leaves a traceable green footprint from the underground to the final product. Antimony can be repeatedly recovered, lithium can be recycled; ore veins may eventually run dry, but technology gives resources new life—this is the eternal cycle of minerals.

Ensuring the eternal life of resources is a path of mutual growth and shared prosperity for us and our partners. Our strategic partnership with Jinchengxin has filled the final piece of the puzzle in our specialized mine operations. Moving forward, we will adopt an even more open approach, joining forces with industrial capital, research institutes, and upstream and downstream partners to jointly build a collaborative ecosystem encompassing “resource reserves + technical services + intelligent operations and maintenance + recycling and regeneration.” Alone we go fast; together we go far. BGT’s path to resource eternity is a path of openness, collaboration, and mutual benefit.

Ensuring the eternity of resources is also a testament to our sincere devotion to this land. Xinjiang, Tibet, Yunnan… BGT’s footprints span the regions of our motherland that need us most. We will continue to take industrial support for Xinjiang, green development, and rural revitalization as our mission, ensuring that every project serves as a “stabilizer” and “booster” for local economic and social development. As a company grows, it no longer belongs solely to its shareholders, but to the era and to the nation. BGT is committed to being the “vanguard” in safeguarding the nation’s strategic mineral resources and the “industrial craftsman” in advancing ecological civilization.

Colleagues and friends,

Some have asked me: Isn’t the leap from water treatment to mining too great for BGT?

My answer is: We have never ventured into a different field; we are simply doing the same thing—promoting resource circulation and coexisting with nature. Twenty-one years ago, we chose to recycle wastewater because we believed it was not the end of the story; today, we choose integrated mineral resource development because we believe mining is about more than just extraction. Behind the recycling of water and the regeneration of minerals lies the same logic: humanity should not create pollution, but systematically solve it; humanity should not consume resources, but ensure their eternal life.

The clock is about to strike 2026. On this new journey, we will still face challenges: fluctuations in the macroeconomic environment, ups and downs in industry cycles, and the difficulties of technological breakthroughs. But I firmly believe: as long as the direction is right, we need not fear the distance. And “Resources for Eternity” is the correct direction in which we steadfastly believe.

May we continue to do what is difficult yet right in the coming year.

May every drop of wastewater be reborn, and may every gram of metal fulfill its natural lifespan.

May all at BGT and our fellow travelers walk shoulder to shoulder on this path toward the eternal life of resources, reaching for the stars and the vast ocean.

Wishing everyone a Happy New Year, health and happiness for your families, and success in all your endeavors!

Chairman of BGT Group

Quan Qiuhong