(1) Project overview
In view of the development trend of the industry and the current market demand, combined with the company's business layout and medium and long-term development plan, the company plans to invest 66,115620,000 yuan to implement the construction project of intelligent manufacturing production base.
Through the construction of this project, the company will be promotedServo system, human-machine interface, PLC, low-voltage inverterand other products, and achieve a higher level of automation and digital production. The implementation of the project is conducive to giving full play to the company's existing technical advantages and product advantages, consolidating the company's market position in the industry, and laying a solid foundation for the company's sustainable development, becoming bigger and stronger.
(2) The necessity of project implementation
1. Improve product production capacity, break through the bottleneck of the company's existing production capacity, and maintain and consolidate its market position in the industry in competition with the same industry
The company is mainly engaged in the research and development, production, sales and related technical services of industrial automation and robot core components and digital factory software and hardware, and provides customers with self-supportDynamic control, robot power, digital factory solutions, the downstream application fields of the product are wide, coveringRobots, medical imaging equipment, machine tool accessories, 3C, textile, packagingand other fields. Under the influence of various factors such as increasing domestic labor costs and the transformation and upgrading of the manufacturing industry, the demand for automation equipment, robots, digital factories and intelligent manufacturing in many industries is growing, and the application fields of industrial control products and technologies continue to expand. In the context of the continuous expansion of the industry market scale, the core components of industrial control equipment manufacturing enterprises are expanding production in an orderly manner.
The company's product production capacity has been saturated, and it needs to expand production to break through the bottleneck of the company's existing production capacity
The main products include:Servo system, human-machine interface, PLC, low-voltage inverter, the main product produced for this project. In terms of the company's existing plant and capacity utilization, the company's production capacity has been saturated, and the scale of product production is limited, which restricts the company's business expansion to a certain extent.
With the continuous expansion of the downstream market demand of the industry, the company's existing production capacity has been difficult to meet the company's growing order demand. Therefore, in order to comply with the future market growth trend of the industry, the company plans to implement the construction project of intelligent manufacturing production base, and the reasonable new production line will break through the bottleneck of the company's existing production capacity and ensure that the company can cope with the expanding demand of the downstream market.
There is a large gap between the company's production capacity and comparable listed companies in the same industry
According to the public data of various companies, in 2022, Inovance TechnologyPLC, HMI, inverter, servo driveand other products with a total output of 1,622210,000 units, Xinjie ElectricProgrammable controllers, human-machine interfaces, drive systemsThe total production was 290460,000 sets, HCFA TechnologyServo drives, PLCs, servo motorsThe total output of the product is 20010,000 sets, LeisaiIntelligent drives, control systems, motor productsThe total production capacity is 373510,000 sets, while the company's main product production capacity and output in 2022 are 670000000 units and 73420,000 units, compared with comparable listed companies in the same industry, the company's production capacity is still small.
The expansion of production capacity in the industrial control industry has become an industry trend
In recent years, under the background of the continuous expansion of the downstream market demand in China's industrial control industry, enterprises in the same industry have begun to expand production and implement refinancing plans to achieve capacity expansion.
To sum up, in the context of the company's production capacity saturation and the continuous expansion of the industry's production capacity, in order to ensure the company's competitiveness and market share in the industrial control industry, the company urgently needs to implement this project, expand the company's product production capacity, narrow the production capacity gap between the company and enterprises in the same industry, and enhance the company's competitiveness.
2. Promote the company's automation and digital transformation, improve product production efficiency and delivery consistency, and achieve high-quality domestic substitution
With the decline of China's labor population, the rise of labor costs, and the improvement of product accuracy requirements for the manufacturing of core components in the industrial control industry, the demand for automation and digital production line construction has expanded rapidly. With the advent of the era of intelligent manufacturing, China has entered a transition stage from "Made in China" to "Made in China". In order to accelerate the realization of the goal of "manufacturing power", the state has intensively introduced a number of industrial policies to vigorously promote the technological upgrading and transformation of traditional manufacturing enterprises.
In addition, in order to reduce China's dependence on imported products and promote the development of related industries, China attaches great importance to domestic substitution, and under the challenge of domestic product quality and performance improvement in China's domestic substitution, achieving high-quality domestic substitution is the key goal. In this context, promoting the construction of automated and digital production lines is not only conducive to improving the production efficiency of the company's products, but also to achieve higher precision production, improve product quality and performance, and then promote the process of high-quality domestic substitution of China's industrial control products.
