In the fourth quarter of the year, the international oil price exhibited significant volatility, influenced by a more balanced supply-demand dynamic, uncertainty surrounding tariff prospects, and compounded by geopolitical risks. Concurrently, the global natural gas industry is experiencing robust growth, fueled by demand in regions such as Asia and the Middle East, with investments and project development in the LNG industry chain remaining highly active. The Group has upgraded its strategic positioning to become an "Integrated Oil & Gas (Energy) Asset Value-Added Management Service Company," engaging in joint innovation with clients to deliver comprehensive solutions, continuously developing its global market platform, iteratively optimizing its partnership-based innovation and entrepreneurship management, and persistently building a new, platform-based, and ecological business entity. During the fourth quarter, the Group secured new orders totaling RMB 2.084 billion, representing a 20.0% decrease compared to the same period last year. Specifically, the Iraqi market contributed approximately RMB 1.167 billion in new orders, a decline of 30.5% year-on-year; other overseas markets contributed approximately RMB 256.7 million in new orders, surging by 525.8% compared to the previous year; and the Chinese market contributed approximately RMB 660.1 million in new orders, a decrease of 29.1% year-on-year. In the overseas market of Iraq, the Group was awarded contracts for projects including oilfield operation and maintenance services, energy storage transformation technical services, and fracturing pump services, with new orders amounting to RMB 1.167 billion. The 30.5% year-on-year decrease in quarterly new orders is attributed to a high base effect from winning a large five-year integrated service project contract in the same period last year. In other overseas markets, the Group secured several large contracts encompassing well intervention services, mud services, and production equipment and facility services, leading to a remarkable 525.8% year-on-year increase in new orders. In the Chinese market, the Group was awarded contracts for projects such as drilling technical services, sand control and water management technical services, and fracturing stimulation technical services. However, new orders in the Chinese market for the quarter decreased by 29.1% compared to the same period last year, primarily due to delays in the tender plans for some client projects.