Public company info - Jilin Qifeng Chemical Fiber Co. Ltd. - H Shares , 00549.HK
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Jilin Qifeng Chemical Fiber Co. Ltd. - H Shares, 00549.HK - Company Profile
Chairman Song Dewu
Share Issued (share) 260,000,000
Par Currency Renminbi
Par Value 1.0
Industry Textile & Apparels
Corporate Profile Business Summary: The Company is principally engaged in the manufacturing and sales of acrylic fibre products. Performance for the year: Profits attributable to owners of the Company was approximately RMB87 million, as compared to approximately RMB132 million in 2015. Revenue was approximately RMB1.6 billion, representing a decrease of approximately 12% as compared to 2015 The overall gross profit margin of the Group decreased from 18.6% in 2015 to 14.3% in 2016. Business Review: According to the published data from the National Bureau of Statistics of China, the economic growth rate in China for the year ended was 6.7%. China’s economic growth was slowing down and the market condition remained challenging. In July 2016, the Ministry of Commerce of the PRC decided to impose anti-dumping duties on imported acrylic fibers originated in Japan, South Korea and Turkey in favour of the acrylic fiber industry in China, imported acrylic fiber decreased during the year. However, the profitability of the acrylic fiber industry narrowed and the cost pressures soared due to the expected increase of new acrylic fiber production capacity in China and the increasing trend of raw material prices commencing from the second half of 2016. The Group’s continuing operations recorded a sales revenue of approximately RMB1.6 billion for the Year, representing a decrease of approximately 12% as compared to approximately RMB1.8 billion for the previous year. The sales volume of the Group’s acrylic fiber during the Year was 137,366 tons, decreased by approximately 0.4% from 137,872 tons for the previous year. The average unit selling price of acrylic fiber products for the Year was RMB11,438 per ton, decreased by approximately 12% as compared to that of the previous year. The total volume of the acrylic fiber products produced by the Group (together with its joint venture) in the Year was 280,926 tons, accounting for about 39% of the total production volume of the domestic acrylic fiber market in PRC. Prospects: Looking forward, with the development of the PRC economy and textile industry as well as the adjustments to macroeconomic policies of the PRC, the Group expects the following opportunities and prospects for its business: 1.Development of differentiated acrylic fiber: The Group will commit to further developing differentiated acrylic fiber to enhance its competitiveness in the PRC’s acrylic fiber products market. The management believes that differentiated fiber products will become one of the major driving forces in the future development of acrylic fibers in the PRC. The Group is positioned to seize new business opportunities to further enhance the Group’s profitability. 2.Anti-dumping duties on imported acrylic fibers: In July 2016, The Ministry of Commerce of the PRC announced the imposition of anti-dumping duties on imported acrylic fibers originating from Japan, Korea and Turkey. The management believes that demand for local manufactured acrylic fibers will increase as a result of the decision.

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