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New Zebang: Electrolytes and pharmaceutical intermediates drive a 200% increase in net profit in the first half of the year

Net profit increased by over 200% in the first half of the year, in line with expectations.

New Zebang released its 2016 semi annual report, with a revenue of 677 million and a net profit of 125 million, a year-on-year increase of 72.6% and 203.3%, respectively, in line with the expected performance forecast previously released by the company.

Benefiting from the rapid rise of new energy vehicles, the lithium battery electrolyte business has become the main contributor to performance.

In the first half of 2016, the production and sales of new energy vehicles maintained a strong upward trend. From January to June 2016, new energy vehicles produced 177000 units and sold 170000 units, with year-on-year increases of 125.0% and 126.9%, respectively. Benefiting from the rapid increase in the production and sales of new energy vehicles, which has driven the demand for power lithium batteries, the lithium battery electrolyte business achieved a revenue of 347 million, a year-on-year increase of 104.4%, with a revenue share exceeding that of traditional capacitor chemicals business, reaching 50.7%, becoming the absolute main contributor to performance. The company currently produces 20000 tons of electrolyte and is one of the world's important suppliers of lithium battery electrolytes, with a leading market share. It is still possible to expand production in the future and is also an excellent supplier for Samsung and Sony. In addition, the company has a stable supply advantage in the procurement of lithium hexafluorophosphate, and has a comparative advantage in price compared to its domestic counterparts. The gross profit margin of lithium electrolyte business reached 37%, an increase of 9 percentage points year-on-year, indicating a significant advantage.

The sales of fluorinated pharmaceutical intermediates have steadily increased, gradually becoming another pole of performance contribution.

In June 2015, the wholly-owned subsidiary of Hesford, which was merged, saw a stable increase in sales. It achieved a revenue of 138 million yuan that year and 149 million yuan in the first half of this year, accounting for 21.8% of the revenue. Hesford's gross profit margin for fluorinated pharmaceutical intermediates business reached 61.9%, which has increased the average gross profit margin and contributed significantly to the overall operating profit of the company.

In addition, in March 2016, Hesford signed a $20.63 million order with its overseas key customer Piramal, ensuring its performance contribution.

The capacitor chemicals business is declining, and semiconductor chemicals will gradually contribute to profits.

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