On April 7, 2011, Guangbo Group Stock Co., Ltd held its third session of the fourth meeting of the Board of Directors in Ningbo Nanyuan Universe Deluxe Hotel. All directors of the company attended the meeting, all the supervisors and executives sat in on the meeting.

The meeting was chaired by President Dai Guoping, after deliberation and discussion by the directors, unanimously approved “2010 general manager work report”, “2010 the Board work report (draft)”, “Company annual financial statements report 2010”, “Company annual profit allocation plan 2010”, “Bill on applying for 2011 general credit limit from banks”, “Bill on providing security and guarantees for the holding subsidiary company”, “Company annual report full text and abstract 2010”, “Self-assessment report on company internal control 2010”, “Bill on reviewing salary of company directors and senior executives 2011”, “Summary report of accounting firm engaged in last year company’s auditing and bill of continue hiring accountancy firm”, “Bill on holding company’s general meeting 2010”.

At the meeting, general manager Wang Junping made annual work report. He pointed out, in 2010, due to international post financial crisis’s lasting impact on global recession, caused international and domestic economic environmental more intricate, and let the company’s business face great pressure and challenges. Inflation caused the price of raw materials rise sharply, labor shortage, rising costs, and more intense market competition, in face of such rigorous operating environment, the company insist on “211” annual target as the center, thoroughly implement the working policy of “speak with data, promote management”, implement management ideas of “outward-expansion, digging down and middle promoting”, intensify process control, raise the overall management work, basically completed various management targets set at the beginning of the year, laid a good foundation for company’s sustainable development.

He pointed out, in 2011, macroeconomic environment will be more complex and changeable. International market will still face further exacerbated market competition brought by low demand. Domestic economy continues to face various challenges brought by overheated control, such as big inflationary pressure, tight credit control and labor resource shortage. To ensure the realization of business objectives of stock company annual sales growth, the company will set “pragmatism, innovation and development: as working policy, overcome difficulties, carve out and innovate, advance each work steadily.