Wuhu Hongyu Digital Technology Co., Ltd. is a wholly owned subsidiary of Timco Group established in 2022 with RMB 5 million registered capital and has 10 employees now. It is focuses on the online transaction of Timco Group's foreign trade export of fasteners business. Timco Group specializes in the production and development of high-end fasteners. The main markets for foreign trade export are hardware supermarkets in Europe, North America, and Australia. It provides comprehensive OEM supporting services for brands in these regions, with an annual sales of RMB 150 million, of which Exports accounted for 80%. Hongyu will be using cross-border e-commerce marketing model, continuing to develop the international market through online transactions, expanding foreign trade exports. And, to realize the transformation of the marketing model, launch Timco's own brand through Hongyu's e-commerce platform from OEM sales to self-owned brand.