Management Personnel Changes at Hengtai Lighting

Hengtai Lighting announced on January 17 that the Board of Directors has appointed Ji Shaodong as General Manager, with a term valid until the end of the second Board of Directors' term; Song Qi has been appointed as Deputy General Manager, with a term valid until the end of the second Board of Directors' term.

Hengtai Lighting stated that Mr. Ji Shaodong, the newly appointed General Manager, and Ms. Song Qi, the newly appointed Deputy General Manager, possess extensive work experience and management capabilities in the LED lighting luminaire industry, which will facilitate the company's business operations and daily activities, having a positive impact on the company's future development.

It is reported that on January 13, 2023, the company's board of directors received a resignation letter submitted by General Manager Li Pengqing. After resigning, he will continue to serve as Chairman. As Mr. Ji Shaodong has been appointed as the company's General Manager, he applies to resign from his position as Deputy General Manager; after resigning, he will continue to serve as a Director.

Hengtai Lighting went public on the Beijing Stock Exchange on November 17, 2022. Products are mainly divided into two categories: industrial lighting and commercial lighting. Net profit attributable to parents is expected to be approximately RMB 118 million to 124 million in 2022, a year-on-year increase of 47.78%-55.29%. During the reporting period, the company's revenue remained basically stable. Management increased efforts in refined management, continuously carried out technical upgrades and production process optimization, enhanced cost control, and also benefited from the decline in raw material prices, depreciation of the RMB exchange rate resulting in exchange gains, and recognition of relevant government subsidies. This led to a significant increase in the company's profits compared to the same period last year.

Furthermore, the company also announced that, in light of business development needs, intends to invest USD 20 million to establish a wholly-owned subsidiary at Zone 6A, Road D1, Long Tho Industrial Park, Nhan Duc Commune, Dong Nai Province, Vietnam, to build a production base for LED luminaires with an annual capacity of 5 million units, meeting the order requirements of overseas customers.

恒太照明表示，公司本次拟在越南投资设立全资子公司，建立越南生产基地，符合公司战略发展规划，是公司全球化产业布局的重要举措，有利于公司满足境外客户的订单需求；有利于公司利用越南人力成本、税收优惠政策及其投资所在地区位优势，降低公司生产成本，增强公司盈利能力和竞争实力；有利于公司巩固和提升行业市场地位，为公司持续健康发展提供支撑。