Thursday, May 23, 2024

Yinxitechnology achieves profit turnaround in first half of the year

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On August 10th, the Shenzhen Stock Exchange-listed company Yinxike Technology answered investors’ questions on an investment Q&A platform, stating that its subsidiary, Dongguan Zhongyao Electronics Technology Co., Ltd., has been involved in the production and sales of e-cigarette accessories since the first half of this year. The production line for this product has been installed and debugged and is currently in the initial production and capacity ramp-up stage. Currently, the company’s revenue from this product accounts for a small portion of the consolidated financial statements and does not meet disclosure standards. The profitability of this subsidiary will primarily depend on future orders for this product.

Yinxitech claimed its main business is the research, production, and sales of modified plastics, whereas neither the company nor its consolidated subsidiary have any invention patents concerning e-liquid.

According to the latest report from Matador Finance, Yingxi Technology released its semi-annual report for 2023 on August 8th. During the reporting period, the company achieved operating revenue of 762 million yuan, a decrease of 19.87% compared to the previous year. The net profit attributable to shareholders of the listed company reached 16.28 million yuan, turning from a loss to a profit, while the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses reached 17.21 million yuan, also turning from a loss to a profit. Moreover, the basic earnings per share stood at 0.0362 yuan per share.

According to its official website, the company was founded in 1997 and is a high-tech enterprise that specializes in the research, production, and sales of high-performance polymer new materials. It mainly produces PP, ABS, PC, PC/ABS alloy, PS, PA, PBT, PPS, PVC, PVC/ABS alloy, TPE, including five major series: flame retardant materials, weather resistant materials, enhanced toughening materials, plastic alloy materials, and environmentally friendly durable materials. These materials are widely used in the fields of household electrical appliances, automobiles, IT electronics, LED lights, power tools, electrical wires and cables, and road materials. The company has a total of 6 production bases in Guangdong and Jiangsu provinces.

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Silver Jubilee Technology has turned losses into profits year-on-year, with a net income of 16.28 million yuan for the first half of the year.

Details of the Q&A In this section, we will provide a comprehensive summary of the questions asked and the corresponding answers given.

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