The taxable sales of Luolai Group in the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province amounted to 5 billion yuan ($731.08 million) in 2022, a year-on-year increase of 18.3 percent, official statistics show.

One of the main reasons behind the increase is the efforts Luolai has been making to advance its industrial upgrading. For example, it invested 5 billion yuan in building a smart industrial park last year. The park is expected to generate an annual output of 12 billion yuan.

Luolai has also been strengthening efforts to pursue innovation by establishing a global leading research and development center with more than 300 research fellows. The center's average annual research expenditure is 100 million yuan.

Luolai, which obtained 43 patents in 2022, has also been making strides in accelerating the commercialization of its scientific and technological achievements.

Luolai has been advancing the integration of research and manufacturing so as to grow its  capacity to mass produce new textile materials.

Luolai, a leading player in China's home textile industry, is also striving to transform the intelligent manufacturing with artificial intelligence.