What is the company’s R&D investment situation and outlook for future capital expenditures?

Huayang Group's answer: The company's R&D expenses in the first quarter of 2024 were 160 million yuan, an increase of 24.86% over the same period last year. The company attaches great importance to R&D investment, and continues to increase R&D investment while ensuring R&D efficiency. On the one hand, it is used for customized development of projects at hand to ensure high-quality product delivery; on the other hand, it accelerates product upgrades and iterations and the forward-looking layout of new products and technologies, including the launch of new products such as electronic exterior rearview mirrors, VPD, and cabin-driver integrated domain control to maintain the advanced nature of product technology. The company's 2023 issuance of shares to specific objects for fundraising projects is progressing as planned, among which the new plant buildings for automotive electronics and precision die-casting businesses will be put into production this year; the first phase of the factory in Zhejiang Changxing Development Zone is expected to be put into production this year; it is also planned to start the construction of a new plant this year; it has cooperated with Japanese companies to layout overseas production sites, and is promoting self-built production bases overseas; the company continues to expand production capacity to meet rapid development.