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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China XD Plastics Company Ltd | NASDAQ:CXDC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.59 | 0.555 | 0.615 | 0 | 01:00:00 |
☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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CHINA XD PLASTICS COMPANY LIMITED
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(Exact name of registrant as specified in its charter)
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Nevada
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04-3836208
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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No. 9 Dalian North Road, Haping Road Centralized Industrial Park,
Harbin Development Zone,
Heilongjiang Province, P. R. China
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150060
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.0001
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NASDAQ Global Market
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Large accelerated filer
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Accelerated filer
☒
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
☐
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PART I
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2
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Item 1
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Business
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2
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Item 1A
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Risk Factors
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48
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Item 1B
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Unresolved Staff Comments
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62
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Item 2
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Properties
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62
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Item 3
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Legal Proceedings
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64
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Item 4
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Mine Safety Disclosures
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64
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PART II
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65
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Item 5
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Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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65
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Item 6
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Selected Financial Data
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67
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Item 7
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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68
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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87
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Item 8
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Financial Statements and Supplementary Data
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87
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Item 9
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Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
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87
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Item 9A
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Controls and Procedures
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88
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Item 9B
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Other Information
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90
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PART III
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91
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Item 10
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Directors, Executive Officers and Corporate Governance
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91
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Item 11
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Executive Compensation
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99
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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112
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Item 13
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Certain Relationships and Related Transactions and Director Independence
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114
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Item 14
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Principal Accountant Fees and Services
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115
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PART IV
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116
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Item 15
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Exhibits, Financial Statement Schedules
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116
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Financial Statements
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Index to Consolidated Financial Statements
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F-1
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Report of Independent Registered Public Accounting Firm
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F-2
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Consolidated Balance Sheets
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F-3
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Consolidated Statements of Comprehensive Income
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F-4
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Consolidated Statements of Changes in Equity
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F-5
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Consolidated Statements of Cash Flows
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F-6
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Notes to the Consolidated Financial Statements
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F-7
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•
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According to the National Bureau of Statistics, the total number of Chinese automobile parts has experienced a rapid growth because of the economic development and the incentive policies issued by the government. The number kept a booming trend and increased from 93,500.0 thousand units in 2011 to 185,590.0 thousand units in 2016, and is forecasted to hit a record of
268,385.8 thousand units by 2021, with a CAGR of 6.7% from 2017 to 2021.
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Product Group
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Number of Products Certified
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Characteristics
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Automotive or Other Application
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Modified Polyamide 66 (PA66)
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50
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Abrasive resistance, self-lubrication, high strength, high temperature resistance, and flame resistance
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Roof handles, door knobs, transmission connection plates, fan shrouds, glovebox assembles, engine hoods, stents baffle blocks, trajectory, fasteners, etc.
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Modified Polyamide 6 (PA6)
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40
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High temperature resistance, weather resistance, high strength
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Inner door knobs, door knobs, hand shanks, transmission connection plates, visor bases, etc.
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Plastic Alloy
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163
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High impact resistance, high temperature resistance, flame resistance, platable
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Instrument panels, instrument frames, shields, automotive center stacks, speaker covers, grids, fog light shells, battery bases, seat armrests, luggage holders, etc.
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Modified Polypropylene (PP)
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165
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Non-toxic, odorless, low density, insulated, and low moisture uptake
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Instrument panels, inner panels, columns, bumpers, air conditioner shells, door knobs, mudguards, etc.
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Modified Acrylonitrile butadiene styrene (ABS)
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23
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High rigidity, low density, rigidity toughness balance, slow burn, and corrosion resistance
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Heat dissipating grids, steering wheel shells, cup holders, seal banks, instrument panels, inner door knobs, wheel covers, etc.
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Polyoxymethylenes (POM)
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1
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High strength, low moisture uptake, size stability, high glass, high temperature resistance, fatigue resistance
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Heater fans, signal lamps switches, gas reseior covers, door knobs, hand shanks, fuel pumps, dynamic valves, accelerator pedals, rampetior elements, etc.
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Polyphenylene Oxide (PPO)
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1
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High rigidity, flame retardant, abrasive resistance, pollution resistance, high temperature resistance
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Battery plants, lamp holder insulation parts, anti freezer grids, booms, instrument panels, window frames, tool cabinet covers, handwheel boxes, heater holders, heater baffles, cooling system connections, pump strainer nets, ammeler frameworks, rearview, etc.
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Modified Polyphenylene Sulfide (PPS)
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1
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High temperature resistance, corrosion resistance, radiation resistance, flame resistance, size stability
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Air bleed control valves, pneumatic signal conditioners, sparks plug wire insulation covers, tachometer sensor covers, electrical pumps, fuel pump impellers and covers, air cylinder covers, water pump impellers, etc.
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Modified Polylactic Acid (PLA)
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-
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Reproducible, good biological compatibility and totally degraded
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Glove box handle, seat cover, rearview mirror shell, etc.
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Modified Polyimide (PI)
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-
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Flame resistance, high strength, high temperature resistance, corrosion resistance
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Compressor blade, piston ring, sealing washer, bushing, gear, brake block, etc.
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PEEK*
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N/A
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Excellent mechanical and chemical resistance and temperature tolerance
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Used in communications and transport electronics and electrical appliances, machinery, medical and analytical equipment
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Polyethylene
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-
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Resistance to shock, low temperature resistance, excellent electrical insulation, corosion resistance
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Agricultural film, screw cap, water pipe, gear, food packa
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Total
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444
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●
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Xigao Jian: Member of Chinese Academy of Engineering, Professor of Dalian University of Technology
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●
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Chao Bi: Associate Professor of School of Mechanical and Electrical Engineering of Beijing University of Chemical Technology
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●
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Jian Yu: Professor of Institute of Polymer Science, Tsinghua University
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●
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Huiliang Zhang: Researcher of Researcher of Changchun Institute of Applied Chemistry of the Chinese Academy of Sciences
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●
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Yanbin Chi: Professor of Xi'an University of Architecture and Technology
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●
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Bin Zhao: General Manager of Ningbo ZHongniyiEnergy Saving Technology Co., Ltd.
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●
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Yan Jin: Professor of Beijing Research Institute of Chemical Engineering, China Petroleum Chemical Corporation
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●
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Meiying Han: Vice General Manager of Yantai Dongyi Plastics Co., Ltd.
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●
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Yongquan Li: Researcher of China Petroleum & Chemical Corporation Beijing Chemical Industry Research Institute
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●
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Shuxi Chang: Engineer in Field of Nanjing Branch of Valeo Automotive Air Conditioning Co., Ltd.(Hu Bei )
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●
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Yanwen Du: General Manager of Key Point Inc., General Motors
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17
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A modified Kevlar fiber reinforced PA66 material and its preparation method
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201210369747.50
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September 29, 2012
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Authorized
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|
|
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18
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A high toughness wear-resistant fiberglass /PA6 composites for rail transit fasteners
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201210396122.80
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October 18, 2012
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Authorized
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19
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A glass fiber reinforced poly (ethylene terephthalate) / polycarbonate alloy
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201210403197.40
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October 22, 2012
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Authorized
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20
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A production method of antimicrobial, hydrophilic polypropylene particle
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201210411680.70
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October 25, 2012
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Authorized
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|
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21
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A glass fiber, SiO2 enhanced toughening polyphenylene sulfide material and its preparation method
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201210439116.60
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November 7, 2012
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Authorized
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|
|
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22
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A high mobility of polyvinyl alcohol / lignin WPC
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201310203047.30
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May 28, 2013
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Authorized
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|
|
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23
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A applied to electrostatic spraying PPO/PA6 alloy material and its preparation method
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201310367459.00
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August 22, 2013
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Authorized
|
|
|
|
|
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24
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Preparation method of impact-resistant strain of modified polylactic acid material
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201310468059.90
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October 10, 2013
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Authorized
|
|
|
|
|
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25
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A free spray paint bumper with modified material and preparation method
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201310468057.X
