Dear Partners,
 
The year 2024 continues to be full of challenges, and we sincerely thank you for your ongoing cooperation and support, which enables us to keep growing and thriving. As we enter the fourth quarter, the market remains conservative and sluggish. The end market is still working through excess inventory, economic growth has stagnated, and consumer confidence has yet to be rebuilt. Additionally, global challenges such as the Russia-Ukraine war, the Israel-Hamas conflict, and tensions in the Middle East remain severe.
 
Despite these difficulties, we remain committed to contributing to both the industry and society with a spirit of goodwill (The Founder’s 8th message was updated and announced on September 23rd (link). Additionally, MEAN WELL has achieved certification for meeting the Paris Agreement's 1.5°C climate target (link), and we are honored to have received the 2024 "Excellence in Corporate Social Responsibility Award" (link) and the 2024 "Commonwealth Talent Sustainability Award" (link).)
 
The SDG Group (comprising MEAN WELL, PowerNex, and SHARE WELL) remains committed to promoting industrial recovery by ensuring fast lead times and maintaining a stable supply chain, fully supporting our authorized distribution partners and KAM members. We will continue to drive the "Global Standardized Power Supply" initiative, ensuring that system engineers worldwide can easily find suitable models from MEAN WELL’s standard power supply product lines. Please take advantage of the monthly updated online product exhibition hall, MW Expo (link).

At the same time, we are continuously expanding the "Industry Value Network," integrating the products and strategies of the PowerNex Group and SHARE WELL Group to create a second growth curve (link). We recommend planning for MEAN WELL's new product lineup as early as possible (e.g., LOP), along with 3+N category and green energy technology-related products, as well as various power supply peripheral accessories (link). By leveraging the power of the Industry Value Network, you can provide end customers with a broader and more comprehensive one-stop shopping experience!

The power supply is like the heart of machinery; once it fails, the entire system stops functioning. Therefore, its importance and demand are ever-present. To maintain a balance between production and sales, we will continue implementing the 6Q/0.2M red and yellow card management system. Recently, the U.S. Federal Reserve / the People’s Bank of China initiated a rate-cutting cycle, and global market momentum is gradually being reactivated as interest rates decline. A rebound in end-market demand and a restart of investments are anticipated. Now is the perfect time to replenish inventory and prepare for a recovery akin to the "Nike-style" rebound.

We firmly believe that the downturn is approaching its end, and a rebound is imminent. The SDG Group looks forward to partnering with you as we recover and embrace this rebound together!