Wencan Holdings' core customer sales growth is expected to drive performance improvement

As a core supplier of Huawei-affiliated SERES, Wencan Holdings supplies aluminum alloy die-casting products to it. As of April 2024, the orders for the new M7 have exceeded 180,000 units, and the orders for the M9 have exceeded 60,000 units. We expect that with the sales growth of core customers' models and the ramp-up of new projects, Wencan Holdings' capacity utilization rate will increase significantly, which is expected to bring considerable performance elasticity.