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October 10, 2013
|
Authorized
|
|
|
|
|
|
26
|
A stereoscopic word based on 3D printing
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201520229477.70
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April 16, 2015
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Authorized
|
|
|
|
|
|
27
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A medical chest straps based on 3D printing technology and its preparation method
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201510290769.60
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June 1, 2015
|
Authorized
|
|
|
|
|
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28
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A 3D printing withABS composite material and its preparation method
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201610073934.70
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February 3, 2016
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Authorized
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|
|
|
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29
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A kind of starch based biodegradable plastics and its preparation method
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201610078670.40
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February 5, 2016
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Authorized
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|
|
|
|
|
30
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A high heat-resistant PC / ASA alloy material and its preparation method
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201010508149.20
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October 15, 2010
|
Authorized
|
|
|
|
|
|
31
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An extrusion grade sisal fiber reinforced polypropylene composite material and its preparation process
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201210357867.30
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September 25, 2012
|
Authorized
|
|
|
|
|
|
32
|
A preparation method of the thermoplastic elastomers PP with high mobility and high resistance of deformation
|
201110035725.00
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February 11, 2011
|
Pending
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|
|
|
|
|
33
|
A special material of cooling grille with high heat resistance and high weather resistance
|
201110094466.90
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April 15, 2011
|
Pending
|
|
|
|
|
|
34
|
A preparation method of easily dispersed and easily processimg polyprolene composite material
|
201110158511.20
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June 14, 2011
|
Pending
|
|
|
|
|
|
35
|
A preparation method of high heat-resistant and high rigid PLA composite material reinforced by fully biodegrdable natural fiber
|
201110158512.70
|
June 14, 2011
|
Pending
|
|
|
|
|
|
36
|
A preparation method of polylactic acid used composite material modified by hydroxyapatite with supercritical water act
|
201110268687.30
|
September 13, 2011
|
Pending
|
|
|
|
|
|
37
|
Apreparation process of ABS alloy with high impact performance and high heat resistance
|
201110122586.50
|
May 12, 2011
|
Pending
|
|
|
|
|
|
38
|
A preperation process of high weathering colour ASA resin
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201110347336.10
|
February 11, 2011
|
Pending
|
|
|
|
|
|
39
|
A high impact PA6 composite material with core-shell toughening and its preparation method
|
201110196226.X
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July 13, 2011
|
Pending
|
|
|
|
|
|
40
|
A preparation method of polymer composites with high toughness
|
201110035736.90
|
February 11, 2011
|
Pending
|
|
|
|
|
|
41
|
A polypropylene composite material used in battery tank of new source of energy automobile and its preperation method
|
201110347320.00
|
November 7, 2011
|
Pending
|
|
|
|
|
|
42
|
A high toughness of polycarbonate blends material and its preparation method
|
201110319832.60
|
December 20, 2011
|
Pending
|
|
|
|
|
|
43
|
A preparation method of glass fiber reinforced polyether ether ketone with high strength and high heat resestance
|
201110399890.40
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December 5, 2011
|
Pending
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|
|
|
|
|
44
|
A preparation process of the premixed screening system
|
201110158488.70
|
June 14, 2011
|
Pending
|
|
|
|
|
|
45
|
A molding method suitable PEEK
|
201010173663.50
|
May 17, 2010
|
Pending
|
|
|
|
|
|
46
|
An anti-aging, anti-yellowing, low odor polypropylene composite material and its preparation method
|
201010508177.40
|
October 15, 2010
|
Pending
|
|
|
|
|
|
47
|
A preparation process of centralized control method used in plastic production line
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201110122566.80
|
May 12, 2011
|
Pending
|
|
|
|
|
|
48
|
A preparation methed of the plastic production line with high performance and high honogeneity
|
201110233488.90
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August 16, 2011
|
Pending
|
|
|
|
|
|
49
|
A rapid detection method of the impact propertie of midfide plastics used in automobile specially
|
201110158528.80
|
June 14, 2011
|
Pending
|
|
|
|
|
|
50
|
A alloy material of high-impact, high-brightness ASA
|
201010543439.00
|
November 15, 2010
|
Pending
|
|
|
|
|
|
51
|
A high notched impact PA / ASA alloy material and its preparation method
|
201010230061.90
|
July 19, 2010
|
Pending
|
|
|
|
|
|
52
|
A preparation method of SiO2/CaCO3 nano-composite particles modified polypropylene
|
201010282042.00
|
September 15, 2010
|
Pending
|
|
|
|
|
|
53
|
Nano-ZnO filled with modified PEEK film and its preparation method
|
201010258955.90
|
August 20, 2010
|
Pending
|
|
|
|
|
|
54
|
A method for automotive interior matte, anti-scratch modified polypropylene composites
|
201010230064.20
|
July 19, 2010
|
Pending
|
|
|
|
|
|
55
|
A microporous zeolite materials modified PEEK and its preparation method
|
201010282022.30
|
September 15,2010
|
Pending
|
|
|
|
|
|
56
|
A lower mold shrinkage ratio method of calcium carbonate / polypropylene nanocomposites
|
201010230088.80
|
July 19, 2010
|
Pending
|
|
|
|
|
|
57
|
A high toughnees,low warpage and low mold temperature PET/PA6 alloy reinfoced by glass fiber and preperation method
|
201110347339.50
|
Nobember 7, 2011
|
Pending
|
|
|
|
|
|
58
|
A high impact and high flow PC / ASA alloy material and its preparation method
|
201010258950.60
|
August 20, 2010
|
Pending
|
|
|
|
|
|
59
|
A high heat-resistant and high wear-resistant PEEX composite material and its preperation process
|
201110347338.00
|
Janauary 10, 2011
|
Pending
|
|
|
|
|
|
60
|
A preparation method for heat-resistant and easy processing of natural fiber reinforced polylactic acid composites
|
201210147444.90
|
May 14, 2012
|
Pending
|
|
|
|
|
|
61
|
A preparation method of high encapsulation efficiency and stable release polylactic lysozyme drug microsphere
|
201210295154.90
|
August 20, 2012
|
Pending
|
|
|
|
|
|
62
|
A preparation methods of ultra-hydrophobic microporous polymer film
|
201210358122.90
|
September 25, 2012
|
Pending
|
|
|
|
|
|
63
|
A mechanical strength polypropylene power lithium battery separator and its preparation method
|
201210472283.00
|
November 21, 2012
|
Pending
|
|
|
|
|
|
64
|
A multilayer hot pressing method for preparating hydroxyapatite / polylactide composite
|
201210474211.X
|
November 21, 2012
|
Pending
|
|
|
|
|
|
65
|
A high-impact, green flame retardant PC / ABS alloy material and its preparation process
|
201210122281.90
|
April 25, 2012
|
Pending
|
|
|
|
|
|
66
|
A Supercritical carbon dioxide reactor pressure method for preparating polypropylene foamed material
|
201210298694.20
|
August 22, 2012
|
Pending
|
|
|
|
|
|
67
|
An antimicrobial, dust suppression, halogen-free flame retardant ABS and its preparation process
|
201210305824.00
|
August 27, 2012
|
Pending
|
|
|
|
|
|
68
|
A flame-retardant glass fiber reinforced PA66 and its preparation method
|
201210370558.X
|
September 29, 2012
|
Pending
|
|
|
|
|
|
69
|
The chest protected belts
|
201220526299.00
|
October 15, 2012
|
Pending
|
|
|
|
|
|
70
|
A non-asbestos and non-metal materials brake pads composite material and its preparation method
|
201210395921.30
|
October 18, 2012
|
Pending
|
|
|
|
|
|
71
|
A wear-resistant, anti-static, flame retardant ultra-high molecular weight polyethylene composite material
|
201210402814.90
|
October 22, 2012
|
Pending
|
|
|
|
|
|
72
|
A high impact, high heat-resistant PC / PBT alloy material and its preparation process
|
201210403095.20
|
October 22, 2012
|
Pending
|
|
|
|
|
|
73
|
A continuous aramid fiber reinforced POM materials and preparation methods
|
201210411967.X
|
October 25, 2012
|
Pending
|
|
|
|
|
|
74
|
An alcohol solution PA66 material special for intake manifold and its preparation method
|
201210442251.60
|
November 8, 2011
|
Pending
|
|
|
|
|
|
75
|
An environmentally friendly self- aromatic polypropylene material and its preparation process
|
201210457403.X
|
November 15, 2012
|
Pending
|
|
|
|
|
|
76
|
Preparation of a glass fiber reinforced nylon 66 / nylon 6 Composites
|
201310185041.80
|
May 20, 2013
|
Pending
|
|
|
|
|
|
77
|
An environmentally friendly foam polypropylene material and preparation method
|
201310185228.80
|
May 20, 2013
|
Pending
|
|
|
|
|
|
78
|
An ramie fiber reinforced polypropylene composite material and its preparation process
|
201310185514.40
|
May 20, 2013
|
Pending
|
|
|
|
|
|
79
|
One kind of resistance to warpage reinforced polyamide 6 material and preparation method
|
201310250426.80
|
June 24, 2013
|
Pending
|
|
|
|
|
|
80
|
Preparing a polyamide material reinforced with continuous glass fibers
|
201310250967.00
|
June 24, 2013
|
Pending
|
|
|
|
|
|
81
|
A low-cost method for preparing hydrophobic material of polypropylene
|
201310250185.70
|
June 24, 2013
|
Pending
|
|
|
|
|
|
82
|
A polypropylene self-luminous material and preparation method
|
201310250047.90
|
June 24, 2013
|
Pending
|
|
|
|
|
|
83
|
A preparation method of reinforced, flame-retardant ABS material
|
201310367420.90
|
August 22, 2013
|
Pending
|
|
|
|
|
|
84
|
One kind of aramid pulp-reinforced PA66 composite material and preparation method
|
201310367404.X
|
August 22, 2013
|
Pending
|
|
|
|
|
|
85
|
Preparation of a high-performance fiber-reinforced polyphenylene sulfide composites
|
201310372289.50
|
August 24, 2013
|
Pending
|
|
|
|
|
|
86
|
One kind of anti-alcohol solution, low warpage reinforced nylon66 composite material and preparation method
|
201310372282.30
|
August 24, 2013
|
Pending
|
|
|
|
|
|
87
|
A high-gloss, free paint, scratch-resistant alloy material and preparation method
|
201310372789.90
|
August 26, 2013
|
Pending
|
|
|
|
|
|
88
|
A preparation process of heat-stable flame retardant reinforced nylon composite material
|
201310413691.30
|
September 12, 2013
|
Pending
|
|
|
|
|
|
89
|
An anti-oxidation, high flow, flame retardant ABS and preparation process
|
201310413270.00
|
September 12, 2013
|
Pending
|
|
|
|
|
|
90
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An antistatic, low smoke, flame retardant PC / ABS alloy materials and preparing process
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a method for producing a heatproof polyimide composite used for aircraft engine periphery
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a method for producing a heatproof polyimide composite
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A high dimensional stability
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a method for producing a polyimide composite
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201410326840.70
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Preparation of Carbon Fiber Reinforced PI Composite Material
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201410326641.60
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Preparation of a high tensile strength of PEEK composites
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The prepatation of a high-strength ,high-temperature polyimide composites
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201410413832.60
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A high-heat-resistant,excellent in abrasion resistance sheet composite PEEK valve
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201410413379.90
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201410481809.00
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201410690528.60
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A kind of biodegradable polymer-docetaxel bonding medicine and its preparation method
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201410690529.00
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A prepatation method of polyimide composite material
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A prepatation method of high toughness biodegradable polylactic acid foam plastics
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A preparation of antibacterial polylactic acid fiber
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203
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205
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A kind of twin screw reactive extrusion method ring opening polymerization preparation of PLA
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206
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207
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208
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209
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A kind of modified carbon fiber reinforced PEK-C composite materials
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214
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215
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216
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220
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225
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226
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231
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232
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236
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237
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238
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269
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270
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271
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272
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273
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274
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March 2, 2016
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275
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201610117085.00
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276
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201610117084.60
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277
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A kind of automobile sheet witn the 3D printing technology
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278
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279
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A kind of environmental protection engineering plastics for automobile
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280
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281
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282
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283
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284
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April 6, 2016
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285
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286
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287
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288
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289
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290
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291
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292
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293
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294
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295
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296
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297
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298
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299
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300
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301
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302
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304
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305
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306
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311
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312
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A kind of anti bending PEEK composite material
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313
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314
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315
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316
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320
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321
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322
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323
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324
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325
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A heat-resistant environmental engineering plastics
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326
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327
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328
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A 3D printing with ABS material and its preparation method
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329
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330
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332
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333
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334
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336
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337
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A high-performance automotive environmental protection engineering plastics
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338
