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Nien Made Enterprise (Stock Ticker: 8464, hereinafter referred to as NM or Nien Made) is a leading manufacturer principally engaged in the manufacture and distribution of various window coverings. The firm’s production bases are primarily located in China and Cambodia, and the headquarters is located in Taichung, Taiwan. NM was founded in 1974 and was the OEM manufacturer of window treatments in Lukang in Central Taiwan during our early years. During the Economic Takeoff of Taiwan in the 1990s, many young people became less willing to be engaged in traditional industries, and the lack of labor became the major bottleneck for the development of Nien Made. To break through the bottleneck, we set up factories in Guangdong in China in the mid-1990s. The capacity expansion in China fueled Nien Made’s growth for more than a decade.
               
In recent years, the production capacity in China has reached the full load condition. China’s one-child policy caused the labor shortage and resulted in the rising wages repeatedly, which became a challenge for Nien Made’s medium and long term development. Faced with the manpower structure problem in China, Nien Made adopted a transnational production strategy to reduce the impact and expand capacity. Our new production capacity in Cambodia has been put into operation since the 2014H2.
Window treatment products can be divided into low-priced ready-made merchandises distributed in large chain stores and high-priced custom size window coverings sold in small specialty stores. Nien Made’s products are available in large chain retailers like Home Depot and Walmart. Nien Made provides professional cutting machines of window treatments to a portion of the large chain retailers in Northern America to offer low-priced cut-to-size blinds and shades for consumers. Nien Made is the one and only Asian manufacturer with capabilities of R&D, manufacturing, service and maintenance of the professional cutting machines in large chain stores in North America, and this advantage also enables NM to have a close relationship with large retailers in North America.
In addition to expanding the market opportunities of ready-made size window coverings, we have also penetrated our coverage of the custom-made shutters market since 2001, and created our own brand, Norman®. After 2007, Nien Made set up 11 regional business centers in North America and successfully developed the distribution network with thousands of small specialty stores, dealers and designers that further raised barriers against existing and potential competitors. The new custom blinds and shades developed in the future will be integrated into the existing channels for sales and become our market share and profitability drivers.

On December 22nd, 2015, Nien Made was relisted on Taiwan Stock Exchange(TWSE). Through the issuance of new shares, outstanding shares increased to 293mn shares (+12.5%) from 260mn shares and NM raised NTD$4.85bn of funds. Healthy operating cash flows and the fund raised in the capital market enabled our short-term and long-term loans to decrease to NTD$2.31bn in 2015 from NTD$6.03bn in 2014. In 2016Q1, NM’s bank loans were fully liquidated. Under the robust Net Cash Position, we distributed cash dividends of NTD$8.077/share (totaling NTD$2.36bn) in 2016. Since 2017, NM has paid cash dividends of NTD$10/share (DPS, totaling NTD$2.93bn), and the accumulated cash dividends over the past 4 years amount to NT$11.72 bn.
In 2020, the foreign ownership ratio in shares increased significantly to 41% from 19% at the end of 2015. To provide transparent information of corporate social responsibility, corporate governance and other issues, NM will continue to disclose the operating/CSR performance and results in our annual Corporate Sustainability Report (CSR).
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