China Jushi reported in Hong Kong strong 2017 financial results
China Jushi’s chairman Cao Jianglin and management team held a press conference in Hong Kong to present the group’s 2017 financial results.
This is the first time that the group, listed on the Shanghai stock exchange, has come to Hong Kong to promote its performance.
In 2017, China Jushi’s revenue increased by 16.19 % to CNY 8.65 billion, of which glass fiber and products accounted for 97.41 % ; gross margin, operating margin and net margin reached 45.8 %, 32.8 % and 24.8 % respectively.
“In 2017, under the guidance of the national environmental protection policy, China's fiberglass industry saw a number of low-end backward production units gradually shut down. The entire industry has achieved a major structural adjustment in terms of products and capacities which are being continuously optimized. The fiberglass industry benefited from shifts in demand due to the transformation of the composite materials products industry, seized rapid development opportunities and achieved quality upgrading”, said the group.
At the press conference, China Jushi’s management expressed full optimism and confidence for 2018. It reported that to achieve expectations, the group raised prices early this year, and has maintained a more than 30% growth during the first quarter.