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5. Weifu High-Technology Group Co., Ltd. Business Report FY ended Dec. 2021

Weifu High-Technology Group Co., Ltd. Business Report FY ended Dec. 2021

-Analysis of main businesses:

• Fuel injection business: In the fiscal year ended December 31, 2021, sales of common rail pumps were 2.1 million units. VE pumps expanded their share in the off-road market, with sales exceeding 450,000 units, an increase of approximately 29% year-over-year. Annual sales of high-pressure fuel rails exceeded 1.61 million units.
• Exhaust gas after-treatment systems: Annual sales of gasoline separators exceed 2.2 million sets and diesel separators about 320,000 sets.
• Intake systems: Annual sales of turbochargers for 4-cylinder engines exceeded 750,000 units in 2021. GP electronically controlled fuel system project completed product C sample development. Sales of turbochargers for 6-cylinder engines increased by more than 50% year-over-year, winning orders for key customer China-6 projects. Sales of superchargers for 4-cylinder engines exceeded 750,000 units. CB6-25 completed B sample development. In the case of turbochargers for 6-cylinder engines, several small-quantity supplies of diesel turbochargers that meet China-6 emission standards have been implemented. The 4-cylinder gasoline engine turbocharger has received PPAP approval from multiple customers, and won several orders for 2.5L engine China-6 emission standard projects.
• Hydrogen fuel cell components and connected: Completed A sample test for metal single cells. Completed A sample development and B sample trial production of 35MPa high pressure valve. The low-pressure hydrogen subsystem realized small-batch production of four low-pressure valves, and the electric water pump and electric thermostat completed A sample development and B sample design. Completed development of mid-range radar and security radar A samples. Completed the design of a prototype sample of in-vehicle radar. The 4D millimeter-wave radar completed the first prototype and delivery.

Hydrogen energy business

Hydrogen energy business development strategy
-The company announced that it has developed a strategy for the development of its hydrogen energy business and will establish a Hydrogen Energy Business Division. This division will be responsible for three departments: the Hydrogen Energy R&D Center, the Fuel Cell Components Business, and the Hydrogen Production from Renewable Energy Business Department. The Fuel Cell Components Business Unit will focus on the development of membrane electrodes, graphite/metallic bipolar plates, and key BOP components, and will expand production capacity at manufacturing centers in the Asia-Pacific region, Europe, and North America. By 2025, the company aims to have a global production capacity of 8 million membrane electrodes, 9 million graphite bipolar plates, 4 million metal bipolar plates, and 100,000 key BOP components. About half of these production capacities will be established in the Asia-Pacific region (China). In the "hydrogen production from renewable energy" business, the company will focus on the development of hydrogen production system equipment technology using PEM (polymer electrolyte membrane) water electrolysis. The company plans to invest approximately CNY 2.6 billion in the fuel cell component business and CNY 400 million in the PEM hydrogen production system equipment business by 2025, and of the total investment of CNY 3 billion, approximately CNY 800 million has already been invested. (From a press release dated January 11, 2022)

Collaboration with Bosch China, etc. for carbon peaking and carbon neutrality
-Bosch China  has concluded a strategic partnership framework agreement with Wuxi National Hi-Tech Industrial Development Zone Management Committee (Wuxi Hi-Tech) and the Weifu High-Technology. The three parties will cooperate toward carbon neutrality and carbon peak out. Under the agreement, Bosch China will set up a think-tank in the Wuxi National Hi-Tech Industrial Development Zone to study carbon neutrality, and provide consulting services on the selection criteria for low-carbon emission model companies, systematic methods of calculating CO2 emissions, and setting CO2 reduction target. In addition, Bosch China will work with Weifu High-Technology in the field of carbon neutrality to support analyzing CO2 emissions from Weifu High-Technology’s plant and setting and implementing CO2 reduction strategies. (From a press release dated September 9, 2021)

Established fuel cell core components factory in Wuxi
-The company signed a cooperation agreement with the administration committee of Wuxi National Hi-Tech District. Weifu Hi-Tech intends to set up a hydrogen energy division in Wuxi National Hi-Tech District which focuses on the development of hydrogen fuel cell core components and production of renewable energy hydrogen. It will also establish a joint venture to engage in R&D and production of core components for hydrogen fuel cells. The project is scheduled to cover a land area of about 200,000 square meters, of which 53,000 square meters will be used for the first phase. Weifu Hi-Tech plans to build a production base which can produce 5 million graphite bipolar plates, 2 million metal bipolar plates, 4 million membrane electrodes and core balance-of-plant (BOP) components from 2021 to 2025. At the same time, the company will start building a hydrogen production line by PEM water electrolysis and achieve the preliminary R&D capability. (From a press release dated May 7, 2022)

