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Jihechang plans to invest 50 million yuan to set up a wholly-owned subsidiary, Jihechang New Materials (Jingmen) Co., Ltd. (hereinafter referred to as "Jihechang New Materials"), and plans to build new electrolyte additives, modified polyethers, and water-based coatings projects.

Jihechang (832073) announced on October 9 that, according to the company's strategic planning, the company plans to invest to establish a wholly-owned subsidiary, Jihechang New Materials (Jingmen) Co., Ltd. (hereinafter referred to as "Jihechang New Materials"), whose registered place is Jingmen Chemical Recycling Industrial Park, Hubei Province, with a registered capital of 50 million yuan (subject to the registration results approved by the industrial and commercial registration authority).

The announcement shows that Jihechang New Materials is mainly engaged in the production, research and development, sales and technical services of new energy chemicals and fine chemical raw materials. It is planned to build new electrolyte additive, modified polyether and water-based coating projects.

Gaogong Lithium has learned that Jihechang was founded on August 25, 2005 and listed on the New Third Board on March 17, 2015. It is mainly engaged in the research, development, production and sales of surface engineering chemicals, new energy chemicals and fine chemical raw materials, among which new energy materials are mainly sold directly to lithium battery electrolyte, copper foil and other manufacturers.

In 2014, Jihechang and Oak (300082) jointly established Wuhan Oak Specialty Chemicals Co., Ltd. in Wuhan Chemical Industry Park. In 2017, Jihechang issued targeted additional shares to Auck, and Auckland became a wholly-owned subsidiary of Jihechang and Auck became a shareholder of Jihechang. Jihechang has established its core competitive advantage and development direction in surface engineering epoxy chemicals and new epoxy derived materials relying on the advantages of ethylene oxide resources in the chemical industry park and the advanced ethoxylation technology of Oak.

The company's 2018 semi annual report shows that its operating income in the first half of the year was 109 million yuan, with a year-on-year growth of 34.36%; The net profit attributable to the shareholders of the listed company was 6.7369 million yuan, a year-on-year decrease of 21.67%, mainly because the gross profit margin decreased due to the rise in the price of raw materials.

It is reported that the total production volume of the company's new energy chemical propyl (butyl) sulfolactone industry is about 20000T, which is respectively used in the market fields such as surface treatment aids, pharmaceutical intermediates, petrochemical, water-based coatings and lithium battery electrolyte; Due to the rapid development of new energy field, the production capacity and demand of electronic grade propane sulfolactone are greatly increased.

With the rapid development of new energy vehicles, the demand for lithium ion battery electrolyte is growing rapidly, among which the demand for electronic grade propanesulfolactone, the key raw material of electrolyte, is also increasing significantly, providing good market opportunities and development prospects for its new energy products.

Ji Hechang said that the proposed new electrolyte additive, modified polyether and water-based coating projects in this overseas investment are in line with the company's development strategy and needs, and are conducive to improving the company's competitiveness, further expanding its business, improving its business development ability, and increasing its operating income, which is of positive significance for the company's long-term development.

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