NINGBO HAISHU SHARNDY BATHROOM FITTINGS COMPANY LIMITED

SHARNDY, a leader in high-end electric heated towel racks, was first established as the brand “SHARNDY Xiangde” in 2003. “With ideals in mind and action taken, goals can surely be achieved.” Based on this brand meaning, SHARNDY began its entrepreneurial journey in February 2004. Founders Ouyang Yahong and Yi Lihong traveled to Milan, Italy, to start the global export business of electric heated towel racks. As an extremely vertical and niche product category, SHARNDY was among the earliest companies in China and even worldwide to engage in the electric heated towel rack business. In February 2006, SHARNDY Heating Co., Ltd. was registered and established in Hong Kong. In October of the same year, Ningbo Haishu SHARNDY Sanitary Ware Co., Ltd. was founded. It was also from that year that SHARNDY began building the first business team in China’s electric heated towel rack industry, promoting this new product—which was then almost unknown in China—to many users, including Shui On Land and Gold Mantis, through both online and offline channels. In October 2009, Ningbo Radiant Heating Technology Co., Ltd., an enterprise under “SHARNDY Xiangde,” was established. SHARNDY fully formed a business model covering the R&D, manufacturing, domestic and international sales, and user services of new home electric heating products such as bathroom electric heated towel racks, kitchen electric heated dishcloth racks, electric heated drying racks, and electric heated shoe dryers. In October 2011, SHARNDY moved to its current factory site covering more than 11,000 square meters. Since the beginning of its entrepreneurship, founder Ouyang Yahong established the company’s long-term “three-high” development strategy: - High-end positioning of product quality. - A high starting point for international operations. - Great emphasis on intellectual property such as brands and patents, as well as domestic and international electrical safety certifications for products. To date, SHARNDY has more than 160 employees, including 2 with master’s degrees, more than 60 with bachelor’s degrees or college/technical secondary education, 1 senior engineer, 10 R&D personnel, and 12 quality inspectors. It has 5 production lines for different products, with a monthly production capacity of more than 60,000 units. The English trademark “SHARNDY” has been registered in nearly 40 countries or regions worldwide, including China, the United States, the European Union, Russia, Australia, South Korea, Japan, and Ukraine. SHARNDY electric heated towel racks and other products have also been exported to more than 50 countries or regions around the world. SHARNDY electric heated towel racks and other products have obtained more than 80 certification certificates, including China CQC and GB, US UL, Canada CUL, Australia SAA and C-Tick, Germany GS, Sweden S-Mark, Kuwait KUCAS, South Korea KC, Europe CE and RoHS, making it the domestic manufacturer with the most comprehensive safety certifications for such products among its peers. In July 2015, SHARNDY completed the compilation of the first domestic industry “Enterprise Standard for Electric Heated Towel Racks” and obtained government filing. In October of the same year, Radiant Heating Technology Co., Ltd., an enterprise under SHARNDY, was recognized as a high-tech enterprise. In December 2016, it received laboratory qualification recognition under the UK Intertek “Satellite Program,” making it the only enterprise in the industry to have received this honor to date. In August 2018, Radiant, an enterprise under SHARNDY, was successfully listed on the Ningbo Equity Exchange. As of early 2019, SHARNDY had owned more than 240 independent intellectual property rights in mainland China, Hong Kong, the European Union, North America, Australia, and other countries or regions. Thanks to more than 15 years of steady, pragmatic development without pursuing quick success, as well as long-term experience exporting to developed markets in Europe and America, “SHARNDY Xiangde” has long become a partner of many high-end European and American bathroom brands, and has also become the designated electric heated towel rack supplier for domestic high-end projects such as Hong Kong Sun Hung Kai Properties and Shangri-La Hotels. In 2016, SHARNDY formally established its development vision of “providing users with integrated solutions for electric heating products and striving to become a respected enterprise in the global heating industry.” In the future, SHARNDY will continue to uphold its “user-centered” business philosophy and its business principle of integrity first “toward users, employees, and suppliers,” further cultivating the electric heating products industry and providing the market and users with more aesthetically pleasing, comfortable, and intelligent electric heating products.