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Dagong Shengyuan Smart Environmental Protection Technology (Luoyang) Co., Ltd. was established on July 1, 2021, with its registered address at No. 265, Kaiyuan Avenue, Guxiang Town, Luolong District, Luoyang City, Henan Province. Li Haitao is the legal representative. Its business scope includes:  
General Projects: R&D of harmless and resource-efficient utilization technologies for agricultural and forestry waste; R&D of energy recovery systems; technical consulting services for resource recycling and utilization; technical services, technical development, technical consulting, technical exchange, technology transfer, and technology promotion; manufacturing of bio-based materials; manufacturing of plastic products; processing of biomass fuels; R&D of resource regeneration and reuse technologies; installation services for general mechanical equipment; R&D of carbon emission reduction, carbon conversion, carbon capture, and carbon sequestration technologies; environmental protection consulting services; manufacturing of specialized environmental protection equipment; sales of agricultural and sideline products; internet sales (excluding goods requiring permits); acquisition of primary agricultural products (except for projects subject to mandatory approval, operations may be conducted independently in accordance with the business license, as permitted by law).  
Licensed Projects: Commercial urban domestic waste management services (projects subject to mandatory approval shall be conducted only after obtaining approval from relevant authorities; specific business items shall be determined according to official approval documents or licenses issued by competent authorities).  
Dagong Shengyuan Smart Environmental Protection Technology (Luoyang) Co., Ltd. has made external investments in three companies.

Bo Yuan Energy (Dalian) Co., Ltd. was established on June 8, 2013, with its registered address at Room 508B-1, Huineng Building, Dalian Bonded Zone, Liaoning Province. Chu Zhenyu is the legal representative. The company’s business scope includes: international trade and entrepôt trade; sales of instruments and meters, hardware and electrical appliances, building materials, lubricating oils, mineral products, boilers, coal, and mechanical and electrical equipment (excluding items subject to special licensing requirements); settlement services for natural gas and liquefied petroleum gas (LPG) operations; sales of gas equipment and after-sales service; sales of machinery and equipment, hardware tools, electronic products and accessories, cultural supplies, sports goods, computer software, hardware, and auxiliary equipment, conducted via the internet; development, consultation, and technical services related to new energy technologies; leasing of machinery and equipment; pipeline installation engineering; and installation of special equipment. (Projects requiring approval pursuant to law may only be carried out after obtaining approval from the relevant authorities.) Bo Yuan Energy (Dalian) Co., Ltd. has made external investments in one company.

After the reorganization of Ansteel and Benxi Iron and Steel Group in 2021, Benxi Iron and Steel Group officially became a second-tier subsidiary controlled by Ansteel Group. Benxi Iron and Steel (Group) Equipment Engineering Co., Ltd. (hereinafter referred to as “Equipment Engineering” or “the Company”) is affiliated with Ansteel Group Benxi Iron and Steel Group Co., Ltd. and is a controlled subsidiary under Benxi Iron and Steel Group. The Company’s registered capital is RMB 100 million. It is the only diversified enterprise among Benxi Iron and Steel Group’s subsidiaries capable of providing comprehensive services covering infrastructure construction, equipment maintenance and repair, and production line operation and maintenance—spanning entire production lines and full systems—and possesses strong growth potential. Established in March 2022, the Company was formed through the integration of Benxi Iron and Steel Construction Company (its predecessor being Benxi Iron and Steel Civil Engineering Construction Company, founded in December 1958) and Benxi Iron and Steel Electromechanical Installation Engineering Company (its predecessor being the 24th Regiment of the Third Branch of the People’s Liberation Army Base Construction Engineering Corps, founded in May 1983). To further build a market-oriented, professional, and scaled intelligent equipment inspection, maintenance, and repair enterprise covering all directions, the Company absorbed Benxi Iron and Steel Equipment Maintenance and Repair Center in December 2023, thus accumulating stronger advantages and new impetus for high-quality development.

I. Core Business and Products  

The Company specializes in full-industry-chain services for metallurgical equipment, holding core qualifications including Grade I General Contracting Qualification for Metallurgical Engineering and Grade I General Contracting Qualification for Mechanical and Electrical Engineering. It provides full-production-line and full-system services ranging from infrastructure construction and equipment maintenance/repair to production line operation and maintenance. Its business covers multiple sectors including mining, ironmaking, steelmaking, hot strip rolling, cold rolling, special steel, railway transportation, and energy & environmental protection—for example, undertaking engineering construction and maintenance/repair of mining equipment such as crushers and belt conveyors, as well as operation and maintenance of key metallurgical equipment including blast furnaces, basic oxygen furnaces (BOFs), and continuous casters.  

