Greenland Technologies Holding Corporation

Good day, ladies and gentlemen. Thank you for standing by, and we warmly welcome you all to the Greenland Technologies Third Quarter 2022 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'd like to turn the call over to Mr. Yuichi Akai, Managing Director of the Blue Shirt Group. Mr. Chai, please proceed.

Thank you, Operator, and hello, everyone. Welcome to Greenland Technologies' third quarter 2022 earnings conference call. Joining us today are Mr. Raymond Wang, Chief Executive Officer, and Mr. JJ, Chief Financial Officer. We released the results earlier today. The press release is available on the company's investor relations website, as well as some 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. 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 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 that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. With that, let me now turn the call over to CEO, Mr. Raymond Wang. Please go ahead, Mr. Wang.

Thank you very much, and good morning, everyone, and thank you for joining us today. Before I recap the third quarter, I want to thank my team for delivering solid results despite a continually challenging global environment. To summarize the third quarter, our component business is operating better than it has before, and it's only held back by lingering pandemic regulations, while our electric heavy equipment division is continuing to strengthen its infrastructure, brand, and value proposition. And we are at the tipping point for adoption that will result in significant growth for the company and our shareholders. Now, diving first into our core component business, We produced and delivered 31,303 drivetrain units, resulting in revenue of $21.8 million. This is a new record for third quarter drivetrain deliveries by edging above our results last year. Revenue is slightly lower due to the foreign exchange rate shift in the third quarter between the Chinese RMB and the US dollar. We focused on fulfilling our backlog for clients impacted by pandemic shutdowns in the second quarter, but are now open and actively producing vehicles. Unfortunately, as these territories opened, new territories have been shut down due to China's zero COVID policy, including districts surrounding the port of Ningbo that have delayed product demand and impacted deliveries to the global market. As a result, we were not able to deliver drivetrains to our full ability, especially outside of China, and has continued to add to our backlog of product sales. I continue to stand by my statement last quarter that these restrictions are a short-term challenge and will not last forever, but caution that they will impact our component business while they exist. And though we're not able to control what regions get locked down, I want to emphasize that we have been operating strongly in the areas that we can control. Production has never been stronger at Greenland, and we're staying ahead of supply chain challenges, such as raw material procurement, which has led to increased operation efficiency and higher margins for the business. If it was not for the lockdowns, then we would have delivered an even stronger quarter. Shifting to our heavy electric industrial heavy equipment division, we have officially opened our first U.S.-based assembly site outside of Baltimore, Maryland. We have some great pictures in our presentation from our celebratory ribbon-cutting event attended by shareholders, local leaders, and government officials that I encourage you to look at. And you can access the presentation on our website at gtech-tech.com. We expect to roll out the first unit off the line at this facility in the first quarter of next year and will produce 500 units per year while creating four to five dozen green jobs in the local community once the site fully ramps up. This site not only strengthens our production capability, but also serves as the first step for heavy to obtain the assembled in the USA label for our product line. Our sales strategy is to secure a fleet deal with a brand name organization and we are making significant process along a number of leads in industries, ranging from rental construction and government. As the first company to introduce electric industrial heavy equipment, it is our responsibility to educate our audience on the technology. and address any concerns to secure market share and ultimately establish the market as a whole. We continue to receive strong interest in our product line. And when we secure our first adopter by a recognizable brand, I'm confident that will lead to a rapid conversion of interest to sales. And that is why our current efforts are laser focused on securing the first fleet deal. Heavy continues to improve the value proposition of our electric product line for our prospective customers. We recently partnered with Syngen to incorporate their state-of-the-art GPS asset tracking system, the Infinity Tracker, into our entire product line. Every piece of Heavy equipment sold will come with the Infinity Tracker and three years of service for free. This offers security, safety, and easier incorporation of heavy products into a client's fleet management system. In addition, heavy is undergoing a campaign to ensure that our products are compatible with every major EV provider in the United States. We have successfully completed testing at Siemens e-mobility division. This testing ensures that heavy products are compatible with Siemens' over 100,000 EV charging station network across the United States. We will continue this campaign to ensure that our clients have options and peace of mind for their charging solutions when incorporating heavy products into their fleet. Greenland is well-funded to support the development and growth of the heavy business division through our strong balance sheet and the $10 million fundraise that we completed in July with Aegis Capital. The updates shared thus far are evidence of these funds in use to grow the business, and we will continue to invest into inventory, supply chain, marketing, and talent to drive this business line and capture the significant opportunities present. The third quarter has demonstrated that Greenland continues to deliver strong performance with our record drive train deliveries and with only short-term pandemic restrictions holding us back. With the forklift market growing at an 8% to 9% compound annual growth rate and our proven production capabilities, Greenland is well situated to continue growing its core business and retain our position as market leader in our industry. Furthermore, our electric heavy equipment division is developing as planned and will generate substantial growth for the Greenland business when we establish the market and pioneer electrification in the heavy equipment industry. I stand by our unique offering that Greenland presents to our investors and shareholders with our strong balance sheet and vast growth opportunities and thank our loyal supporters who share my vision and mission for the company and an incredibly exciting future. And with that, let me turn the call over to our CFO, Jingjing, to provide greater details into our financial performance. Go ahead, JJ.