On the afternoon of January 24, the "Rifa Holding Group 2005 Year-end Summary and Commendation Conference" was grandly held in Xinchang Cultural Center. The main leaders of the group headquarters, textile machinery company, precision machinery company, Shanghai Rifa, Zili Machinery and Science and Technology Park Development Company And all employees attended the conference. Group Chairman Wu Jie attended the summary meeting and made a profound summary speech.

    Mr. Wu conducted a thorough analysis of the problems existing in the company's operation and management in the past year. Mr. Wu pointed out that our success in these years has relied on the advantages of culture and mechanism, but these advantages have been gradually lost in the past year, and some of these leaders have to bear the main responsibility. Mr. Wu said that the sustainable survival and development of an enterprise requires the unremitting efforts of many people, day and night, and selflessness, but it only takes one or two people, one or two years of carelessness and selfish desires to destroy the enterprise.

    Rifa’s employees’ income and benefits have been greatly improved in recent years, but the company’s growth has been slow. This is directly related to the “three strange phenomena” that Rifa has had in recent years. We have taken a series of measures to solve these problems since 2004, but the problems still exist and we still need to continuously improve.

    Mr. Wu put forward earnest hopes to the management, hoping that the management of the company can be mature and more professional, because the management, especially the senior managers, play a key role in the rise and fall of the company.

    Finally, Mr. Wu emphasized that in the new year, we must make great efforts to do the following things:

    The first is to strengthen the implementation of the system and change the bureaucracy as the core of corporate culture construction.

    The second is to build a management system centered on cultivating core capabilities and strengthening the second industry.

    The third is to build a human resources system with sound performance appraisal and personnel structure adjustment as the core.

    The fourth is the construction of an audit system with the core of strengthening internal audit and plugging the loopholes in job consumption.

    Finally, Mr. Wu expressed his holiday wishes to all employees.

    At the meeting, the Group’s Asset Management Department and Human Resources Department also gave a brief report on the completion of major operating indicators and employee salaries and benefits in 2005; Zheng Hejun, President of Textile Machinery Industry Group, and Wang Benshan, President of Tool Machinery Industry Group, respectively made 2005 annual reports. Work summary and report on work ideas in 2006.

    After the summary report, Li Yongjiang, director of human resources of the group, announced the "Decision on Recognizing Advanced Collectives and Advanced Individuals in 2005". The leaders of the podium issued pennants and bonuses to advanced collectives and advanced individuals, and the Finance Department issued year-end awards to employees. So far, this meeting has reached a climax and is nearing its end.

    This is a conference for summing up and commending, as well as a conference for deep reflection and imagination for the coming year. Perhaps there are still many problems in our work in 2005, but as long as we dare to continuously summarize and identify gaps, and always remember the experience and lessons in our work in 2006, actively improve, and work together, we believe that the success in 2006 belongs to Everyone!