2016 Sum-up Meeting

The Vector Magnets 2016 Annual Sum-up Meeting was held in Thousand-Island Lake on Jan. 7th, 2017.

The theme of the meeting was "Consider The Past and Know The Future", excerpts from the famous ancient Chinese thinker, Confucious.

We looked back at Vector Magnets's Past year and ahead to the future.

Like many other industries, magnet industry much belongs to the conventional industry.

In 2015, China's Prime Minister Li Keqiang propsed, in his Government Work Report, Internet Plus (Chinese 互联网＋), similar to Information Superhighway and Industry 4.0, so as to keep pace with the information trend.

Vector Magnets has a team of young members with rich experiece in magnets, as well as the notion of embracing the future by using the technology of information and data.

VM President (Managing Director), Mr. Anglices Cao held the meeting and kicked off the meeting by giving a speech on the 2016 wrap-up and his prospects for 2017.

Mr. Cao said, China’s economy's growing speed is declining due to the growing debt mountains, declining factory activity and foreign exchange reserves devaluation, which has led the government to figure out a plan to create a new driver to stimulate the development for its country.

"Internet + Manufacturing industry" means that the traditional manufacturing enterprises can now adopt information and communication technologies to reform the existing mode of production. With the help of mobile Internet technology, traditional manufacturers can install hardware and software on cars, household appliances, accessories, and other industrial products to achieve functions of remote control, automatic data acquisition and analysis, etc.

This will dramatically help the company to upgrade the current production mode and, in many ways, increase the efficiency while decreasing the cost of management, monitoring, manufacturing and labor.

By decreasing labor, we don't mean job cut, but to remove the would-be unnecessary posts and re-arrange the related staff to new posts since the change will not only cut old posts but also create new ones, which will eventually increase the employees' career competence and income.

In Purchase, Mr. Kent Xu, the purchase manaager stated his points of views and his expectation to our suppliers.

Each year, we hold vender summits to provide a place to share information and exchange opinions on selected themes. We also hold them for our partners at main Kao Group companies overseas. There, we strengthen partnerships with suppliers.

Vector Magnets has established Guidelines for Supplier's Assessment covering measures to deal with compliance, human rights, and labor issues concerning the environment, safety, laws and social norms. We monitor the self-assessment of suppliers' compliance status. If a supplier is not meeting Vector's standards, we visit the supplier, share concerns about the issues, and implement measures to correct the situation.

In quality, Mr. Evan Tang, the Director of Quality expressed many of his proposal in ways to improve quality by thru internal organization and cooperation of with suppliers.

As one strategy to achieve high quality assurance, we hold quality improvement meetings with suppliers whose quality requires improvement. These meetings allow suppliers and Kao to unify their efforts to improve and prevent defect recurrences.

In Corporate administration, Ms. Snow Yang, the director of administration, who directly report to the Managing Director, sums up the conflicts we had in 2016 and framed several work flow improvement plan in the meeting.

In Finance and Logistics, Ms. Vicky Cao ,the director of Finance, who's now also the head of Logistics, and Ms. Sabrina Teng, Assitant to our VM's president, reported their work in 2016, including the talk with local government in gaining favorable policies towards Vector Magnets.

In 2017, these policies will benefits Vector Magnets in reducing work in government offices and much increae the efficiency in exporting and importing. Also, the closeness is also making it possible for Vector Magnets to get the latest trend of government strategy, which will dramatically direct Vector Magnets to change plans accordingly.

In Marketing & Sales, Mr. William Chang , the director of sales and marketing, helps the president to set up the sales plan and goals of 2017. Each sales force will have clear goal in individual and corporate sales sales turnover, sales activities and customer satisfaction.

This is a very successful annual meeting, where each person reponsible for his/her unit made detailed report and plan for specific work.

By the mid- January, the detailed plan will be released, which will turn the company's page to 2017.

Wish all VM staff and customers a happy and prosperous new year.