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5. Minth Group Limited Business Report FY ended Dec. 2021

Minth Group Limited Business Report FY ended Dec. 2021

Factors
-Sales increased significantly in both Chinese domestic and overseas markets as the global automotive market gradually recovered from the impact of COVID-19. Sales of auto body parts totaled CNY 12.57 billion, up 9.66% year-over-year, and accounted for 90.33% of the Group's total sales.
-The company is committed to developing innovative products and has received numerous orders from both conventional and New Energy Vehicle manufacturers.

Sale of subsidiaries

-In March 2021, the Company's wholly owned subsidiary Minth Investment Limited transferred all of its shares in Huzhou Minth Automobile Co., Ltd. and all of the shares in Huzhou Enchi Automobile Co., Ltd. to Huzhou Huanqiao Construction and Development Co., Ltd. (From 2021 Annual Report)

Joint venture

-On April 6, 2022, Minth Automotive Technology Research & Development Co., Ltd. (MATRD) and Zhejiang Sanhua Intelligent Controls Co., Ltd. (SIC) entered into a strategic alliance. They have agreed to establish a joint venture company, Zhejiang Minth Sanhua Auto Parts Co., Ltd. The new company will develop, produce, and sell water-cooled panels (battery cooling panels for New Energy Vehicles that are integrated with the battery housing) in Europe. It will be capitalized at CNY 100 million, with SIC and MATRD each holding 51% and 49% of the capital, respectively. (From various media sources)

Orders

Product development

• Battery box segment:
• Battery housings: Developing CTC battery housing solutions, battery housing solutions for swappable batteries, solid state battery technology battery housing solutions, thermoplastic composite material battery housing top cover and other various battery housing solutions, and expanding to peripheral products, such as front and rear collision modules, sub-frames, and die-cast structural parts. The Company will provide customers with system solutions of battery housings and chassis integrated structural parts.
• Intelligent exterior trim parts segment: Focusing on the development of intelligent front and rear face systems and intelligent door systems. Based on its millimeter wave radar covers (radomes) and luminous grilles, the company will further expand the product line including as laser radar covers and heated millimeter wave radar covers. The company is developing intelligent front-face solutions that integrate luminescence, heating, wavelength transmission, and automatic cleaning functions that are applicable to level 4 and above autonomous driving.
• Intelligent door segment: Providing solutions such as face recognition intelligent pillar panels, electric open/close drive mechanisms, and ultra-lightweight doors for applications such as intelligent entrances and automatic opening/closing.   

Awards

-The Company was awarded the GM 2021 Overdrive - Accelerating Innovation Award for its Smart Illuminated Grille. (From a press release dated April 2,2022)

-Jiaxing Minth Machines Co., Ltd. was awarded "JLRQ Quality Award" from JLR and the "NIO Quality Excellence Partner Award". (From a press release dated December 23,2021）

-Minth Automotive Technology Research & Development Co., Ltd. won the Excellence Award at the 6th Suzuki Award 2021 in the category of Mass Production-Chassis for the "Integrated Multi-Material Hybrid Lightweight Power Battery System Case". (From various media) 

Patents

-In 2021, the Company applied for 628 patents, including 7 foreign-related patents, and obtained 488 authorized patents.

-The ratio of R&D expenses to net sales for the current fiscal year increased 0.7% over the previous year due to increased investments to further enhance R&D capabilities for innovative technologies and products such as battery housings, aluminum body chassis structural components, and intelligent exterior components.

R&D facilities

Plant construction

-Hella Minth Jiaxing Automotive Parts Co., Ltd., a joint venture between Hella and the Minth Group, has opened its second production plant in Jiaxing, Zhejiang Province. The new plant covers an area of approximately 20,000 square meters and has an initial production capacity of approximately 3 million units per year. In the subsequent expansion phase, the production capacity will be increased to a maximum of 5 million pieces. The new plant will also house an R&D center with a total investment of approximately several million euros. The new company was established in January 2021 and will mainly produce radar covers, luminous signage and LiDAR covers. (From a press release dated on April 28, 2022)
  
-Minth Group's new business line, Zhejiang Limin Aluminum Co., Ltd. has started operations in Anji, Zhejiang Province. The company will focus primarily on the production of green high-end aluminum for automotive applications. The energy required to produce green high-end aluminum is equivalent to 5% of the energy consumption required to produce primary aluminum, and can reduce carbon dioxide and sulfide emissions by over 90%. (From a press release dated on April 19, 2022)
   

Overseas investment

-The Minth Group held the opening ceremony of its plant in Loznica, Serbia. The factory covers an area of 280,000 square meters, and its main products are aluminum alloy battery boxes and accessories, which will be supplied to major customers such as Renault, Volkswagen, BMW and Mercedes-Benz. The Minth Group plans to invest EUR 300 million and create more than 1,000 local jobs by 2025. The Minth Group opened its first plant in Serbia in 2018 and currently has five plants. Two of them are located in Loznica, Serbia, and three in Servišabac. When all the plants are operational, nearly 3,000 jobs will be created. (From a press release dated on March 13, 2022)