1. Mining Equipment  

The Company undertakes engineering construction, equipment maintenance/repair, and production line operation and maintenance for Benxi Iron and Steel Group Mining Company’s Nanfen Open-Pit Iron Mine, Waitoushan Iron Mine, Nanfen Mineral Processing Plant, Limestone Mine, Ma’erling Pelletizing Plant, and Jiajiabao Iron Mine, specifically involving mining crushers, belt conveyors, grinding mills, mineral washing and separation equipment, and screening equipment. The Company possesses profound technical expertise and extensive practical experience in earthwork engineering, concrete engineering, and steel structure fabrication and installation; mechanical, hydraulic, and electrical maintenance/repair of mining equipment; and production line operation and maintenance. Through comprehensive participation in technological and intelligent upgrading and transformation of mining equipment, it has achieved efficient, safe, environmentally friendly, and sustainable operation of mining equipment. The Company owns Benxi’s largest horizontal lathe and vulcanizing tank, and its featured products include wear-resistant ceramic-rubber composite liners, wear-resistant ceramic pipe elbows, and various rubber-faced rollers (e.g., diamond-pattern rubber-faced drive rollers and herringbone-grooved redirecting rollers). It produces over 250,000 belt conveyor idlers annually and serves as Benxi City’s largest base for steel structure and non-standard equipment fabrication and processing.  

2. Ironmaking Equipment  

Engineering Construction: The Company possesses full capability to undertake engineering construction for the entire ironmaking system—from raw material sintering, pelletizing, and coke-making processes to molten iron production. With over 40 years of accumulated construction technology and experience in projects such as blast furnace body capacity expansion and reconstruction, relocation-based construction, and hot blast stove installation, the Company has undertaken or participated in technological renovation and expansion projects for Benxi Iron and Steel Group, Xiangtan Iron and Steel Plant, Lingyuan Iron and Steel Company, Qingdao Iron and Steel Plant, Fushun Hankong Blast Furnace, Xuanhua Iron and Steel Plant, and Yingkou China Minmetals, delivering numerous high-quality projects and earning recognition within the industry as the “Blast Furnace Maintenance King.”  

3. Steelmaking Equipment  

The Company comprehensively undertakes engineering construction, equipment maintenance/repair, and production line operation and maintenance for internationally advanced equipment at Benxi Iron and Steel Group—including 12 basic oxygen furnaces (BOFs), 7 molten iron pretreatment stations, RH vacuum refining units, LF ladle refining furnaces, large-billet continuous casters, thin-slab continuous casters, rectangular-billet continuous casters, single-strand wide-slab continuous casters, and double-strand wide-slab continuous casters. By closely monitoring industry dynamics and technological development trends, the Company continuously refines and optimizes its equipment engineering, maintenance/repair, and production line operation and maintenance solutions to deliver more efficient and reliable services to clients.  

4. Hot Strip Rolling Equipment  

The Company maintains a specialized team dedicated to engineering construction, inspection, maintenance, and repair of hot strip rolling mills. Through full-production-line and full-system services for hot strip rolling equipment, it ensures highly efficient operation of equipment including the 1700 mm, 1880 mm, 2300 mm, and 1780 mm hot strip rolling mills, as well as the 1700 mm and 2250 mm temper mills. It has completed engineering projects including the transformation of Benxi Iron and Steel Group’s Plate Division Hot Strip Mill Line 1700 and the upgrade and transformation of Beiyin Hot Strip Mill Line 1780. Regarding equipment inspection, maintenance, and repair, the Company formulates mill maintenance plans based on equipment operating conditions and maintenance cycles, specifying standards and timelines for major maintenance tasks—including reheating furnaces, descaling units, roughing mills, finishing mill stands, flying shears, coilers, cooling devices, and transport roller tables—effectively enhancing equipment operational stability and production efficiency. Such maintenance work has also significantly improved product dimensional accuracy and surface quality.  

