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5. Ningbo Tianlong Electronics Co., Ltd. Business Report FY ended Dec. 2022

Ningbo Tianlong Electronics Co., Ltd. Business Report FY ended Dec. 2022

Orders

-In 2022, the company's auto parts business sales increased by 12.90% year-over-year (y/y) to CNY 940,045,400, of which sales of automotive electronics products increased by 25.13% y/y to CNY 454,507,800; sales of precision plastic functional structural parts for automobiles were CNY 485,537,600, increasing 3.44% y/y.

-Sales revenue from the company’s parts and components directly applied to New Energy Vehicles amounted to CNY 157.34 million, accounting for 12.54% of the company's total sales. Sales revenue from products shared by New Energy Vehicles and conventional fuel vehicles was approximately CNY 231.1 million, accounting for 18.42% of sales.

-In 2022, the Company was awarded 121 new projects from major customers. Of these, 64 are related to New Energy Vehicles. In the first half of the year, the company developed a module equipped with an IGBT function that is applied to the drive motors of New Energy Vehicles and received orders. The company also obtained orders for lamp parts for New Energy Vehicles from major international customers.

-The Company has integrated injection molding technology for medium and large precision die injection molding. The developed functional door panels for automobiles are supplied to mainstream models of customers including Tesla, BYD, Geely, Volkswagen MEB, GM and Mercedes-Benz.

-As of December 31, 2022, the company had 485 R&D and technical personnel, accounting for 35.14% of the total number of employees.

R&D projects

1.Continuous fiber-reinforced thermoplastic resin (CFRTP) composites (Organo technology)
-The technology enables significant weight reduction of parts and can be applied to the design and development of various parts including for the automobile industry. Validation is complete.

2.Module project with highly integrated IGBT function
-The direct integration of numerous metal terminals, electromagnetic rings, and conductive copper plates into conventional plastic greatly simplifies subsequent processing and improves product stability. Mass production will start in the second half of 2022, and will be indirectly supplied to Honda's next-generation hybrid New Energy Vehicles. In 2021, the company established the first IGBT functional carrier module production line.

3.Multi-insert technology
-Integration of a continuous electric heating wire of a specific shape into the thick wall of a plastic product in the form of an integral injection molding to achieve heating and thermostatic functions of the product. It can be used in a variety of fields, including the automotive industry.

4.Modular Thermal Management System (Maniflex & Tank)
-An integrated thermal management system consisting of an 8-way valve, distributor, water pump, tank, and other components. It is currently in the research and development stage to integrate and improve the efficiency of vehicle thermal management.

5.Dichromatic, injection-molding technology
-It is possible to form products by injection molding by injecting two materials at once, improving production efficiency and quality, and reducing production costs.

6.Technology using sliders during molded product removal
-With this technology, the product is not pulled by the slider during removal from the die, avoiding the possibility of product breakage due to conventional strong pulling structures. The technology can be widely used in all kinds of molds of the Company, and has now reached the level of mass production.

7.Technology for separating runners during molded product removal
-This technology allows products to be automatically separated from the material head without manual selection, thus improving production efficiency and reducing labor costs. In addition to being widely applicable to all types of molds developed by the company, mass production is also possible.

8.Threaded sleeve return technology
-This technology addresses the problem of deviation defects in the axial position of threaded features caused by the inadequate placement of the threaded sleeve during the molding of plastic parts with threaded features. A reset block structure is adopted to accurately reposition the threaded sleeve and ensure the correct position of the plastic screw pattern sleeve. This technology can be widely applied to the assembly of various products with threaded sleeves in the company, and has reached the level of mass production.

R&D Facilities

-The company also has a wind tunnel test chamber it uses to conduct performance testing of products such as the centrifugal impeller assemblies of automotive air-conditioning systems, and engine cooling fans.