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5. Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. Business Report FY ended Dec. 2023

Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. Business Report FY ended Dec. 2023

-Benefiting from the improvement of the domestic Chinese economy and the increase in overseas market demand, the company seized market opportunities, continuously optimized its product structure, and achieved good growth in product sales. At the same time, the company continued to promote internal cost reduction and efficiency improvement, process optimization and other work, effectively improved manufacturing capabilities, reduced unit costs, and increased product gross profit margin year-over-year, driving the company's performance to grow steadily.

-In 2023, the company launched 136 new projects, of which 58 projects involved automotive electronic control system products. The company began production of 93 new projects, for customers including Chongqing Changan, Geely, GAC, Hycan, FAW Hongqi, SAIC-GM-Wuling, SAIC Maxus, Chery and other projects.

Orders

-The company has recently been designated by a customer outside China, whose name cannot be disclosed due to confidentiality, for the supply of EPBs (electric parking brakes) for two models. According to the customer’s plan, the project is expected to start production in 2026, with a lifecycle of 8 years and a total lifecycle sales value of around CNY 3.8 billion. (From an APG press release dated July 11, 2024)

-The company was recently designated by an automaker outside China, whose name cannot be disclosed due to confidentiality, for the supply of brakes for a certain model. According to the customer’s plan, this project will start mass production in Q4 2025, with a lifecycle of 7 years and a lifecycle total sales value of around CNY 230 million. (From an APG press release dated June 25, 2024)

-The company was recently designated by a large Chinese automobile group, whose name cannot be disclosed due to confidentiality, to provide front brake caliper and electronic parking actuator assemblies for a New Energy model from the customer. According to the customer’s plan, this project is expected to start mass production in the first half of 2025, with a lifecycle of 6 years and an estimated total lifecycle sales value of around CNY 590 million. (From an APG press release dated March 16, 2024)

-The company announced that it recently received a designation notification for the supply of rear electric caliper assemblies with electric parking brakes (EPB) to a New Energy SUV of a Chinese OEM of which the name cannot be disclosed due to confidentiality. (From an APG SZSE press release dated November 28, 2023)

-The company announced that it has been designated as a supplier of front disc brakes with a steering knuckle assembly and rear brake assemblies with EBP to a New Energy Vehicle of a leading independent Chinese OEM whose name cannot be disclosed due to confidentiality. As planned by the customer, the project is expected to start mass production in 2024, with a lifecycle of 5 years and a total lifecycle sales amount of about CNY 600 million. (From an APG SZSE press release dated October 18, 2023)

-The company announced that it received designation notifications from two Chinese automakers. The company will develop and produce EPB (Electronic Parking Brake) assemblies for New Energy SUVs of a high-end sub-brand of a major Chinese automobile group whose name cannot be disclosed due to confidentiality, with mass production expected in 2024; and will provide front and rear brake assemblies (with EPB) for a New Energy SUV of a Chinese automaker whose name cannot be disclosed due to confidentiality, with a project lifecycle of seven years, mass production expected in 2024, and a total lifecycle sales amount of about CNY 728 million. (From APG SZSE press releases dated July 11 and 14, 2023)

‐The company announced that it has received a notification from a foreign vehicle OEM on being designated to supply front and rear brake assemblies and IBS (one box) for a New Energy Vehicle platform. The project is expected to gradually start production from 2025, with a lifecycle of 6 years. (From a ZAPME SZSE press release dated March 2, 2023)

R&D

-The company has a test facility of 6,000 square meters and established proving grounds in Huangshan and Heihe, Heilongjiang.

-The Company's testing centers have been certified as laboratories by FAW-VW, SAIC GM, GM-Wuling, SAIC Group, SAIC Automobile, Jiangling, Geely Automobile, Changan Automobile, etc.

-Zhejiang Brake System Testing Laboratory passed ISO/IEC17025 accreditation by China National Conformity Assessment Service (CNAS) in January 2021.

-As of Dec. 31, 2023, the Company has 352 R&D staff, accounting for 13.98% of the total staff.

Patents, etc

-As of December 31, 2023, the Company holds 800 patents. Of these, 97 are invention patents, 687 are utility model patents, and 16 are appearance patents.

-The Company has obtained quality system certifications such as QS9000, VDA6.1, ISO/TS 16949, and IATF 16949. The automobile brake system has obtained the product certification of the China Automobile Product Certification Center, as well as QSB and QSB+ certifications of SAIC GM and Dongfeng PSA.