EFORT wins another large overseas order worth RMB 241 million-EEWORLD

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On the evening of November 21, Efort announced that its subsidiary Autorobot had received a purchase order from Volkswagen Group for the ID.3 pure electric vehicle body underbody and rear wheel cover welding line at the Wolfsburg plant in Germany. The total project amount is estimated to be approximately RMB 241 million (32.9 million euros), accounting for 21.05% of the company's audited operating income in 2021.

Autorobot is a subsidiary of Efort. In 2017, Efort acquired 100% of the shares of WFC Group, an Italian body-in-white welding system integrator. Autorobot is a wholly-owned subsidiary of WFC Group in Poland, mainly engaged in the welding and assembly integration business of the European automotive industry automated production line. Its main customers include Fiat, Maserati, Ford, Audi, Volkswagen and other world-renowned automobile manufacturers.

Volkswagen Group was founded in 1938 and is headquartered in Wolfsburg, Germany. As of September 30, 2022, Volkswagen Group had total assets of 574.026 billion euros, net assets of 189.021 billion euros, operating income of 202.997 billion euros in the first three quarters of 2022, and net profit of 12.771 billion euros.

The payment mode of this order is "361", that is, 30% is paid after the order is issued, and an advance payment guarantee is required; 60% is paid after the production line is put into trial operation; and 10% is paid after final acceptance.

According to Evert's announcement, the transaction amount between the two parties in the last three fiscal years accounted for a relatively low proportion of Evert's revenue. Evert's announcement also pointed out the risks associated with the fulfillment of the order: the fulfillment location of this order is in Germany. Affected by factors such as the global COVID-19 pandemic, the Russian-Ukrainian war, and rising energy prices, German production and consumption may be affected to a certain extent. The execution of the order may be delayed or unable to be fulfilled due to force majeure, affecting the final execution of this order; the amount of this order is large, such as changes in customer demand, changes in the market supply or price of major raw materials, and other unforeseen or force majeure factors, will affect the progress of the execution of this order; if the company fails to deliver, complete or provide services on time and as required during the execution of this order due to company reasons, it may cause the company to bear the risk of breach of contract.

Since the third quarter, Autorobot, a subsidiary of EFORT, has won major orders for automotive automation production lines more than once.

Earlier on October 10, Efort disclosed that Autorobot had received a purchase order from FCA Group, a subsidiary of Stellantis Group, for the front body, rear body and underbody production lines of pure electric vehicles and plug-in hybrid electric vehicles at the Melfi plant in Italy. The total order amount is expected to be approximately 254 million yuan, accounting for 22.14% of the company's audited operating income in 2021. As of the date of the announcement, the order amount has been received for approximately 182 million yuan, accounting for 71.65% of the total order amount .

Efort's 2022 semi-annual report pointed out that the impact of the epidemic on overseas system integration business has gradually weakened, and project execution has improved compared with the same period last year. The domestic system integration business has actively carried out risk control and reduced resource utilization. The company's overall integration business has increased by about 10.16% compared with the same period last year.

In fact, in 2021, Efort adjusted its domestic and overseas organizational structure. According to the information disclosed in the investor relations activity record in May 2022, Efort completed the reorganization of the business structure and organizational structure of its overseas subsidiaries, clarified the development focus and direction of overseas business, reorganized the overseas general integration business based on the technical capabilities and market capabilities of the overseas automotive integration business, opened up organizational boundaries, achieved dimensionality reduction of technical capabilities, reused management capabilities, unified sales teams, and newly established overseas robot business sales and promotion functions to expand the promotion of the company's robot products overseas. It is certain that this has played a positive role in the recovery and further development of Efort's overseas business.

From December 14 to 16, 2022, the 2022 (9th) Gaogong Robot Annual Conference will be held at the Hyatt Regency Shenzhen Airport. The theme of this conference is "Great Changes in the World, New Era in China". This annual conference has set up a special closing ceremony with the theme of "Going to the Mountains and Seas to Live Up to the Times", which is sponsored by [Efort]. At that time, Efort will share the latest corporate developments and the latest insights into the industry on site. More exciting speeches by heavyweight guests will also be presented at the 2022 (9th) Gaogong Robot Annual Conference, so stay tuned!

Reference address：EFORT wins another large overseas order worth RMB 241 million

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