In the context of the current era of intelligent manufacturing, the company's existing production line is still dominated by manual production, and the production efficiency needs to be improved, and there is a risk that the product cost and gross profit margin will decline due to labor costs. In addition, compared with automated and digital production, there is still room for improvement in the production quality of products based on manual production.
As a result, the company plans to start automating and digitalizing its production lines. In terms of operation flow, the company will introduce advanced automated production lines, supporting auxiliary robot equipment, and adopt production operation methods such as robot assembly, automatic detection, automatic transmission, and automatic aging, so as to effectively improve the reliability of operations and the accuracy of job completion.
In terms of logistics, robots such as A** AMR are used to realize automatic material issuance and warehousing, effectively reducing staffing, improving production efficiency, and optimizing the production structure. In terms of digital flow, the company will upgrade the existing ERP system, equipped with digital MES system management, PLM, enterprise-level data warehouse and other digital management systems, and all production lines will realize digital control and comprehensive traceability management of the whole production process to ensure product quality in an all-round way.
To sum up, automation and digital construction will improve the production efficiency and product quality of the company's products, thereby further enhancing the company's market competitiveness in the industry. At the same time, the implementation of the project is also conducive to promoting the realization of high-quality domestic substitution of China's industrial control products and improving the localization rate of China's industrial control products.
3. Build its own factory base to meet the company's strategic development needs
In recent years, with the transformation of manufacturing production lines towards automation, digitalization and energy saving, intelligent manufacturing upgrading has become an important aspect of industry competition. Since the company's current production site is a leased plant, and the investment amount in the construction of the automated production line is relatively large, it is not conducive to the expansion of the existing leased plant. Starting from the overall strategic development layout, in order to improve the stability of the company's production base, reduce the potential risks and costs of large-scale relocation in the later stage, and comprehensively consider the company's long-term planning and market development prospects, the company needs to build its own production base.
The company plans to build a new production base in Changzhou National High-tech Industrial Development Zone, further improve the digital and intelligent capabilities of production, expand manufacturing capacity, and effectively solve the company's production capacity problem through the construction of its own production line and the optimization and upgrading of process solutions. The implementation of the project is conducive to the company's overall production capacity and business undertaking capacity, and ensures that the company can keep up with market dynamics and meet the expanding market demand.
4. Optimize the company's production layout to meet the integrated procurement and service needs of customers
Due to the need for automated controlHMI, PLC, servo drives and servo motorsand other product combinations, downstream customers have the need to purchase products at the same time. At present, some manufacturers exist in the industry market.
In the case of a single product structure or different product origins, compared with competitors who can meet the integrated procurement needs of customers, there is still a lot of room for improvement in the competitiveness of such manufacturers.
At present, the company is servingService drivers, HMIs, PLCs, invertersProduced in the Shenzhen factory, the servo motor is produced in the Changzhou factory and delivered to the customer separately, which brings inconvenience to the customer's procurement to a certain extent, and also brings the company's cost.
After the company implements the intelligent manufacturing production base construction project, all kinds of industrial control products will be produced in the same production base. On the one hand, it is beneficial for the company to reduce the long-distance transportation links required for products, and it can also be greatly improved in terms of raw material procurement, production, and team management efficiencyOn the other hand, the product portfolio is more flexible and can meet the needs of customers for modular, customized and diversified products, which is conducive to helping customers save costs, improve efficiency, and improve the stickiness and satisfaction of downstream customers.
5. In response to the technological development trend of the industry, realize the integrated production of mechatronics and modules
With "Traditional recovery + emerging industriesThe two-wheel drive, the industrial automation control industry stands at the starting point of a new round of growth. With the continuous improvement of the industrial chain of the industrial control industry, mechatronics and module integration have become important trends in the development of the industry.
The servo module will:Servo drives, servo motors, reducersand other parts of the modular integration, through the integrated design of components to reduce the installation link, thereby reducing the type of component procurement, improving the integration efficiency and lowering the product development and application threshold, so that downstream manufacturers can focus more on the development of their specific application scenarios, promote the improvement of downstream industry efficiency and reduce production costs, in line with the development trend of mechatronics and module integration.