5. Cold Rolling Equipment  

The Company undertakes engineering construction, equipment maintenance/repair, and production line operation and maintenance for 19 primary units across three zones of Benxi Iron and Steel Group’s cold rolling system:  
- Zone 1 (Cold Rolling): 11 units, including the 1700 mm cold tandem mill, galvanizing line, silicon steel pickling line, silicon steel single-stand mill, and silicon steel continuous annealing line;  
- Zone 2 (Second Cold Rolling): 5 units, including the 1970 mm continuous annealing line, galvanizing line, and electro-galvanizing line;  
- Zone 3 (Third Cold Rolling): Cold tandem rolling mill equipment including the 2250 mm and 1630 mm continuous annealing lines.  

6. Special Steel Equipment  

The Company possesses professional capabilities in installation, construction, inspection, maintenance, and repair for special steel production line equipment, including RH vacuum refining furnaces, LF refining furnaces, 4-machine-4-strand large-billet continuous casters, 6-machine-6-strand medium-billet continuous casters, regenerative walking-beam heating furnaces, series rolling mills (1150 mm / 850 mm / 480 mm), and finishing equipment.  

7. Railway Transportation Lines  

The Company is responsible for inspection and maintenance of railway transportation lines within Benxi Iron and Steel Group’s Plate Division plant area, covering 221 kilometers of track, 982 sets of turnouts, unmanned level crossings, and retarders for rotary dumpers.  

Engineering and maintenance personnel, aligned with the layout and technological upgrades of Benxi Iron and Steel Group’s railway network, implement preventive maintenance measures—including periodic inspections, lubrication (oiling), tightening of connecting components, and ballast cleaning—to extend track service life and ensure safety, efficiency, and smoothness of transportation operations, thereby providing solid logistical support for the normal operation of the steel enterprise.  

8. Energy and Environmental Protection Equipment  

The Company undertakes engineering construction, equipment maintenance/repair, and production line operation and maintenance for auxiliary production lines within Benxi Iron and Steel Group’s Energy Control Center—including power generation, oxygen production, water supply, electricity supply, and gas supply facilities along the steel production chain. It has completed construction and installation projects including: installation of the new No. 1 Blast Furnace electric blowers at the Plate Division Energy General Factory; installation of the new No. 1 Blast Furnace TRT power generation unit; installation of the No. 5 Blast Furnace TRT power generation unit; installation of air separation units; desulfurization and denitrification projects at Coking Workshop III; and installation of the 66 kV thin-plate substation for the Cold Rolling Ultra-Thin Plate Project’s power plant.  

Based on distinct production process characteristics, equipment operating conditions, and service life spans across different auxiliary production lines, the Company develops detailed maintenance plans and implements regular inspections, servicing, lubrication, tightening, cleaning, and replacement of wear-prone components to minimize unplanned downtime caused by failures, thereby meeting fundamental requirements for steel production—including electricity, water, oxygen, and gas—and ensuring reliability of energy supply.

Beijing Uni-construction Group Co., Ltd. is a large-scale enterprise group driven by reform and innovation and guided by scientific research and development. It engages simultaneously in construction and installation, real estate development, and modern services; operates across regions, industries, and countries; and serves as a key pillar of Beijing’s state-owned economy. The Group owns over 30 wholly owned subsidiaries, holding companies, equity-participation enterprises, and business divisions, with total assets amounting to RMB 50 billion and an annual comprehensive operating revenue of RMB 30 billion.

Adhering to its mission—“Builders always think of residents”—Beijing Zhuozong focuses on the Beijing-Tianjin-Hebei region, expands nationwide, and extends into the Belt and Road Initiative economic corridor, positioning itself as an integrated urban construction investment, development, and operation service provider. Its operations span provinces and municipalities across mainland China and extend globally. Over its more than 30 years of establishment, the Group has completed nearly 100 million square meters of various buildings and developed 75 residential communities totaling over 20 million square meters. It has received dozens of Luban Awards and Zhan Tianyou Awards, numerous National Excellence Gold and Silver Awards, and hundreds of municipal- and provincial-level (or higher) architectural design awards and high-quality project awards. It has been honored as a “Top 100 Honest Enterprises in China’s Economy” and a “National Construction Industry Honest Enterprise,” and ranks among both the “China’s Top 500 Enterprises” and the “World’s Top 250 International Contractors.”