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A kind of biomass polyethylene film and its preparation method
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339
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A kind of suitable for 3D printing carbon fiber composite materials
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340
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341
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342
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343
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A TPU material for 3D printers and its preparation method
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344
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A 3D printing wood plastic composite material
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345
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A PLA material for 3D printing and its preparation
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346
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A SLS3D printing PA-12/GB composite material
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347
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A kind of thermal insulation flame retardant performance enhancing PBT plastics and its preparation method
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348
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September 19, 2016
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349
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A kind of impact resistance PEEK composites
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September 18, 2016
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350
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A permanent plastic tubing special material and its preparation method
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201610831634.0
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351
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201610831721.60
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September 20, 2016
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352
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A newtype of PLA membrane material and its preparation method
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353
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A preparation method of PLA by the lactide
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354
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A long glass fiber reinforced nylon material preparation and mechanical properties of research
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201610831722.0
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355
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A multi-segmented polyurethane shape memory polymer material and its preparation method
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201610909927.60
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356
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A polymer gene drug carrier and its preparation method
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357
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358
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Preparation of continuous glass fiber reinforced nylon composite materials
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360
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A Method of Preparation of PC/ABS for 3D Printing
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362
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A Methodfor preparing PP/SEBS for Rapid prototyping
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363
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A Method of Preparation of High-rigidity Engineering Plastics for Pipe
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364
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October 19, 2016
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365
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366
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Environmental protection engineering plastic for weather resistant automobile
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367
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An eco-friendly tableware traditional film adsorption process for its preparation
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368
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369
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A kind of PEEK/PES composite material
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370
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Heat conductive flame retardant poly ethylene terephthalate and preparation method thereof
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371
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A kind of shape memory polyurethane polymer materials and its synthesis process
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372
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A kind of containing folic acid targeted polymer drug carrier and its preparation method
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373
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PA12/PA6/GB Alloy Material for SLS 3D Printing
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374
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A Kind Composite Of PLA/TPU for 3D printing
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375
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A low hardness composite material forRapid prototyping and the preparation method
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376
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A hydrolysis modified poly lactic fiber and the preparation method
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377
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378
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An easy separation and environmental protection film is used for absorbing the hollow type tableware and the preparation method
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379
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A shock polylactic acid material preparation method
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380
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Preparation of high content glass fiber reinforced nylon-66 composite materials
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381
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A Method for Preparing Environmental Engineering Plastics for Weather resistance Pipe
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A Method of Preparation of Abrasion resistance Engineering Plastics for Pipe
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A kind of glass fiber reinforced PEEK/PES composite material
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A modified ABS Resin for 3D Printing and Preparation Method
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An environment - friendly Wood-plastic Composite for 3D printing
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386
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A kind offiber reinforced composite materials for 3D printing
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Polypyrrolidone type of polymeric drug carrier micelles
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388
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A PBT heat conduction and heat resisting material for an LED lamp socket
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389
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One kind of resistance to warpage reinforced PA6 material and preparation method
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390
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An antistatic LSOH retardant PC / ABS alloy material and its preparation method
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Preparation method of an aircraft engine surrounding high temperature polyimide composites
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|
Pending
|
|
|
|
|
|
392
|
A silicone toughening polyphenylene sulfide material and its preparation method
|
201710784588.80
|
September 4, 2017
|
Pending
|
|
|
|
|
|
393
|
A kind of preparation method of rice husk powder / Talc Composite Reinforced starch based degradable plastics
|
201610293135.00
|
June 5, 2016
|
Pending
|
|
|
|
|
|
394
|
A kind of nylon reinforced 3D material special material and the preparation method thereof
|
201610293621.20
|
June 5, 2016
|
Pending
|
|
|
|
|
|
395
|
A kind of preparation method of straw powder filled PP composite material
|
201610294471.70
|
June 5, 2016
|
Pending
|
|
|
|
|
|
396
|
A kind of special material for 3D ABS/PC consumable material and the preparation method thereof
|
201610443577.90
|
August 6, 2016
|
Pending
|
|
|
|
|
|
397
|
A kind of special material of modified nylon 3D consumable material and the preparation method thereof
|
201610442209.20
|
|
Pending
|
|
|
|
|
|
398
|
An application on starch based biodegradable plastic food packaging
|
201610442190.10
|
June 8, 2016
|
Pending
|
|
|
|
|
|
399
|
A kind of can be used for 3D printing enhanced toughenting nylon material and the preparation method thereof
|
201610593945.80
|
July 27, 2016
|
Pending
|
|
|
|
|
|
400
|
A kind of plant fiber filling modified polypropylene composite material and the preparation method thereof
|
201610591739.30
|
July 26, 2016
|
Pending
|
|
|
|
|
|
401
|
A plant fiber reinforced different type polypropylene compound with the preparation of composite materials
|
201610711148.50
|
August 24, 2016
|
Pending
|
|
|
|
|
|
402
|
A kind of material can be used to increase manufacturing polyamide 6 modifide material and the preparation method thereof
|
201610714901.60
|
August 25, 2016
|
Pending
|
|
|
|
|
|
403
|
A material can be used to increase manufacturing preparation methods of toughening nylon materials
|
201610829480.10
|
September 19, 2016
|
Pending
|
|
|
|
|
|
404
|
A KT-1 as compatibilizer modified polypropylene composite material
|
201610827269.60
|
September 18, 2016
|
Pending
|
|
|
|
|
|
405
|
A kind of material can be used to increase manufacturing ASA/PC alloy and the preparation method thereof
|
201610875348.40
|
October 8, 2016
|
Pending
|
|
|
|
|
|
406
|
A high modulus fibeer/polypropylene composite material preparation method
|
201610874802.40
|
October 10, 2016
|
Pending
|
|
|
|
|
|
407
|
A kind of material can be used to increase manufacturing ABS/PC alloy modified material
|
201610940316.80
|
November 2, 2016
|
Pending
|
|
|
|
|
|
408
|
A moderate melt index of plant fiber filling modificationg of polypropylene composites
|
201610940204.20
|
November 2, 2016
|
Pending
|
|
|
|
|
|
409
|
A short cut glass fiber reinforced nylon material and its preparation method
|
201610940275.20
|
November 2, 2016
|
Pending
|
|
|
|
|
|
410
|
A high performance fiber modified polypropylene composite material and its preparation method
|
201611088126.40
|
December 1, 2016
|
Pending
|
|
|
|
|
|
411
|
A car interior with environmentally friendly scratch resistant polypropylene materials and preparation method
|
201611088117.50
|
December 1, 2016
|
Pending
|
|
|
|
|
|
412
|
A kind of material can be used to increase manufacturing nylon material and the preparation method thereof
|
201611088041.60
|
December 1, 2016
|
Pending
|
|
|
|
|
|
413
|
A glass fiber reinforced polypropylene composite material preparation method
|
201710535349.90
|
July 4, 2017
|
Pending
|
|
|
|
|
|
414
|
A carbon fiberprepreg preleaching and preparation method
|
201710535350.10
|
July 4, 2017
|
Pending
|
|
|
|
|
|
415
|
A kind of high toughness flame-retardant PC/PLA alloy material preparation method
|
201710535381.70
|
July 4, 2017
|
Pending
|
|
|
|
|
|
416
|
A kind of glass fiber reinforced polypropylene base composite material preparation method
|
201710535406.30
|
July 4, 2017
|
Pending
|
|
|
|
|
|
417
|
Preparation of a glass fiber reinforced PA6/PA66Composites
|
201710651178.60
|
August 2, 2017
|
Pending
|
|
|
|
|
|
418
|
A Kind of preparation of appling to charging pile casing PC / ABS alloy material preparation
|
201710650880.00
|
August 2, 2017
|
Pending
|
|
|
|
|
|
419
|
A toughening wear-resistant plastic alloy material and preparation method
|
201710651176.70
|
August 2, 2017
|
Pending
|
|
|
|
|
|
420
|
Preparation of a continuous glass fiber reinforced PA6 material
|
201710651146.60
|
August 2, 2017
|
Pending
|
|
|
|
|
|
421
|
A toughening level agricultural film composite material and its preparation method
|
201710938370.30
|
October 11, 2017
|
Pending
|
|
|
|
|
|
422
|
A high-performance lightweight plant fiber /PP composite material and its preparation method
|
201710938405.30
|
October 11, 2017
|
Pending
|
|
|
|
|
|
423
|
A toughening type bastose modified polypropylene composite
|
201710938369.00
|
October 11, 2017
|
Pending
|
|
|
|
|
|
424
|
A kind of ABS/ biomass composite materials and its preparation method
|
201710938406.80
|
October 11, 2017
|
Pending
|
|
|
|
|
|
425
|
Preparation of one kind of ultra light and thin fiber reinforced skids
|
201410326799.30
|
July 10, 2014
|
Pending
|
●
|
Leading Market Position with High Barrier to Entry
. We believe that we are one of the China's leading specialized manufacturers of modified plastic for automobile parts in terms of sales volume and production capacity, with a market share of approximately 8.0% in 2016. The PRC automotive modified plastics industry is growing rapidly and is highly fragmented with the top three domestic producers occupying less than approximately 22.6% of the market shares in 2016. We installed 50 new product lines in 2012 and 2013, which are utilized primarily for the manufacture of higher value-added modified plastics products. The lines increased the Company's total production capacity by 135,000 MT to 390,000 MT per annum.
In July 2017, the HLJ Xinda Group launched new industrial
development project with the Management Committee of Harbin Economic - Technological Development Zone. It
includes an industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics, which we expect will be completed by the end of June 2018. Also included is an industrial project for 300,000 metric tons of biological composite materials, an industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory, all of which we expect to be completed by the end of July 2019.
In December 2013, we broke ground on the construction of our fourth production plant in Nanchong City, Sichuan Province, with additional 300,000 metric tons of annual production capacity, expecting to bring total domestic installed production annual capacity to 690,000 metric tons with additional 70 new production lines at the completion of the construction of our fourth production plant. Sichuan Xinda has supplied to its customers since 2013, mainly backed by production capacity in our Harbin production plant till we installed 50 production lines with production capacity of 216,000 metric tons in the second half year of 2016 in our Sichuan plant.
We
installed 50 production lines with production capacity of 216,000 metric tons in the second half year of 2016 in our Sichuan plant. As of December 31, 2017, there is still construction ongoing on the site of our Sichuan plant to be expected to be completed by the end of the second quarter of 2018.
In addition, we completed and run the trial production in the plant in Dubai, UAE with additional 2,500 metric tons targeting high-end products for the overseas markets. In order to meet the increasing demand from our customer in the ROK and to develop potential overseas markets, Dubai Xinda obtained one leased property and two purchased properties, approximately 52,530 square meters in total, including one leased 10,000 square meters, and two purchased 20,206 and 22,324 square meters on January 25, 2015, June 28, 2016, and September 21, 2016, respectively, from Jebel Ali Free Zone Authority ("JAFZA") in Dubai, UAE, with constructed building comprising warehouses, offices and service blocks. In 2017, our sales volume of automotive plastics was approximately 457,385 MT, representing an increase of 14.3% compared to that in 2016 mostly due to our accelerated growth in South, East and Central China. As of December 31, 2017, our annual production capacity of automotive plastics was 606,000 MT. In addition to the earlier 10 trial production lines in Dubai Xinda, the Company is planning to complete installing 45 production lines with 12,000 metric tons of annual production capacity by the end of April, 2018, and additional 50 production lines with 13,000 metric tons of annual production capacity by end of 2018, bringing total installed production capacity in Dubai Xinda to 25,000 metric tons, targeting high-end products for the overseas market. We believe our leading market position allows us to successfully compete with other foreign and domestic modified plastic manufacturers in the market. Being one of the leading specialized manufacturers of automotive modified plastics in China, we believe we are well-positioned to not only grow with the increasing market demand but increase market share by replacing smaller and less efficient modified plastic manufacturer.
In addition, as a result of our consistent research and development efforts, we have 444 product certifications from major automotive manufacturers in the PRC as of December 31, 2017, which we believe is among the largest numbers of product certifications by any domestic player in China's automotive plastics industry. Strict certification requirements and long certification periods result in high barriers to entry. Our current or potential competitors are required to obtain relevant product certifications from automotive manufacturers in order to compete with us. Each certification normally takes over two years to complete, and as a result, automotive manufacturers are reluctant to replace suppliers like us who have already received necessary certifications and proven consistent product quality. We believe that having one of the largest portfolios of product certifications in China allows us to strengthen our competitive position
.
|
|
Common Stock
|
|||||||
|
High
|
Low
|
||||||
Fiscal Year Ending December 31, 2017
|
||||||||
First Quarter
|
5.03
|
3.95
|
||||||
Second Quarter
|
4.95
|
4.65
|
||||||
Third Quarter
|
4.80
|
4.50
|
||||||
Fourth Quarter
|
5.00
|
4.58
|
||||||
|
||||||||
Fiscal Year Ending December 31, 2016
|
||||||||
First Quarter
|
4.13
|
2.70
|
||||||
Second Quarter
|
3.86
|
2.82
|
||||||
Third Quarter
|
5.36
|
3.21
|
||||||
Fourth Quarter
|
4.70
|
3.85
|
|
12/31/2017
|
12/31/2016
|
12/31/2015
|
12/31/2014
|
12/31/2013
|
12/31/2012
|
||||||||||||||||||
China XD Plastics Co. Ltd.
