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5. Guizhou Guihang Automotive Components Co., Ltd. Business Report FY ended Dec. 2022

Guizhou Guihang Automotive Components Co., Ltd. Business Report FY ended Dec. 2022

Recent Development at a Subsidiary

-Henniges Automotive Holdings, Inc. (Henniges Automotive) announced that it has formed a strategic joint venture with Guizhou Guihang Automotive Components Co., Ltd. (Guizhou Guihang Automotive Components). This strategic joint venture will merge the current Chinese operations of Henniges Automotive with Guizhou Hongyang Sealing Parts Co., Ltd. and Shanghai Hongyang Sealing Parts Co., Ltd. which are the subsidiaries of Guizhou Hongyang Automotive Components. The new joint venture is named Henniges (China) Sealing Systems Co., Ltd., and Henniges Automotive is the dominant shareholder. (From various media sources dated March 1, 2022)

Forecast for the fiscal year ending December 31, 2023

-For the fiscal year ending December 2023, the Group expects to achieve a sales turnover of CNY 2.5 billion and a gross profit of CNY 156 million.

-As of December 31, 2022, the Company had 632 R&D personnel. This represents 19.24% of the total workforce.

-In 2022, all branches and subsidiaries invested a total of CNY 140 million in technological transformation, improving the manufacturing  processes of the enterprise, improving production efficiency, production safety, quality stability, and reducing production costs.

-In 2022, the company applied for 132 patents, reflecting a year-over-year increase of 55.29%, including 42 invention patents, reflecting a year-on-year increase of 68%.