According to a report from Zhitong Finance APP, Zhejiang Zhaofeng Mechanical and Electronic (300695.SZ) announces that the company plans to jointly invest with its controlling shareholder, Hangzhou Dazhaofeng Industrial Group Co., Ltd., to establish Zhejiang Zhaofeng (Hangzhou) Asia Vets Equipment Co., Ltd. (provisional name, subject to final approval by market regulatory authorities, referred to as "Zhaofeng Asia Vets Equipment" or "joint venture"). The registered capital of the joint venture is 50 million yuan, of which the company plans to contribute 35 million yuan in its own funds, accounting for 70% of the registered capital; Zhaofeng Industrial plans to contribute 15 million yuan in its own funds, accounting for 30% of the registered capital.

Given that the company has been deeply involved in the auto parts field and has accumulated rich experiences in industrial machinery, automation, and intelligent production, and with the increasing competition in the auto parts industry, as well as the continuous development of the auto industry towards electrification and intelligence, and the rise of future xinxingchanye, the company intends to invest to establish a joint venture to layout in new emerging tracks, optimize the industrial layout, and enhance the company's comprehensive competitiveness and sustainable profitability.