|
$
|
120
|
$
|
105
|
$
|
116
|
$
|
142
|
$
|
138
|
$
|
100
|
||||||||||||
Nasdaq Composite Index
|
$
|
229
|
$
|
178
|
$
|
166
|
$
|
157
|
$
|
138
|
$
|
100
|
||||||||||||
Russell Small Cap Completeness Index
|
$
|
193
|
$
|
158
|
$
|
138
|
$
|
145
|
$
|
1137
|
$
|
100
|
|
||||||||||||||||||||
|
2017
|
2016
|
2015
|
2014
|
2013
|
|||||||||||||||
Revenues
|
$
|
1,290.4
|
$
|
1,201.7
|
$
|
999.2
|
$
|
1,110.6
|
$
|
1,050.8
|
||||||||||
Net income
|
$
|
31.6
|
$
|
101.6
|
$
|
83.7
|
$
|
120.7
|
$
|
133.8
|
||||||||||
Earnings per share
|
||||||||||||||||||||
- basic
|
$
|
0.48
|
$
|
1.54
|
$
|
1.27
|
$
|
1.85
|
$
|
2.08
|
||||||||||
- diluted
|
$
|
0.48
|
$
|
1.54
|
$
|
1.27
|
$
|
1.85
|
$
|
2.08
|
||||||||||
Shares used in computing earnings per share
|
- basic
|
49,598,609
|
49,418,188
|
49,225,566
|
48,833,434
|
47,794,028
|
|||||||||||||||
- diluted
|
49,598,609
|
49,419,197
|
49,229,460
|
48,833,434
|
47,794,028
|
|||||||||||||||
Total cash, cash equivalents, restricted cash and time deposits
|
608.1
|
456.4
|
408.4
|
296.5
|
390.5
|
|||||||||||||||
Total Assets
|
2,544.1
|
2,126.5
|
1,752.0
|
1,299.7
|
1,075.9
|
|||||||||||||||
Long term bank loans
|
114.2
|
249.5
|
107.5
|
174.3
|
-
|
|||||||||||||||
Notes payable
|
-
|
-
|
145.6
|
148.6
|
-
|
|||||||||||||||
Total liabilities
|
1,733.7
|
1,394.7
|
1,076.4
|
676.8
|
566.0
|
|||||||||||||||
Redeemable Series D Convertible Preferred Stock
|
97.6
|
97.6
|
97.6
|
97.6
|
97.6
|
|||||||||||||||
Total Stockholder's equities
|
712.8
|
634.3
|
578.0
|
525.3
|
412.3
|
(millions of US$, except the percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||
Change
|
Change
|
|||||||||||||||||||||||||||||||
Amount
|
%
|
%
|
Amount
|
%
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||
Revenues
|
1,290.4
|
100
|
%
|
7.4
|
%
|
1,201.7
|
100
|
%
|
20.3
|
%
|
999.2
|
100
|
%
|
|||||||||||||||||||
Cost of revenues
|
(1,053.7
|
)
|
(81.7
|
)%
|
10.4
|
%
|
(954.7
|
)
|
(79.4
|
)%
|
16.7
|
%
|
(817.8
|
)
|
(81.8
|
)%
|
||||||||||||||||
Gross profit
|
236.7
|
18.3
|
%
|
(4.2
|
)%
|
247.0
|
20.6
|
%
|
36.2
|
%
|
181.4
|
18.2
|
%
|
|||||||||||||||||||
Total operating expenses
|
(78.5
|
)
|
(6.1
|
)%
|
(1.0
|
)%
|
(79.3
|
)
|
(6.6
|
)%
|
70.9
|
%
|
(46.4
|
)
|
(4.6
|
)%
|
||||||||||||||||
Operating income
|
158.2
|
12.2
|
%
|
(5.7
|
)%
|
167.7
|
14.0
|
%
|
24.2
|
%
|
135.0
|
13.6
|
%
|
|||||||||||||||||||
Income before income taxes
|
122.1
|
9.5
|
%
|
2.6
|
%
|
119.0
|
9.9
|
%
|
16.8
|
%
|
101.9
|
10.3
|
%
|
|||||||||||||||||||
Income tax expense
|
(90.5
|
)
|
(7.0
|
)%
|
420.1
|
%
|
(17.4
|
)
|
(1.4
|
)%
|
(4.4
|
)%
|
(18.2
|
)
|
(1.8
|
)%
|
||||||||||||||||
Net income
|
31.6
|
2.5
|
%
|
(68.9
|
)%
|
101.6
|
8.5
|
%
|
21.4
|
%
|
83.7
|
8.5
|
%
|
(millions of US$, except the percentage)
|
Revenues
For the Years Ended December 31,
|
|||||||||||||||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||||||||||||||
Amount
|
%
|
%
|
Amount
|
%
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||
Modified Polyamide 66 (PA66)
|
286.5
|
22.2
|
%
|
10.1
|
%
|
260.1
|
21.7
|
%
|
18.7
|
%
|
219.1
|
21.9
|
%
|
|||||||||||||||||||
Modified Polyamide 6 (PA6)
|
224.1
|
17.4
|
%
|
(20.0
|
)%
|
280.1
|
23.3
|
%
|
37.6
|
%
|
203.5
|
20.4
|
%
|
|||||||||||||||||||
Plastic Alloy
|
363.3
|
28.2
|
%
|
(9.6
|
)%
|
401.7
|
33.4
|
%
|
14.6
|
%
|
350.6
|
35.1
|
%
|
|||||||||||||||||||
Modified Polypropylene (PP)
|
231.3
|
17.9
|
%
|
29.4
|
%
|
178.7
|
14.9
|
%
|
8.4
|
%
|
164.8
|
16.5
|
%
|
|||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
43.3
|
3.3
|
%
|
2.9
|
%
|
42.1
|
3.5
|
%
|
4.0
|
%
|
40.5
|
4.1
|
%
|
|||||||||||||||||||
Polyoxymethylenes (POM)
|
12.0
|
0.9
|
%
|
(10.4
|
)%
|
13.4
|
1.1
|
%
|
282.9
|
%
|
3.5
|
0.3
|
%
|
|||||||||||||||||||
Polyphenylene Oxide (PPO)
|
17.5
|
1.3
|
%
|
14.4
|
%
|
15.3
|
1.3
|
%
|
17.7
|
%
|
13.0
|
1.3
|
%
|
|||||||||||||||||||
Modified Polylactic Acid (PLA)
|
88.6
|
6.9
|
%
|
3,307.7
|
%
|
2.6
|
0.2
|
%
|
n/a
|
0.0
|
0.0
|
%
|
||||||||||||||||||||
Polyethylene (PE)
|
22.8
|
1.8
|
%
|
n/a
|
-
|
-
|
n/a
|
-
|
n/a
|
|||||||||||||||||||||||
Raw Materials
|
1.0
|
0.1
|
%
|
(58.3
|
)%
|
2.4
|
0.2
|
%
|
(29.4
|
)%
|
3.4
|
0.3
|
%
|
|||||||||||||||||||
Others
|
-
|
-
|
(100.0
|
)%
|
5.3
|
0.4
|
%
|
562.5
|
%
|
0.8
|
0.1
|
%
|
||||||||||||||||||||
Total Revenues
|
1,290.4
|
100.0
|
%
|
7.4
|
%
|
1,201.7
|
100.0
|
%
|
20.3
|
%
|
999.2
|
100.0
|
%
|
Sales Volume
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||||||||||||||
MT
|
%
|
%
|
MT
|
%
|
%
|
MT
|
%
|
|||||||||||||||||||||||||
Modified Polyamide 66 (PA66)
|
66,662
|
14.6
|
%
|
2.8
|
%
|
64,831
|
16.2
|
%
|
22.1
|
%
|
53,114
|
16.0
|
%
|
|||||||||||||||||||
Modified Polyamide 6 (PA6)
|
72,792
|
15.9
|
%
|
(12.5
|
)%
|
83,159
|
20.8
|
%
|
42.2
|
%
|
58,465
|
17.6
|
%
|
|||||||||||||||||||
Plastic Alloy
|
110,614
|
24.2
|
%
|
(10.1
|
)%
|
123,041
|
30.7
|
%
|
10.5
|
%
|
111,314
|
33.5
|
%
|
|||||||||||||||||||
Modified Polypropylene (PP)
|
152,630
|
33.4
|
%
|
48.6
|
%
|
102,745
|
25.7
|
%
|
16.1
|
%
|
88,508
|
26.6
|
%
|
|||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
20,778
|
4.5
|
%
|
20.7
|
%
|
17,215
|
4.3
|
%
|
7.5
|
%
|
16,007
|
4.8
|
%
|
|||||||||||||||||||
Polyoxymethylenes (POM)
|
3,720
|
0.8
|
%
|
(15.0
|
)%
|
4,375
|
1.1
|
%
|
317.1
|
%
|
1,049
|
0.3
|
%
|
|||||||||||||||||||
Polyphenylene Oxide (PPO)
|
2,832
|
0.6
|
%
|
20.3
|
%
|
2,355
|
0.6
|
%
|
28.4
|
%
|
1,834
|
0.6
|
%
|
|||||||||||||||||||
Modified Polylactic Acid (PLA)
|
9,224
|
2.0
|
%
|
2,144.3
|
%
|
411
|
0.1
|
%
|
41000.0
|
%
|
1
|
0.0
|
%
|
|||||||||||||||||||
Polyethylene (PE)
|
18,133
|
4.0
|
%
|
n/a
|
-
|
-
|
n/a
|
-
|
-
|
|||||||||||||||||||||||
Raw materials
|
-
|
-
|
(100.0
|
)%
|
2,184
|
0.5
|
%
|
17.9
|
%
|
1,852
|
0.6
|
%
|
||||||||||||||||||||
Total Sales Volume
|
457,385
|
100.0
|
%
|
14.3
|
%
|
400,316
|
100.0
|
%
|
20.5
|
%
|
332,144
|
100.0
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||
Gross Profit
|
$
|
236.7
|
(4.2
|
)%
|
$
|
247.0
|
36.2
|
%
|
$
|
181.4
|
||||||
Gross Margin
|
18.3
|
%
|
(2.3
|
)%
|
20.6
|
%
|
2.4
|
%
|
18.2
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
General and Administrative Expenses
|
$
|
38.5
|
28.3
|
%
|
$
|
30.0
|
26.1
|
%
|
$
|
23.8
|
||||||||||
as a percentage of revenues
|
3.0
|
%
|
0.5
|
%
|
2.5
|
%
|
0.1
|
%
|
2.4
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
Research and Development Expenses
|
$
|
36.8
|
(23.3
|
)%
|
$
|
48.0
|
127.5
|
%
|
$
|
21.1
|
||||||||||
as a percentage of revenues
|
2.9
|
%
|
(1.1
|
)%
|
4.0
|
%
|
1.9
|
%
|
2.1
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
Interest Income
|
$
|
5.3
|
(8.6)
|
%
|
$
|
5.8
|
(29.3)
|
%
|
$
|
8.2
|
||||||||||
Interest Expenses
|
(45.4
|
)
|
9.7
|
%
|
(41.4
|
)
|
(3.0)
|
%
|
(42.7
|
)
|
||||||||||
Net Interest Expenses
|
$
|
(40.1
|
)
|
12.6
|
%
|
$
|
(35.6
|
)
|
3.2
|
%
|
$
|
(34.5
|
)
|
|||||||
as a percentage of revenues
|
3.1
|
%
|
0.2
|
%
|
2.9
|
%
|
(0.6)
|
%
|
3.5
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
Foreign currency exchange gains (losses)
|
$
|
(6.5
|
)
|
(425.0
|
)%
|
$
|
2.0
|
190.9
|
%
|
$
|
(2.2
|
)
|
||||||||
as a percentage of revenues
|
0.5
|
%
|
0.3
|
%
|
0.2
|
%
|
0.0
|
%
|
0.2
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
Loss on Debt Extinguishment
|
$
|
-
|
(100.0
)
|
%
|
$
|
19.0
|
n/a
|
-
|
||||||||||||
as a percentage of revenues
|
0.0
|
%
|
(1.6
)
|
%
|
1.6
|
%
|
1.6
|
%
|
0.0
|
%
|
(in millions, except percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2017
|
Change
|
2016
|
Change
|
2015
|
||||||||||||||||
Income before Income Taxes
|
$
|
122.1
|
2.6
|
%
|
$
|
119.0
|
16.8
|
%
|
$
|
101.9
|
||||||||||
Income Tax Expense
|
(90.5
|
)
|
420.1
|
%
|
(17.4
|
)
|
(4.4
|
)%
|
(18.2
|
)
|
||||||||||
Effective income tax rate
|
74.1
|
%
|
59.5
|
%
|
14.6
|
%
|
(3.3
|
)%
|
17.9
|
%
|
2017
|
2016
|
Change
|
||||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
190.4
|
168.1
|
22.3
|
13.3
|
%
|
|||||||||||
Restricted cash
|
129.7
|
103.5
|
26.2
|
25.3
|
%
|
|||||||||||
Time deposits
|
288.0
|
184.8
|
103.2
|
55.8
|
%
|
|||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
298.9
|
410.0
|
(111.1
|
)
|
(27.1
|
)%
|
||||||||||
Inventories
|
421.7
|
280.9
|
140.8
|
50.1
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
144.3
|
125.3
|
19.0
|
15.2
|
%
|
|||||||||||
Property, plant and equipment, net
|
835.6
|
806.4
|
29.2
|
3.6
|
%
|
|||||||||||
Land use rights, net
|
31.9
|
22.5
|
9.4
|
41.8
|
%
|
|||||||||||
Prepayments to equipment and construction suppliers
|
190.6
|
14.2
|
176.4
|
1,242.3
|
%
|
|||||||||||
Other non-current assets
|
12.9
|
10.5
|
2.4
|
22.9
|
%
|
|||||||||||
Total assets
|
2,544.1
|
2,126.5
|
417.6
|
19.6
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
775.4
|
444.8
|
330.6
|
74.3
|
%
|
|||||||||||
Bills payable
|
252.8
|
148.4
|
104.4
|
70.4
|
%
|
|||||||||||
Accounts payable
|
228.0
|
320.0
|
(92.0
|
)
|
(28.8
|
)%
|
||||||||||
Income taxes payable, including noncurrent portion
|
108.4
|
26.7
|
81.7
|
306.0
|
%
|
|||||||||||
Accrued expenses and other current liabilities
|
138.6
|
119. 3
|
19.3
|
16.2
|
%
|
|||||||||||
Long-term bank loans, excluding current portion
|
114.2
|
249.5
|
(135.3
|
)
|
(54.2
|
)%
|
||||||||||
Deferred income
|
99.2
|
69.3
|
29.9
|
43.1
|
%
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
||||||||||||
Stockholders' equity
|
712.8
|
634.3
|
78.5
|
12.4
|
%
|
(in millions)
|
December 31, 2017
|
||||||||||||
Lines of Credit, Obtained
|
Remaining
Available
|
||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
|||||||||
Bank of Longjiang, Heilongjiang
|
September 12, 2017
|
500.0
|
76.5
|
-
|
|||||||||
China Everbright Bank
|
July 19, 2017
|
100.0
|
15.3
|
15.3
|
|||||||||
China CITIC Bank
|
February 26 , 2017
|
100.0
|
15.3
|
15.3
|
|||||||||
Standard Chartered Bank
|
August 22, 2016
|
1,017.8
|
155.8
|
-
|
|||||||||
Bank of China
|
July 28, 2017
|
1,506.2
|
230.5
|
137.7
|
|||||||||
Industrial & Commercial Bank of China (ICBC)
|
September 18, 2017
|
1,300.0
|
199.0
|
92.8
|
|||||||||
Agriculture Bank of China
|
March 17, 2017
|
200.0
|
30.6
|
-
|
|||||||||
China Construction Bank
|
January 8, 2016
|
348.6
|
53.4
|
-
|
|||||||||
Kunlun Bank
|
August 23, 2017
|
20.0
|
3.1
|
-
|
|||||||||
Export-Import Bank of China
|
September 2, 2017
|
200.0
|
30.6
|
-
|
|||||||||
Bank of Communications
|
August 13, 2017
|
300.0
|
45.9
|
-
|
|||||||||
Postal Savings Bank of China
|
March 30, 2017
|
400.0
|
61.2
|
15.3
|
|||||||||
Sichuan Tianfu Bank
|
May 19, 2017
|
300.0
|
45.9
|
38.3
|
|||||||||
Daqing State owned assets management company
|
December 1, 2017
|
200.0
|
30.6
|
-
|
|||||||||
Nanchong Shuntou Development Group Ltc.
