Greenland Technologies Holding Corporation

Good day ladies and gentlemen. Thank you for standing by. Welcome to the Greenland Technologies first quarter of 2021 earnings conference call. Currently all participants are in listen-only mode. Later we will conduct a question and answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now I will turn the call over to Juliet Chen, Managing Director of Blue Shirt Group Asia. Chen, please proceed.

Thank you, operator, and hello, everyone. Welcome to Greenland Tech Knowledge first quarter of 2021 earnings conference call. Joining us today are Mr. Raymond Huang, Chief Executive Officer, and Mr. Jingjing, Chief Financial Officer. We released the result early today. The press release is available on the company's website at www.gtech-tech.com. as well as from Newswire Services. A replay of this call will be also available in a few hours on our company's website. Before we continue, please note that today's discussion will contain forward-looking statements made under the State Harbor Commission of the U.S. Private Security Determination Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's property filing with SEC. The company does not assume any obligation to update any forward-looking statements except as required under favorable laws. With that, now let me turn the call over to our CEO, Mr. Raymond Huang. Go ahead, Mr. Huang.

Thank you very much Julia. And welcome everyone to Greenland Technologies' first ever earnings call. Now this is a routine that we will continue as part of our mission to provide greater communication and transparency into our business strategy and our performance with shareholders, investors, and interested parties. So let me just start with a quick overview of our business. Greenland Technologies Holding Corporation is a market leader in the development and manufacture of transmissions and drivetrain components for material handling vehicles with a focus on forklift trucks. Founded in 2006, we have focused on the material handling market in China and established our brand over the years with high-quality innovative products, a strong established supply chain, robust manufacturing capabilities, and a dedication to supporting our client needs and building long-term relationships. Currently, we are the largest independent drivetrain supplier for forklift trucks in China with over 35% market share, and a clientele that includes the biggest forklift OEM players in the game, such as Toyota, Lindy, Heli, Hansa, and Doosan, just to name a few. We meet the needs of our clients by leveraging our established supply chain and state-of-the-art 600,000 square foot manufacturing facility in Shaoxing, China that can produce over 200,000 transmission units and 3 million precision gears annually. Now, with the strong demand for forklift trucks in China due to government spending on infrastructure and an increase in warehouse construction activity, we have achieved our highest revenue and transmission drive trains delivered in a single quarter in the history of our company. In the first quarter of this year, Greenland has delivered 36,986 transmissions and drive trains and generated a revenue of $24.6 million. And we are confident that demand for forklift trucks will continue to remain strong in China throughout 2021 which will contribute to the success of our core product line. Now here at Greenland our strategy and culture is based on two core principles. Number one operational excellence and number two innovative product offerings. A disciplined management of operations and structural costs allow us to deliver a high volume of exceptional quality products at a competitive price. This is combined with innovative product offerings that cater to shifting trends in the market to make our clients more successful in their business. We cultivate innovation through a team of dedicated professionals that have amassed 108 registered patents for proprietary systems, components, and manufacturing techniques as of the end of last year. This innovation is ingrained in our culture at Greenland Technologies since the very beginning when we started with the manufacture of high quality precision gears. This evolved to transmissions for forklift trucks, then drivetrains for forklift trucks and other material handling vehicles. And last year, we announced our commitment to developing products for clean energy powered vehicles. with the launch of our integrated drive train that is specifically catered for lithium-powered forklift trucks. This product is designed to simplify the development and manufacture process for OEMs to enter the lithium forklift market quickly. And we have seen strong initial sales and adoption of this product line with over 2,000 units delivered monthly. With the early success of this new product, combined with the performance of our core product line, I estimate that we will achieve between $80 to $90 million in gross revenue by the end of the year. And this year, we announced the next evolution of our product line with the development of all electric industrial vehicles. We will be a pioneer in this emerging market with our first product, the GEL1800. This is an all-electric wheeled front loader with a 1.8 ton loading capacity. powered by a 141-kilowatt-hour lithium battery. This vehicle will be closely followed by an 8-ton electric excavator and our own line of lithium-powered forklift trucks. They are currently in pilot production right now and will be commercially available in the fourth quarter of this year. Just like our product evolutions to meet market trends, We also need to adapt our business model to capture growth opportunities and continue building value for our shareholders. As a result, we will begin expanding our operations beyond China by entering the global market. And our new line of electric industrial vehicles will be the tip of the spear as we extend our operations abroad. We're going to be focusing on entering the United States market due to a favorable environment of government support and the adoption of clean energy technologies. Our electric vehicles will be assembled in the United States and marketed to industries that are best suited to benefit from the advantages of electric powered products, such as urban settings, sensitive areas near hospitals, schools, and parks, property management, waste and recycling management, and livestock agriculture. So with our exceptional historical performance highlighted by this quarter, strong initial adoption of our integrated drive trains, and the expansion of our business to the global market with a new line of electric industrial vehicles, there's a lot to be excited about here at Greenland Technologies for 2021 and into the future. So I just want to thank everyone at Greenland for working hard and staying committed to the success of the enterprise to achieve a record quarter. Now, without further ado, let me turn the call over to our CFO, Mr. Jingjing, who's going to provide more insight into our financial performance. Jingjing, the call is yours.