A few days ago, Xinfengming issued an announcement on the merger of wholly-owned subsidiaries. The announcement stated that the company agreed to the absorption and merger of its wholly-owned subsidiary Zhongxin Chemical Fiber and its wholly-owned subsidiary Zhongchi Chemical Fiber. After the merger is completed, Zhongxin Chemical Fiber will continue to operate as the merging party, and Zhongchi Chemical Fiber will be deregistered as the absorbed party in accordance with the law.
It is reported that Xinfengming is mainly engaged in the research and development, production and sales of civilian polyester filament. The main products are POY, FDY and DTY, which are mainly used in the fields of clothing, home textiles and industrial textiles. . As one of the domestic polyester filament manufacturers with an annual production capacity of more than one million tons, the company ranks among the top three in the domestic civilian polyester filament industry.
As one of the industry leaders, Xinfengming achieved business in the first three quarters of 2019 Revenue was 24.570 billion yuan, a year-on-year increase of 4.21%; however, due to the decline in PTA prices and the widening of POY spreads month-on-month, the company achieved a net profit attributable to the parent company of 1.106 billion yuan, a year-on-year decrease of 24.06%. In the face of industry reshuffle, how can companies improve their core competitiveness?
Promote the merger of subsidiaries and integrate high-quality resources to reduce operating costs
Recently, due to weak actual terminal demand and declining industry prosperity, the chemical fiber market has Performance is more volatile. In November this year, Huaxin Chemical Fiber, one of the top 100 companies in Ningbo and one of the leading chemical fiber companies in China, was auctioned in bankruptcy for 826 million yuan. It can be seen that the living conditions of chemical fiber textile enterprises are much more difficult than in previous years.
The reporter learned that in the second half of 2019, only Xinfengming and Hengli Petrochemical expanded PTA production. According to analysis by industry insiders, some small businesses with weak production capabilities and unable to transform in time will be reorganized or eliminated in the reshuffle, and more and more large enterprises will “reintegrate.”
According to the announcement, the two subsidiaries of Xinfengming being integrated this time are both located in Tongxiang. In the first three quarters of 2019, the merging party Zhongxin Chemical Fiber achieved operating income of 2.931 billion yuan and a net profit of 85.607 million yuan; the merged party Zhongchi Chemical Fiber achieved operating income of 1.108 billion yuan and a net profit of 37.6881 million yuan.
Xinfeng Mingfang said that this merger will help the company integrate superior resources, simplify management links, improve operational efficiency, and reduce management costs.
The first phase of Dushan Energy PTA was successfully put into operation, with new technology and low cost Cost to occupy the market
It is worth noting that Xinfengming alone The first phase of Shandong Energy’s PTA project with a capacity of 2.2 million tons was successfully put into operation at the end of October this year, which will help fill the company’s PTA production vacancy and further extend the company’s industrial chain to the upstream raw material PTA.
On December 19, Zheng Yongwei, general manager of Dushan Energy, a wholly-owned subsidiary of Xinfengming, introduced in an interview with a reporter from the China Securities Journal an investment of 7.2 billion yuan to produce 2.2 million tons of PTA (precision) annually. Terephthalic acid) project latest progress. He said that since the first phase of the Xinfengming Dushan Energy PTA project was put into operation on October 30, the overall project has been running smoothly in less than two months, with the capacity utilization rate reaching 100%.
Zheng Yongwei introduced that the above-mentioned project is a major measure for Xinfengming to optimize resource allocation and enhance comprehensive strength. Extending to the upstream industrial chain can reduce production costs and further enhance the company’s profitability and competition. Strength and anti-risk ability to solve the company’s current dilemma of being restricted by the PTA link. The Dushan Energy PTA project is carried out in two phases. It uses the latest PTA process technology and patented equipment from the industry-leading British BP company. Compared with traditional PTA technology, it can reduce 95% of solid waste, 65% of greenhouse gases and 75% of wastewater emissions. In the PTA industry, green, low-carbon, safety, environmental protection and energy saving and consumption reduction are organically unified.
Zheng Yongwei said that following the successful commissioning of the first phase, the second phase of the green and intelligent PTA project started construction in March this year and is expected to be completed and put into operation in the third quarter of 2020. By then, Xinfengming’s PTA production capacity will reach 5 million tons, and it is expected to join the ranks of the three new PTA giants.
In terms of cost, Zuo Dong, deputy general manager of Dushan Energy, introduced that the investment in the first phase of the PTA project is 4 billion yuan, which has an advantage of 150-200 yuan/ton compared with the industry cost; at the same time, The newly put into production PTA device has the advantages of low material consumption and low energy consumption compared with the old device; in addition, in terms of transportation, tank trucks will be basically used for transportation, which can save manual unloading and packaging costs compared with the past.
Produced by Dushan Energy Project PTA products are mainly supplied to the two major production bases of Tongxiang Zhouquan and Huzhou.
Xinfengming Dong Secretary Yang Jianfei said that according to the company’s development plan, it plans to reach 5.4 million tons of polyester filament production capacity by the end of 2020, and the corresponding PTA demand will reach 4.6 million tons. After the second phase of production is put into operation, even if there is no export sales at all, a capacity utilization rate of 92% is needed to meet the company’s raw material demand for polyester filament production, which is much higher than the industry’s overall capacity utilization rate of 78.79% in 2018.
In addition, in order to enhance the comprehensive competitiveness of its products, Xinfengming has improved the differentiation rate of its products and successfully developed EACOOL moisture-wicking fiber, high-tex fiber, Environmentally friendly anti-wrinkle fiber, K-warm�Differentiated products such as air-conditioning thermal fiber, super soft fiber, peach skin fine fiber and so on. The “Enterprise Research Institute” owned by the company has been recognized as a provincial key research institute. Industry insiders pointed out that in the future, the chemical fiber industry will need more innovation to occupy the market with new technologies and low costs.
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