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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 |
Nevada
|
04-3836208
|
(State or other jurisdiction of incorporation or
organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☒
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☐
|
Emerging growth company
☐
|
|
|
PAGE
|
|
PART I. FINANCIAL INFORMATION
|
3
|
|
|
|
|
Item 1. Financial Statements
|
3
|
|
|
|
|
|
Unaudited Condensed Consolidated Balance Sheets
|
3
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Comprehensive Income
|
4
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
5
|
|
|
|
|
Notes to the Unaudited Condensed Consolidated Financial Statements
|
6
|
|
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
20
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
31
|
|
|
|
|
Item 4. Controls and Procedures
|
32
|
|
|
|
|
PART II. OTHER INFORMATION
|
33
|
|
|
|
|
Item 1. Legal Proceedings
|
33
|
|
|
|
|
Item 1A. Risk Factors
|
33
|
|
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
33
|
|
|
|
|
Item 3. Defaults Upon Senior Securities
|
33
|
|
|
|
|
Item 4. Mine Safety Disclosures
|
33
|
|
|
|
|
Item 5. Other Information
|
33
|
|
|
|
|
Item 6. Exhibits
|
33
|
|
|
|
|
Signatures
|
34
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Revenues
|
317,329,520
|
313,555,663
|
627,782,553
|
551,395,860
|
||||||||||||
Cost of revenues
|
(261,175,654
|
)
|
(250,446,461
|
)
|
(517,761,231
|
)
|
(453,514,488
|
)
|
||||||||
Gross profit
|
56,153,866
|
63,109,202
|
110,021,322
|
97,881,372
|
||||||||||||
Selling expenses
|
(3,562,711
|
)
|
(705,337
|
)
|
(4,613,720
|
)
|
(1,224,150
|
)
|
||||||||
General and administrative expenses
|
(11,348,767
|
)
|
(8,844,582
|
)
|
(20,223,776
|
)
|
(15,898,253
|
)
|
||||||||
Research and development expenses
|
(5,288,636
|
)
|
(9,546,922
|
)
|
(10,338,534
|
)
|
(15,398,022
|
)
|
||||||||
Total operating expenses
|
(20,200,114
|
)
|
(19,096,841
|
)
|
(35,176,030
|
)
|
(32,520,425
|
)
|
||||||||
Operating income
|
35,953,752
|
44,012,361
|
74,845,292
|
65,360,947
|
||||||||||||
Interest income
|
1,029,675
|
970,293
|
3,342,298
|
2,133,552
|
||||||||||||
Interest expense
|
(11,274,575
|
)
|
(11,951,851
|
)
|
(24,168,780
|
)
|
(21,973,827
|
)
|
||||||||
Foreign currency exchange gains (losses)
|
5,632,970
|
(1,870,977
|
)
|
1,677,162
|
(2,347,062
|
)
|
||||||||||
Losses on foreign currency option contracts
|
-
|
-
|
(520,981
|
)
|
-
|
|||||||||||
Government grant
|
1,378,484
|
1,023,922
|
2,856,043
|
2,463,453
|
||||||||||||
Total non-operating expense, net
|
(3,233,446
|
)
|
(11,828,613
|
)
|
(16,814,258
|
)
|
(19,723,884
|
)
|
||||||||
Income before income taxes
|
32,720,306
|
32,183,748
|
58,031,034
|
45,637,063
|
||||||||||||
Income tax expense
|
(5,496,228
|
)
|
(4,119,756
|
)
|
(11,707,055
|
)
|
(7,672,082
|
)
|
||||||||
Net income
|
27,224,078
|
28,063,992
|
46,323,979
|
37,964,981
|
||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic and diluted
|
0.41
|
0.43
|
0.70
|
0.58
|
||||||||||||
Net Income
|
27,224,078
|
28,063,992
|
46,323,979
|
37,964,981
|
||||||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Foreign currency translation adjustment, net of nil income taxes
|
(39,306,010
|
)
|
13,751,361
|
(9,644,600
|
)
|
17,669,664
|
||||||||||
Comprehensive income (loss)
|
(12,081,932
|
)
|
41,815,353
|
36,679,379
|
55,634,645
|
Six-Month Period Ended June 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by operating activities
|
152,600,917
|
166,636,423
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of time deposits
|
388,105,630
|
244,825,478
|
||||||
Purchase of time deposits
|
(210,380,884
|
)
|
(215,714,244
|
)
|
||||
Purchase of land use rights
|
-
|
(6,214,207
|
)
|
|||||
