Recently, the 2023 Annual Shareholders' Meeting of AMITIME ELECTRIC CO.,LTD (hereinafter referred to as Amitime) was grandly held at the Zhongshan headquarters.
Attending the meeting were Amitime's President Fengxi Tong, General Manager Arthur Zheng, representative of Hillhouse Capital Mr. Wang, representative of Yingfeng Capital Mr. Wu, representative of GF Securities Mr. Bian, representative from Zhonglun Law Firm, Lawyer Li, as well as numerous shareholder representatives, directors, supervisors, witness lawyers, and senior management, both online and offline. They gathered to discuss the company's strategic planning and future development directions.
At the beginning of the meeting, Haotian Wu, the Chief Financial Officer of Amitime, provided a detailed report to all attendees on the company's financial status for 2023 and the budget for 2024. He thoroughly analyzed the changes and trends in various economic indicators, presenting detailed data and facts. This allowed the shareholders to gain a clearer and more intuitive understanding of the company's operating conditions.
Amitime's Chief Financial Officer, Haotian Wu, reported on the financial status.
The report highlighted that over the past year, the company achieved steady improvements in its overall operations, and its performance metrics showed new growth. This not only laid a solid foundation for the company's rapid development but also showcased Amitime's strong capabilities and stable development trend in the industry.
Following this, Mr. Li, Director of Amitime's Brand Management Center, gave a presentation titled "Building Brand Momentum to Crush Market Competition."
He provided an in-depth discussion of the brand communication strategy from several dimensions, including "Brand Building to Capture Minds," "Foundation of Product Categories," "Expansion of Brand Communication," and "Dual-Engine Drive of Heat Pumps and Floor Cooling units."
Mr. Li stated that in recent years, Amitime has simplified its focus on heat pumps, successfully creating a new category in the heat pump industry—ground source heat pumps. This innovation has not only enhanced the brand's image but also boosted its communication effectiveness.
Additionally, under the dual strategies of "Channel Penetration" and "Mindset Penetration," Amitime's brand communication volume has achieved exponential growth, surpassing 1.2 billion times. This has led to a reciprocal advancement between the brand and channels, further strengthening consumer recognition and trust in the brand, thereby gaining more influence and leverage in market competition.
Amitime's Brand Director, Yunge Li , reported on the brand promotion situation.
He further emphasized that Amitime focuses on cutting-edge product development and continuously strengthens its leadership in the brand by leveraging technological innovation and product upgrades to build a strong category in heat pumps. The ground source cooling system to be launched in 2024, with its groundbreaking technology, has completely revolutionized traditional air conditioning cooling. Compared to traditional constant temperature, humidity, and ventilation systems, the ground source cooling system demonstrates significant advantages in installation, maintenance, and structure.
This dual-engine drive model of "heat pump+ floor cooling units" will undoubtedly enhance Amitime's core brand competitiveness and help the company stand out in market competition. Following this, Mr. Zheng, General Manager of Amitime, provided the conference with an update on the company's domestic and international market expansion, marketing strategies, and production and operational development for 2023.
Mr. Zheng, General Manager of Amitime, elaborated on the company's operational conditions.
Regarding the overseas market development strategy, Mr. Zheng stated that since 2023, Amitime has maintained a steady yet progressive approach. While continuing to solidify its leading position in the European market, the company has also actively worked on expanding into the U.S. and Australian markets, aiming to achieve a diversified and strategically deepened global market presence.
In particular, regarding product applications, Amitime is guided by the needs of overseas users. Starting from the niche segment of clean heating, the company continually extends and expands into areas such as whole-house cooling and hot water systems. The goal is to comprehensively and multidimensionally meet user needs in various scenarios, creating an integrated and intelligent comfort living experience for users.
Furthermore, to further enhance its brand influence, Amitime is participating frequently and on a large scale in internationally renowned exhibitions. The company is also leveraging various media resources for extensive and in-depth coverage to boost brand awareness and reputation, ensuring that the Amitime brand shines globally.
Amitime made an appearance at the MCE (Mostra Convegno Expocomfort) Milan Exhibition in Italy.
In terms of domestic market expansion, Mr. Zheng noted that despite the complex and severe market conditions and intense industry competition since 2023, the company has overcome numerous challenges and vigorously developed both northern and southern markets.
In North China, Amitime achieved nearly 200% growth. The East China and Central China markets followed closely, with increases exceeding 100%. Even in South China and Southwest China, where heat pump heating products have faced challenges, the company still reached a 70% growth rate, maintaining a strong and steady development trend.
Amitime's high-standard specialty store showcase
Representatives of AMITIME shareholders present their views and proposals
Especially with the advancement of the national channel strategy "Three Years, One Thousand Stores · Three Years, Ten Thousand Points," Amitime has established over 500 high-standard specialty stores nationwide. This initiative has not only deepened the company's connection with the market but also enhanced its competitiveness and influence by optimizing channel layouts and improving service quality.
In its future development, the company will continue to focus on customer needs, enhance technological innovation, and strengthen close cooperation with third parties. By maximizing the use of human, technological, and financial resources, Amitime aims to support the vigorous development of both domestic and international markets with even better service quality.
The shareholder representative speech session brought the meeting to a climax. Attending shareholders expressed high expectations for Amitime’s prospects in the trillion-dollar heat pump new energy industry. They praised the company's strategic planning, market expansion, and operational analysis, and offered valuable opinions and suggestions.
At the same time, shareholders also hope that the company will continue to maintain a steady operational trend and keep innovating to achieve sustainable, high-quality development.
At the end of the meeting, Mr. Tong, President of Amitime, delivered a concluding speech and expressed heartfelt thanks to all the shareholders in attendance. Mr. Tong stated that throughout Amitime's 21 years of development, the company has consistently adhered to the spirit of continuous innovation and forward progress. It is the collective effort of all team members that has driven Amitime forward, leading to the achievements and breakthroughs realized today.
Amitime President Fengxi Tong delivered a concluding speech.
Additionally, President Fengxi Tong outlined the company’s future strategic plans. He mentioned that with the commencement of operations at Amitime's second industrial manufacturing base in Shunde, Foshan, and the upcoming completion of its overseas heat pump production base in Europe, Amitime will further enhance its global footprint and influence.
A group photo of all attendees at the Amitime Shareholders' Meeting.
This conference was a significant milestone for Amitime as it enters a new phase of development. The company will define its core strategic objectives, assess the situation, and align with the trends of the times. By driving innovation to forge its core competitiveness, Amitime is committed to achieving its annual production and operational goals. The company will make relentless efforts to realize its mission of contributing to the sustainable development of human society through world-leading heat pump technology and applications.
