Recently, the Hangzhou Municipal Bureau of Economy and Information Technology announced the list of innovative SMEs for 2022 in Hangzhou. Three companies—Zhejiang Wanxiang Systems Co., Ltd., Zhejiang Wanxiang Marelli Shock Absorber Co., Ltd., and Qianchao Bearing Co., Ltd.—were selected.

It is understood that “innovative small and medium-sized enterprises” refer to companies that boast a high degree of specialization, strong innovation capabilities, and significant growth potential, and wield influence in their respective niche industry segments. They serve as a certification mark of corporate innovation capacity. Overall, SMEs are comprehensively assessed from both qualitative and quantitative perspectives, with particular emphasis on six key indicators across three core categories: innovation capability, growth potential, and specialization. The goal is to identify SMEs that demonstrate high levels of specialization, robust innovation prowess, and substantial growth prospects, thereby fostering the high-quality development of SMEs.

Zhejiang Wanxiang Systems Co., Ltd. is a specialized company dedicated to the development and manufacture of automotive chassis systems and components, committed to becoming the largest domestic provider of integrated chassis system solutions. The company possesses the capability to simultaneously design, develop, and supply both large and small modular assemblies, including structural parts, steering knuckle assemblies, front and rear axle assemblies, and front and rear suspension assemblies. We excel in component design, modular integration, performance analysis, and manufacturing processes, closely aligning with OEM requirements to grow stronger and larger, and providing automakers with cost-effective, high-quality, and fully integrated modular solutions.

Qianchao Bearing Co., Ltd. is a wholly-owned subsidiary of Wanxiang Qianchao, specializing in the production of bearing products such as tapered roller bearings, cylindrical roller bearings, and deep-groove ball bearings. The company has two wholly-owned subsidiaries: Huainan Qianchao Bearing Co., Ltd. and Jiangsu Qianchao Bearing Co., Ltd. The company specializes in producing a range of products including tapered roller bearings, cylindrical roller bearings, ball bearings, high-speed motor bearings for new energy vehicles, commercial hub units, and ultra-precision high-speed spindle bearings for grinding heads. Its flagship product, the tapered roller bearing, holds the number one market share in China’s automotive sub-market. The company has consistently adhered to a development strategy centered on employee engagement, customer satisfaction, outstanding mass production, continuous improvement, and empowerment through automation and digitalization. It is deeply committed to enhancing its core bearing technologies and has now established long-term strategic partnerships with numerous well-known domestic and international OEMs and axle manufacturers. Relying on the construction of a future-oriented digital factory, the company is innovating its product development, manufacturing, and sales models, thereby securing a leading position in the industry.

Zhejiang Wanxiang Marelli Shock Absorbers Co., Ltd. is a specialized shock absorber design and manufacturing company jointly established by Wanxiang Qianchao Co., Ltd. and Italy's Marelli Europe S.p.A. The company primarily develops, manufactures, and sells various automotive shock absorbers and strut assemblies. It boasts relatively advanced product R&D technologies and state-of-the-art manufacturing equipment, making it a key supplier of shock absorbers in the automotive components industry. The company also houses a provincial-level high-tech enterprise research and development center and a municipal-level enterprise technology center. Marelli Shock Absorbers is focusing on platform-based and green technologies, establishing a platform-based information system based on conventional shock absorbers, DSV shock absorbers, and SDC shock absorbers, refining existing structures, and setting design benchmarks. To date, the company has added 18 new design benchmarks, among which the technological development capability for CDC electronically controlled shock absorbers has been significantly enhanced. In 2022, the company filed 14 patent applications and was granted 6 patents, including 2 invention patents. More than 72% of sales are from new products.

Wanxiang Qianchao was one of the three companies selected as innovative SMEs in Hangzhou for 2022. All three companies are guided by the concept of green design and employ green manufacturing and intelligent manufacturing as their approaches. They have established technology R&D and innovation platforms, widely applying lightweight technologies, intelligent technologies, high-quality testing technologies, low-fuel-consumption technologies, low-noise technologies, and intelligent manufacturing technologies—particularly excelling in lightweight structural design optimization and the development and application of lightweight materials. These companies provide modular, lightweight, and intelligent integrated system solutions for smart cars and new-energy vehicles, meeting customers’ needs for product weight reduction and green product development. As a result, they hold a leading technological position in the industry.

Being successfully selected as an innovative small and medium-sized enterprise in Hangzhou for 2022 is a high-level recognition of these three companies' digital and intelligent technologies as well as their R&D innovation capabilities. Innovation is the soul of enterprise development and the intrinsic driving force behind enhancing enterprises' core competitiveness. In the future, Wanxiang Qianchao will fully leverage its role as a leading and exemplary innovative enterprise, guided by the nation's innovation-driven development strategy, strengthen its professional foundation, enhance its core competitiveness, and inject Wanxiang’s dynamic energy into the building of a science and technology powerhouse.