|
January 5, 2017
|
630.0
|
96.4
|
||||||||||
Subtotal (credit term<=1 year)
|
7,122.6
|
1,090.1
|
314.7
|
||||||||||
Bank of China
|
July 28, 2016
|
275.0
|
42.1
|
8.4
|
|||||||||
Bank of Longjiang, Heilongjiang
|
November 28, 2017
|
700.0
|
107.1
|
26.6
|
|||||||||
Subtotal (credit term>1 year)
|
975.0
|
149.2
|
35.0
|
||||||||||
Total
|
8,097.6
|
1,239.3
|
349.7
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(
in millions, except percentage)
|
||||||||||||
Net cash provided by operating activities
|
82.7
|
84.5
|
227.4
|
|||||||||
Net cash used in investing activities
|
(255.3
|
)
|
(148.6
|
)
|
(280.3
|
)
|
||||||
Net cash provided by financing activities
|
183.6
|
121.8
|
131.7
|
|||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
11.3
|
(9.5
|
)
|
(4.4
|
)
|
|||||||
Net increase (decrease) in cash and cash equivalents
|
22.3
|
48.2
|
74.4
|
Year ended December 31, 2017
and 2016
|
Year ended December 31, 2015
|
||
Customer Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
|
Purchase Credit Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 60 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
11,694,408
|
1,381,380
|
1,643,179
|
1,351,719
|
7,318,130
|
|||||||||||||||
Purchase of land use rights, plant equipment, and construction in progress (2) (3) (4) (5) (6)
|
92,354,153
|
89,054,444
|
3,299,709
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
414,177,485
|
285,576,312
|
59,040,979
|
53,641,376
|
15,918,818
|
|||||||||||||||
Total
|
518,226,046
|
376,012,136
|
63,983,867
|
54,993,095
|
23,236,948
|
Name
|
Age
|
Title
|
Date of Initial Appointment
|
|||
Jie Han
|
52
|
Chief Executive Officer and Chairman of the Board of Directors
|
December 31, 2008
|
|||
Taylor Zhang
|
39
|
Chief Financial Officer and Director
|
May 14, 2009
|
|||
Qingwei Ma
|
43
|
Chief Operating Officer and Director
|
December 31, 2008
|
|||
Joseph Chow (1)(3)
|
54
|
Independent Director
|
November 16, 2017
|
|||
Feng Li (1)(2)(3)
|
55
|
Independent Director
|
November 14, 2012
|
|||
Linyuan Zhai (1)(2)(3)
|
68
|
Independent Director
|
May 14, 2009
|
|||
Homer Sun (2)(4)
|
46
|
Independent Director
|
January 1, 2012
|
|||
Jun Xu(4)
|
42
|
Independent Director
|
September 28, 2011
|
●
|
reviewing the Audit Committee's charter, annual report to stockholders and reports submitted to the SEC;
|
●
|
appointing the Company's independent auditors, confirming and reviewing their independence, and approving their fees;
|
●
|
reviewing the independent auditors' performance;
|
●
|
discussing with the independent auditor and management the independent auditor's judgment about the quality, not just the acceptability, of the Company's accounting principles;
|
●
|
following an audit, reviewing significant difficulties encountered during the audit; and
|
●
|
reviewing significant disagreements among management and the independent auditors in the preparation of the Company's financial statements.
|
|
•
|
|
Performance against corporate and individual objectives for the previous year;
|
|
•
|
|
Value of skills and capabilities to support our long-term performance;
|
|
•
|
|
Performance of general management responsibilities; and
|
|
•
|
|
Contribution as a member of our executive management team.
|
|
|
|
|
Respectfully submitted,
|
|
|
|
|
|
|
|
|
|
COMPENSATION COMMITTEE
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Feng Li, Chairman
|
|
|
|
|
Linyuan Zhai
|
|
|
|
|
Homer Sun
Lawrence W. Leighton (until May 15, 2017)
|
Name and Principal Position
|
Year
|
Salary ($)
|
Bonus ($)
|
Stock
Awards
($)
|
Option Awards
($)
|
Non-Equity Incentive Plan Compen-
sation
($)
|
Change in Pension Value and Nonqualified Deferred Compensation Earnings
($)
|
Change in Pension Value and Nonqualified Deferred Compensation Earnings
($)
|
All Other Compens-
ation
($)
|
Total
($)
|
||||||||||||||||||||||
Jie Han,
|
2017
|
533,025
|
385,555
|
-
|
- |
-
|
-
|
-
|
-
|
918,580
|
||||||||||||||||||||||
CEO
|
2016
|
451,964
|
439,478
|
-
|
- |
-
|
-
|
-
|
-
|
891,442
|
||||||||||||||||||||||
|
2015
|
487,913
|
-
|
-
|
- |
-
|
-
|
-
|
-
|
487,913
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Qingwei Ma,
|
2017
|
355,350
|
-
|
-
|
- |
-
|
-
|
-
|
-
|
355,350
|
||||||||||||||||||||||
COO
|
2016
|
296,127
|
303,720
|
-
|
- |
-
|
-
|
-
|
-
|
599,846
|
||||||||||||||||||||||
|
2015
|
268,858
|
-
|
122,844
|
- |
-
|
-
|
-
|
-
|
391,702
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Taylor Zhang,
|
2017
|
201,056
|
201,056
|
-
|
- |
-
|
-
|
-
|
-
|
402,112
|
||||||||||||||||||||||
CFO
|
2016
|
201,056
|
201,056
|
-
|
- |
-
|
-
|
-
|
-
|
402,112
|
||||||||||||||||||||||
|
2015
|
216,720
|
-
|
122,844
|
- |
-
|
-
|
-
|
-
|
339,564
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Junjie Ma,
|
2017
|
142,140
|
-
|
-
|
- |
-
|
-
|
-
|
-
|
142,140
|
||||||||||||||||||||||
CTO
|
2016
|
115,703
|
115,703
|
-
|
- |
-
|
-
|
-
|
-
|
231,405
|
||||||||||||||||||||||
|
2015
|
128,948
|
-
|
111,726
|
- |
-
|
-
|
-
|
-
|
240,674
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Rujun Dai
|
2017
|
399,769
|
-
|
-
|
- |
-
|
-
|
-
|
-
|
399,769
|
||||||||||||||||||||||
General Manager of HLJ Xinda Group
|
2016
|
168,311
|
177,170
|
-
|
- |
-
|
-
|
-
|
-
|
345,481
|
||||||||||||||||||||||
|
2015
|
55,464
|
-
|
60,040
|
- |
-
|
-
|
-
|
-
|
115,504
|
(1)
|
Stock and option awards represent the amount of stock compensation expense recognized in 2017, 2016 and 2015 in accordance with FASB ASC 718.
|
Grant Date (Grant
|
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards |
Estimated Future Payouts
Under Equity Incentive Plan (2) |
All Other
Stocks Awards: Number of Shares of |
All Other
Option Awards: Number of Securities |
Exercise or
Base Price of Option |
Grant
Date Fair Value of Stock and Option Awards |
|||||||||||||||||||||||||||||||||||
Name
|
Approval
Date) (1)
|
Threshold
($) |
Target
($)
|
Maximum
($) |
Threshold
(#) |
Target
(#) |
Maximum
(#) |
Stock or
Units (#) |
Underlying
Options (#) |
Awards
($/Sh) |
Option
Awards |
||||||||||||||||||||||||||||||
Jie Han, CEO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||
Taylor Zhang, CFO and Secretary to the Board of Directors
|
August 7, 2015
|
-
|
-
|
-
|
-
|
-
|
-
|
20,440
|
-
|
-
|
122,844
|
||||||||||||||||||||||||||||||
Qingwei Ma, COO
|
August 7, 2015
|
-
|
-
|
-
|
-
|
-
|
-
|
20,440
|
-
|
-
|
122,844
|
||||||||||||||||||||||||||||||
Junjie Ma, CTO
|
August 7, 2015
|
-
|
-
|
-
|
-
|
-
|
-
|
18,590
|
-
|
-
|
111,726
|
||||||||||||||||||||||||||||||
Rujun Dai
General manager of HLJ Xinda Group
|
August 7, 2015
|
-
|
-
|
-
|
-
|
-
|
-
|
9,990
|
-
|
-
|
60,040
|
(1)
|
The "Grant Approval Date" is the date on which our Board of Directors approved the grant.
|
(2)
|
The Company's equity incentive plan does not provide for thresholds or maximums; the amounts listed represent the actual awards to the named executive officers for fiscal 2014.
|
(3)
|
These awards represent restricted stock units granted to the individual pursuant to the Company's 2009 Stock Option / Stock Issuance Plan, as amended, for services rendered to the Company. The Shares shall vest on the date that is three years after August 7, 2014, the date on which our Board of Directors approved such grant. No purchase price was paid for these awards.
|
|
|
Option Awards
|
|
|
Stock Awards
|
|
||||||||||||||||||||||
Name
|
|
Number of securities underlying unexercised options (#) exercisable
|
|
|
Number of securities underlying unexercised options (#) unexercisable
|
|
|
Number of securities underlying unexercised options (#) unexercisable
|
|
|
Option exercise price ($)
|
|
|
Option expiration date
|
|
|
Number of shares or units of stock that have not vested (#)
|
|
|
Market value of stock or units of stock that have not vested ($)
|
|
|||||||
Jie Han, CEO
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Taylor Zhang, CFO
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,440
|
|
|
|
128,844
|
|
Qingwei Ma, COO
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,440
|
|
|
|
128,844
|
|
Junjie Ma, CTO
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
18,590
|
|
|
|
111,726
|
|
Rujun Dai, General Manager of HLJ Xinda Group
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,990
|
|
|
|
60,040
|
|
|
Option Awards
|
Stock Awards
|
||||||||||||||
Name
|
Number of
Shares
Acquired on
Exercise (#)
|
Value Realized
on Exercise ($)
|
Number of
Shares
Acquired on
Vesting (#)
|
Value Realized
on Vesting ($)
|
||||||||||||
Jie Han
|
-
|
-
|
-
|
-
|
||||||||||||
Qingwei Ma
|
-
|
-
|
-
|
-
|
||||||||||||
Taylor Zhang
|
-
|
-
|
-
|
-
|
||||||||||||
Junjie Ma
|
-
|
-
|
-
|
-
|
||||||||||||
Rujun Dai
|
-
|
-
|
-
|
-
|
Name
|
Plan Name
|
Number of Years
Credited Service (#)
|
Present Value of
Accumulated Benefit ($)
|
Payments During
Fiscal 2017 ($)
|
||||||||||||
Jie Han
|
-
|
-
|
-
|
-
|
||||||||||||
Qingwei Ma
|
-
|
-
|
-
|
-
|
||||||||||||
Taylor Zhang
|
-
|
-
|
-
|
-
|
||||||||||||
Junjie Ma
|
-
|
-
|
-
|
-
|
||||||||||||
Rujun Dai
|
-
|
-
|
-
|
-
|
Name (1) (2)
|
Fees earned or paid in cash ($)
|
Stock awards ($)
|
Option awards ($)
|
Non-equity incentive plan compensation ($)
|
Nonqualified deferred compensation earnings ($)
|
All other compensation ($)
|
Total ($)
|
|||||||||||||||||||||
Lawrence Leighton (3)
|
22,420
|
-
|
-
|
-
|
-
|
-
|
22,420
|
|||||||||||||||||||||
Joseph Chow (3)
|
7,500
|
7,500
|
||||||||||||||||||||||||||
Feng Li
|
8,884
|
-
|
-
|
-
|
-
|
-
|
8,884
|
|||||||||||||||||||||
Linyuan Zhai
|
8,884
|
-
|
-
|
-
|
-
|
-
|
8,884
|
(1)
|
Jie Han, Taylor Zhang and Qingwei Ma are not included in this table as they are our executive officers and thus received no compensation for their services as a director. For disclosure related to the compensation of Jie Han, Taylor Zhang and Qingwei Ma as an executive officer, see the "Summary Compensation Table" above.
|
(2)
|
Homer Sun and Jun Xu are not included in this table as they receive no compensation for serving on our Board.
|
(3)
|
Mr. Leighton resigned on May 15, 2017 and Mr. Chow was appointed on November 16, 2017.