Beijing Zhuozong holds top-tier industry qualifications covering the entire industrial chain—construction and installation, real estate development, and modern services—and possesses qualifications for overseas contracting projects and foreign trade operations. It has won dozens of science and technology advancement awards at the provincial/ministerial level or above, secured national patents, and formulated dozens of national standards and construction methodologies. Guided by its mission—“securing stable housing for the people and establishing construction as a noble profession”—and leveraging the synergistic advantages of its integrated business model, Beijing Zhuozong delivers comprehensive, end-to-end, full-lifecycle operational services to clients across society, including consulting and evaluation, investment and development, planning and design, technological research and development, environmental renovation, construction, and operation and maintenance.

Beijing Qingxin Environment Technology Co., Ltd. (Securities Abbreviation: Qingxin Environment; Securities Code: 002573.SZ), headquartered in Beijing and established in 2001, is currently a mixed-ownership listed company under state-owned control, affiliated with Sichuan Development (Holdings) Co., Ltd. (Stock Code: 002573). The Company focuses on water services investment and operations, industrial flue gas treatment, and energy services, while actively developing high-end energy-saving and environmental protection equipment manufacturing. It is an integrated environmental protection service group encompassing technology R&D, operation and maintenance services, equipment manufacturing, engineering design, and construction. As of now, Qingxin Environment’s total assets amount to RMB 25 billion. The Company holds a National Enterprise Technology Center, a Postdoctoral Research Workstation, and multiple experimental bases; it employs over 7,000 industry professionals and operates in more than 10 countries worldwide. It is a national high-tech enterprise specializing in industrial flue gas treatment, energy conservation and carbon emission reduction, resource recycling, and comprehensive ecological environment governance. The Company was listed on the Shenzhen Stock Exchange in 2011 and is currently transitioning from a mature-stage enterprise to an ecological platform enterprise. Its core businesses cover ultra-low emission retrofits and low-carbon synergistic governance for high-energy-consuming industries—including coal chemical, petrochemical, steel, cement, non-ferrous metals, and chemical sectors—while simultaneously expanding into waste and hazardous waste resource utilization, integrated environmental services for industrial parks, full-process CCUS demonstration projects, and carbon asset development. The Company possesses end-to-end service capabilities spanning “technology R&D—equipment manufacturing—engineering implementation—intelligent operation & maintenance—resource utilization.” Its independently developed SPC-3D cyclonic atomization high-efficiency desulfurization and dust removal integrated technology and SPR single-tower integrated desulfurization and dust removal deep purification technology have been successfully applied to over 300 coal-fired power generating units rated at 300 MW or above nationwide; among these, the SPC-3D technology has been included in the National Development and Reform Commission’s “Green Technology Promotion Catalog (2024 Edition).” A 300,000-ton-per-year steel slag micro-powder production line has been constructed, establishing a technological core based on “physical-chemical synergy—intelligent control—resource regeneration,” and leveraging the “Qingxin Cloud” intelligent environmental protection platform, the Company has achieved an 8%–12% reduction in desulfurization system energy consumption and minute-level operational response times. The Company holds Class-A qualification for specialized design of environmental engineering (atmospheric pollution control engineering), Grade I qualification for professional contracting of environmental engineering, Special Equipment Production License (Pressure Piping GC1 and GB1 categories), and Level IV license for installation (maintenance/testing) of electric power facilities. It is certified under ISO 9001/14001/45001 management systems and was recognized by the Ministry of Industry and Information Technology in 2023 as a “Green Manufacturing System Solution Provider.” Representative projects include the ultra-low emission retrofit of four 1,000-MW units at Huaneng Yuhuan Power Plant; the EPC project for comprehensive flue gas treatment of the sintering machine at HBIS Group’s Handan New Area; the BOT project for hazardous waste disposal center at Sichuan Yibin Lithium Battery Materials Industrial Park; and the 150,000-ton-per-year CO₂ capture plus geological storage monitoring full-process CCUS demonstration project at the Ordos Coal Chemical Industrial Park in Inner Mongolia. Internationally, flue gas treatment EPC and O&M services have been implemented in Vietnam, Indonesia, and the United Arab Emirates. Overseas revenue accounted for 6.3% of total revenue in 2025. As the Chinese lead entity, the Company participated in drafting the ISO/TC 265 Draft International Standard No. 47, “Guidelines for Monitoring Technologies for Geological Storage of CO₂.” Currently, its international business primarily involves EPC general contracting and technical service exports. Publicly available information does not indicate substantive commercial implementation of its technologies in the EU’s Carbon Border Adjustment Mechanism (CBAM) or the U.S. Section 45Q program, nor does it show any overseas production bases or registered controlled subsidiaries.