Partnership with NOWOGEN for development of fuel cell parts
-The company signed a strategic cooperation agreement with Beijing Nowogen Technology Co., Ltd. (Nowogen Technology). The two parties will make use of their respective strengths, carrying out in-depth cooperation in areas such as the development and application of bipolar plates (graphite or metal), membrane electrodes and other products, the development of core technologies for key components of full cell, the commercial application of fuel cell stacks and core components, the independent and localized manufacturing of fuel cells, the development of monocell technology, the verification of fuel cell stacks and vehicles, and so forth. (From a press release dated November 10, 2021)

Strategic alliance

Dongfeng Technical Center
-Dongfeng Motor Corporation Technical Center (Dongfeng Technical Center) signed a cooperation framework agreement with Wuxi Weifu Electric-Drive Technology Co., Ltd., a subsidiary of Weifu High-Technology Group Co., Ltd. (Weifu Hi-Tech). Under the agreement, the two parties will work closely in innovative fields such as ProteanDrive hub motors and distributed drive control, pool resources into the R&D facility of Dongfeng Technical Center, carry out the development and application of hub motor drive and distributed drive control technology for various business divisions of Dongfeng Motor Corporation, and develop extensive cooperation in fields such as installation and demonstration operation of hub motor drive and distributed drive control technology, as well as industrial chain construction.  (From a March 17, 2022 release on Donfeng Technical Center’s official Wechat account)

Merger and acquisition

-The Company announced that it will acquire a 100% share of VHIT S.p.A. Società Unipersonale (VHIT) and VHIT’s wholly-owned subsidiary VHIT, Automotive Systems (Wuxi) Co. Ltd. (VHCN), from Robert Bosch S.p.A. Società Unipersonale (RBIT) for about EUR 60 million by cash payments. VHIT and VHCN are both headquartered in Italy and currently have about 570 employees. VHIT focuses on the development, production and sale of mechanical vacuum pumps, electric vacuum pumps, electric fuel pumps, hydraulic valves and other related products. The company is a tier-one pump and valve supplier for passenger and commercial vehicles and has long-term partnerships with major automakers in Europe and the Asia-Pacific region. It is currently developing and promoting the market application of electric fuel pumps, which serve as a core subsystem for the thermal management system (TMS) of New Energy Vehicles (NEVs). VHIT has won contracts from multiple foreign automakers and major Chinese NEV manufacturers for its electric vacuum pumps, the production of which is expected to begin in the second half of 2022. Weifu High-Technology aims to enter the field of TMS and core NEV parts through the aforementioned acquisition. It also hopes that the deal will help facilitate the development and application of such core parts as battery cooling plates and heat exchangers as well as TMS-related products. (From a press release dated February 9, 2022) 

R&D

-The Company established a post-doctoral scientific research station and a national-level approved enterprise technology center in 1999.

-The Company has an engineering center (provincial level), an exhaust aftertreatment system center, and a turbocharger R&D center.

-The company and semiconductor manufacturer STMicroelectronics have established a joint laboratory in the Company's Technical Center to conduct research and development of automotive power ICs. The company hopes to introduce STMicroelectronics' advanced automotive electronics solutions to raise the technology level of its electronically controlled diesel pumps and electronic aftertreatment systems to international standards.

-In 2021, the construction of the "Weifu intelligent manufacturing 5G+" laboratory was completed.

-As of the end of 2021, the Company had 1,112 R&D staff, accounting for 20.82% of the total number of employees.

Ongoing R&D projects

Patents

-As of December 31, 2021, the Company has received approval for 1,188 patents..

Others

-Arbe Robotics Ltd. announced that Weifu High-Technology Group is launching the customer road pilot phase of its Arbe-based Radar Systems, by manufacturing complete radar systems using Arbe's Imaging Radar Chipset and delivering them to leading autonomous driving companies and major automotive OEMs. Weifu said that it is scheduled to be in full production by the end of 2022. Weifu is developing radar systems, based on Arbe's technology and the OEM's individual requirements, and has a radar manufacturing plant in China. The collaboration focuses on mass-market production, safety compliance, and providing customized 4D Imaging Radar Solutions to automotive OEMs and for autonomous vehicles, trucks, commercial vehicles, and traffic applications. Arbe's chipset provides ultra-high resolution and supports over 100,000 detections per frame and includes a radar antenna with a form factor that fits automakers sizing and mounting specifications. (From a press release dated November 2, 2021)