Mingxin Xuteng’s revenue in the first half of 2023 will increase by 31.89%, and its product lineup will gradually expand

On the evening of August 28, Mingxin Xuteng disclosed its 2023 semi-annual report, showing that the company achieved operating income of 369 million yuan in the first half of the year, a year-on-year increase of 31.89%; realized net profit attributable to shareholders of listed companies of 16.6592 million yuan, a year-on-year increase of 20.5%. Mingxin Xuteng said that the growth of the company's operating income in the first half of the year was mainly due to the increase in orders in hand.

It is reported that Mingxin Xuteng is a high-tech enterprise focusing on the research and development, clean production and sales of new materials for automotive interiors. At present, it has formed an integrated system of new materials for automotive interiors from material research, process development, clean production to sales promotion and terminal applications. business system. The company's products are mainly used in car seats, armrests, headrests, steering wheels, instrument panels, door panels, ceilings and other automotive interior parts of mid-to-high-end cars.

Specifically, Mingxin Xuteng has mastered cutting-edge production technologies such as chrome-free tanning, low VOC, full vegetable tanning, full water-based, plant-based, and recyclable. It should be noted that under the trend of environmental protection, Mingxin Xuteng's all-water-based fixed-island microfiber uses environmentally-friendly water-based polyurethane as the organic solvent, does not contain DMF and other toxic and harmful organic solvents, and surpasses the domestic benzene-reduced indefinite-island superfiber. A new generation of microfiber synthetic leather and solvent-based benzene-reduced Dingjima microfiber represent the development direction of ultrafine fiber synthetic leather in the world today.

At present, the automobile sector is warming up, and Mingxin Xuteng is also actively deploying the market development of new customers and new models, and has achieved some gains, especially breakthroughs in new energy customers.

Mingxin Xuteng said that while the company is expanding and strengthening its existing business, it will open up a new development pattern for the second and third echelon product lines. Among them, the company's annual output of 8 million square meters of all-water Dingdao microfiber new material intelligent manufacturing project has completed the basic preparation of the plant, equipment installation and commissioning is in progress, and production capacity is gradually released. The R&D and market development team established by the company continue to negotiate with OEMs Target business, promote the second growth curve and increase volume as soon as possible. At the same time, Mingxin Xuteng is developing new products with high added value and optimizing the company's product structure. At present, in addition to the two main track products of cow leather and suede microfiber, microfiber leather and PU are gradually gaining customer recognition, which is the company's first The development of the three-echelon industry is gaining momentum.

It is worth noting that Mingxin Xuteng invested in a new subsidiary, Bowen New Material Mexico, S.deR.L.deC.V. (referred to as "Baoying (Mexico)") in Mexico this year, with a total investment of 9.8 million US dollars. According to the semi-annual report, Mingxin Xuteng invested in a new manufacturing base in Mexico, which will promote the business layout of the North American auto market and improve the company's global market competitiveness.