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options and unvested shares
(a)
|
Weighted-average exercise price of outstanding options and unvested options
(b)
|
Number of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a))
(c)
|
|||||||||
|
||||||||||||
Equity compensation plan approved by security holders – 2009 Stock Option / Stock Issuance Plan
|
1,136,727
|
0.24
|
3,340,124
|
|||||||||
Total
|
1,136,727
|
0.24
|
3,340,124
|
(a)
|
All securities are unvested shares.
|
|
(b)
|
Shares issued to employees are subject to a three-year vesting schedule.
|
Name and Address
|
Title of Class
|
Amount and Nature of Beneficial Ownership
(1)
|
Percent of Class
(2)
|
||||||
Jie Han
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Series B Preferred Stock
|
1,000,000
|
(3) |
100.0
|
%
|
||||
Jie Han
|
Common Stock
|
32,510,131
|
(3) |
65.4
|
%
|
||||
Qingwei Ma
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
91,660
|
*
|
||||||
Junjie Ma
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
78,180
|
*
|
||||||
Taylor Zhang
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
93,660
|
*
|
||||||
Joseph Chow
(
address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
-
|
*
|
||||||
Linyuan Zhai
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
10,879
|
*
|
||||||
Feng Li
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
10,440
|
*
|
||||||
Rujun Dai
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
24,910
|
*
|
||||||
Kenan Gong
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
37,520
|
*
|
||||||
XD. Engineering Plastics Company Limited
(address: Palm Grove House, P.O. Box 438, Road Town,
Tortola, British Virgin Islands)
|
Series B Preferred Stock
|
1,000,000
|
(3) |
100.0
|
%
|
||||
XD. Engineering Plastics Company Limited
|
Common Stock
|
24,382,598
|
(3) |
49.0
|
%
|
||||
MSPEA Modified Plastics Holding Limited
(address: c/o Walkers Corporate Services Limited, Walker House,
87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands)
|
Series D Preferred Stock
|
16,000,000
|
(4) |
100.0
|
%
|
||||
Total Ownership of Common Stock by All Directors and Executive Officers as a Group
|
|
32,857,110
|
66.1
|
%
|
(1)
|
The amount of beneficial ownership includes the number of shares of common stock and/or Series B Preferred Stock and/or Series D Preferred Stock, plus, in the case of each of the executive officer and directors and all officers and directors as a group, all shares issuable upon the exercise of the options held by them, which were exercisable as of March 13, 2014 or within 60 days thereafter. Pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended, and the rules promulgated by the SEC, every person who has or shares the power to vote or to dispose of shares of common stock are deemed to be the "beneficial owner" of all the shares of common stock over which any such sole or shared power exists.
|
(2)
|
Based upon 49,727,731 shares of Common Stock outstanding, 1,000,000 shares of Series B Preferred Stock outstanding and 16,000,000 shares of Series D Preferred Stock outstanding as of December 31, 2017.
|
(3)
|
Mr. Jie Han beneficially owns (i) 32,510,131 shares of Common Stock, representing 65.4% of our total outstanding Common Stock, which includes 8,127,533 shares of Common Stock directly held by Mr. Jie Han and 24,382,598 shares of Common Stock beneficially owned by Mr. Jie Han through his sole ownership of XD Engineering Plastics, and (ii) 1,000,000 shares of Series B Preferred Stock through his sole ownership of XD Engineering Plastics, representing 100% of our total outstanding Series B Preferred Stock.
|
(4)
|
MSPEA Modified Plastics Holding Limited owns 16,000,000 shares of Series D Preferred Stock, representing 100% of our total outstanding Series D Preferred Stock.
|
Premise Leased
|
Area (M2)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Office building
|
23,894
|
707,543
|
Between January 1, 2014 and December 31, 2018
|
Premise Leased
|
|
Area (M
2
)
|
|
|
Annual Rental Fee (US$)
|
|
Period of Lease
|
||
Facility
|
200
|
5,922
|
Between August 17, 2014 and August 16, 2016
|
|
2017
|
2016
|
||||||
Audit Fees
|
$
|
1,297,696
|
$
|
1,327,435
|
||||
Audit-Related Fees
|
-
|
-
|
||||||
Tax Fees
|
-
|
-
|
||||||
Total paid to independent public audit firms
|
$
|
1,297,696
|
$
|
1,327,435
|
●
|
Service Agreement effective as of November 14, 2010 between China XD Plastics Company Limited and Linyuan Zhai
|
●
|
Service Agreement effective as of November 14, 2010 between China XD Plastics Company Limited and Lawrence W. Leighton
|
●
|
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Jie Han
|
●
|
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Jie Han
|
●
|
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Qingwei Ma
|
●
|
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Qingwei Ma
|
●
|
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Taylor Zhang
|
●
|
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Taylor Zhang
|
●
|
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Junjie Ma
|
●
|
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Junjie Ma
|
●
|
Employment Agreement dated January 1, 2016 between Heilongjiang Xinda Enterprise Group Co., Ltd and Kenan Gong
|
●
|
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Kenan Gong
|
●
|
Service Agreement dated November 14, 2012 between China XD Plastics Company Limited and Feng Li
|
Exhibit No.
|
Description of Exhibit
|
|
Incorporated by Reference Herein from the Following Filing
|
|
|||
10.31 | Filed herewith | ||
101.
|
Interactive Data Files
|
|
Filed herewith
|
|
CHINA XD PLASTICS COMPANY LIMITED
|
|
|
|
|
|
|
|
By:
|
/s/ Jie Han
|
|
|
|
Jie Han
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Taylor Zhang
|
|
|
|
Taylor Zhang
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
Name
|
|
Title
|
Date
|
|
|
|
|
/s/ Jie Han
|
|
Chairman and Chief Executive Officer
|
March 15, 2018
|
Jie Han
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Taylor Zhang
|
|
Chief Financial Officer
|
March 15, 2018
|
Taylor Zhang
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
/s/ Qingwei Ma
|
|
Director
|
March 15 2018
|
Qingwei Ma
|
|
|
|
|
|
|
|
/s/ Joseph Chow
|
|
Director
|
March 15, 2018
|
Joseph Chow
|
|
|
|
|
|
|
|
/s/ Feng Li
|
|
Director
|
March 15, 2018
|
Feng Li
|
|
|
|
|
|
|
|
/s/ Linyuan Zhai
|
|
Director
|
March 15, 2018
|
Linyuan Zhai
|
|
|
|
|
|
|
|
/s/ Homer Sun
|
|
Director
|
March 15, 2018
|
Homer Sun
|
|
|
|
|
|
|
|
/s/ Jun Xu
|
|
Director
|
March 15, 2018
|
Jun Xu
|
|
|
|
Page
|
||||
Report of Independent Registered Public Accounting Firm
|
F-2
|
|||
Consolidated Financial Statements:
|
||||
Consolidated Balance Sheets as of December 31, 2017 and 2016
|
F-3
|
|||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2017, 2016 and 2015
|
F-4
|
|||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2017, 2016 and 2015
|
F-5
|
|||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015
|
F-6
|
|||
Notes to the Consolidated Financial Statements
|
F-7
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Revenues
|
1,290,447,748
|
1,201,678,898
|
999,192,894
|
|||||||||
Cost of revenues
|
(1,053,782,105
|
)
|
(954,723,617
|
)
|
(817,811,445
|
)
|
||||||
Gross profit
|
236,665,643
|
246,955,281
|
181,381,449
|
|||||||||
Selling expenses
|
(3,176,928
|
)
|
(1,356,843
|
)
|
(1,458,658
|
)
|
||||||
General and administrative expenses
|
(38,495,704
|
)
|
(29,952,304
|
)
|
(23,816,148
|
)
|
||||||
Research and development expenses
|
(36,838,261
|
)
|
(47,989,665
|
)
|
(21,061,345
|
)
|
||||||
Total operating expenses
|
(78,510 893
|
)
|
(79,298,812
|
)
|
(46,336,151
|
)
|
||||||
Operating income
|
158, 154,750
|
167,656,469
|
135,045,298
|
|||||||||
Interest income
|
5,290,705
|
5,847,274
|
8,221,532
|
|||||||||
Interest expense
|
(45,370,872
|
)
|
(41,370,432
|
)
|
(42,704,097
|
)
|
||||||
Foreign currency exchange gains (losses)
|
(6,498,908
|
)
|
1,951,732
|
(2,237,541
|
)
|
|||||||
Gains (losses) on foreign currency contracts
|
(1,048,599
|
)
|
-
|
653,569
|
||||||||
Loss on debt extinguishment
|
-
|
(18,963,834
|
)
|
-
|
||||||||
Government grant
|
11,619,037
|
3,914,360
|
2,991,493
|
|||||||||
Total non-operating expenses, net
|
(36,008,637
|
)
|
(48,620,900
|
)
|
(33,075,044
|
)
|
||||||
Income before income taxes
|
122,146,113
|
119,035,569
|
101,970,254
|
|||||||||
Income tax expense
|
(
90,524,379
|
)
|
(17,422,819
|
)
|
(18,237,975
|
)
|
||||||
Net income
|
31,621,734
|
101,612,750
|
83,732,279
|
|||||||||
Earnings per common stock:
|
||||||||||||
Basic and diluted
|
0.
