Over the years, our company has been fully invested in a scientific and technical innovation driven development strategy. Thanks to this approach, Beilin has become a well-known fuel dispenser manufacturer with powerful international competitiveness. We employ advanced technology throughout our entire operation system including research and development, production, quality control, product marketing, enterprise management and human capital management systems. This ensures our fuel pumps and dispensers keep a high level of quality that is recognized by the market.
Beilin attaches great importance to technology research and development. The annual expenditure on technology development is up to 10% of our total profits, and we have technical staff taking up 33% of our total staff members. In addition, our company keeps long-term cooperative relationships with many well-known universities in order to improve our technical strength. The patented technical achievements we have obtained include a variable frequency fuel dispenser and a Unionpay card payment device for fuel dispenser.
We have established an intellectual property innovation mechanism to enhance our capability for creating and protecting novel ideas. Every year, our company encounters situations where we must develop new fuel dispensing equipment technologies in order to solve problems met by customers. The annual sales of the independently developed products make up 58% of our total revenue.
