Dear Partners,
 
Thank you for your ongoing cooperation and support in overcoming the challenges of 2023 together. In 2023, MEAN WELL recorded a revenue of NTD 32.81 billion, reflecting a 26.4% decline compared to 2022 (USD 1057.6 million, down 29.1%). Since October 2023, we have observed a stabilization in the monthly decline rate, indicating a potential rebound. We anticipate a gradual improvement in market conditions from Q1 2024.
 
Following our recent annual meeting, the SDG Group (MEAN WELL/PowerNex/SHARE WELL) has formulated the development strategies and goals for each company in 2024. We are gearing up to leverage the strengths of our suppliers and partners in preparation for the upcoming year. Please pay special attention to the following:
 
1. The new price list has been launched. New orders will be processed according to the new price list. However, existing customers are given the option to choose between the new and old price lists when placing orders until March 31st, 2024. Supply for these orders will be based on the lower price. Double yellow card customers can continue their efforts to improve performance throughout Q1 2024, aiming to attain SDG points for the current year.
 
2. The SDG Group's 10% rebate for December shipments has been processed. Furthermore, the promotion funds and MDF growth points for the year 2024 will be collectively transferred to partners' SDG point accounts by the end of January.
 
3. During the lunar New Year period, each factory will undergo routine holidays. Additionally, due to recent disruptions in long-distance shipping caused by the Red Sea crisis, we recommend that partners arrange shipments early. It is also advisable to maintain an inventory of models for regular sales and future promotional models. MEAN WELL has sufficient stock and can ship out by air freight as soon as possible, ensuring rapid service to customers and preventing shortages.
 
4. MEAN WELL continues to introduce various new products, including the NGE family, SHP-30K family, LOP family, VFD family, etc. We recommend that you consider making an early investment in MEAN WELL's diversified product lines, 3+N/Green Energy Technology-related products, and the peripheral accessories provided by PowerNex to provide a more complete one-stop shopping service.
 
5. To support SDG's sustainable development, MEAN WELL has completed the greenhouse gas inventory for its factories (ISO14064-1) and product carbon footprint calculations (ISO14067). Additionally, we have launched a carbon footprint platform, offering information on the carbon footprint of various models of MEAN WELL power supplies (inquiry link).
 
At present, the Russian-Ukrainian war, the Israel–Hamas Conflict, and the Red Sea crisis persist. The SDG Group continues to monitor real-time changes in the global PESTG (political, economic, social, technological, and intra-group). While 2024 remains a challenging year, there is an expectation of positive developments. The SDG Group (MEAN WELL/PowerNex/SHARE WELL) remains committed to promoting industry recovery, sustaining a strategy of diversified investment, emphasizing domestic demand, making fundamental business adjustments, and enhancing branding. We hope to collaborate with our partners to achieve our common vision and embark on the road to the earliest recovery!