Purchase of and deposits for property, plant and equipment
|
(334,739,673
|
)
|
(281,550,529
|
)
|
||||
Refund of deposit from an equipment supplier
|
60,054,417
|
75,197,802
|
||||||
Deposits for acquisition of equity
|
(3,640,688
|
)
|
-
|
|||||
Government grants related to the construction projects
|
10,558,608
|
7,136,482
|
||||||
Net cash used in investing activities
|
(90,042,590
|
)
|
(176,319,218
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
470,494,396
|
441,425,024
|
||||||
Repayments of bank borrowings
|
(587,236,484
|
)
|
(311,342,509
|
)
|
||||
Investment received in advance from a related party
|
75,567,512
|
-
|
||||||
Net cash (used in) provided by financing activities
|
(41,174,576
|
)
|
130,082,515
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
(5,499,604
|
)
|
7,995,135
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
15,884,147
|
128,394,855
|
||||||
Cash, cash equivalents and restricted cash at beginning of period
|
320,091,665
|
271,575,847
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
335,975,812
|
399,970,702
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
23,267,235
|
17,323,875
|
||||||
Income taxes paid
|
12,906,780
|
7,353,371
|
||||||
Non-cash investing and financing activities:
|
||||||||
Accrual for purchase of equipment and construction included in accrued expenses and other current liabilities
|
6,057,014
|
5,379,730
|
June 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cash and cash equivalents
|
72,721,460
|
279,825,075
|
||||||
Restricted cash
|
263,254,352
|
120,145,627
|
||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
335,975,812
|
399,970,702
|
|
Three-Month Period Ended June 30,
|
|||||||||||||||
|
2018
|
2017
|
||||||||||||||
|
US$
|
%
|
US$
|
%
|
||||||||||||
Distributor A, located in PRC
|
44,765,278
|
14.1
|
%
|
41,816,369
|
13.3
|
%
|
||||||||||
Distributor B, located in PRC
|
41,215,145
|
13.0
|
%
|
35,410,723
|
11.3
|
%
|
||||||||||
Distributor C, located in PRC
|
38,366,592
|
12.1
|
% |
29,450,243
|
9.4
|
% | ||||||||||
Direct Customer D, located in ROK
|
-
|
0.0
|
%
|
32,956,525
|
10.5
|
%
|
||||||||||
Total
|
124,347,015
|
39.2
|
%
|
139,633,860
|
44.5
|
%
|
|
Six-Month Period Ended June 30,
|
|||||||||||||||
|
2018
|
2017
|
||||||||||||||
|
US$
|
%
|
US$
|
%
|
||||||||||||
Distributor A, located in PRC
|
92,497,187
|
14.7
|
%
|
84,034,202
|
15.2
|
%
|
||||||||||
Distributor B, located in PRC
|
76,782,431
|
12.2
|
%
|
63,921,050
|
11.6
|
%
|
||||||||||
Distributor C, located in PRC
|
70,719,605
|
11.3
|
%
|
51,681,940
|
9.4
|
%
|
||||||||||
Total
|
239,999,223
|
38.2
|
%
|
199,637,192
|
36.2
|
%
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Renminbi (“RMB”) denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
447,226,300
|
605,125,974
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
6,018
|
8,280
|
||||||
Financial Institutions in Dubai, United Arab Emirates ("UAE")
|
59
|
-
|
||||||
United States (“U.S.”) dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
49,813
|
121,756
|
||||||
Financial Institutions in the PRC
|
19,151
|
17,772
|
||||||
Financial Institution in Hong Kong SAR
|
1,953,736
|
1,895,508
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
31,866
|
55,206
|
||||||
Financial Institution in Dubai, UAE
|
38,466
|
879,012
|
||||||
Hong Kong dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
156
|
131
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
1,515
|
11,043
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
308,662,914
|
298,909,440
|
||||||
Allowance for doubtful accounts
|
(39,952
|
)
|
(40,456
|
)
|
||||
Accounts receivable, net
|
308,622,962
|
298,868,984
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
261,110,522
|
259,870,056
|
||||||
– 1-3 months past due
