Break Through Involution with Migration and Seek Growth through Evolution —— Enlightenment from Liu Run's 2025 Annual Speech

• Liu Run's 2025 Annual Speech centered on "Great Migration", revealing that in the context of "arid" business ecology, enterprises can only survive the cycle through active migration. The speech put forward three migration directions: category, value and model, emphasizing the shift from "obsessing over products" to "embracing demands", upgrading from "functional value" to "emotional value", and precipitating "core capabilities" from "relying on products", which is of great guiding significance for our company to break through the growth bottleneck.

• Combined with the company's business, we are actively practicing the migration concept. In terms of category, we have transformed laptop accessories from "hardware sales" to "scenario - solutions", launching customized sets suitable for remote office. In terms of value, in response to young users' value rearrangement of "saving on necessities and splurging on passions", we have created cost - effective basic models and emotional co - branded models. In terms of model, we have built an accessory customization capability platform to provide modular development services for different brands and strengthen risk - resistance capabilities.

• The migration path requires steady progress: focus on user complaints to explore new demands, use AI tools to improve customization efficiency, and precipitate core technologies to build barriers. Only by taking the initiative to reform with an evolutionary thinking can we find a new ecological niche in the fierce competition, achieve sustainable growth, and truly transform the concept of "Great Migration" into a driving force for the company's development.