2023 is a remarkable year, a year marked by economic recovery following the transition in COVID-19 prevention and control. As a manufacturing enterprise deeply rooted in the non-woven fabric industry, Honye faced challenges and seized opportunities, contributing to the economic recovery post the pandemic.
This year, our company, Honye, successfully launched a new large-scale production line, increasing our production capacity to 7 tons/day. This expansion significant elevated our overall production capabilities，providing a robust response to market demands. Towards the end of 2022 and the beginning of 2023, as the pandemic resurged, Honye ensured the health and safety of our personnel while maintaining timely and orderly production and shipments around the Chinese New Year. This commitment contributed once again to the collective effort against the pandemic.
This year, Honye underwent bold reforms, further refining and upgrading product management system. Management practices were standardized, structures optimized, and production efficiency further elevated. We implemented comprehensive barcode traceability management, enabling tracking and control from raw material intake to finished product dispatch.
Honye also intensified investments in independent research and development, enhancing our product competitiveness. New hires included several R&D professionals, including a Ph.D. in materials science. The entire research center underwent a transformation with expanded laboratory space and new equipment to accommodate diverse requirements from domestic and international clients. In addition to existing equipment for drawing, cutting, non-woven fabric, film blowing, injection molding, and foaming, a new sheet extruder was added, enabling the production of films of various thicknesses and addressing previous shortcomings in extruded products. Honye also established a new 500-square-meter research center in Hangzhou's Xiaolong Sci-Tech Park.
Honye actively participated in various domestic and international exhibitions, engaging with peers and potential clients to gain comprehensive insights into the latest industry developments and trends. This helped showcase our company's strength and product services, increase brand awareness, and explore emerging markets.
This year the completion of a new office building provided advanced facilities and a spacious, efficient working environment. This building not only signifies a new milestone in the company's development but also serves as a testament to our collective efforts and achievements.
Several initiatives were organized, including comprehensive health check-ups for all employees and a two-day company team-building event. These activities served as recognition and appreciation for the hard work of our employees and provided a positive outlook for our future development. Fire safety surveys and education were conducted, emphasizing the importance of prioritizing safety in production, aligning with the company's commitment to employee health and well-being and assuming proactive social responsibility.
In 2023, Honye made significant progress, placing emphasis on effective management, product development, and independent research. Looking ahead, we will continue to increase investments, innovate, and strive for breakthroughs in new material research and development, laying a solid foundation for business growth in 2024. This commitment aligns with Honye's longstanding mission.
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