|
10,519,313
|
8,299,000
|
||||||
– 4-6 months past due
|
32,961,753
|
30,699,928
|
||||||
– 7-12 months past due
|
4,031,374
|
-
|
||||||
– greater than one year past due
|
39,952
|
40,456
|
||||||
Total accounts receivable
|
308,662,914
|
298,909,440
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Raw materials
|
489,942,759
|
405,731,330
|
||||||
Work in progress
|
18,592
|
18,876
|
||||||
Finished goods
|
59,820,744
|
15,986,476
|
||||||
Total inventories
|
549,782,095
|
421,736,682
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Receivables from Hailezi (i)
|
-
|
68,430,244
|
||||||
Value added taxes receivables (ii)
|
13,079,611
|
6,840,774
|
||||||
Advances to suppliers (iii)
|
60,816,730
|
62,376,588
|
||||||
Interest receivable (iv)
|
1,957,610
|
2,235,902
|
||||||
Others (v)
|
9,357,254
|
4,442,643
|
||||||
Total prepaid expenses and other current assets
|
85,211,205
|
144,326,151
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
409,300,995
|
413,551,963
|
||||||
Motor vehicles
|
2,805,892
|
2,838,540
|
||||||
Workshops and buildings
|
145,183,480
|
146,595,501
|
||||||
Construction in progress
|
442,832,174
|
439,116,574
|
||||||
Total property, plant and equipment
|
1,000,122,541
|
1,002,102,578
|
||||||
Less accumulated depreciation
|
(186,347,379
|
)
|
(166,540,839
|
)
|
||||
Property, plant and equipment, net
|
813,775,162
|
835,561,739
|
Three-Month Period Ended June 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
9,310,321
|
8,807,659
|
||||||
General and administrative expenses
|
806,745
|
644,530
|
||||||
Research and development expenses
|
1,064,688
|
998,140
|
||||||
Selling expenses
|
1,400
|
866
|
||||||
Total depreciation expense
|
11,183,154
|
10,451,195
|
Six-Month Period Ended June 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
18,878,939
|
17,634,809
|
||||||
General and administrative expenses
|
1,601,370
|
1,205,848
|
||||||
Research and development expenses
|
1,976,328
|
1,989,856
|
||||||
Selling expenses
|
2,830
|
1,641
|
||||||
Total depreciation expense
|
22,459,467
|
20,832,154
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Hailezi (i)
|
416,846,181
|
157,358,774
|
||||||
Ningbo Junzuo and Ningbo Junhu (ii)
|
60,454,010
|
-
|
||||||
Shanghai Green River (iii)
|
16,366,103
|
16,572,489
|
||||||
Beijin Construction (iv)
|
7,188,955
|
10,001,333
|
||||||
Sichuan Construction (v)
|
5,966,571
|
6,177,647
|
||||||
Others
|
484,928
|
517,271
|
||||||
Total Prepayments to equipment and construction suppliers
|
507,306,748
|
190,627,514
|
June 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
322,144,303
|
363,319,152
|
||||||
Loans secured by accounts receivable
|
68,010,761
|
68,868,415
|
||||||
Loans secured by restricted cash
|
69,500,000
|
41,500,000
|
||||||
Loans secured by land use right
|
-
|
30,608,184
|
||||||
Current portion of long-term bank loans (note b)
|
175,849,800
|
271,101,178
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
635,504,864
|
775,396,929
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
-
|
30,400,000
|
||||||
Unsecured loans
|
218,451,169
|
199,146,032
|
||||||
Syndicate loan facility
|
89,702,836
|
155,763,465
|
||||||
Less: current portion
|
(175,849,800
|
)
|
(271,101,178
|
)
|
||||
Total long-term bank loans, excluding current portion
|
132,304,205
|
114,208,319
|
June 30, 2018
|
||||
US$
|
||||
2018
|
169,804,400
|
|||
2019
|
24,181,604
|
|||
2020
|
24,937,279
|
|||
2021
|
21,158,903
|
|||
After 2021
|
68,071,819
|
|||
Total
|
308,154,005
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
56,662,256
|
98,791,115
|
||||||
Accrued freight expenses
|
13,937,138
|
10,491,635
|
||||||
Accrued interest expenses
|
6,193,430
|
3,997,036
|
||||||
Advance from customers (i)
|