48
|
1.54
|
1.27
|
|||||||||
Net Income
|
31,621,734
|
101,612,750
|
83,732,279
|
|||||||||
Other comprehensive income (loss)
|
||||||||||||
Foreign currency translation adjustment, net of nil income taxes
|
46,343,088
|
(46,085,173
|
)
|
(32,118,459
|
)
|
|||||||
Comprehensive income
|
77,964,822
|
55,527,577
|
51,613,820
|
Series B Preferred Stock
|
Common Stock
|
Additional
|
Accumulated Other
|
Total
|
||||||||||||||||||||||||||||||||
Number of
Shares
|
Amount
|
Number of
Shares
|
Amount
|
Treasury
Stock
|
Paid-in
Capital
|
Retained
Earnings
|
Comprehensive
Income (Loss)
|
Stockholders'
Equity
|
||||||||||||||||||||||||||||
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
1,000,000
|
100
|
49,151,796
|
4,916
|
(92,694
|
)
|
80,875,787
|
431,823,706
|
12,775,801
|
525,387,616
|
||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
83,732,279
|
-
|
83,732,279
|
|||||||||||||||||||||||||||
Other comprehensive loss - Foreign currency translation adjustment, net of nil income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(32,118,459
|
)
|
(32,118,459
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
1,044,162
|
-
|
1,044,162
|
||||||||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
171,488
|
17
|
-
|
(17
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of December 31, 2015
|
1,000,000
|
100
|
49,323,284
|
4,933
|
(92,694
|
)
|
81,919,932
|
515,555,985
|
(19,342,658
|
)
|
578,045,598
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
101,612,750
|
-
|
101,612,750
|
|||||||||||||||||||||||||||
Other comprehensive loss - Foreign currency translation adjustment, net of nil income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(46,085,173
|
)
|
(46,085,173
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
686,491
|
-
|
686,491
|
||||||||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
188,257
|
19
|
-
|
(19
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of December 31, 2016
|
1,000,000
|
100
|
49,511,541
|
4,952
|
(92,694
|
)
|
82,606,404
|
617,168,735
|
(65,427,831
|
)
|
634,259,666
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
31,621,734
|
-
|
31,621,734
|
||||||||||||||||||||||||||||
Other comprehensive income - Foreign currency translation adjustment, net of nil income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
46,343,088
|
46,343,088
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
553,512
|
-
|
-
|
553,512
|
|||||||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
216,190
|
23
|
-
|
(23
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of December 31, 2017
|
1,000,000
|
100
|
49,727,731
|
4,975
|
(92,694
|
)
|
83,159,893
|
648,790,469
|
(19,084,743
|
)
|
712,778,000
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
31,621,734
|
101,612,750
|
83,732,279
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Net reversal for doubtful accounts
|
-
|
-
|
(69,281
|
)
|
||||||||
Depreciation and amortization
|
43,055,976
|
34,244,842
|
27,540,212
|
|||||||||
Stock-based compensation
|
553,512
|
686,491
|
1,044,162
|
|||||||||
Amortization of discount and issuance cost of the Notes
|
-
|
767,170
|
1,086,010
|
|||||||||
Amortization of issuance cost of the Syndicate loan facility
|
3,750,028
|
1,273,438
|
-
|
|||||||||
Change in fair value of foreign currency option contracts
|
1,048,599
|
-
|
-
|
|||||||||
Foreign currency exchange losses (gains)
|
6,038,799
|
(2,965,949
|
)
|
2,720,131
|
||||||||
Losses on disposals of property, plant and equipment
|
17,509
|
259,104
|
9,036
|
|||||||||
Deferred income tax benefit
|
(2,407,706
|
)
|
(2,292,830
|
)
|
(2,380,236
|
)
|
||||||
Loss on debt extinguishment
|
-
|
18,963,834
|
-
|
|||||||||
Restricted cash
|
(31,588,120
|
)
|
(27,269,199
|
)
|
(4,011,349
|
)
|
||||||
Accounts receivable
|
120,443,715
|
(190,860,210
|
)
|
(40,614,289
|
)
|
|||||||
Amounts due from a related party
|
243,779
|
-
|
(35,937
|
)
|
||||||||
Inventories
|
(120,026,438
|
)
|
(3,764,167
|
)
|
(58,103,919
|
)
|
||||||
Prepaid expenses and other current assets
|
(26,354,886
|
)
|
21,222,125
|
(4,542,796
|
)
|
|||||||
Value added tax in long-term prepayments to equipment suppliers
|
(23,267,330
|
)
|
(575,483
|
)
|
-
|
|||||||
Other non-current assets
|
45,674
|
1,386,939
|
(371,872
|
)
|
||||||||
Bills payable
|
92,130,473
|
122,226,675
|
(8,119,365
|
)
|
||||||||
Accounts payable
|
(108,053,082
|
)
|
82,085,904
|
116,133,982
|
||||||||
Amounts due to a related party
|
(12,155
|
) |
3,792
|
8,167
|
||||||||
Income taxes payable
|
16,581,508
|
(5,807,300
|
)
|
(3,889,710
|
)
|
|||||||
Accrued expenses and other current liabilities
|
18,609,923
|
(75,664,932
|
)
|
86,963,823
|
||||||||
Deferred income
|
(4,630,632
|
)
|
(304,465
|
)
|
3,371,249
|
|||||||
Other non-current liabilities
|
64,895,667
|
9,255,439
|
11,098,323
|
|||||||||
Net cash provided by operating activities
|
82,696,547
|
84,483,968
|
227,370,738
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from maturity of time deposits
|
475,873,199
|
515,088,058
|
463,771,799
|
|||||||||
Purchase of time deposits
|
(564,710,760
|
)
|
(475,315,245
|
)
|
(474,254,312
|
)
|
||||||
Purchase of land use rights
|
(8,279,334
|
)
|
-
|
(13,931,804
|
)
|
|||||||
Purchases of and deposits for property, plant and equipment
|
(456,474,007
|
)
|
(210,840,098
|
)
|
(267,427,681
|
)
|
||||||
Refund of deposit from an equipment supplier
|
280,814,137
|
-
|
-
|
|||||||||
Deposits for acquisition of equity
|
(11,937,192
|
)
|
-
|
-
|
||||||||
Government grant related to the construction of Sichuan plant
|
29,382,885
|
22,478,569
|
11,499,000
|
|||||||||
Net cash used in investing activities
|
(255,331,072
|
)
|
(148,588,716
|
)
|
(280,342,998
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from bank borrowings
|
842,571,025
|
687,164,318
|
504,218,741
|
|||||||||
Repayment of bank borrowings
|
(682,921,893
|
)
|
(537,809,334
|
)
|
(339,528,477
|
)
|
||||||
Redemption of notes payable
|
-
|
(165,366,000
|
)
|
-
|
||||||||
Proceeds from Syndicate loan facility
|
-
|
180,000,000
|
-
|
|||||||||
Proceeds from early exercise of options
|
-
|
-
|
121,725
|
|||||||||
Release of restricted cash as collateral for bank borrowings
|
92,186,142
|
31,375,326
|
-
|
|||||||||
Placement of restricted cash as collateral for bank borrowings
|
(68,227,246
|
)
|
(66,757,459
|
)
|
(33,077,094
|
)
|
||||||
Payments of issuance cost of bank borrowings
|
-
|
(6,770,000
|
)
|
-
|
||||||||
Net cash provided by financing activities
|
183,608,028
|
121,836,851
|
131,734,895
|
|||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
11,332,263
|
(9,574,143
|
)
|
(4,290,762
|
)
|
|||||||
Net increase in cash and cash equivalents
|
22,305,766
|
48,157,960
|
74,471,873
|
|||||||||
Cash and cash equivalents at beginning of year
|
168,086,445
|
119,928,485
|
45,456,612
|
|||||||||
Cash and cash equivalents at end of year
|
190,392,211
|
168,086,445
|
119,928,485
|
|||||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Interest paid, net of US$2,893,630, US$ 2,562,026 and US$ 231,356 capitalized for the years ended December 31, 2017, 2016 and 2015, respectively
|
38,695,738
|
45,782,010
|
40,136,978
|
|||||||||
Income taxes paid
|
13,030,643
|
19,521,472
|
8,982,167
|
|||||||||
Non-cash investing and financing activities:
|
||||||||||||
Government grant related to construction in the form of repayment of bank loans on behalf of the Company by the government
|
-
|
-
|
38,118,231
|
|||||||||
Government grant related to the construction of Sichuan plant in the form of restricted cash (note 2(e))
|
1,537,935
|
-
|
11,117,817
|
|||||||||
Accrual for purchase of equipment
|
5,144,134
|
94,031,275
|
41,251,663
|
(in millions, except percentage)
|
Years Ended December 31,
|
|||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||
US$
|
%
|
US$
|
%
|
US$
|
%
|
|||||||||||||||||||
Distributor A, located in PRC
|
186.8
|
14.5
|
%
|
179.6
|
14.9
|
%
|
192.0
|
19.2
|
%
|
|||||||||||||||
Distributor B, located in PRC
|
136.5
|
10.6
|
%
|
149.4
|
12.4
|
%
|
155.3
|
15.5
|
%
|
|||||||||||||||
Distributor C, located in PRC
|
106.5
|
8.3
|
%
|
127.0
|
10.6
|
%
|
127.3
|
12.7
|
%
|
|||||||||||||||
Distributor D, located in PRC
|
88.3
|
6.8
|
%
|
114.5
|
9.5
|
%
|
106.5
|
10.7
|
%
|
|||||||||||||||
Distributor E, located in PRC
|
0.1
|
0.0
|
%
|
55.9
|
4.7
|
%
|
112.1
|
11.2
|
%
|
|||||||||||||||
Total
|
518.2
|
40.2
|
%
|
626.4
|
52.1
|
%
|
693.2
|
69.3
|
%
|
December 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
605,125,974
|
464,427,328
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
8280
|
7,946
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
121,756
|
20,192
|
||||||
Financial Institutions in the PRC
|
17,772
|
18,025
|
||||||
Financial Institution in Hong Kong SAR
|
1,895,508
|
1,629,199
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
55,206
|
1,810
|
||||||
Financial Institution in Dubai, UAE
|
879,012
|
139,201
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
131
|
148
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
11,043
|
53,647
|
Estimated
Useful Life
|
|
Workshops and buildings
|
39 years
|
Machinery, equipment and furniture
|
5-10 years
|
Motor vehicles
|
5 years
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
298,909,440
|
410,087,666
|
||||||
Allowance for doubtful accounts
|
(40,456
|
)
|
(38,107
|
)
|
||||
Accounts receivable, net
|
298,868,984
|
410,049,559
|
December 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
259,870,056
|
373,108,359
|
||||||
– 1-3 months past due
|
8,299,000
|
36,941,200
|
||||||
– 4-6 months past due
|
30,699,928
|
-
|
||||||
– 7-12 months past due
|
-
|
-
|
||||||
– greater than one year past due
|
40,456
|
38,107
|
||||||
Total accounts receivable
|
298,909,440
|
410,087,666
|
Year ended December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Balance at the beginning of the year
|
(38,107
|
)
|
(40,631
|
)
|
||||
Effect of foreign currency exchange rate changes
|
(2,349
|
)
|
2,524
|
|||||
Balance at the end of the year
|
(40,456
|
)
|
(38,107
|
)
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Raw materials
|
405,731,330
|
270,605,823
|
||||||
Work in progress
|
18,876
|
157,953
|
||||||
Finished goods
|
15,986,476
|
10,175,232
|
||||||
Total inventories
|
421,736,682
|
280,939,008
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Receivables from Hailezi (i)
|
68,430,244
|
88,286,651
|
||||||
Receivables from Jiamu (ii)
|
-
|
20,628,987
|
||||||
Value added taxes receivables (iii)
|
6,840,774
|
4,814,920
|
||||||
Advances to suppliers (iv)
|
62,376,588
|
3,365,930
|
||||||
Interest receivable (v)
|
2,235,902
|
3,231,763
|
||||||
Others (vi)
|
4,442,643
|
4,982,058
|
||||||
Total prepaid expenses and other current assets
|
144,326,151
|
125,310,309
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
413,551,963
|
391,149,907
|
||||||
Motor vehicles
|
2,838,540
|
2,640,477
|
||||||
Workshops and buildings
|
146,595,501
|
119,503,091
|
||||||
Construction in progress
|
439,116,574
|
409,257,584
|
||||||
Total property, plant and equipment
|
1,002,102,578
|
922,551,059
|
||||||