Anhe Yisen (Dalian) Engineering Technology Co., Ltd. is located in the Dalian High-Tech Industrial Development Zone, Liaoning Province. It is a technology service enterprise specializing in industrial process automation and intelligent instrumentation system integration. Its industry classification is “Engineering Technology Research and Experimental Development” (M7320). The company was certified as a National High-Tech Enterprise in 2021 (Certificate No.: GR202121000427), has registered capital of RMB 10 million, and maintains an active registration status. It is currently in a technology-driven growth phase.  

The company’s core business covers intelligent upgrading and transformation for process industries—including petrochemicals, power generation, and metallurgy—with a focus on refining, ethylene production, coal chemical processing, fine chemical manufacturing, and environmental protection engineering. Services provided include design, installation, and commissioning of automated control systems; sales and calibration of intelligent instrumentation; development of Industrial Internet of Things (IIoT) technologies; and construction of full-lifecycle instrumentation management platforms.  

Its core technical capabilities include deep parsing and domestication adaptation of field protocols such as HART, Modbus TCP, and OPC UA; edge-side data acquisition; development of multi-source sensor fusion diagnostic algorithms; and research and development of industrial cybersecurity communication protocol stacks compliant with IEC 62443 standards. The company has developed its proprietary AHIS series of intelligent instrumentation management platforms, which have been deployed at scale across 12 representative projects, including PetroChina Liaohe Oilfield, Huaneng Dalian Power Plant, and Ansteel Group Bayuquan Base. Its “Dalian Hengli Petrochemical Refining & Chemical Integration Project—Instrumentation Full-Lifecycle Management Platform” was selected as a Liaoning Provincial Industrial Internet Demonstration Project in 2023.  

In terms of qualifications, the company holds ISO 9001:2015 Quality Management System Certification (issued by China Quality Certification Center, CQC), ISO 45001:2018 Occupational Health and Safety Management System Certification, and the Special Equipment Inspection and Testing Institution Approval Certificate issued by the Liaoning Provincial Market Supervision Administration (Certificate No.: TS7421022-2026, limited to supervision inspection of pressure piping components manufacturing).  

The company participated as a subcontractor in the Distributed Control System (DCS) integration project for the Atirau Petrochemical Park in Kazakhstan, undertaken by China National Machinery Industry Corporation (Sinomach), under contract number CGGC-ATRAU-2022-089. It provided instrumentation loop testing and SIL2-level safety interlock logic verification services, demonstrating cross-border technical service delivery capability for petrochemical projects in Central Asia. Collaboration models include technical subcontracting, joint venture implementation, and integrated supply + operation & maintenance support of domestically produced intelligent instrumentation systems.

Inner Mongolia Boyuan Engineering Co., Ltd. was established in 2003, with its registered address in Yijinhuoluo Banner, Ordos City, Inner Mongolia Autonomous Region. It is a high-tech enterprise under Inner Mongolia Boyuan Holding Group Co., Ltd., specializing in chemical engineering design, consulting, EPC (Engineering, Procurement, and Construction) contracting, and technical services. The company is in a mature development stage, with registered capital of RMB 120 million.  

The company has long focused on modern coal chemical engineering, natural gas chemical engineering, salt chemical engineering, and carbon neutrality-related engineering fields. Its core business covers coal chemical engineering (e.g., integrated ammonia–methanol production, coal-to-oil supporting CCUS), natural alkali-based soda ash and sodium bicarbonate engineering, petrochemical retrofitting (e.g., hydrogen production for caprolactam production), and integration of low-carbon chemical unit technologies. Its core capabilities span process package development, basic and detailed engineering design, EPC project management, and digital delivery across the entire project lifecycle. The company possesses independently optimized energy-saving technologies for integrated ammonia–methanol production, low-energy-consumption soda ash carbonation tower internals technology, and modular skid-mounted natural gas purification unit design capability. It has achieved comprehensive energy consumption per unit product exceeding 5% lower than industry benchmark levels. The company holds six utility model patents, including “An Internal Structure for an Ammonia Synthesis Reactor,” and has participated in drafting two industry standards: “Design Specification for Natural Alkali-Based Soda Ash Engineering” (HG/T 5912–2021).  

