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5. Zhongshan Broad-ocean Motor Co., Ltd. Business Report FY ended Dec. 2018

Zhongshan Broad-ocean Motor Co., Ltd. Business Report FY ended Dec. 2018

Share Transfer

-The Company announced on May 9, 2019, that its wholly-owned subsidiary, Beijing Prestolite Electric Co., Ltd. and Dana Electric Holdings BVBA (DEH) signed a shared transfer agreement. Under the contract, Beijing Prestolite Electric is going to sell a 50% stake in Beijing Prestolite E-Propulsion Systems Co., Ltd. (PEPS) to DEH at CNY 326 million. After the transaction, Beijing Prestolite Electric will have no shares in PEPS. Established in 2012, PEPS manufactures and sells motors and controllers. In the three months from January through March 2019, it generated sales of CNY 12.32 million and a net loss of CNY 6.59 million. After the share transfer, it will be owned 50% by TM4 Co., Ltd. and 50% by DEH. (From a press release on May 11, 2019)

New Company

-On January 30, 2018, Zhongshan Broad-ocean Motor Co., Ltd. announced a plan to set up a new automotive business group by consolidating its four subsidiaries, Shanghai Edrive Co., Ltd., Beijing Prestolite Electric Co., Ltd., Wuhu Generator Automotive Electrical Systems Co., Ltd. and Broad-Ocean EV Motor New Energy Co., Ltd., and also their subsidiaries. It also said that Shanghai Edrive Co., Ltd. has reached an agreement with Dongfeng Industrial Co., Ltd. on the establishment of a new joint venture tentatively named Dongyang Edrive Systems Co., Ltd. The registered capital of the new joint venture will be Chinese yuan (CNY) 50 million. Shanghai Edrive is going to have a stake of 60% in the new company by investing CNY 30 million. The new company plans to build a production site in two phases in five years with an investment of CNY 1 billion. In three years, starting in 2019, it will establish a capacity to produce the following products: 50,000 sets of electric drive units for commercial vehicles (motors, controllers and decelerator or transmission); 100,000 sets of electric drive units for passenger vehicles (motors, controllers and decelerator or transmission); 100,000 sets of electric drive units for new energy vehicles (VCU: Vehicle Control Unit), high-voltage electricity distribution system and DC-DC converters; and 8,000 sets of hydrogen fuel cells. (From a corporate announcement on January 30, 2018)

Order

-The subsidiary of CNR successfully entered the supporting system of GAC and SAICMAXUS and realized the mass production of Geely's third-generation flat wire generators. (From the 2017 Company Annual Report)

Award

-In 2018, Wuhu Generator Automotive Electrical Systems Co., Ltd. was awarded "Excellence Development Performance Award" from Chery Automobile and "Special Contribution Award" from JAC Motor. (From the Company's 2018 annual report)

Business Plan for 2019

-It is estimated that the Company’s operating revenue in 2019 will maintain stable growth with a plan of 10.006 billion Yuan, a 15.85% year-on-year increase.

R&D Facility

-The company set up R&D teams in Zhongshan, Beijing, America, Wuhu, Shanghai, Wuhan, Shenzhen, the US and Germany, specializing in the research of powertrain systems, intelligent efficient motors, and automotive rotating equipment for NEVs.

-Beijing Prestolite was authorized as one of the enterprise technology centers by the Beijing Municipal government.

-Shanghai Edrive, as president of the National Industry Technology Innovation Strategic Alliance of Electric Drive System of Vehicle, and the supporting institution of Shanghai Automobile Electric Drive Engineering Technology Research Center, successively undertook and participated in more than 30 Ministry of Science and Technology's 863 EV Major Projects, and managed more than 10 national and professional standards.

-The Company has three national laboratories, three provincial-level Enterprise Technology Centers and two provincial-level Factory Technology Research Centers, and has established a Postdoctoral Center and Academician and Expert Workstation.

Patents

-As of Dec. 31, 2018, the companies had applied for 2,553 patents, including 1,881 authorized patents and 1,725 valid patents, 428 of them are invention patents.

R&D Cooperation

-On January 17, 2018, Zhongshan Broad-ocean Motor Co., Ltd. announced a plan to invest EUR 6.5 million in Hydrogenious Technologies GmbH, a world-leading liquid organic hydrogen carrier technology supplier. The investment will allow Zhongshan Broad-ocean Motor to have a 10.20% stake in Hydrogenious Technologies by converting all the corporate bonds it owns to the shares in the technology supplier. (From a corporate announcement on January 18, 2018)