FFHL - FFHL STOCK NEWS

Fuwei Films (Nasdaq: FFHL) has announced a merger agreement with Baijiayun Limited, a video SaaS/PaaS provider. Following the merger, Baijiayun will become a wholly-owned subsidiary of Fuwei Films. Existing Baijiayun shareholders will hold approximately 96.79% of the combined company, while Fuwei Films shareholders will have 3.21%. The merger is expected to close in Q4 2022, pending shareholder and regulatory approvals. The Board of both companies has unanimously approved the merger, highlighting its strategic importance for growth in video technology solutions.

Fuwei Films (NASDAQ: FFHL) announced a scheduled maintenance program affecting its second production line, starting July 12, 2022. This maintenance will last approximately 15 days and involves replacing some machine parts to ensure optimal functionality. The decision is aimed at meeting customer needs more effectively. Furthermore, the company faces potential risks including PCAOB inspection issues and the possible delisting of shares under the Holding Foreign Companies Accountable Act, which may significantly impact future operations.

Fuwei Films (Nasdaq: FFHL) reported its Q1 2022 financial results, showing a modest net sales increase to RMB103.1 million (US$16.3 million), up by 1.5% year-over-year. Specialty films accounted for 69.8% of total revenue, reaching RMB71.9 million (US$11.3 million). However, gross profit fell to RMB30.2 million (US$4.8 million), with a gross margin decrease to 29.3% due to a 21.7% rise in cost of goods sold. Net income dropped to RMB17.1 million (US$2.7 million), down from RMB31.4 million in Q1 2021, indicating challenges amid rising costs and increased operating expenses.

Fuwei Films (Nasdaq: FFHL) will announce its unaudited financial results for the first quarter of 2022 on June 24, 2022, after market close. As a manufacturer of high-quality BOPET plastic films through its subsidiary in Shandong, the company caters to diverse industries such as packaging for food, pharmaceuticals, and electronics. However, the company faces risks from oversupply in the BOPET market, international trade barriers, and uncertainties related to COVID-19, which could impact future performance.

Fuwei Films (Nasdaq: FFHL) announced the termination of its Securities Purchase Agreement with Enesoon New Energy Limited, effective May 22, 2022. The decision impacts the investment framework of Fuwei Films, a manufacturer of BOPET plastic films in China. The company's films serve multiple industries, including packaging and electronics. Fuwei Films continues to navigate risks such as oversupply in the BOPET market, trade barriers, and potential delisting under the Holding Foreign Company Accountable Act.

Fuwei Films (FFHL) reported its financial results for Q4 and the full year of 2021. Net revenues for Q4 were RMB92.6 million (US$14.5 million), a 7.2% increase year-over-year, with specialty film sales rising 14.1% to RMB71.1 million (US$11.2 million). Full-year revenues reached RMB396.8 million (US$62.3 million), up 17.8%, with specialty films accounting for 69.9% of total revenues. Net income in 2021 rose to RMB89.2 million (US$14.0 million) from RMB19.6 million in 2020, while gross margin decreased to 37.5%. Cash reserves increased significantly to RMB250.6 million (US$39.3 million).

Fuwei Films (Nasdaq: FFHL) will release its unaudited financial results for Q4 and the full year 2021 on April 28, 2022, after market close. The Company specializes in BOPET plastic films, widely utilized across numerous industries including food and electronics. Fuwei recognizes several risks, including potential oversupply in the BOPET market, trade barriers due to international relations, and fluctuations in raw material prices. The Company emphasizes that actual results may significantly differ from estimates provided.

Fuwei Films (Nasdaq: FFHL) announced the results of its Annual General Meeting held on December 30, 2021, with 73.62% of shareholders participating. Shareholders re-elected Mr. Junying Liu and ratified Shandong Haoxin as the independent accounting firm for the fiscal year ending December 31, 2021. Chairman Lei Yan expressed gratitude for the support in advancing the company's strategies. Fuwei Films specializes in high-quality BOPET plastic films used across various industries including food and electronics.

Fuwei Films (Nasdaq: FFHL) will hold its 2021 Annual General Meeting (AGM) on December 30, 2021, at 10:00 a.m. Beijing Time, at its facility in Shandong, China. Shareholders of record as of November 19, 2021, are entitled to attend. The AGM notice is available on the company's website. Fuwei Films has filed its Annual Report on Form 20-F with the SEC, including audited financial statements for the fiscal year ended December 31, 2020. Shareholders can request a hard copy of the report via Investor Relations.