Under the development of the technological trend of the mechatronics industry, the company needs to build the production capacity of servo module products and implement the production layout of mechatronics, which will help the company form a closed-loop system and overall solution for products, improve the production efficiency of the company's products, reduce production and management costs, and improve the company's profit margin.
6. Self-built reducer production capacity to improve the quality of servo module products and ensure the stability of the first chain
The company's servo module is willServo drives, servo motors, reducers, drive wheelsBased on its characteristics of accurate positioning, fast response, stable speed and torque control, compact structure, high system reliability, high transmission efficiency and easy to use, servo modules are widely used in mobile industrial robots and other fields.
According to the data of the High-tech Robot Industry Research Institute, it is estimated that the market size of mobile robots in China will reach 462 in 2027500 million yuan, with an average annual compound growth rate of 36 from 2023 to 20279%。In the servo module, the servo drive and servo motor are developed and produced by the company itself, and the reducer parts are produced or purchased in the form of self-developed and outsourced processing. As a key component of the servo module, the reducer has a great impact on the control accuracy and load capacity.
The company currently has reducer qualityPoor consistency, high cost, long procurement cycle and unstable chainsituation. After years of reducer technology research and development, the company has the technical reserves for the production of reducers, but due to the saturation of the current leased plant, it is impossible to build a new production line for the production of reducers.
In order to improve the stability and product quality of the company's first-class chain and ensure the timeliness of the company's product delivery to downstream customers, the company urgently needs to build a new reducer production line, independently control the product production cycle and product quality, optimize the product cost performance, and improve the competitiveness of the company's servo module products.
7. Give full play to the needs of Changzhou's location advantages and improve regional service capabilities
At present, the company's customers are mainly distributed in East China, South China and Central China, of which East China is the company's most important sales area. According to the company's sales data, customers in East China accounted for more than 40% of the revenue. According to the data of the industrial control network, in 2022, East China will also be the region with the largest demand for automation products in China, accounting for 42% of the regional market share of the industry, and the overall automation market size in East China will reach 805 in 2022200 million yuan, an increase of 4% year-on-year. It can be seen that the market potential in East China is huge, and the location of Changzhou to build a factory is conducive to being closer to customers and downstream enterprises, which can provide product services and after-sales service support more comprehensively and quickly, so as to respond quickly to the needs of customers and downstream enterprises in real time.
In addition, Changzhou's advanced manufacturing industry has strong strength and has a strong industrial foundation and human resource advantages. In terms of industrial clusters, Changzhou has ten advanced manufacturing clusters such as high-end equipment manufacturing, new energy vehicles, automotive core parts, and new materials, and the intelligent manufacturing equipment industry has been selected as the first batch of national strategic emerging industrial clusters. With the continuous growth of industrial clusters, Changzhou's advanced manufacturing industry is at the leading level in China, with a strong industrial foundation and product supporting capabilities.
After years of development, Changzhou intelligent equipment industry has accumulated a large number of talents at different levels in technology research and development, production management, marketing, after-sales service, etc., and has reserved rich human resources for the development of the industry. Changzhou is located in the Yangtze River Delta region, where the economy is developed, universities and scientific research institutions gather, and it has obvious advantages in various resources such as location, industrial chain, talents, and advanced chain.
Therefore, in order to be close to customers and the market, respond to customer needs in a timely manner, improve customer service capabilities in the regional market, and make full use of the advantages of Changzhou's production resources, the company intends to take Changzhou as the implementation place of this project to consolidate the company's market position in the industry.
(3) The feasibility of project implementation
1. The company's sales scale continues to grow, and it has effective capacity digestion capacity
With the advantages of excellent performance and high cost performance, the company has provided customers with a large number of high-quality and low-cost equipment and automation and digital solutions in the fields of robots, medical imaging equipment, machine Internet of Things, digital catering and other fields in recent years, which has driven the continuous growth of the company's sales scale.
According to the company's annual report and production and sales data, the company's sales revenue in recent years has continued to grow with the increase in product shipments, and the total operating income has increased from 30.8 billion yuan increased to 53.9 billion yuan, with an average annual compound growth rate of 1184%。From the perspective of product sales, from 2017 to 2022, the average annual compound growth rate of the company's main industrial control product sales will reach 1447%, which is at a high level.
With the continuous growth of market demand in the industrial control equipment industry, the acceleration of the process of domestic substitution of products, the expansion of product application scenarios and the launch of the company's new products, the company's sales scale will continue to expand, and the company's future product production capacity digestion has an effective guarantee.
