It is planned to self-raise 85.04 million yuan to expand the production of home textile fabrics. China Resources Jinhua (000810) The board of directors said today that the company will implement the second phase of technological transformation, while its two subsidiaries, Yantai Huarun Nylon Co., Ltd. and Yantai China Resources Fiber Co., Ltd. will merge to Reduce connected transactions.
China Resources Jinhua said that in order to consolidate and enhance its competitive advantage, the board of directors agreed to implement the second phase of the technological transformation project. The company will use self-raised funds to invest 85.04 million yuan, using existing idle workshops, adding 35,000 spindles and 36 extra-wide air jet looms to expand the production scale of high-yarn and high-density home textile fabrics.
In addition, Huarun Nylon and China Resources Fiber, subsidiaries of China Resources Jinhua are all foreign-invested enterprises, which are in the same production area. The current shareholder and equity ratios are identical. (The company and China Resources Textile Investment Development Co., Ltd. hold 72% of the two companies respectively. And 28% equity), the production and business scope is basically the same, but there are many related transactions in the daily business process. In order to reduce the management cost, the company decided to merge Huarun Nylon and China Resources Fiber, and China Resources Fiber will absorb and merge China Resources Fiber.
At the same time, China Resources Jinhua said that it will jointly increase the registered capital of Huarong Nylon with the undistributed profit of US$15 million in accordance with the respective shareholding ratios of China Resources Textile Investment Development Co., Ltd., and the share capital of Yantai Nylon will increase to US$33.315 million after the capital increase. The shareholding ratio of the two shareholders remains unchanged.
Analysts said that China Resources Nylon has become an important source of profit for China Resources Jinhua and the most important profit growth point in the future. In the first half of this year, China Resources Jinhua achieved a profit of 58.24 million yuan in its main business. The subsidiary's nylon business accounted for 31.02 million yuan, which has exceeded the company's traditional textile business, an increase of 36.5% over the same period of the previous year. The gross profit margin reached 18.45%. .
In April 2006, the first phase of the technical transformation project of China Resources Nylon was just completed and put into production. In November 2006, China Resources Nylon said it will implement the second phase of technological transformation, and plans to expand and renovate existing production plants and utilities, and then add six spinning production lines and 11 texturing machines to improve the differentiation and function of China Resources. The proportion of chemical products is expected to be officially put into operation in November 2007, with an annual production capacity of 6,600 tons and an additional sales income of 230 million yuan.
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