· Zhenghai Magnetic Materials Co., Ltd. established a new energy automobile motor joint venture company

On July 28, Yantai Zhenghai Magnetic Materials Co., Ltd. (referred to as “Zhenghai Magnetic Materials”), its holding subsidiary, Shanghai Dajun Power Control Technology Co., Ltd. (referred to as “Shanghai Dajun”) and Wolong Electric Group Co., Ltd. "Wolong Electric"), Shaoxing Aotei Motor Co., Ltd. (referred to as "Shaoxing Aotee") jointly signed the "Joint Agreement on the Establishment of Zhejiang Wolong Dajun New Energy Motor Co., Ltd.", according to the agreement, Shanghai Dajun, Wolong Electric Shaoxing Aotee and Co., Ltd. jointly invested RMB 20 million to set up “Zhejiang Wolong Dajun New Energy Motor Co., Ltd.” (referred to as “Wollong Dajun”), mainly engaged in R&D, manufacturing, processing, sales and import and export of various types of drive motors. Among them, Wolong Electric invested 6 million yuan, accounting for 30% of the registered capital; Shaoxing Aotei invested 8 million yuan, accounting for 40% of the registered capital; Shanghai Dajun invested 6 million yuan, accounting for 30% of the registered capital.
After the establishment of the joint venture company, an advanced new energy vehicle electronic production assembly line will be established to realize the industrial production and sales of this type of motor, and priority will be given to meeting the needs of Shanghai Dajun. It is understood that Zhenghai Magnetic Materials Holdings Shanghai Dajun has achieved a preliminary layout in the field of new energy vehicle motor drive systems. This investment is a substantial measure to promote “integration of industry resources and strengthening upstream and downstream linkages and cooperation”, which will be further strengthened. Strategic cooperation with domestic important new energy automobile motor manufacturers, rapidly improve the core competitiveness of Shanghai Dajun in the manufacture of new energy automobile motors, jointly implement the advanced manufacturing strategy of new energy automobile motors, and realize new energy automobile business for Zhenghai magnetic materials The development strategy is of great significance.

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