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Public company info - Jiangsu Innovative Ecological New Materials Limited , 02116.HK
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Jiangsu Innovative Ecological New Materials Limited, 02116.HK - Company Profile
Chairman Ge Xiaojun
Share Issued (share) 480,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Environmental Goods
Corporate Profile Business Summary: The group develops, manufacture and market oil refining agents and fuel additives that are primarily applied to reduce undesirable emissions and comply with the evolving regulatory requirements. The group endeavor to bring forth an innovative, environmentally sustainable generation of oil refining technology. Performance for the year: The Group’s revenue decreased by 0.7% from RMB177.1 million for the year ended 31 December 2018 to RMB175.8 million for the year ended 31 December 2019. The Group’s profit from operations increased from RMB26.3 million for the year ended 31 December 2018 to RMB34.4 million for the year ended 31 December 2019. For the years ended 31 December 2018 and 2019, the Group's gross profit amounted to RMB53.2 million and RMB60.2 million, respectively. The Group's gross profit margin was 30.0% and 34.3%, respectively, for the same periods. The Group’s profit increased by 17% from RMB23.0 million for the year ended 31 December 2018 to RMB26.9 million for the year ended 31 December 2019. Business Review The Group aspires to bring forth an innovative, environmentally sustainable generation of oil refining technology with the Group's oil refining agents and fuel additives. The Group's oil refining agents are used to refine crude oil and extend the working life of oil refining units, enhancing economic efficiencies and, with respect to oil refineries, reducing undesirable emissions in the form of industrial waste. The Group's fuel additives are used to assist customers in complying with ever more stringent mandatory emissions regulations while maintaining the quality and efficiency of fuels. The Group is among the earliest of the Group's peers to enter the PRC oil refining agents and fuel additives industry and formed long-standing relationships with various affiliates of three state-owned conglomerates, namely China Petrochemical Corporation* (中國石油化工集團公司) (“Sinopec”), China National Offshore Oil Corporation* (中國海洋石油集團) (“CNOOC”) and China National Petroleum Corporation* (中國石油天然氣集團公司) (“CNPC”). As a result of the Group's efforts in customer diversification, the Group has become a regular supplier of several large-scale private refining enterprises. Along with the Group's continuous efforts, more private refining enterprises will become the Group's customers. The Group's newly built high-purity oleic acid production facilities have reduced the raw-material cost of one of the Group's major products, diesel-oil lubricity improver, which will enable the Group to expand the Group's sales channels by utilizing the Group's advantages in cost, hence the Group's market influences will be further extended. As of the date of this report, the Group owns 4 invention patents and 20 utility model patents as well as 4 technologyrelated copyrights. For the year ended 31 December 2019, the Group recorded total revenue of RMB175.8 million as compared to total revenue of RMB177.1 million for the year ended 31 December 2018. Prospects: We will keep strengthening the Group's core competitive strengths and enable the Group to capture rising business opportunities by following strategies: Before the end of the Reporting Period, the first phase project for upgrading the Group's production capacity had been completed and put into production. the Group will follow up closely with the developments of the market and study and judge the market situations and trend, and will continue to upgrade the production capacity of the Group's plant in Yixing City, PRC at the right time to meet the demands of customers. A new series of products, vehicle fuel additives (gasoline detergents) with the newest 6th-generation formula, which the Group has been working on since 2018, have been trial-produced at the end of 2019, and will be put into regular production and sale at the right time in 2020. the Group will continue to research and develop new products with potential market demands, so as to expand the Group's product mix and create new profit growth points while continuing to improve the quality of the Group's existing products and technologies. The Group will continue to expand the Group's customer base to diversify the Group's revenue sources by such means as: reaching out to more non-state-owned oil refineries, cooperating with capable traders to develop potential overseas customers, selling the newly-developed vehicle fuel additives (gasoline detergents) directly to end consumers. During the Reporting Period, the first phase production facilities for a key raw material, high-purity oleic acid have been constructed and put in operation, which has reduced the raw material cost of one of the Group's major products, diesel oil lubricity improver. Making use of this cost advantage, the Group will endeavor to expand the sales channels of this major product. Meanwhile, the Group will closely follow up with and observe the market trend, and invest more capital at the right time to expand the production capacity of this key raw material. During the Reporting Period, based on the achievements of the Group's research and development, the Group applied for a number of new patents and copyrights, some of which have been approved by the relevant authorities. During the Reporting Period, the Group's research & development centre was certified by related government authorities as a “Province-Level Industrial-Enterprise Technical Centre”* (“省級工業企業技術中心”). The Group will continue enhancing the Group's research and development capabilities to develop innovative, high-quality new products with potential market demands. On 21 March 2019, which was within the Reporting Period, a severe explosion accident happened in Xiangshui City, PRC. After that, the government of PRC has greatly strengthened the safety supervision and penalty on chemical manufacturers, therefore, the safety management ability has become an essential aspect of the viability and competitiveness of chemical manufacturers. During the Reporting Period, the Group has strengthened the Group's safety management and put more efforts in the construction of safety-protection facilities and the safety education and training of employees. In the future, the Group will make continuous efforts to improve the Group's safety management and perfect and upgrade the Group's safety-protection facilities, so as to make sure the safety management of the Group is always maintained at a high level.

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