The company, founded by serial entrepreneur Lei Jun eight years ago, posted second-quarter net profit of 2.1 billion yuan (9.1 million) on Wednesday, in its maiden financial report unveiled on the heels of its .7 billion Hong Kong listing.
The company is gearing up to improve the technology behind the material, said Zhang Shaoying, manager of the company's synthetic hair production base.
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The company is further enhancing its localized research and development capabilities, especially in the cutting-edge 48-volt technology for nextgeneration new energy vehicles, after investing 78 million euros ( million) in the new headquarters in China, which also serves Brose Group as the Asian headquarters.
The company unveiled early this year an unmanned model powered by 5G telecommunication technology at the Mobile World Congress 2019 in Barcelona, Spain.
The company said it is currently at the development stage of "customer accumulation" and is set to move on to the next stage of "rapid growth."
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The company's revenues increased to .7 million for the year ended Sep 30, 2017 from .7 million for the same period a year ago, while its net income increased to .5 million for the year ended Sept 30, 2017 from .3 million a year ago.
The compound annual growth rate of revenue for MGI has exceeded 200 percent in the last three years and occupied one-third of the domestic market. Other major players are US-based Illumina and Thermo Fisher.
The company now focuses on three areas: nutrition and health, climate and energy, and resources and circularity. These areas are all very relevant for the China market.
The company's clients now include big State-owned financial institutions such as Industrial and Commercial Bank of China and Bank of China.