Less: accumulated depreciation
|
(166,540,839
|
)
|
(116,187,367
|
)
|
||||
Property, plant and equipment, net
|
835,561,739
|
806,363,692
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Cost of revenues
|
35,758,544
|
28,245,742
|
21,980,993
|
|||||||||
General and administrative expenses
|
2,723,839
|
1,808,284
|
1,531,389
|
|||||||||
Research and development expenses
|
4,047,893
|
3,720,126
|
3,615,758
|
|||||||||
Selling expenses
|
3,546
|
2,683
|
894
|
|||||||||
Total depreciation expense
|
42,533,822
|
33,776,835
|
27,129,034
|
December 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Hailezi (i)
|
157,358,774
|
-
|
||||||
Shanghai Green River (ii)
|
16,572,489
|
-
|
||||||
Beijin Construction (iii)
|
10,001,333
|
4,324,636
|
||||||
Sichuan Construction (iv)
|
6,177,647
|
907,024
|
||||||
Samim Group FZE (v)
|
-
|
5,308,737
|
||||||
Sports City (vi)
|
-
|
2,859,952
|
||||||
Others
|
517,271
|
767,353
|
||||||
Total Prepayments to equipment and construction suppliers
|
190,627,514
|
14,167,702
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
363,319,152
|
273,147,455
|
||||||
Loans secured by accounts receivable
|
68,868,415
|
50,454,086
|
||||||
Loans secured by restricted cash
|
41,500,000
|
32,474,300
|
||||||
Loans secured by land use right
|
30,608,184
|
-
|
||||||
Current portion of long-term bank loans (note b)
|
271,101,178
|
88,681,635
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
775,396,929
|
444,757,476
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
30,400,000
|
90,170,000
|
||||||
Unsecured loans
|
199,146,032
|
73,518,812
|
||||||
Syndicate loan facility
|
155,763,465
|
174,513,438
|
||||||
Less: current portion
|
(271,101,178
|
) |
(88,681,635
|
)
|
||||
Total long-term bank loans, excluding current portion
|
114,208,319
|
249,520,615
|
December 31, 2017
|
||||
US$
|
||||
2018
|
271,101,178
|
|||
2019
|
24,486,547
|
|||
2020
|
25,251,753
|
|||
2021
|
21,425,729
|
|||
After 2021
|
43,044,290
|
|||
Total
|
385,309,497
|
December 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
98,791,115
|
98,472,641
|
||||||
Accrued freight expenses
|
10,491,635
|
7,972,067
|
||||||
Accrued interest expenses
|
3,997,036
|
885,290
|
||||||
Advance from customers (i)
|
8,843,649
|
93,066
|
||||||
Non income tax payables
|
4,002,092
|
4,499,161
|
||||||
Others (ii)
|
12,479,982
|
7,417,141
|
||||||
Total accrued expenses and other current liabilities
|
138,605,509
|
119,339,366
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Costs and expenses resulting from transactions with related parties:
|
||||||||||||
Rental expenses for plant and office space
|
-
|
723,769
|
777,248
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Amounts due from a related party:
|
||||||||
Prepaid rental expenses to Xinda High-Tech
|
-
|
229,624
|
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Amounts due to a related party:
|
||||||||
Rental payable to Mr Han's son
|
-
|
11,548
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Office building
|
23,894
|
707,543
|
Between January 1, 2014 and December 31, 2018
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Facility
|
200
|
5,922
|
Between August 17, 2014 and August 16, 2016
|
||||||
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
US
|
(2,490,668
|
)
|
(3,221,934
|
)
|
(3,512,598
|
)
|
||||||
BVI
|
(394
|
)
|
(31,424,331
|
)
|
(18,685,588
|
)
|
||||||
Hong Kong SAR
|
(12,544,625
|
)
|
(5,447,344
|
)
|
(306,945
|
)
|
||||||
Dubai
|
33,354,059
|
54,947,200
|
34,554,739
|
|||||||||
PRC, excluding Hong Kong SAR
|
103,827,741
|
104,181,978
|
89,920,646
|
|||||||||
Total income before income taxes
|
122,146,113
|
119,035,569
|
101,970,254
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Current income tax expense-PRC
|
21,966,937
|
19,715,649
|
20,618,211
|
|||||||||
Current income tax expense-US
|
70,965,148
|
-
|
-
|
|||||||||
Deferred income tax benefit-PRC
|
(2,407,706
|
)
|
(2,292,830
|
)
|
(2,380,236
|
)
|
||||||
Total income tax expense
|
90,524,379
|
17,422,819
|
18,237,975
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
PRC statutory income tax rate
|
25
|
%
|
25
|
%
|
25
|
%
|
||||||
Increase (decrease) in effective income tax rate resulting from:
|
||||||||||||
Tax rate differential on HK entities not subject to PRC income tax
|
0.9
|
%
|
0.4
|
%
|
-
|
|||||||
Tax rate differential on BVI entities not subject to PRC income tax
|
0.1
|
%
|
6.6
|
%
|
4.6
|
%
|
||||||
Tax rate differential on UAE entities not subject to PRC income tax
|
(6.9
|
)%
|
(11.5
|
)%
|
(8.5
|
)%
|
||||||
Non-deductible expenses
|
0.2
|
%
|
0.3
|
%
|
0.4
|
%
|
||||||
Preferential tax rate
|
(4.5
|
)%
|
(4.2
|
)%
|
(4.5
|
)%
|
||||||
Change in valuation allowance
|
3.1
|
%
|
2.3
|
%
|
1.2
|
%
|
||||||
R&D additional deduction
|
(3.9
|
)%
|
(5.1
|
)%
|
(2.6
|
)%
|
||||||
Repatriation tax
|
58.1
|
%
|
-
|
-
|
||||||||
Others
|
2.0
|
%
|
0.8
|
%
|
2.3
|
%
|
||||||
Effective income tax rate
|
74.1
|
%
|
14.6
|
%
|
17.9
|
%
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Deferred income tax assets:
|
||||||||
Tax loss carry forwards
|
7,818,069
|
3,951,012
|
||||||
Foreign currency contracts
|
270,964
|
-
|
||||||
Less: valuation allowance
|
(7,818,069
|
)
|
(3,951,012
|
)
|
||||
Deferred income tax assets, net (included in other non-current assets)
|
270,964
|
-
|
||||||
Deferred income tax liabilities (included in other non-current liabilities):
|
||||||||
Property, plant and equipment
|
9,267,501
|
10,818,305
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Balance at the beginning of the year
|
3,951,012
|
1,941,124
|
727,711
|
|||||||||
Expiration due to liquidation
|
(86,139
|
)
|
(661,144
|
)
|
(68,070
|
)
|
||||||
Additions of valuation allowance
|
3,960,392
|
2,801,055
|
1,333,527
|
|||||||||
Reduction of valuation allowance
|
(7,196
|
)
|
(130,023
|
)
|
(52,044
|
)
|
||||||
Balance at the end of the year
|
7,818,069
|
3,951,012
|
1,941,124
|
Year ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Balance at beginning of year
|
25,929,112
|
21,660,307
|
14,609,258
|
|||||||||
Increase related to current year tax positions
|
8,267,958
|
4,268,805
|
7,051,049
|
|||||||||
Balance at end of year
|
34,197,070
|
25,929,112
|
21,660,307
|
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
98,630,817
|
31,602,314
|
||||||
Deferred income tax liabilities (note
14
)
|
9,267,501
|
10,818,305
|
||||||
Total other non-current liabilities
|
107,898,318
|
42,420,619
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2014
|
647,288
|
5.00
|
||||||
Granted
|
203,207 | 6.00 | ||||||
Vested
|
(171,488
|
) | 4.40 | |||||
Forfeited
|
(64,280
|
) | 4.65 | |||||
Outstanding as of December 31, 2015
|
614,727
|
5.54
|
||||||
Granted
|
-
|
-
|
||||||
Vested
|
(161,257
|
)
|
4.24
|
|||||
Forfeited
|
(51,260
|
)
|
5.28
|
|||||
Outstanding as of December 31, 2016
|
402,210
|
6.10
|
||||||
Granted
|
-
|
-
|
||||||
Vested
|
(216,190
|
)
|
5.12
|
|||||
Forfeited
|
(24,910
|
)
|
5.60
|
|||||
Outstanding as of December 31, 2017
|
161,110
|
7.49
|
||||||
Expected to vest as of December 31, 2017
|
137,119
|
7.49
|
Number of
Options
Outstanding
|
Weighted Average
Exercise Price
US$
|
|||||||
Outstanding as of December 31, 2015
|
72,000
|
0.24
|
||||||
Vested
|
(27,000
|
)
|
0.24
|
|||||
Forfeited
|
(45,000
|
)
|
0.24
|
|||||
Outstanding as of December 31, 2016
|
-
|
-
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Outstanding as of December 31, 2017
|
-
|
-
|
||||||
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Numerator:
|
||||||||||||
Net income
|
31,621,734
|
101,612,750
|
83,732,279
|
|||||||||
Less:
|
||||||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(
7,678,801
|
)
|
(24,652,636
|
)
|
(20,350,826
|
)
|
||||||
Earnings allocated to participating nonvested shares
|
(
139,318
|
)
|
(817,078
|
)
|
(770,145
|
)
|
||||||
Net income for basic and diluted earnings per share
|
23,803,615
|
76,143,036
|
62,611,308
|
|||||||||
Denominator:
|
||||||||||||
Denominator for basic earnings per share
|
49,598,609
|
49,418,188
|
49,225,566
|
|||||||||
Dilutive effect of outstanding share options
|
-
|
1,009
|
3,894
|
|||||||||
Denominator for diluted earnings per share
|
49,598,609
|
49,419,197
|
49,229,460
|
|||||||||
Earnings per common share:
|
||||||||||||
Basic and diluted earnings per common share
|
0.
48
|
1.54
|
1.27
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Numerator:
|
||||||||||||
Shares issuable upon conversion of Series D convertible preferred stocks
|
16,000,000
|
16,000,000
|
16,000,000
|
US$
|
||||
Years ending December 31,
|
||||
2018
|
1,381,380
|
|||
2019
|
873,556
|
|||
2020
|
769,623
|
|||
2021
|
695,386
|
|||
2022
|
656,333
|
|||
2023 and thereafter
|
7,318,130
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Modified Polyamide 66 (PA66)
|
286,526,792
|
260,107,405
|
219,082,301
|
|||||||||
Modified Polyamide 6 (PA6)
|
224,086,830
|
280,070,036
|
203,485,029
|
|||||||||
Plastic Alloy
|
363,319,049
|
401,664,431
|
350,620,202
|
|||||||||
Modified Polypropylene (PP)
|
231,255,726
|
178,729,819
|
164,828,880
|
|||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
43,333,667
|
42,121,680
|
40,510,344
|
|||||||||
Polyoxymethylenes (POM)
|
12,008,089
|
13,370,532
|
3,481,072
|
|||||||||
Polyphenylene Oxide (PPO)
|
17,468,208
|
15,315,570
|
12,984,368
|
|||||||||
Polylactide (PLA)
|
88,644,132
|
2,591,856
|
5,661
|
|||||||||
Polyethylene (PE)
|
22,756,186
|
-
|
-
|
|||||||||
Raw materials
|
1,049,069
|
2,409,070
|
3,373,854
|
|||||||||
Others
|
-
|
5,298,499
|
821,183
|
|||||||||
Total Revenue
|
1,290,447,748
|
1,201,678,898
|
999,192,894
|
Fourth Quarter
|
Third Quarter
|
Second Quarter
|
First Quarter
|
|||||||||||||
2017:
|
||||||||||||||||
Revenues
|
$
|
427.6
|
$
|
311.4
|
$
|
313.6
|
$
|
237.8
|
||||||||
Gross profit
|
$
|
91.5
|
$
|
47.3
|
$
|
63.1
|
$
|
34.8
|
||||||||
Net income
|
$
|
(
20.5
|
)
|
$
|
14.1
|
$
|
28.1
|
$
|
9.9
|
|||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
(0.
31
|
)
|
$
|
0.21
|
$
|
0.43
|
$
|
0.15
|
|||||||
Diluted
|
$
|
(0.
31
|
)
|
$
|
0.21
|
$
|
0.43
|
$
|
0.15
|
Fourth Quarter
|
Third Quarter
|
Second Quarter
|
First Quarter
|
|||||||||||||
2016:
|
||||||||||||||||
Revenues
|
$
|
377.8
|
$
|
331.8
|
$
|
277.1
|
$
|
215.0
|
||||||||
Gross profit
|
$
|
82.3
|
$
|
69.6
|
$
|
60.3
|
$
|
34.8
|
||||||||
Net income
|
$
|
36.7
|
$
|
20.2
|
$
|
33.3
|
$
|
11.4
|
||||||||
Earnings per share
|
||||||||||||||||
Basic and diluted
|
$
|
0.56
|
$
|
0.31
|
$
|
0.51
|
$
|
0.17
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Revenues (in US$ millions)
|
||||||||||||
PRC
|
1,207.9
|
1,091.5
|
927.6
|
|||||||||
Dubai, UAE
|
82.5
|
110.2
|
71.6
|
|||||||||
Total
|
1,290.4
|
1,201.7
|
999.2
|
Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
US$
|
US$
|
US$
|
||||||||||
Long-lived assets (in US$ millions)
|
||||||||||||
PRC
|
694.9
|
483.7
|
544.6
|
|||||||||
Dubai, UAE
|
376.2
|
369.9
|
253.8
|
|||||||||
Total
|
1,071.1
|
853.6
|
798.4
|
1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
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