Greenland Technologies Holding Corporation

Good day, ladies and gentlemen. Thank you for standing by and welcome to the Greenland Technologies third 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 Julia Kiang. Managing Director of the Blue Shirt Group Asia. Xian, please go ahead.

Thank you, operator, and hello, everyone. Welcome to Greenland Tech Knowledge Circle of 2021 Endings Conference Call. Joining us today are Mr. Raymond Huan, Chief Executive Officer, and Mr. Jing Jing, Chief Financial Officer. We released the results early today. The press release is available on the company's IR website at ir.gtag-tag.com, as well as from Newswire Services. A replay of this call will also be available in a few hours on our IR website. Before we continue, please note that today's discussions were contentful looking statements made on the Safe Hub position of the U.S. Private Security Litigation Reform Act of 1995. forward-looking statement involves inherent risks and uncertainties. As such, the company's actual results may be materially different from expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filing with SEC. The company does not assume any obligation to update any forward-looking statement, except as required under federal law. All the figures mentioned today during the conference call are in the U.S. dollars. With that, let me now turn the call over to our CEO, Mr. Raymond Huang. Go ahead, Mr. Huang.

Thank you very much, Julia. Good morning, everyone, and thank you for joining us today. Our global team continues to make great progress, and I wish to start by thanking everyone at Greenland for their hard work delivering another great quarter. The third quarter is seasonally the slowest quarter for our business, And this year we faced additional challenges such as material shortages, freight delays, and logistics variability caused by continued impacts of the global pandemic. Yet despite these challenges, we have once again set a new third quarter company record by generating $23.1 million in gross revenue, which represents a 39.7% year-over-year growth. By reaching this milestone, we've remained committed to our guidance of 90 to 100 million year-end gross revenue, which would set a brand new full-year company record here at Greenland. And we remain optimistic with the growth of our core business. However, we are witnessing a cool-down of the China market with GDP falling from 18.3% in the first quarter down to 4.9% by the third quarter, with an expected full year GDP average of around 6.8% for full year 2021. As our results demonstrate, this has not impacted our business as global warehousing and manufacturing growth and demand continues to remain strong, but may impact the future performance of our core business should the GDP trend continue to decline sharply or should it spread to the global markets in the upcoming quarters. The expansion of our business to the global market with our new line of electric industrial vehicles are an important step in our strategy to mitigate risk and develop growth and long-term value for our shareholders. Our search for the location of our first assembly plant is still ongoing. The decision is currently between the states of Maryland, Virginia, and New Jersey, with quality discussions in motion. As we settle on a location, I wish to remind everyone that the timeline of our assembly site does not delay our product launches and timelines, and we will continue to manufacture full vehicles in our existing facilities overseas and ship them to the United States for commercial sale. In addition to the assembly site, we are in progress of developing experience centers to allow interested prospects to be able to learn, operate, and purchase our industrial vehicles. As an industry pioneer of electric industrial vehicles in a market dominated by heavy emission combustion equipment, it will be an important component in our sales strategy to offer firsthand experience for a buyer to truly understand and appreciate the capabilities, power, and benefits of our clean and sustainable vehicles. Our first experience center will be located in New Jersey. where our forklifts will be well positioned to support the rapidly growing warehouse and manufacturing market while also offering our loaders and excavators to the significant transportation and agriculture markets as well within the state. We are currently working with interior designers and architects to offer an attractive and appealing site and we hope to break dirt on a location in the first quarter of next year. As for our vehicles, after a brief shipping delay due to port congestion, The first batch of our GEF series lithium-powered forklifts have arrived on US soil as of last week and are available for commercial sale. And I am extremely happy to report that we've already placed forklift sales orders and have several leads in the sales process, showcasing strong demand for this product line. New units are already in production to continue to meet this demand as we begin to capture market share. Furthermore, our first GEL1800, our all-electric lithium-powered 1.8-ton rated load wheeled front loader, has also arrived this week. It's currently undergoing our post-shipping Q&A process and will be available for demonstrations and industry events by next week, where we anticipate generating strong demand for the vehicle. As for our GEX8000, our all-electric lithium-powered eight-ton wheeled excavator. Our first unit is fully assembled past all QA checks and is simply awaiting a vessel for shipment to the United States. So we're still on track and expected to arrive on U.S. soil by the end of this year to the beginning of January of 2022. As I predicted during the last earnings call, the import challenges we have seen this year in the shipping and freight environments between China and the United States would begin to ease after October, and we've already begun to see this improvement. Shipping costs are half of what they were a month ago and continue to fall while container availability continues to rise. This will improve our vehicle margins, delivery times, and supply chain efficiency as we develop our foothold in the US market. And I am very proud of what the Greenland team has accomplished this quarter and throughout the year. And I'm excited for the next phase of growth for the company as we launch our new product line of electric industrial vehicles while expanding the business into new global markets. Despite the global challenges, we continue to surpass our milestones every quarter and demonstrate our capability to improve our financial health, demonstrate operational excellence as we grow the company, and create value for our shareholders. Now with that, let me turn the call over to Mr. Jing to provide details into our third quarter financial performance. JJ, go ahead.