In terms of qualifications, the company holds Class-A specialized design qualification for the chemical, petrochemical, and pharmaceutical industry (chemical engineering) (Certificate No.: A115002505, valid until December 2027), Grade-B credit certificate for engineering consulting units (chemical engineering category), and design permits for pressure piping categories GA/GC. It has also obtained certification for the ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 management systems.  

Representative projects include: full-process engineering design and partial EPC contracting for the 1-million-ton-per-year soda ash and 800,000-ton-per-year sodium bicarbonate project of Inner Mongolia Boyuan Yingen Chemical Co., Ltd. (approved by China’s National Development and Reform Commission, with total investment exceeding RMB 12 billion); technical retrofit design for the hydrogen production unit supporting caprolactam production at Sinopec Baling Branch; and engineering design for the CO₂ compression and transportation unit of the CCUS demonstration project at China Energy Group’s Ordos Coal-to-Oil Branch.  

Currently, international cooperation primarily focuses on technology transfer and joint equipment design. For example, the company has conducted drawing mutual recognition and standards alignment exchanges with UralChem Design Institute (Russia) regarding alkali processing facilities.

Taicang Jincang Environmental Protection Equipment Co., Ltd. is located in the Taicang High-Tech Industrial Development Zone, Jiangsu Province. Established in 2013, it is a national high-tech enterprise specializing in industrial exhaust gas treatment, VOCs purification, and research & manufacturing of integrated environmental protection equipment. Its registered capital and paid-in capital are both RMB 10 million. The company has 42 employees enrolled in social insurance and maintains an active registration status. Its business covers the entire value chain—from technological R&D, engineering design, equipment manufacturing, to intelligent operation & maintenance services—and falls under the category of “Environmental Protection Specialized Equipment Manufacturing” (C3591) within the specialized equipment manufacturing industry. It is a key enterprise supported by the “High-Quality Development Action Plan for the Environmental Protection Equipment Manufacturing Industry (2022–2025).”  

The company’s core business focuses on comprehensive VOCs control solutions for process industries, including petrochemicals, automotive components, synthetic fiber dyeing & finishing, and fine chemicals. It provides integrated systems such as zeolite rotor + RTO combination process systems, low-temperature plasma-assisted photocatalytic equipment, waste heat recovery retrofitting solutions, and connectivity services for the “KangClean” Intelligent Environmental Cloud Platform.  

The company holds six authorized invention patents (including one PCT international patent), 23 utility model patents, and four software copyrights. Its core technologies include dynamic modeling of low-concentration, high-volume exhaust gases; multi-chamber regenerative thermal oxidizer (RTO) design achieving ≥95% thermal efficiency; and development and deployment of remote operation & maintenance systems based on PLC + SCADA architecture.  

The company has obtained certification for the ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 management systems. It holds Grade II qualification for specialized contracting of environmental engineering projects (D232107423) and a Work Safety Production License (SuWH Anxuzhengzi [2023] No. 050286). It has been selected as a Jiangsu Provincial “Specialized, Refined, Distinctive, and Innovative” SME for 2025.  

Representative projects include: delivery of a 120,000 m³/h RTO system to a German-invested automotive component manufacturer in Kunshan (VOCs removal efficiency ≥95.2%, verified by SGS); an integrated waste heat recovery + activated carbon adsorption/desorption project for dyeing & finishing stenter exhaust gas at Zhejiang Chemical Fiber Group (supported by Jiangsu Province’s Green Manufacturing Special Fund); and VOCs comprehensive treatment EPC subcontracting services for Sinopec Zhenhai Refining & Chemical Company.  

The company possesses cross-border delivery capability in Southeast Asia and has completed export delivery of low-temperature plasma-assisted photocatalytic equipment to a Thai food processing enterprise (contract value USD 386,000; customs declaration number verifiable). Its technical services extend to six countries, including Vietnam and Thailand, fully compliant with China–ASEAN rules of origin, and support business models including technology licensing + engineering implementation, consortium collaboration, and localized supply.