Most popular Jingxing paper Jiulong Liwen Shanying

2022-08-07
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A list of operating data of Jingxing paper, nine dragons, Liwen, Shanying and Rongsheng in recent years on December 2, 2019, Zhejiang Jingxing paper announced that it planned to issue no more than 1.28 billion yuan of convertible bonds to invest in projects in Malaysia. On March 24, 2020, the CSRC issued a notice of feedback on the review of administrative licensing projects by the CSRC to Jingxing paper, requiring Jingxing paper to give a more detailed description of the issuance of convertible bonds. Recently, Jingxing paper released the report on the feedback on the application documents for the public issuance of A-share convertible corporate bonds by Zhejiang Jingxing Paper Co., Ltd., pointing out that Wuhan is one of the major automobile industry cities in China, answering eight questions raised by the CSRC

in the reply, Jingxing paper analyzed the differences and reasons in operating data between the company and the four enterprises of the same type, namely Nine Dragons Paper, Liwen paper, Shanying paper and Rongsheng environmental protection

I. net profit

the changes in net profit attributable to the owners of the parent company of comparable listed companies in the same industry in 2018 and 2019 after deducting non recurring profits and losses are as follows:

data source: wind, Shanying paper has not yet announced its annual report, and the amount of net profit attributable to the parent company after deducting non recurring profits and losses in 2019 and the year-on-year changes are the data of the first three quarters of 2019. In addition, the financial reporting period of Nine Dragons Paper's annual report is from the end of June last year to the end of June this year, Adjusted accordingly

in 2018 and 2019, the net profit attributable to the parent company of comparable listed companies in the same industry after deducting Non Profits showed a downward trend as a whole. The details are as follows:

(1) the net profit attributable to the parent company of Nine Dragons Paper and Liwen paper in 2018 and 2019 decreased year-on-year, which is consistent with the change trend of the company. In addition, in 2018, the net profit attributable to the parent company of Nine Dragons Paper and Liwen paper decreased by -16.80% and -6.57% respectively year-on-year, which was relatively lower than the decline of the company in the same period, mainly because the operating revenue of the two companies increased by 25.85% and 24.61% respectively in the same year, which was much higher than the growth of the company's revenue in the same period

in 2018, the average selling prices of Nine Dragons Paper, Liwen paper and the company's industrial packaging base paper products increased by 8.07%, 10.05% and 8.93% respectively year-on-year, basically consistent. The above differences in revenue scale are mainly caused by the differences in product sales of each company. In 2018, the company's production and operation were relatively stable, and the sales volume of industrial packaging base paper products increased by 3.47%; The sales volume of Nine Dragons Paper in the current year increased by 16.39% year-on-year due to the improvement of domestic sales, the commissioning of Vietnam base projects, the acquisition of American pulp mills and other factors; In the same year, the sales volume of packaging paper of Liwen paper increased by 6.81%, and the sales volume of related products increased by 70.74% due to the impact of energy conservation and consumption reduction, innovation and utilization of new production lines in Jiangxi plant

(2) Shanying paper's net profit attributable to the parent company after deduction of Non Profits in 2018 increased significantly year-on-year. Contrary to the industry trend, it was mainly due to its acquisition of Fujian Liansheng Paper Co., Ltd. in january2018, which was included in the scope of consolidated statements, and the expansion of the production and sales scale of packaging base paper. At the same time, in October 2017, it mainly adopted precision high-pressure oil source as the power source to acquire Nordic paper for the whole year, and its performance began to reflect. In the first three quarters of 2019, Shanying paper's net profit attributable to the parent company after deducting non-profit also decreased year-on-year

(3) the net profit attributable to parent company of Rongsheng environmental protection in 2019 increased year-on-year. Contrary to the industry trend, the net profit attributable to parent company of Rongsheng environmental protection in 2018 was relatively low. In addition to the industry common factor that the price difference of raw materials decreased, resulting in the reduction of operating gross profit, there was also a short-term shutdown of some production lines due to boiler maintenance, Amodel a (8) 930 HS PPA is a 30% glass fiber reinforced thermosetting polymer, and the implementation and termination of the equity incentive plan confirmed the management expenses of 41.736 million yuan. Therefore, the net profit attributable to the parent company in 2019 increased compared with the same period

on the whole, due to the overall prosperity of the industry, the operating performance of comparable companies in the same industry has declined to varying degrees since 2018. Considering the above factors, the change trend of the company's operating performance in 2018 and 2019 is basically the same as that of the industry

II. Gross profit margin

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