Greenland Technologies Holding Corporation

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Greenland Technologies first quarter 2022 earnings conference call. Currently, all participants are in a 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 Chen, Managing Director of the Blue Shirt Group Asia. Ms. Chan, please proceed.

Thank you, operator. And hello, everyone. Welcome to Greenland Technology First Quarter 2022 Earnings Conference Call. Joining us today are Mr. Raymond Huang, Chief Executive Officer, and Mr. Jin Jin, Chief Financial Officer. We released the results early today. The press release is available on the company's IR website at ir.gtech-tech.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 discussion will contain forward-looking statements made under safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from expectations expressed today. Further information regarding this and other risks and uncertainties is included in the company's public filings with SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Also, please note, unless otherwise stated, all the figures mentioned during this conference call are in U.S. dollars. With that, let me now turn the call over to our CEO, Mr. Raymond Huang. Please go ahead, Mr. Huang.

Thank you very much, Julia. And good morning, everyone. And thank you for joining us today. Let me start the call by thanking my team at Greenland Technologies for their hard work and contributions to another record quarter. Their commitment to delivering results and overcoming obstacles for the benefit of our company and our shareholders is the reason for our history of long-term profitable growth. Now, the first quarter was a very successful quarter for the company with record Q1 revenue generation of 29.8 million and in units delivered. Despite significant global challenges such as COVID-related shutdowns in China, disrupted shipping and supply chains, and high logistic and material costs, our teams have continued meeting client demand and accomplished our best ever first quarter transmission deliveries of 21,902 units. Now the success of our component business this quarter and throughout last year has been a reflection of the effective execution of our strategies. However, this year continues to introduce new and unpredictable challenges that impact the overall global market that may impact our business in the immediate term, such as COVID-related shutdowns, supply constraints, and the geopolitical instability in Eastern Europe. Though our facilities have not been directly impacted COVID related shutdowns may affect the ability of our suppliers and clients to operate their own facilities, resulting in an impact to production and sales. We will continue to do what we can to maintain full production capability and continue to deliver innovative solutions to our clients to help maintain their business during these challenging times. Now the component business still accounts for a majority of our business revenue. Regarding our electric industrial heavy equipment business, we have sold nearly three dozen units of industrial equipment. Unfortunately, our electric industrial equipment deliveries have been impacted by supply interruptions and component shortages that have lengthened the delivery wait times longer than we expected. Fortunately, we've remained on track with the establishment of our first assembly site in Maryland. In fact, we recently announced that we have executed a lease for a site in Baltimore County, Maryland, and we will secure the location in mid-June. We expect the site to be operational in July. It's going to take a few quarters to get the site running at full steam, but when it does, we expect the facility to produce over 500 heavy industrial units per year, and thus improving our equipment delivery times. Our prospective clients have also been facing longer installation times for on-site charging stations to power electrical equipment such as ours. This has added additional pressure to our sales process to close outstanding leads. As a result, we have been actively exploring opportunities with both domestic and international charging solution OEMs to improve local availability, enhance education, and to support a simpler process for on-site charging installations. We will have more to share shortly. In the interim, we have placed a greater emphasis on our sales team to secure paid equipment reservations. And despite these challenges, interest in our equipment remains strong as business continues to embrace the benefits of electrification of their industrial equipment, primarily driven by sustainable environmental awareness and rising fossil fuel costs. This demand will continue to grow as additional legislation is passed introducing a stricter environmental governance policy requirements, such as the upcoming SEC and NASDAQ environmental reporting requirements, and new consumer incentives, such as Maryland's recently passed Clean Cars Act of 2022 that offers a state grant to subsidize 20% of the purchase price for electric industrial heavy equipment such as ours. We applaud Maryland Governor Hogan, Senate, and House for their leadership and commitment for a cleaner, healthier environment and economy, and we expect other states to follow their example and adopt similar programs. And these policies will further strengthen our efforts to convert the industrial vehicle market to our cleaner and more sustainable alternatives. And we have recently launched a new brand for our clean industrial heavy equipment division, HEVI, H-E-V-I, HEVI. HEVI will replace Greenland machinery and provide better clarity between our components and industrial EV business. In addition, HEVI is a better reflection of our business philosophy, mission, and culture. With an American bison emblem that embodies both the strength and power possessed by our equipment, and a symbol of America's beauty, nature, and recovery of what was almost lost. The launch of Heavy initiates a marketing campaign that will raise brand awareness across online, print, and in-person channels. Our stock price has been depressed year-to-date, but I strongly believe it does not accurately reflect the value and growth potential of our business as illustrated in our results. Our fundamental business continues to grow despite a challenging environment, and our electric industrial equipment business continues to progress on track and open new growth opportunities for the business. Despite the volatility of recent markets and global constraints, Greenland is well positioned to continue delivering value to our clients and shareholders into the long term. And with that, let me turn the call over to our CFO, Ching Ching, to provide greater details into our financial performance. The floor is yours, JJ.