2. The national industrial policy support provides an effective institutional guarantee for the smooth implementation of the project
In recent years, the state has promulgated a series of laws and regulations and related industrial policies to support the development of the industrial automation control industry. Industrial control industry related industrial policies.
In August 2023, the "Guiding Catalogue for Industrial Structure Adjustment (2023 Edition, Draft for Comments)" was promulgated, and in the field of intelligent manufacturing, key components such as high-precision reducers, high-performance servo systems, intelligent controllers, and intelligent integrated joints used in key components of robot products were included in the encouraged category.
In December 2022, the Ministry of Industry and Information Technology (MIIT) issued the "Recommended Catalogue of Energy-saving Technology and Equipment in the Field of Industry and Information Technology (2022 Edition)", recommending high-performance low-voltage frequency conversion technology in the energy-saving technology of key energy-using equipment systems, promoting the energy-saving technological transformation of the three-phase asynchronous motor control system, dynamically optimizing the operating power and efficiency of the motor, and realizing the speed regulation of the AC asynchronous motor, thereby effectively reducing the energy consumption of the motor system.
In January 2022, the "14th Five-Year Plan for the Development of the Digital Economy" was issued, proposing to strengthen the digitalization level of equipment in industrial enterprises, improve human-computer interaction technology, promote equipment networking and digital connection of production links, and strengthen standard operations and visual control levels. In December 2021, eight departments including the Ministry of Industry and Information Technology issued the "14th Five-Year Plan for the Development of Intelligent Manufacturing", requiring the vigorous development of intelligent manufacturing equipment. In view of the shortcomings and weaknesses of perception, control, decision-making, execution and other links, we will strengthen the joint innovation of industry, university and research to break through a number of "stuck neck" basic components and devices.
In December 2021, 15 departments including the Ministry of Industry and Information Technology jointly issued the "14th Five-Year Plan" for the development of the robot industry, proposing to improve the key foundation of robots, optimizing high-performance servo drive control, servo motor structure design, manufacturing process, self-tuning and other technologies, and developing high-precision, high-power-density robot-specific servo motors and high-performance motor brakes and other core componentsResearch and development of advanced manufacturing technology and process of reducer, improve the accuracy retention (life) and reliability of reducer, reduce noise, and achieve large-scale production.
The state provides strong policy support for the industrial automation control industry, which provides good policy conditions for the implementation of this project.
3. The broad market prospect provides strong support for the smooth implementation of the project
As the core components of industrial automation control equipment, drive systems, control systems and other products have diversified downstream application fields, and have been widely used in industrial robots, medical equipment, logistics equipment, food machinery, textile machinery, rail transit equipment, packaging machinery, electronic manufacturing equipment, printing machinery, machine tools and other fields. With the transformation and upgrading of the traditional manufacturing industry, the new industrial control technology is becoming more and more mature, the country's support for China's advanced manufacturing, intelligent manufacturing, factory automation and other fields has increased, and at the same time, affected by factors such as rising labor costs, the market potential of the industrial control automation industry is huge.
Under the background of the continuous expansion of the downstream application fields of China's advanced manufacturing industry, the demand for industrial control equipment in China continues to expand, and the market scale of the industrial control industry is growing year by year. According to data from China's industrial control network, the market size of China's industrial control industry increased from 139.9 billion yuan to 264.3 billion yuan from 2015 to 2022, with an average annual compound growth rate of 95%, and it is estimated that the market size of China's industrial control industry will reach 322.7 billion yuan by 2025. On the whole, there is a large room for growth in the market size of the industrial control industry.
Robot is one of the downstream application fields of industrial control products, with the decline of China's demographic dividend and the rise of emerging industries, the demand for robots that can be used as a major substitute for human resources has become more and more vigorous. Driven by China's "robot +" action, the application field of robots is accelerating its expansion, industrial robots, mobile robots, service robots and other products have come into being, and the applications in the fields of automobiles, machinery, medical health, family services, education and entertainment have continued to deepen and become real, and the scale of the robot industry has continued to grow. According to the information of the 2023 World Robot Conference, the operating income of China's robot industry will exceed 170 billion yuan in 2022, continuing to maintain double-digit growth, and the output of industrial, service, and special robots will also grow rapidly.
