NBHX(SZ:002048)2022-12-04 10:24Group 1: Company Overview - The main traditional products include decorative strips, instrument panels, door panels, pillars, rearview mirrors, and metal stamping and welding parts for automobiles. Future products will focus on lightweight and intelligent development [3] - The company serves mid-to-high-end vehicle systems of major global brands, including Volkswagen, BMW, Ford, General Motors, Jaguar Land Rover, and Mercedes-Benz. Domestic business has shown stable growth, while foreign business losses have improved [3] Group 2: Financing Projects - In December, the company completed a refinancing issuance, raising approximately ¥2.011 billion from 10 investors, allocated to projects involving hot-formed steel, fiber materials, automotive electronics, and aluminum decorative strips [3] - The hot-formed steel project has primarily been funded through self-raised capital, with production lines mainly supporting FAW-Volkswagen's Qingdao and Foshan factories. Subsidiaries will manage the automotive electronics, fiber materials, and decorative strip projects, with funds allocated based on project progress and order status [3] Group 3: German Operations Improvement - Since incurring losses in 2015, the company has implemented measures to improve product yield at its German operations, including replacing the management team and relocating production to lower-cost Eastern Europe [4] - In 2017, production capacity was gradually transferred to Romania, which increased layoff costs and other expenses associated with the transfer. The company expects significant improvement in losses for the German operations in 2018 as the benefits from the new Mercedes project materialize [4]