Ningbo Funda: The cement industry has regional characteristics, and the infrastructure projects do not have a direct impact on the company's cement business.

An investor has asked Ningbo Fuda whether the initiation of hydropower projects on the lower reaches of the Yarlung Tsangpo River will have a significant positive impact on the company's Yunnan Cement business. The company responded by stating that its cement business operates in the Yangtze River Delta and Yunnan region, with sales in Yunnan primarily covering the Red River Region, Yuxi City, and surrounding areas. The cement industry has distinct regional characteristics, with product sales radius limited by transportation conditions. The Yarlung Tsangpo River hydropower project is located in Nyingchi City, Tibet Autonomous Region, which is far from the company's operating area. Based on current transportation conditions, the project will not have a direct impact on the company's cement business.