In the field of industrial robots, according to the "China Robot Industry Development Report (2022)", the installed capacity of China's industrial robots in 2022 will account for more than 50% of the world's total, ranking the world's largest market, mainly used in the automotive, 3C electronics industry, chemical, petroleum and other application market demand is also gradually rising. According to the data of the Chinese Institute of Electronics, the scale of China's industrial robot market has maintained a growth trend in the past five years, and the market size will continue to grow in 2022 and is expected to reach $8.7 billion. According to the China Robot Industry Development Report (2022), it is expected that by 2024, the size of China's industrial robot market will further expand and will exceed $11 billion.
In the field of mobile robots, according to the Institute of Advanced Robot Industry, the size of China's mobile robot market in 2022 will be 96700 million yuan, with an average annual compound growth rate of 29 from 2018 to 20220%, and the market size is expected to reach 462500 million yuan, with an average annual compound growth rate of 36 from 2023 to 20279%。In recent years, with the rapid development of new energy vehicle manufacturing, warehousing (express e-commerce) logistics, outdoor ports, medical care, and other industries, the demand for mobile robots continues to be strong.
In the field of service robots, the demand for education, construction, public services and other fields has become the main driving force for the development of service robots. According to the China Robotics Industry Development Report (2022), it is expected that the size of China's service robot market is expected to exceed $10 billion by 2024. Among them, in the field of humanoid robots, the product can gradually break through the restrictions of industrial, commercial and household scenarios with its high adaptability, integrate the market space of various applications, and is expected to become another application entrance after mobile phones and automobiles.
According to the data of the Gaogong Robot Industry Research Institute, the penetration rate of global humanoid robots in service robots is expected to reach 35%, with a market size of more than $2 billion, and the global market size is expected to exceed $20 billion by 2030. According to the Institute of Advanced Robot Industry, with reference to the numerical estimation that China's service robot market accounts for about 25% of the global market, the market size of Chinese humanoid robots will reach 5 billion US dollars in 2030.
In addition to the field of robotics, industrial control products are also widely used in the medical imaging industry. As the population ages, the demand for healthcare services continues to increase. At the same time, since the medical reform in 2012, the relevant departments of the state have successively issued a series of policies related to the medical industry, aiming to optimize the level of medical services, encourage the implementation of hierarchical diagnosis and treatment, promote the sinking of medical resources, and also open up a new market space for the medical imaging equipment industry. According to CIC data, the market size of medical imaging equipment in China reached 52.4 billion yuan in 2021, with a compound annual growth rate of 97%, and it is expected that by 2030, the market size of medical imaging equipment in China will reach 111.5 billion yuan, with a compound growth rate of 88%。
The continuous expansion of the market space for downstream applications in the industrial control industry has laid a good foundation for capacity expansion for the implementation of the project.
4. Strong technical reserves and strong talent team provide a solid foundation for the smooth implementation of the project
The company has always been focusing on the development needs of intelligent manufacturing and continuous technological upgrading, and has independently developed a series of core technologies from machine Internet of Things to human-computer interaction, control, drive and execution. In terms of human-machine interface, the company continues to innovate configuration software and hardware design, develops IoT human-machine interface products with multi-dimensional cloud migration function of device data, and launches M-IoT machine IoT solutions on this basis.
In terms of servo system, the company invested in the research and development of compact precision low-voltage servo drive technology earlier and forward-looking, effectively solved the problems of electromagnetic compatibility, heat dissipation efficiency and connection reliability, and innovatively developed and designed the integrated products of extremely short servo motor and drive motor. In terms of servo modules, the company has deeply explored the application scenarios and needs of mobile robot customers, and innovatively launched servo wheel products integrating servo drive, servo motor, reducer, brake and wheel.
In terms of programmable logic controller technology, the company has launched a distributed motion control master technology based on CANopen, which can connect a large number of axes, easy to expand and low cost. In terms of low-voltage inverter technology, the company has developed a high-speed synchronous motor driver based on FOC technology with independent intellectual property rights, which improves the motor carrier frequency and reduces the no-load current. As of September 30, 2023, the company has obtained 117 domestic and foreign patents, including 15 invention patents and 75 software copyrights.
