On April 27, 2023, Ningbo Changhong Polymer Technology Co., Ltd. (abbreviation: Changhong High-Tech) released its 2022 annual report.
The annual report shows that Changhong Hi-Tech continued to maintain a high market share, achieving operating income of 2.372 billion yuan, a year-on-year increase of 36.83%; affected by the sharp rise in short-term raw material prices, the company realized a net profit of 180 million yuan attributable to the parent, a slight decrease of 2.45% year-on-year. In the future, with the economic recovery and continuous expansion of production capacity, the company’s profitability is expected to recover rapidly.
BDO-PBAT-modified PBAT-degradable products
In 2020, in order to comply with the general trend of “double carbon” and solve the problem of white pollution, the company decided to invest in the construction of a 600,000-ton/year fully biodegradable thermoplastic industrial park PBAT/PBS/PBT
The flexible and flexible production project ranks in the forefront of the country in terms of scale. At present, the first phase of the 120,000 tons/year project has been completed and put into production.
During the reporting period, the company made a strategic plan, planning to invest in the construction of a natural gas deep processing project in Qingyang, Gansu to produce BDO, and to invest in the construction of a calcium carbonate degradable masterbatch project in Hezhou, Guangxi, so as to open up an industrial layout that integrates the upstream and downstream of degradable plastics. , running through from
BDO to PBAT, PBT products; PBAT, PBT modification to the industrial chain of degradable products.
With the gradual implementation of the above projects, the company’s scale and production capacity will grow rapidly, the industrial chain will become more complete, and the upstream and downstream integration capabilities around the industry will be further strengthened.
The company’s comprehensive cost has dropped significantly, and the scale benefit will gradually become prominent. At present, the land required for the Hezhou project in Guangxi has been successfully delisted and has officially entered the construction stage.
At the same time, relying on the strong research and development capabilities of the Chinese Academy of Sciences, the subsidiary Changhong Biology has obtained the exclusive authorization to use its patents in Zhejiang Province. In the future, with the gradual maturity of the technology, it will be obtained in PBAT
R & D advantages of the industry.
In addition to the production of PBAT and PBT raw materials, Changhong Biology also plans to produce modified PBAT
Raw materials, biodegradable films, biodegradable plastic bags, disposable biodegradable tableware and other end products complete the company’s entire industrial chain layout.
Since 2021, the price of BDO has fluctuated violently, and the sharp fluctuations in raw material prices may bring the company the risk of rising costs, although the company has already deployed BDO
production, but external procurement is still required in the short term.
According to the annual report data, the capacity utilization rate of the 120,000-ton/year fully biodegradable thermoplastic industrial park PBAT/PBS/PBT flexible production project (Shengzhou) is 52.40%. In addition, the company still has 180,000 tons/year of production capacity under construction, and the expected completion time is 2025.
Summary of the progress of the three major projects
(1) 600,000 tons/year fully biodegradable thermoplastic industrial park PBAT/PBS/PBT flexible flexible production project
On October 27, 2020, the company’s 2nd Extraordinary General Meeting of Shareholders in 2020 reviewed and approved the “Information on Investing in the Construction of a 600,000-ton/year Fully Biodegradable Thermoplastics Industrial Park”
PBAT/PBS/PBT Flexible Production Project Proposal”, the project is divided into two phases, each phase is 300,000 tons per year, and the total construction period is 5 years. The first phase of the first construction 12
10,000 tons/year production line, flexible production of PBAT, PBS, PBT according to market demand
At the same time, it has the ability to extend the chain modification to produce other products of different brands, and at the same time, it is equipped with downstream film, plastic bag and other terminal finished product production, storage and transportation facilities. At present, the first phase of the first project has been running smoothly.
(2) Qingyang Natural Gas Deep Processing Project
September 30, 2022, Company 2022
The 20th meeting of the second session of the board of directors reviewed and approved the “Proposal on Signing the Investment Agreement of Qingyang Natural Gas Deep Processing Project” and Establishing a Wholly-owned Subsidiary with Foreign Investment. The annual output of the project is 600,000 tons
BDO (1,4-butanediol), 300,000 tons PBAT project. The project construction includes 4×50,000 tons/year acetylene plant, 6×240,000 tons/year formaldehyde plant, 4×150,000 tons/year BDO plant
2×150,000 tons/year PBAT device and supporting public and auxiliary facilities. The company intends to use scattered natural gas as raw material to produce BDO products by the alkyne aldehyde method and produce PBAT or PBT
product. At present, the first phase of the project has not yet been invested.
(3) Changhong Biodegradable Masterbatch Industrial Park Project
December 14, 2022
On the 22nd meeting of the second session of the board of directors of the company reviewed and approved the “Proposal on Signing the Investment Agreement of the Changhong Biodegradable Masterbatch Industrial Park Project” and the Establishment of a Wholly-owned Sun Company by Foreign Investment, and the production land of the project was once planned , constructed in two phases. Annual output of the first phase of construction
500,000 tons/year high-end modified calcium carbonate production line, 300,000 tons/year degradable masterbatch production line, 300,000 tons/year shoe material masterbatch production line. The second phase of the construction of a high-end modified calcium carbonate production line with an annual output of 500,000 tons, 30
10,000 tons/year degradable masterbatch production line, 300,000 tons/year shoe material masterbatch production line, 100,000 tons/year degradable products and agricultural mulch film, corresponding supporting warehouse, power, office and other facilities. At present, the construction of the first phase is progressing steadily.
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