Address by General Manager: It's really not easy for us to get together at this moment. In addition to the 26 brothers and sisters of RICHLONG, there are nearly 100 guests attending this annual meeting. These guests include the most important partner of RICHLONG, Xinjin Electronics, and in particular, more than 10 senior executives of Xinjin Electronics, who can spare time in their busy schedule. To attend our annual meeting, on behalf of all the employees of RICHLONG, I would like to express my sincerest thanks to you, as well as the most selfless support and help given to RICHLONG by some of the guests here in the past year.
Looking back on the development of RICHLONG in the past five years, the business volume of RICHLONG began to grow explosively in early 2014. The annual sales revenue reached 3.6 million US dollars in 2014. In 2015, the sales revenue also dropped to 2.5 million US dollars due to the decline of the main customers'demand. But since 2016, with the vigorous development of new energy industry, the demand of customers has also increased rapidly, and the company realized sales in 2016. Revenue of 420 US dollars, sales revenue of 5.2 million US dollars in 2017, the average annual growth rate for four consecutive years has remained above 30%.In the past four years, the company has also made some changes. In early 2016, the company acquired Chinese precision and began to expand the coating and processing business. At the end of 2016, the company also increased capital and shares, and introduced new shareholders. All these have laid a solid foundation for the company's future development. Here I want to thank our customers for giving us such a good opportunity, and also thank our shareholders in the company. In difficult times, they joined the stock market to provide financial support for the company.
2018 is an extraordinary year for small enterprises like RICHLONG. Especially in the first half of 2018, the company was affected by the environment and the domestic business declined. Due to the impact of Sino-US trade friction, our foreign customers once shaken the confidence of continuing cooperation, but we uphold high-quality service, respond quickly to customer needs and stabilize product quality. The company has won back the confidence of its customers. Its annual sales in 2018 have maintained a steady growth. For the first time, the order volume of foreign customers has exceeded 6 million US dollars, reaching 6.1 million US dollars. After the decline of domestic RMB business in the first half of the year, The second half of the year also returned to normal, with annual sales revenue reaching 4.5 million RMB. These achievements of RICHLONG in 2018 are the result of the joint efforts of all our employees, our partner Xinjin Electronics and more than 100 suppliers. It is expected that our overseas sales revenue will reach 6.5 million US dollars in 2019 and RMB sales revenue will exceed 6 million RMB.
Looking forward to 2019, it may also be the most critical year for us. RICHLONG and Chinese Precision will make a transformation from trade-based production to R&D technology, and we will increase our investment in Guangzhou R&D Center and strive to put our self-developed fuel cell power products into mass production in August of this year. And delivered to customers, we will continue to increase investment in film production equipment and research and development.In order to get the new energy electric vehicle printed circuit board coating order, in 2019 we will also increase more expenditure to enhance the income of our employees, improve the welfare of employees, so that every employee can feel the dividends brought by the company's development.
Finally, I wish all the guests and employees present, good health and success in everything, and a happy New Year in 2019! ____________ Thank you for your early years.