On the afternoon of May 17, 2023, the 71st Board of Directors of SDS Transmission System Co., Ltd. held at the Huayu headquarters. Zhang Haitao, chairman of SDS, Qiu Shaoling, vice chairman of SDS, and directors of shareholders such as Huayu Auto, GKN, Bank of Communications, the company's leading group and heads of relevant departments attended the meeting. Affected by COVID-19, this is the first face-to-face board meeting since 2020, and all parties are full of expectations for this meeting.
Mr Zhang chairs the formal meeting of the board of directors, and SDS will discuss the business results for 2022 and 2023
The directors of SDS reported the latest forecast of the year, the situation of the joint venture, the development trend of China's passenger car market, the Product development plan, the five-year sales forecast, and the implementation of capital expenditure to the Board of Directors.
The board of directors acknowledges the achievements made by SDS this year and expresses their gratitude to the management and all employees of the company for their dedication.
We express our gratitude for our diligent efforts and have reached the following consensus: 1. Considering the fierce competition in the Chinese automotive market, the board of directors has approved the independent management of the business development of Chinese domestic brands by SDS; 2. The board of directors requires that SDS continue strengthening cash flow management, further reducing material costs, labour costs, and other expenses, and maintaining profitability. At the same time, shareholders will strongly support SDS in achieving its goals; 3. The board of directors requested that SDS further study and analyze the layout plan based on the changes in the five-year sales forecast.
With the strong support of the shareholders, SDS will further expand its market, enhance its capabilities, generate benefits through management, strive to maintain, improve its profitability and achieve sustainable and high-quality development of the company.
