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Board Chairman's Address
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With Front Strides, We Are Conquering the Summit
--Oration on the 2004 Spring Festival Evening

   From 1993 to 2003, Singlee has experienced the hardship of starting business, the refulgence of its splendor and powerful stage and the hesitation period full of frustration. And now, Singlee has stepped into its second 10 years. As today is Mao Zedong's 110th birth anniversary, it put in remembrance of his admirable sentence in the poem written in the period of his successfully leading the Red Army to conquer the natural barrier called Lou Shan Guan located in Zunyi City: The strong path of the enemy is like a wall of iron, yet with front strides, we are conquering the world. At that time, the Red Army is at its most dangerous moment, Chinese Communist Party held Zunyi Meeting and re-established Mao Zedong's leadership and pointed out that the way ahead of Chinese revolution is zigzag but the future is bright. From that moment, Chinese revolution marched step by step toward its splendent success. The situation with Singlee now very much resembles the Red Army then. We are now in peril. However, peril may be equal to a favorable turn. Today,it is time for us to review our work in year 2003 and look forward into year 2004, let's use this sentence as the title of this article .

    Looking back into Singlee's development in the past 10 years, we witness that it has experienced the difficulty of starting business and the pleasure of having its own share on the stock market . During the process of company ' s development, we have bittersweet. However, we should learn the lessons and experience from the process . As is known to us, Singlee has made notable achievements in the first several years and there is no need to mention it here . While in the latter several years, Singlee did not timely make adjustment and define the direction of its operation and development according to the change of the market, which leads to its failure in rolling ahead on the basis of the good foundation. Consequently, today's Singlee must firstly inspire its people to cheer up and work even harder for Singlee ' s renaissance through analyzing the cause for its sliding from wave crest to trough . Surely, we do not need to underestimate our power, after all, Singlee has shaped three major advantages which make us feel somewhat glad.

   Singlee's good brand and popularity in financing field.

   Singlee takes a leading position in E-payment and bank-share.

    Singlee is in possession of a core team who share happiness and woe, and peple in Singlee also have good morale .

    All the three principles make me firmly believe that Singlee will become the leader of financial software industry soner or later . As an IT company, we can say that we are a stage supported by four solid pillars: products, market, customers and management. In the middle of this stage, there is a backbone----a core team with common ideal and value tropism. If we don't have this backbone, the stage will collapse when it is in short of any of the four supporting pillars. As long as we have this backbone, the Singlee stage will not break down. Even at the occasion we have bugs in the four pillars, we can re-build the stage. As long as our core team grows continuously; as long as we hold the strategic development theory of "Eating the rice we have in the bowl, staring at the left in the boiler and thinking about the paddy which is still growing in the fields", which means never be satisfied with the achievements we already made, make out clear layout for new products, customer programming and market programming and ensure the products' quality, price and service, we can make our currently existing customers feel satisfied and our lost customers come to us again, hence Singlee's second-time carve-out can be guaranteed.

   Laying emphasis on our advantages is to help building up our self-confidence, while to achieve success, we need to know ourselves objectively. With backward-looking analysis, we can see that Singlee has three major disadvantages:

  1. In the 10 years, Singlee's banking software business was mainly the non-core business and peripheral business of banks.
  2. Severe problems in the customer service hurt our customers' feeling.
  3. The era of sudden-huge-profit in E-payment is over.

  Singlee's non-core bank business and its peripheral business products are facing more furious competition. Moreover, the lack of core competitive power and sharp descend of gross profit rate make us sometimes can't help crying out and sustaining loss in business. The result of this operation consequently makes the customer service quality become gradually lower and eventually forms a vicious circle, which is hard to get right due to the accumulated problems. Although many other factors are responsible for 2003's management achievement's big slip-down, main causes are the above stated disadvantages.

  Therefore, our board of directors and the company's managing leadership started seeking resolutions to problems at the beginning of 2003. After the comprehensive market investigation and careful inner argumentation, they made a unanimous decision that we need to develop our advantages and change our disadvantages, try every possible effort in increasing income and strictly decrease expenditure. Singlee's developing directions of bank was set to be as follows: Application software goes deeper into core business of banks; Managing software further develops towards specialization; Hardware products needs to explore new marketing mode and value-added service. Introduce advanced professionals, carry forward Singlee's culture and ensure the Four "izations": Specialization of organizational framework, standardization of working, systemization of all managing aspects, professionization of all employees. We need to strengthen the regulative construction of our company system, adopt legal system, purify the atmosphere and strictly exert the promoting mechanism of punishment and awarding. Our aim is to forge a Singlee Iron Army which possesses hardworking spirit, braveness and strategy when facing competition and most strict discipline as well.

   2003 is the second ten year of Singlee. It is the downturn of Singlee and the starting point of Singlee's marching towards hope as well. Through the whole year's effort, our idea of this important transfer has gain primary effect. The successful projects of Head Bank of Merchants Bank, Head Bank of Industrial Bank Co., Ltd. and Head Bank of Agricultural Bank made us feel the pulse of the coming spring, though there will still be chilliness in this spring; though we have to bear the difficulties left by the history; though the melt of the ice needs our enthusiasm and passion... With the spring wind, winter will not last long .

    Let's line up our team, gather our power, sail in the transform time, stand together regardless of the situation to forge Singlee's ridgepole and beam, tamp Singlee's groundwork, figure Singlee's Vigorous Spirit, Create Singlee's spring and hug the burning sun in our hearts .