On February 20, Xinbao was granted the "2022 Business Partner Award" by Arcelik, one of its key partners.
Arcelik is part of Koç Holding, a Turkish giant on the Fortune Global 500 list. Xinbao and Arcelik established a partnership in 2007, with a focus on kitchen appliances and home care products. Thanks to concerted efforts, the cooperation between Xinbao and Arcelik has resulted in a significant business growth in recent years. As for new product expansion, a notable breakthrough has been made in the motor kits and steam categories. Xinbao and Arcelik have jointly developed world-leading, high-end steam station and ironing, which has considerably boosted its kitchen appliances growth.
Xinbao posted RMB 10.72 billion in revenue in the first three quarters of 2022. For many years, several categories of its small home appliances, such as electric kettles, toasters, and bread machines, have ranked top by export volume. Xinbao ovens, vacuum cleaners, and ice machines have also been leading the market in terms of export volume. We collaborate with many well-known businesses around the world and provide customized services for them. We received honors including the "Best Supplier of the Year" award from Delonghi Group in 2021, Anker Core Partner Award, Gold Supplier Award, which fully demonstrate our customers' recognition and acclaim of Xinbao.
Besides, we emphasize technological innovation. Our total R&D expenses in the first three quarters of 2022 amounted to RMB 0.34 billion, up 12.35% year-on-year. We are capable of independent R&D and outstanding innovative design.
With a robust four-level technological innovation system, we own approximately 4,400 patents, nearly 300 of them being invention patents. Many of our products have won internationally renowned awards, including the IF Award, the Red Dot Award, the Red Star Award, etc.
Many of Xinbao's innovative designs have been applied to new products in recent years, powering Xinbao Holdings' transition into offering premium and high-value products and boosting the company's competitive edge in the market. Going forward, Xinbao will continue to improve its comprehensive competitiveness and provide better products and services for customers.