In order to ensure the continuous improvement of the company's product and technical level, the company has always attached great importance to the cultivation of core personnel ability, and under the perfect talent training system, the company has built a relatively stable talent team with strong management capabilities. As of September 30, 2023, the company has 287 production personnel, 161 R&D personnel, and 141 sales personnel. In the field of production and management of the industrial control industry, the company has gathered a large number of senior production, R&D and management personnel in the industry with professional backgrounds in electronic information technology, electrical engineering, computer technology, etc., and focusing on the industrial control automation industry.
The company's overall technical reserves are relatively strong, the talent team is experienced, and has a deep understanding and unique vision of the industrial control industry, can keep up with the development trend of the industry market, constantly overcome product technical problems, and provide strong technical and human support for the smooth implementation of this project.
5. A wide range of customer resources provides a reliable guarantee for the capacity digestion of the project
As the core components of industrial automation control equipment, the company's servo motors, servo drives, servo modules, human-machine interfaces, PLCs, inverters and other products are widely used in robots, medical imaging equipment, machine Internet of Things, general automation, logistics and other fields. In the field of robotics, the company provides motion control solutions for industrial mobile robots (A** AMR), collaborative robots, pan-service robots, bionic robots, industrial robots and other industry customers through its own industrial automation technology platform. In the medical imaging industry, the company provides special servo drives, special.
Servo motors and special touch screens are widely used in medical imaging equipment such as MRI, CT, X-RAY, PET-CT, RT, etc. In the machine Internet of Things industry, the company's products cover human-machine interfaces, touch all-in-one machines, Internet of Things boxes, machine Internet of Things cloud platform services, etc., which are used in high-end equipment and various digital manufacturing application scenarios in new energy industries such as lithium batteries, photovoltaics, and new energy vehicle manufacturing. In the field of general automation, the company's products include general servo systems, PLC, stepping systems, low-voltage inverters and other products, and downstream applications include machine tool accessories, 3C, textiles, packaging and many other industries.
After years of deep cultivation in the field of industrial control, the company has won the "Excellent Enterprise of Mobile Robot Chain (Operation Control Drive Module)", "Excellent Chain Award of China Mobile Robot (A** AMR) Industry Alliance", "2022 Market Innovation Award of High-tech Robots", "2023 Top 30 Mobile Robot Industry", "2023 Robot System Integrator Quality Enterprise of ** Chain Enterprise", "The 9th Capek (Parts) Annual Excellent Brand Award" A series of honorary awards have formed a certain popularity and competitiveness in the industry. At the same time, the company has also accumulated a large number of high-quality and stable industry leading customers with a good reputation, and has established long-term and stable cooperative relations with leading manufacturers in the field of mobile robots.
According to Mi Rui Industry's "2023 China DC Servo Market Research Report", in 2022, the company ranked first with a market share of 42% in the DC servo field of the mobile robot industry, serving most of the customers in the industryIn the medical imaging equipment industry, the company's main customers include well-known enterprises such as Siemens and United Imaging Healthcare. With the continuous expansion of the company's products and downstream application scenarios, the company's products will also reach more customers.
The wide range of application scenarios and high-quality customer resources have laid a solid foundation for the company's market development, and also provided a reliable guarantee for the capacity digestion of the project.
6. Rich production management experience and perfect management system provide a basic guarantee for the smooth implementation of the project
Since its establishment, the company has always focused on the development and production of industrial automation control products. The company's existing production bases have been put into operation in Changzhou and Shenzhen, and are equipped with technical support personnel with solid professional knowledge and rich industry experience, which can quickly respond to customer needs. The company has a perfect management system from product raw material procurement, production to sales. In terms of procurement, the company implements strict certification review on the supply capacity, quality control, delivery time, and service of the first supplier. In the production process, the company adheres to the management concept of lean production to plan the production process, continuously improve, improve efficiency and reduce costs.
After many years of production management practice in the industrial control industry, the company has a deep understanding of the management of large-scale production of products. With the accumulation of pre-production management experience, the company has the ability to provide reliable production support and operational experience for the construction of this project.
The company's mature production management experience and perfect management system can provide effective support for the implementation of this project.
(4) Project investment budget estimates and schedules
The project is expected to be implemented over a period of 4 years, with a total planned investment of 66,115620,000 yuan.
The main body of the project is Changzhou Jingna, a wholly-owned subsidiary, and the project site is set in Changzhou National High-tech Industrial Development Zone, Changzhou City, Jiangsu Province. The company has obtained the land use right certificate of the project land.
As of the date of issuance of this document, the project filing and environmental impact assessment are in progress.