Xin Lang Cai Jing·2026-01-05 12:35Core Viewpoint - The company Xusheng Group has secured its largest procurement order to date, indicating strong business expansion and a significant partnership with a North American electric vehicle manufacturer, which is expected to generate approximately RMB 7.8 billion over an 8-year project lifecycle [1][2]. Group 1: Business Development - Xusheng Group announced it received a fixed-point notification from a North American electric vehicle manufacturer to supply various components, with an annualized sales amount of approximately RMB 975 million [1][2]. - The project is set to begin mass production by the end of 2026, with production bases located in China and Mexico [2]. Group 2: Financial Performance - The lifecycle total sales amount of this new project is significantly higher than previous fixed-point projects, which had lower total sales amounts [2]. - Xusheng Group's revenue has seen substantial growth since partnering with Tesla, with revenue increasing from RMB 150 million in 2013 to RMB 560 million in 2016, and net profit margin rising from 14.88% to 35.78% during the same period [2]. Group 3: Customer Dependency and Management Changes - The company has been labeled as "deeply dependent on Tesla," although it now refers to Tesla as its "largest customer" in financial reports [3]. - A change in control is anticipated as Guangzhou State-owned Assets plans to acquire Xusheng Group for RMB 4.295 billion, with performance commitments set for the years 2026 to 2028 [3]. - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in recent operational performance [3].