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Sanhua: Small components, big strategic shift Global market share of automotive thermal management system in 2021 (based on revenue) Domestic market share of NEV thermal management system in 2021 (based on revenue) Source: Huaon, Macquarie Research, May 2023 ■Denso, 30.0% ■Hanon, 15.0% ■Valeo, 12.5% ■Zhejiang Sanhua, 9.4% ■Mahle, 14.0% Valeo, 13.0% ■ Yinlun, 2.0% ■Zhejiang Yinlun, 8.6% Aotecar, 8.6% ■Mahle Gmbh, 7.0% ■Denso Corp, 6.8% ■Hanon Systems, 6.6% ■ Aotecar, 1.0% ■Ningbo Tuopu, 4.4% ■Sanhua, 1.0% ■Mahle Gmbh, 7.0% Others, 36.2% ■ Others, 24.0% 21

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