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Luxshare Precision's 2024 Sustainability Report

Luxshare Precision Industry Company Limited has recently published its 2024 Sustainability Report, which highlights its significant accomplishments in the realms of carbon reduction, clean technology innovation, and inclusive growth. As a leading designer and manufacturer of cable assembly and connector systems for various sectors including consumer electronics, automotive, and cloud solutions, Luxshare is steering towards a more responsible and resilient future.

A Turning Point for Luxshare Precision

This year marks the twentieth anniversary of Luxshare Precision, and the company finds itself at a pivotal stage in its transformation journey. As emphasized by Wang Laichun, Chairman of Luxshare Precision, the organization has been refining its governance structure and establishing a robust, multi-layered risk control system. Through systematic upgrades to its internal policies and improved oversight mechanisms, Luxshare Precision is committed to realizing strategic goals while ensuring compliance, which they regard as essential for thriving in the global marketplace.

Clean Energy Transition: A Major Highlight

One of the most notable achievements outlined in the report is Luxshare's rapid transition towards clean energy. By the close of 2024, an impressive 71% of the company’s total energy consumption was derived from clean energy sources, significantly bolstered by its expansive rooftop solar installations, amounting to nearly 150 megawatts. Furthermore, Luxshare has accomplished a remarkable 51% reduction in Scope 1 and 2 greenhouse gas emissions compared to its baseline year.

Energy Efficiency Retrofitting

Thanks to a series of energy-efficiency upgrades, Luxshare saved over 209,000 megawatt-hours of electricity throughout 2024. Additionally, Scope 3 emissions per unit of added value decreased by 22%, underscoring the company's commitment to minimizing its overall environmental impact.

Driving Innovation in Clean Technologies

In 2024, Luxshare placed a strong emphasis on research and development, investing over RMB 400 million into clean technologies. The firm successfully obtained 50 new patents in green technologies, supplementing its impressive repository of over 7,000 global patents. The company reported key breakthroughs in various sectors such as electric vehicle powertrains, wireless charging systems, and energy-efficient cooling solutions, many of which have already been commercialized for client applications worldwide.

Establishing a Circular Manufacturing Ecosystem

In tandem with its innovation efforts, Luxshare Precision is proactively building a circular manufacturing ecosystem. Their 4R strategy — which stands for Reduce, Reuse, Recycle, and Replace — is being executed throughout the entire value chain. The company's commitment has earned it recognition through 18 awards for green factory initiatives at national, provincial, and municipal levels. Luxshare aims to collaborate with leading institutions like Tsinghua University to contribute to the establishment of China’s waste-free supply chain standards.

Prioritizing Workforce Wellbeing

Beyond environmental sustainability, the 2024 report underscores Luxshare’s dedication to enhancing its workforce's safety and fostering inclusive growth. In this regard, the company invested RMB 10.71 million in employee training, providing an average of 21 hours of education per staff member. Additionally, they hired 1,648 recent graduates, thereby reinforcing the talent pool needed for advanced manufacturing and sustainability initiatives.

Improving Workplace Safety

Improvements in workplace safety are noteworthy, with a 24% year-over-year reduction in injury incidents reported. Luxshare allocated over RMB 300 million to bolster occupational safety infrastructure, achieving a commendable record of zero fatalities. Moreover, promoting an inclusive workplace remains a priority, with more than 1,500 employees with disabilities integrated into the workforce, and various business units recognized as inclusive suppliers.

Future Roadmap: Towards a Sustainable Tomorrow

Looking forward to 2025 and beyond, Luxshare Precision plans to deepen its focus on low-carbon product development, corporate governance, and employee wellbeing. The company is also intent on extending its green energy footprint and enhancing sustainability standards across its supply chains. This report serves not just as a recap of the progress achieved in the previous year, but as a testament to Luxshare Precision's long-term vision and steadfast commitment to sustainability.

In its pursuit of excellence, Luxshare remains dedicated to its fundamental mission: making the world a better place while embracing smart manufacturing powered by technology and innovation. Their ongoing efforts in driving innovation, promoting green transformation, and embracing shared responsibility are positioned to build a more sustainable and inclusive future for all.

For more details, access the full report at luxshare-ict.com.