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Public company info - Pujiang International Group Limited , 02060.HK
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Pujiang International Group Limited, 02060.HK - Company Profile
Chairman Tang Liang
Share Issued (share) 811,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction Materials
Corporate Profile Business Summary: The Group is principally engaged in manufacture, installation and sales of customised prestressed steel materials and cables. Performance for the year: For the year ended 31 December 2020, the total revenue of the Group amounted to RMB1,947.1 million, representing an increase of 7.4% as compared to 2019. The Group recorded profit for the year of RMB187.4 million in 2020, representing an increase of 39.5% as compared to 2019. The gross profit margin for the Group improved slightly from 25.2% to 26.6%. Business Review Cable Business In 2020, the Group continued to focus on the production and sale of bridge cables, which generally have a higher profit margin compared to the Prestressed Materials Business. During 2020, the Group was awarded 85 new projects and had signed new contracts with a total contract value of approximately RMB999.7 million for the Cable Business. Also, during the year, the Group has successfully developed several new patented technologies for the application of bridge cables, including a new type of zinc-magnesium alloy for the production of suspension cables and a de-humidifying wrapping system for main cables. In 2020, the Group have completed 60 projects for the Cable Business. As of the date of this announcement, the Group have 36 on-going projects with a backlog amounting to RMB939.2 million. With the on-going projects in hand, including the Shenzhen-Zhongshan Link – Lingding Yang Bridge, the Oujang North Estuary Bridge in China and 1915 Canakkale Bridge in Turkey, the Group expects that its revenue from the Cable Business will continue to grow in 2021. Prestressed Materials Business For the Prestressed Materials Business, the Group has focused on the sales of rare earth coated prestressed products and galvanised prestressed products due to higher profit margin as compared to plain surface prestressed products. In order to capture the growing demand of galvanised prestressed products, the plan to expand the production capacity for such products is underway. In 2020, the Group have made significant progress in the construction of the new production capacity for the Prestressed Materials Business and the Group expects that the production facility will be completed by end of 2021. Further, in December 2020, the Group has entered into a merger agreement for the privatization of Ossen Innovation Co. Ltd. (“Ossen Innovation”). As of the date of this announcement, the Prestressed Materials Business is held by Ossen Innovation, which is held as to 65.9% by the Company and the remaining interest by public shareholders by way of American depository shares publicly traded on NASDAQ. The Group expects that after the privatization, the Group will have a more efficient and costeffective structure, which will offer the Board a greater flexibility to manage the Group’s operations. Please refer to the announcement of the Company dated 17 December 2020 for details. Prospects: In the first quarter of 2020, China’s economy slowed down due to the COVID-19 pandemic and in particular, many infrastructure projects were delayed due to the lockdown or travel restrictions in various cities. Since March 2020, the impact from the COVID-19 outbreak on business in China has improved, and the Government of the People’s Republic of China (the “PRC Government”) implemented various policies in order to stimulate the economy and boost the overall economic growth in 2020. In the transportation infrastructure industry, construction projects that were delayed are now resuming. Looking ahead, as part of the “14th Five-Year plan” announced in 2021, “self-sufficiency in technology” was mentioned as one of the key factors to support the country’s sustainable development. The PRC Government has therefore introduced various initiatives to achieve this goal and one of the research focuses is to enhance the technologies in the manufacture of “hightech materials” and “transportation infrastructure”. With all these initiatives, it is anticipated that technology infrastructure projects will be introduced in the next few years and therefore demand for the Group’s products will increase. With the Group’s advanced technologies and know-how in high-technology metallic materials and applications, the Group would benefit from these initiatives and the Group would continue to apply additional resources to enhance its research and development capabilities. In addition, the PRC Government has also continued its effort in boosting domestic investment by improving transportation infrastructure in certain areas, this includes transportation infrastructure construction plan within the Yangtze River Region (長江幹線過江通道佈局 規劃(2020-2035)). According to the plan, it is expected that approximately 240 new bridges and tunnels will be built and the new land transportation system would facilitate the mobility of goods and people. The new system would create a solid foundation for the development of telecommunication and energy infrastructure and stimulate the economy development within the Yangtze River Region. With the PRC Government’s initiatives, the Group sees significant potential market opportunities for its products and is confident that the business segments of the Group would continue to grow. Further, the Group would continue to strengthen its technological capabilities and make significant investment in the research and development area.

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