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Fuwei Films (Nasdaq: FFHL) announced its financial results for Q2 and the first half of 2021, reporting net sales of RMB100.6 million ($15.6 million) for Q2, a 21.4% increase from 2020. Specialty films contributed RMB69.0 million (68.6% of revenue), up 43.5%. For the first six months, net sales reached RMB202.2 million ($31.3 million), a 21.7% increase. Gross profit was RMB39.9 million (39.6% margin) for Q2 and RMB82.3 million (40.7% margin) for H1. Net income for the first half was RMB51.2 million ($7.9 million), up from RMB27.0 million in 2020.
Fuwei Films held an Extraordinary General Meeting on Aug. 26, 2021, with approximately 73.7% of shareholders present. Key decisions included issuing 111,111,111 shares to acquire Enesoon New Energy Limited and raising authorized share capital from US$2,595,040 to US$70,066,080. The company aims to satisfy closing conditions in the Securities Purchase Agreement dated March 31, 2021. Fuwei Films specializes in BOPET films, serving various industries including food and electronics.
Fuwei Films (Nasdaq: FFHL) will announce its unaudited financial results for Q2 2021 on September 2, 2021 after market close. A teleconference to discuss these results is scheduled for September 3, 2021, at 8:00 a.m. ET. The company specializes in manufacturing BOPET plastic films widely used in various industries including food and electronics. Potential risks highlighted include oversupply in the BOPET market and uncertainties surrounding international trade, exchange rates, and product defects, which could materially impact future performance.
Fuwei Films (Nasdaq: FFHL) announced an Extraordinary General Meeting (EGM) on August 26, 2021, to discuss key resolutions including the issuance of 111,111,111 ordinary shares in exchange for all shares of Enesoon New Energy Limited, and increasing the authorized share capital from US$2,595,040 to US$70,066,080. Shareholders on record as of July 27, 2021, are entitled to attend. The meeting aims to facilitate strategic moves aligned with the company’s growth plans in the BOPET films market.
Fuwei Films (FFHL) reported a strong performance for Q1 2021, with net sales reaching RMB 101.6 million (US$15.5 million), a 22.1% increase from RMB 83.2 million last year. Specialty films constituted 63.9% of total revenues at RMB 65.0 million. Gross profit improved to RMB 42.5 million (41.8% margin), up from RMB 29.8 million (35.8% margin) a year ago. Net profit attributable to shareholders surged to RMB 31.4 million (RMB 9.60 per share), compared to RMB 13.0 million previously. The company also saw a 55.2% rise in overseas sales.
Fuwei Films (Nasdaq: FFHL) will report its unaudited financial results for the first quarter of 2021 on June 24, 2021, after market close. A teleconference to discuss these results is scheduled for June 25, 2021, at 9:00 a.m. ET. Fuwei Films specializes in high-quality BOPET plastic films, used in various industries including food packaging and electronics. The company notes risks such as oversupply in the BOPET market, international trade barriers, and fluctuations in currency exchange rates that could impact future performance.
Fuwei Films (Nasdaq: FFHL) reported its Q4 and full year 2020 financial results, revealing net revenues of RMB336.8 million (US$51.6 million), a slight increase of 0.4% year-over-year. Specialty films sales rose by 26.0% to RMB204.7 million (US$31.4 million), representing 60.8% of total revenues. Gross margin improved to 40.6%, up from 24.9% in 2019. Despite these gains, the company reported a Q4 net loss of RMB20.9 million (US$3.2 million), with a basic loss per share of RMB6.39 (US$0.98). Operating cash flow improved to RMB117.5 million (US$18.0 million). A teleconference is scheduled for April 23, 2021.
Fuwei Films (Nasdaq: FFHL) announced it will release its unaudited financial results for Q4 and the full year of 2020 on April 22, 2021, after market close. A teleconference will take place on April 23, 2021, at 9:00 a.m. ET to discuss the results. The company specializes in high-quality BOPET plastic films, which are essential in various industries, including food and electronics. Forward-looking statements indicate risks such as oversupply, international market fluctuations, and uncertainties related to U.S.-China trade relations.
Fuwei Films (Nasdaq: FFHL) entered a Securities Purchase Agreement with Enesoon New Energy Limited to acquire all outstanding shares of Enesoon in exchange for 111,111,111 new ordinary shares, resulting in Enesoon shareholders holding approximately 97.1% of Fuwei's shares. The transaction's completion hinges on shareholder approval and NASDAQ clearance. Additionally, Fuwei Films terminated a previous agreement with Gold Glory Blockchain due to a lack of financial documentation. This acquisition aims to bolster the company's position in the thermal energy storage sector.
Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) announced the successful sale of its Dornier production line through an open bidding process. Huizhou Yidu Yuzheng Digital Technology Co. LTD. won the bid at RMB138.0 million (approximately US$21.07 million). This sale signals a strategic move by the company to streamline operations and reallocate resources. Fuwei Films specializes in manufacturing high-quality BOPET plastic films, widely used across various industries including food, electronics, and medicine.
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