More than a decade ago in October 2011,Solar World, the largest solar energy company in Germany, submitted ananti-dumping and anti-subsidy investigation application specifically targeting75 Chinese photovoltaic companies to the US Department of Commerce. At thattime, Chinese photovoltaic companies were unable to withstand the "dualanti" sanctions, with overcapacity, and domestic enterprises were filledwith a sense of sorrow.

After more than a decade of climbing andovercoming obstacles, photovoltaics have become the "new three types"leading China's foreign trade exports. Nearly 90% of the global photovoltaicindustry's production capacity is located in China, and among the top tenglobal photovoltaic module companies, Chinese companies account for seven. Theachievements of Chinese photovoltaic companies are remarkable.

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The market demand in 2024 will continue toincrease by 20% compared to 2023, mainly due to the decrease in prices, whichhas increased the investment income of photovoltaic power stations. Thepossible trend for the second and third quarters of 2024 is that the price ofphotovoltaic modules will be adjusted to a reasonable profit price, but thereis no possibility of 1.2-1.3 yuan/watt. The global demand for photovoltaicswill continue to grow in 2024, but the growth rate will slow down and isexpected to increase by 20% on the basis of the market in 2023. There are stillmany accumulated projects in the implementation process in China, so the demandin the domestic market will continue to grow. The overseas market hasmaintained a growth rate of around 20% to 30% for many years, and there is acertain degree of uncertainty in the US market due to anti circumvention andother control measures.

The photovoltaic industry still has a highlevel of momentum. According to the "Analysis and Prediction Report on theNational Electricity Supply and Demand Situation from 2023 to 2024"released by the China Electric Power Enterprise Federation on January 30, 2024,China's non fossil energy power generation installed capacity exceeded thescale of thermal power installed capacity for the first time in 2023,accounting for more than 50% of the total installed capacity for the first timein 2023, and the proportion of coal-fired power installed capacity decreased tobelow 40% for the first time.

The report also predicts that by the end of2024, the cumulative installed capacity of new energy generation in China willreach about 1.3 billion kilowatts, accounting for about 40% of the totalinstalled capacity, surpassing the installed capacity of coal-fired power forthe first time. "It is expected that global photovoltaic installedcapacity will return to rational growth." Jibang Consulting believes thatthe neutral expectation for global photovoltaic installed capacity in 2024 is474GW, a year-on-year increase of 16%, and a significant slowdown in growthcompared to the 59% growth rate in 2023.

For us, Multifit, we need to seize thisonce-in-a-lifetime opportunity and take advantage of the continuous expansionof the photovoltaic market to introduce our photovoltaic equipment andphotovoltaic cleaning equipment to our potential customers, so that they canunderstand the performance and quality of our products and ultimately place asuccessful order. And actively participate in domestic and internationalexhibitions, such as the Canton Fair held on April 16th this year, and the newenergy exhibition in the photovoltaic industry held around the world, seizingthese opportunities to allow our end customers to experience our products atthe first time.