Yangtze Business Daily News ● Yangtze Business Daily reporter Liu Fangyi
The performance of Wangneng Environment will become the largest recycled glue manufacturer in China with the help of acquisition and achieve green development through transformation projects.
On July 18, Wangneng Environment (002034.SZ) announced that the company's wholly-owned subsidiary Wangneng Investment plans to acquire 77% of Nantong Huili's equity for 331 million yuan.
Wangneng Environment stated that the company will further expand the product line of recycling resource recycling through this acquisition.
Nantong Huili is currently the largest recycled rubber production enterprise in China. It was previously undergoing construction and debugging of a new factory. As of June 30, 2022, the construction, installation and debugging of the first phase of the 30,000-ton butyl recycled rubber production line has been completed and normal production has been put into operation.
Just 10 days ago, Wangneng Environment also announced that in order to better provide garbage disposal services, the company plans to implement a 1,000-ton grate furnace waste incineration power generation transformation project based on the existing projects in South Taihu Wangneng. The estimated total investment of the project is 660 million yuan.
will become the largest recycled rubber manufacturer in China
On July 18, Wangneng Environment announced that the company's wholly-owned subsidiary Huzhou Wangneng Investment Co., Ltd. (referred to as "Wangneng Investment") plans to sign a "Share Transfer Agreement" with 188 people including the transferor Ni Xuewen, Shi Zhaofeng, Xu Jinsheng, etc., and acquire 77% of the equity of Nantong Huili Rubber Co., Ltd. (referred to as "Nantong Huili") for 331 million yuan. After the acquisition is completed, Wangneng Investment holds 77% of the equity of the target company and is included in the scope of the company's consolidated financial statements.
announcement shows that Nantong Huili was established in 1996 and is the first approved enterprise in the waste tire comprehensive utilization industry. The company has the ability to produce 581,000 tons of various types of recycled rubber html. The main customers are Bridgestone , Goodyear , Hantai , Zhongce and other domestic and foreign tire manufacturers. It is currently the largest recycled rubber manufacturer in China.
Nantong Huili's technical research and development team successfully developed "Butyl Rubber High Temperature Continuous Regeneration Process and Equipment" in 2003. This technology has reached the international advanced level and effectively solved the secondary pollution problem in the rubber regeneration process.
From 2010 to 2015, Nantong Huili successfully developed the high-temperature and normal pressure regeneration process for waste rubber and obtained the national invention patent .
On June 10, 2019, Nantong Huili and Haimen New Port City Management Committee signed an agreement, agreeing that the Haimen New Port District Management Committee would acquire the company's old factory buildings, equipment, power facilities, etc. Up to now, Nantong Huili has completed the overall shutdown and demolition of ordinary recycled rubber production equipment in the old factory, and completed the construction of the new factory.
new factory is located in Haimen Port New District, Haimen City, Jiangsu Province. It includes a resource recycling project that processes 200,000 tons of waste tires annually, including 50,000 tons of butyl recycled rubber per year; 120,000 tons of tire recycled rubber per year; and 30,000 tons of vulcanized rubber powder per year.
As of June 30, 2022, Nantong Huili has completed the construction, installation and debugging of the first phase of the 30,000-ton butyl recycled rubber production line and has been put into normal production.
In 2021 and the first four months of 2022, Nantong Huili's operating income reached RMB 389 million and RMB 66.1273 million, with net profits of RMB 52.1607 million and losses of RMB 33.3127 million, respectively. According to Wangneng Environment, Nantong Huili is still in the construction and debugging period of new factory from January to April 2022, so its revenue and net profit have declined.
Wangneng Environment stated that the company will further expand its product line for recycling and utilization of renewable resources through this acquisition, effectively enhance the company's comprehensive strength and increase its source of profit.
Operating income increased by 153% in two years
Wangneng Environmental’s main business is the investment, construction and operation of urban solid waste disposal and related environmental industries. The main products are power products and steam products. In the kitchen waste treatment industry, the company has ranked among the top five in the industry.
data shows that from 2019 to 2021, Wangneng Environment's operating income was 1.171 billion yuan, 1.698 billion yuan and 2.968 billion yuan, respectively, an increase of 35.69%, 45% and 74.75% year-on-year, an increase of 153% in two years; net profit was 421 million yuan, 522 million yuan and 648 million yuan, an increase of 37.61%, 23.89% and 24.10% year-on-year, an increase of 54% in two years.
In the first quarter of 2022, Wangneng Environment's operating income reached 660 million yuan, and increased by 21.12% year-on-year; net profit reached 169 million yuan, a year-on-year increase of 15.12%, maintaining sustained and rapid growth.
performance maintains healthy growth, and Wangneng Environment has more confidence to achieve green development and expand production capacity.
On July 2, Wangneng Environment announced that the company passed a proposal at the beginning of the year to agree to the holding project company Jingzhou Wangneng Environmental Protection Energy Co., Ltd. (referred to as "Jingzhou Wangneng") to increase its registered capital to 240 million yuan. The amount of capital increase this time is 140 million yuan. The method of this capital increase is: Jingzhou Wangneng's audited undistributed profit in 2020 was 65.1577 million yuan to increase capital, of which 65 million yuan increased the registered capital and 157,700 yuan increased the capital reserve of ; the remaining 75 million yuan was increased by Zhejiang Wangneng Environmental Protection Co., Ltd., Hubei Paoma Paper Co., Ltd. and He Mingcai in cash according to the shareholding ratio. Zhejiang Wangneng Environmental Protection Co., Ltd. increased its capital with cash and increased its capital by Jingzhou Wangneng, with an increase of 68.625 million yuan, and its shareholding ratio remained unchanged, still at 91.50%.
At present, Jingzhou Wangneng has completed the registration procedures for industrial and commercial changes and obtained a "Business License" renewed from the Jingzhou Municipal Market Supervision Administration.
On July 9, Wangneng Environmental announced that in order to better provide garbage disposal services, the company plans to implement a 1,000-ton grate waste incineration power generation transformation project based on the existing project of Huzhou Nantaihu Environmental Protection Energy Co., Ltd. (hereinafter referred to as "Nantaihu Wangneng"). The estimated total investment of the project is 660 million yuan. Nantaihu Wangneng is responsible for investment and financing, design, construction, operation and maintenance, thereby providing garbage incineration services. The announcement of
Wangneng Environment also shows that in order to actively deploy the green recycling industry of new energy lithium battery materials, the company's wholly-owned subsidiary Zhejiang Wangnengcheng Mining Technology Co., Ltd. invested 30 million yuan to establish Huzhou Jingtong New Materials Technology Co., Ltd. After the establishment, it will be responsible for the resource recycling of waste lithium batteries and has obtained a business license.
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