Dear friends,

Time flies, and over the course of more than a decade, Rabbit Fund has experienced significant growth since its establishment. As we reflect on this journey, we are grateful not only for being part of the era of China's great rejuvenation but also for the support and care we have received from our leaders, clients, partners, and employees, who have contributed to Rabbit Fund's development.

In the demanding and prestigious industry of private investment management, Rabbit Fund started as a grassroot organization. Our foundation was built upon a set of investment beliefs that we had cultivated and refined through years of practical experience in the Chinese stock market: "Growing together with great companies; respecting trends and adapting proper strategies."

From the very beginning of our entrepreneurial journey, we established the fundamental principles of focusing on growth stock investment, implementing multiple strategies, nurturing organizational capabilities, and practicing appropriate market timing. Despite skepticism from peers and even some of our own employees, who believed these objectives to be extraordinarily challenging, we have remained steadfast in our commitment to these principles.

First and foremost, growth stock investment demands a higher level of research expertise from fund managers. It is very difficult to invest in growth stocks that has the potentials to yield remarkable returns, sometimes reaching multiples of its initial investment. Furthermore, excelling as a fund manager to look after multiple factors is considerably more challenging than being outstanding in single strategy. While single-strategy products concentrate on thorough research within a specific industry, allocating most of their portfolio to companies within their familiar domain, their performance can shine when market conditions favor those particular sectors. However, market styles changes periodically and inevitably, and when profit opportunities lie outside these familiar areas, the performance of single-strategy funds is likely to disappoint.

For this reason, during the early stages of our company's establishment, we were resolute in building a comprehensive research and investment system. While we do not aspire to achieve success in all fields, we strive to expand our research capabilities as much as possible to adapt to future technological advancements and the development of the new economy. Through years of consistent talent acquisition, training, and coordination, our organizational capabilities in research and investment have begun to take shape. Although there is still room for improvement, Rabbit Fund is fully equipped to meet the demands of multi-strategy investments in various environments, thanks to our continuous efforts in building organizational capabilities.

"The road ahead is long, but I will advance." Embracing the right practices in investments can be challenging. However, we should never give up on doing what is right simply because it is difficult. Entrepreneurs must construct dynamic moats to consistently create value, with a key focus on the second curve of growth, continuous innovation, and the establishment of long-term barriers. Similarly, for fund managers, it is essential to adopt an open and inclusive mindset, continuously learn and adapt to new knowledge, technology, economic trends, and market changes. This is the path for survival and success in fund management.

Investing is an art that transcends science. The world evolves daily, and investing does not have a one-size-fits-all solution. Only through continuous learning can we refine our skills, constantly improve ourselves, and move closer to the truth.