In 2023, many important factors still presented challenges to the refrigeration and air conditioning compressor industry and related businesses.  The main issues included the high price of key raw materials, steel and copper, the financial markets interest rates, the fluctuations in the global exchange rates which stem from China reopening, inflation, war, and the high energy prices.  These factors resulted in a higher cost of living and a price increase for electricity and fuel.  As a result, our company needs to adjust our sales price to reflect the increasing cost of production.

This coming year will be a year of adjusting and improving to reach our company’s goal to meet the market demand and customer satisfaction by adapting our business strategies and models under the ever-changing markets.  We will try our best to meet the demand for our Bristol products by continuing to refine our production line to automation to lower production costs and increase the quantity of our production.  We also continue our collaboration with foreign experts to invent new products to meet our customer's needs.  This is all made possible by the collaboration of our employees, stakeholders, and the support from our customers.

On behalf of the Board of Directors and the Management, I would like to thank our shareholders, business partners, customers, financial institutes, and all stakeholders for their continued trust and support.  I would like to personally extend my gratitude to our executives and employees for their effort and dedication so that we are thriving through this challenging time together.  I firmly believe that our Company will continue to grow in the best interest of shareholders and stakeholders to attain sustainable growth and performance in the future.