52,038,837
|
8,843,649
|
||||||
Non-income tax payables
|
4,088,550
|
4,002,092
|
||||||
Others (ii)
|
20,435,526
|
12,479,982
|
||||||
Total accrued expenses and other current liabilities
|
153,355,737
|
138,605,509
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Transactions with a related party:
|
||||||||||||||||
Investment received in advance from Changmu
|
75,567,512
|
-
|
75,567,512
|
-
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Amounts due to a related party:
|
||||||||
Investment received in advance from Changmu
|
75,567,512
|
-
|
June 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
98,350,762
|
98,630,817
|
||||||
Deferred income tax liabilities
|
8,089,356
|
9,267,501
|
||||||
Total other non-current liabilities
|
106,440,118
|
107,898,318
|
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
Loss
|
Stockholders'
Equity
|
||||||||||||||||||||||||||||
US$
|
US$
|
|||||||||||||||||||||||||||||||||||
Balance as of January 1, 2018
|
1,000,000
|
100
|
49,727,731
|
4,975
|
(92,694
|
)
|
83,159,893
|
648,790,469
|
(19,084,743
|
)
|
712,778,000
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
46,323,979
|
-
|
46,323,979
|
|||||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,644,600
|
)
|
(9,644,600
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
2,630,065
|
-
|
-
|
2,630,065
|
|||||||||||||||||||||||||||
Vesting of non-vested shares
|
-
|
-
|
560,000
|
56
|
-
|
(56
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of June 30, 2018
|
1,000,000
|
100
|
50,287,731
|
5,031
|
(92,694
|
)
|
85,789,902
|
695,114,448
|
(28,729,343
|
)
|
752,087,444
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2017
|
161,110
|
7.49
|
||||||
Granted
|
560,000
|
4.40
|
||||||
Vested
|
(560,000
|
)
|
4.40
|
|||||
Outstanding as of June 30, 2018
|
161,110
|
7.49
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Net income
|
27,224,078
|
28,063,992
|
46,323,979
|
37,964,981
|
||||||||||||
Less:
|
||||||||||||||||
Earnings allocated to participating Series D convertible preferred stocks
|
(6,555,197
|
)
|
(6,814,870
|
)
|
(11,177,620
|
)
|
(9,219,142
|
)
|
||||||||
Earnings allocated to participating nonvested shares
|
(66,007
|
)
|
(160,703
|
)
|
(112,552
|
)
|
(217,469
|
)
|
||||||||
Net income for basic and diluted earnings per share
|
20,602,874
|
21,088,419
|
35,033,807
|
28,528,370
|
||||||||||||
Denominator
|
||||||||||||||||
Denominator for basic and diluted earnings per share
|
50,287,731
|
49,511,541
|
50,148,504
|
49,511,541
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic and diluted
|
0.41
|
0.43
|
0.70
|
0.58
|
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
|
||||||||||||||||
Shares issuable upon conversion of Series D convertible preferred stocks
|
16,000,000
|
16,000,000
|
16,000,000
|
16,000,000
|
US$
|
||||
Period from July 1, 2018 to December 31, 2018
|
1,396,237
|
|||
Years ending December 31,
|
||||
2019
|
1,650,201
|
|||
2020
|
1,544,785
|
|||
2021
|
1,469,489
|
|||
2022
|
1,430,060
|
|||
2023 and thereafter
|
22,464,854
|
(in millions, except percentage)
|
Three-Month Period Ended
|
Six-Month Period Ended
|
||||||||||||||||||||||
June 30,
|
Change
|
June 30,
|
Change
|
|||||||||||||||||||||
2018
|
2017
|
%
|
2018
|
2017
|
%
|
|||||||||||||||||||
Revenues
|
317.3
|
313.6
|
1.2
|
%
|
627.8
|
551.4
|
13.9
|
%
|
||||||||||||||||
Cost of revenues
|
(261.1
|
)
|
(250.5
|
)
|
4.2
|
%
|
(517.8
|
)
|
(453.5
|
)
|
14.2
|
%
|
||||||||||||
Gross profit
|
56.2
|
63.1
|
(10.9
|
)%
|
110.0
|
97.9
|
12.4
|
%
|
||||||||||||||||
Total operating expenses
|
(20.2
|
)
|
(19.1
|
)
|
5.8
|
%
|
(35.2
|
)
|
(32.5
|
)
|
8.3
|
%
|
||||||||||||
Operating income
|
36.0
|
44.0
|
(18.2
|
)%
|
74.8
|
65.4
|
14.4
|
%
|
||||||||||||||||
Income before income taxes
