Honghai Technology's IPO at the Beijing Stock Exchange has been approved, and it has established in-depth cooperation with high-quality customers.

The Northbound Stock Exchange's Listing Committee held its 24th review meeting in November 2024, and the review results showed that the IPO of Wuhan Honghai Technology Co., Ltd. (hereinafter referred to as "Honghai Technology") was approved. In this IPO, the Company plans to issue no more than 25 million shares, and the funds raised after deducting the issuance expenses will be used for the construction of the heat exchanger and CNC sheet metal intelligent manufacturing base project, the home appliance power tool parts research and development center project, and the replenishment of working capital. According to the information, Honghai Technology's main business is the research, design, manufacturing, and sales of air conditioner structural parts, heat exchangers, and display structural parts and other household appliance parts, and it has established a long-term and stable cooperative relationship with major customers such as Midea, Haier, and TPV Technology. In the first half of 2024, Honghai Technology's revenue was RMB231 million, and its net profit was RMB45.24 million. It is worth noting that Honghai Technology has a prominent industry position in the field of air conditioner structural parts, and it has won the "Outstanding Supply Chain Award" and the "Best Partner Award" of Midea and Haier several times. This not only reflects the Company's strength in the industry but also lays a solid foundation for its future development. At the same time, in order to meet the overseas business strategy needs of its customers, the Company established Thailand GHT in Thailand in 2020 and built a new factory and production base to provide household appliance structural parts and other products for the production bases of Haier, TPV Technology, and Littlesmart in Thailand. In 2022, the Company further established Thailand Honghai and purchased land adjacent to Midea's Thai production base to provide air conditioner parts for its future production. In addition to this, Honghai Technology began to layout the CNC sheet metal industry in 2022, optimizing the production process of structural parts and improving the production accuracy of products. At present, the Company has become a qualified supplier of Hikvision, and with the implementation of the investment projects, CNC sheet metal products are expected to become a new growth point for the Company's performance. Financial data shows that the Company's revenue was RMB188 million in 2021, RMB253 million in 2022, RMB350 million in 2023, and RMB231 million in the first half of 2024, and its net profit attributable to parent was RMB25.62 million in 2021, RMB26.65 million in 2022, RMB48.71 million in 2023, and RMB45.24 million in the first half of 2024. (Hu Min)