On the morning of December 2nd, the company held a joint venture cooperation signing ceremony with South Korea Chengmen Company in the form of video conference, and both sides invested in the establishment of a joint venture company to implement the film capacitor project for new energy vehicle filtering. Huang Mingqiang, chairman of the Board and Party Secretary of the company, and Shin Jun-sup, representative director of South Korea Sungmen Company respectively signed the joint venture cooperation agreement on behalf of both parties. President Bo Junhwa, Vice President and Chief Financial Officer Guo Chuanhong, Secretary of the board of directors Lee Jun, and directors Shin Seung-sup and Kim Jong-rak of Korea Sungmen attended the signing ceremony at their respective venues.

According to the agreement, the registered capital of the joint venture company is 100 million yuan, and the company subscribed 75 million yuan, accounting for 75%; South Korea's Sunmen Corporation subscribed 25 million yuan, accounting for 25%. The joint venture company will undertake the construction of capacitors for new energy vehicles, and the construction scale of the project will also increase from 240,000 to 1 million annual output of film capacitors for filtering new energy vehicles.

Chengmen is a well-known enterprise in South Korea, mainly producing metallized film, in the field of metallized film has a strong technical strength. The cooperation between the two parties can further exert their respective industrial and technological advantages in the field of film capacitors, improve the product quality of the joint venture company, seize the opportunity of the rapid development of the new energy vehicle market, and expand the future sales channels of the joint venture company's products in South Korea.
At the signing ceremony, both sides spoke highly of their good cooperative relationship over the years, and unanimously said that this joint venture cooperation is the cooperation of both sides to adapt to the needs of The Times, actively grasp the development trend of new energy, realize technological complementarity, mutual promotion, mutual benefit and win-win, which is conducive to further promoting the industrial transformation and upgrading of both sides and the optimization and adjustment of product structure. We believe that through concerted efforts and joint efforts of both sides, we can open up a new world in the field of capacitors for new energy vehicles and jointly achieve new and better development.