Since the EV boom began in China in 2016, the domestic production of lithium-ion batteries and their components has surged. As a result, our business in separator film manufacturing equipment, a crucial component, has grown steadily each year, driven by the expanding market share of our major customers.
Recently, with global changes, more countries outside China are beginning to produce lithium-ion batteries and related materials like separator films. This trend is expected to increase demand for our equipment worldwide.