FujianFengzhuTextileTechnologywillholdthe2019AnnualGeneralMeetingofShareholdersonMay26Co.,Ltd.(hereinafterreferredtoas”FengzhuTextile”) will review the “Proposal on Application for the Maximum Comprehensive Borrowing Credit Line”.
The proposal shows that due to the needs of production and operation , Fengzhu Textile decided from 2020 to 2021:
Apply to Jinjiang Branch of Bank of China Co., Ltd.: the total amount of credit risk exposure planned to apply shall not exceed RMB 120 million;
To Jinjiang Branch of Industrial Bank Co., Ltd.: The total amount of credit risk exposure planned to be applied for shall not exceed RMB 300 million;
To Jinjiang Branch of Industrial Bank Co., Ltd.: Quanzhou Branch of Xiamen Bank Co., Ltd.: The total amount of credit risk exposure planned to apply shall not exceed RMB 200 million;
Fuzhou Branch of Bohai Bank Co., Ltd.: Credit risk exposure planned to be applied The total amount of credit risk exposure shall not exceed RMB 80 million;
Apply to Quanzhou Branch of China CITIC Bank Co., Ltd.: The total amount of credit risk exposure to be applied for shall not exceed RMB 90 million;
To Quanzhou Branch of China Minsheng Bank Co., Ltd.: The total risk exposure to be applied for credit shall not exceed RMB 50 million;
To Pangu Bank (China) Co., Ltd. Xiamen Branch: The total risk exposure to be applied for credit shall not exceed RMB 30 million;
Quanzhou Branch of China Everbright Bank Co., Ltd.: The risk to be applied for credit The total exposure amount shall not exceed RMB 40 million;
To China Trust and Commercial Bank Co., Ltd. Xiamen Branch: The total amount of credit risk exposure to be applied for shall not exceed RMB 40 million yuan;
Xiang Ping An Leasing Co., Ltd.: Plans to apply for equipment financing leasing amount not exceeding 200 million yuan;
Xiang Far East Leasing Co., Ltd. The company: The proposed equipment financing lease amount does not exceed 100 million yuan;
To Fujian Haixi Financial Leasing Co., Ltd.: The equipment financing lease amount planned to apply does not exceed 50 million yuan;
Apply to other banks, compliant financial institutions or quasi-financial institutions for the maximum borrowing comprehensive credit limit in RMB: the total amount of credit risk exposure to be applied for shall not exceed RMB 300 million. .
The above-mentioned comprehensive credit lines total 1.6 billion yuan, all of which are credit loans. They are mainly used for working capital loans, project loans, financial leases, bank acceptance bills, and international and domestic letter of credit settlements. For various financing businesses such as business, the monthly interest rate shall be subject to notifications from banks and other financing institutions.
Public information shows that Fengzhu Textile is a company mainly engaged in cotton spinning, dyeing and finishing, knitted fabrics, cheese yarn production and environmental protection facility operations. A listed company with business in China, it was listed on the domestic A-share market in April 2004. The company owns a weaving factory, a yarn dyeing factory, a bleaching and dyeing factory, a sewage treatment plant and a cotton spinning subsidiary. It has complete infrastructure such as water, electricity, steam and sewage treatment, and production The equipment has reached the advanced level of its counterparts in the world, and a relatively complete technological innovation system and industrial chain have been formed. It is one of the 100 key industrial enterprises in Fujian Province, a large industrial enterprise in the country, the largest professional knitting dyeing and finishing manufacturer in Fujian Province, and a knitwear export base. .
Up to now, the production capacity of Fengzhu Textile spinning, weaving, dyeing, dyeing and finishing, printing and other products is 10,000 tons, 18,000 tons, 1,800 tons, 36,000 tons, respectively. 4000 tons.
The financial report shows that in 2019, Fengzhu Textile achieved a consolidated operating income of 1,023.5816 million yuan, a year-on-year increase of 1.87%. The revenue increased slightly. The company achieved an operating profit of 39.6821 million yuan, which was 43.9683 million yuan in the same period last year decreased by 9.75%. The main reasons were: first, the parent company’s increase in export sales expenses, financial expenses and other period expenses; second, the operating profit of the Jiangxi subsidiary decreased compared with the same period; the net profit attributable to the parent company was 25.9536 million yuan, year-on-year. The decrease was 15.19%, mainly due to the decrease in operating profit.
As of December 31, 2019, Fengzhu Textile’s total assets were 1,688.3744 million yuan, an increase of 22.98% from the beginning of the period. The increase in total assets was mainly due to the investment and construction of the new factory in Anton. The company’s net assets were 742.9573 million yuan, an increase of 3.32% from the beginning of the period. The increase in net assets was mainly due to the increase in net profits and the impact of dividends.
Look at different products:
1) Marketing of spinning products The revenue decreased by 11.14% compared with last year, mainly due to the decrease in production and sales of the Jiangxi subsidiary this year compared with the same period last year, the operating costs increased year-on-year, and the gross profit margin decreased by 2.73 percentage points, mainly due to the decrease in output and the increase in fixed costs per ton of yarn.
2) Dyed yarn products account for a small proportion of the company’s sales, the orders are small, and the product structure fluctuates greatly. Although sales revenue has increased, operating costs have also increased at the same time, and gross profit margins have also increased. maintain the same level.
3) Revenue from dyeing and finishing products decreased by 3.4% compared with last year, mainly due to the decrease in domestic sales of dyeing and finishing products. Gross profit margin was basically the same as the same period last year.
4) Dyeing and finishing processing revenue decreased by 5.2% compared with last year, mainly due to the decrease in domestic sales of dyeing and finishing processing. The gross profit margin decreased by 3.71 percentage points compared with the same period last year, mainly due to the consumption of steam and dyeing materials for dyeing and finishing products.Rising, resulting in an increase in the cost per ton of cloth.
In addition, the financial report also showed that in the first quarter of 2020, Fengzhu Textile achieved revenue of 1.93 billion, a year-on-year decrease of 24.70%; the net profit attributable to shareholders of listed companies was 1.56 million yuan, a year-on-year decrease of 77.40%; the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 1.3987 million yuan, a year-on-year decrease of 76.69%; basically every The profit per share was 0.0057 yuan.
For the relocation project of Fengzhu Textile’s Andong New Factory, which has attracted considerable attention in the industry, Fengzhu Textile stated that the main building structure of the Andong New Factory project has been capped. In the process of interior decoration, public works construction and equipment installation, related construction work is being actively coordinated and promoted. Since most of the project construction teams are people from outside the province, affected by the sudden new coronavirus epidemic, according to the actual progress of the project, the company expects that the project will be completed as soon as possible. It will be gradually completed and put into production after September 30, 2020.
In 2020, Fengzhu Textile will continue to be based on the main business of knitting, printing and dyeing, creating high-quality fabric products with ingenuity, while adhering to the new The concept of industrial transformation and upgrading of the times steadily develops towards intelligent, green and high-end manufacturing, accelerates innovation and upgrading, uses intelligent and green technology to build a modern new printing and dyeing factory, and elevates the traditional printing and dyeing industry to a new level and becomes a printing and dyeing industry. The industry benchmark.
In 2020, Fengzhu Textile’s business goals are operating income of 1.1 billion and operating costs of 900 million. </p