|
32.7
|
32.2
|
1.6
|
%
|
58.0
|
45.7
|
26.9
|
%
|
||||||||||||||||
Income tax expense
|
(5.5
|
)
|
(4.1
|
)
|
34.1
|
%
|
(11.7
|
)
|
(7.7
|
)
|
51.9
|
%
|
||||||||||||
Net income
|
27.2
|
28.1
|
(3.2
|
)%
|
46.3
|
38.0
|
21.8
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended June 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
88.1
|
27.8
|
%
|
75.4
|
24.0
|
%
|
12.7
|
16.8
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
62.3
|
19.6
|
%
|
59.4
|
18.9
|
%
|
2.9
|
4.9
|
%
|
|||||||||||||||
Plastic Alloy
|
79.4
|
25.0
|
%
|
101.9
|
32.5
|
%
|
(22.5
|
)
|
(22.1
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
47.2
|
14.9
|
%
|
49.8
|
15.9
|
%
|
(2.6
|
)
|
(5.2
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
8.2
|
2.6
|
%
|
8.1
|
2.7
|
%
|
0.1
|
1.2
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
2.8
|
0.9
|
%
|
2.2
|
0.7
|
%
|
0.6
|
27.2
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
6.5
|
2.0
|
%
|
4.8
|
1.5
|
%
|
1.7
|
35.4
|
%
|
|||||||||||||||
Modified Polylactic Acid (PLA)
|
22.8
|
7.2
|
%
|
12.0
|
3.8
|
%
|
10.8
|
90.0
|
%
|
|||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.0
|
0.0
|
%
|
0.0
|
N/A
|
||||||||||||||||
Total Revenues
|
317.3
|
100
|
%
|
313.6
|
100
|
%
|
3.7
|
1.2
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended June 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
21,166
|
20.4
|
%
|
17,982
|
17.3
|
%
|
3,184
|
17.7
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
19,250
|
18.6
|
%
|
18,821
|
18.0
|
%
|
429
|
2.3
|
%
|
|||||||||||||||
Plastic Alloy
|
25,908
|
25.0
|
%
|
30,483
|
29.1
|
%
|
(4,575
|
)
|
(15.0
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
29,447
|
28.4
|
%
|
30,893
|
29.5
|
%
|
(1,446
|
)
|
(4.7
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
3,784
|
3.6
|
%
|
3,738
|
3.6
|
%
|
46
|
1.2
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
755
|
0.7
|
%
|
752
|
0.7
|
%
|
3
|
0.4
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
1,035
|
1.0
|
%
|
765
|
0.7
|
%
|
270
|
35.3
|
%
|
|||||||||||||||
Modified Polylactic Acid (PLA)
|
2,333
|
2.3
|
%
|
1,183
|
1.1
|
%
|
1,150
|
97.2
|
%
|
|||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.0
|
0.0
|
%
|
-
|
N/A
|
||||||||||||||||
Total Sales Volume
|
103,678
|
100
|
%
|
104,617
|
100
|
%
|
(939
|
)
|
(0.9
|
)%
|
Three-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Gross Profit
|
$
|
56.2
|
$
|
63.1
|
$
|
(6.9
|
)
|
|
(10.9
|
)%
|
||||||
Gross Profit Margin
|
17.7
|
%
|
20.1
|
%
|
(2.4
|
)%
|
Three-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$
|
11.3
|
$
|
8.8
|
$
|
2.5
|
28.4
|
%
|
||||||||
as a percentage of revenues
|
3.6
|
%
|
2.8
|
%
|
0.8
|
%
|
Three–Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$
|
5.3
|
$
|
9.5
|
$
|
(4.2
|
)
|
(44.2
|
)%
|
|||||||
as a percentage of revenues
|
1.7
|
%
|
3.0
|
%
|
(1.3
|
)%
|
|
Three-Month Period Ended June 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
1.0
|
$
|
1.0
|
$
|
-
|
-
|
%
|
||||||||
Interest Expenses
|
(11.3
|
)
|
(12.0
|
)
|
0.7
|
(5.8
|
)%
|
|||||||||
Net Interest Expenses
|
$
|
(10.3
|
)
|
$
|
(11.0
|
)
|
$
|
0.7
|
(6.4
|
)%
|
||||||
as a percentage of revenues
|
(3.3
|
)%
|
(3.5
|
)%
|
0.2
|
%
|
Three-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
32.7
|
$
|
32.2
|
$
|
0.5
|
1.6
|
%
|
||||||||
Income Tax Expense
|
(5.5
|
)
|
(4.1
|
)
|
(1.4
|
)
|
34.1
|
%
|
||||||||
Effective income tax rate
|
16.8
|
%
|
12.8
|
%
|
4.0
|
%
|
(in millions, except percentage)
|
Revenues
For the Six-Month Period Ended June 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
169.9
|
27.1
|
%
|
140.1
|
25.4
|
%
|
29.8
|
21.3
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
126.3
|
20.1
|
%
|
117.0
|
21.2
|
%
|
9.3
|
7.9
|
%
|
|||||||||||||||
Plastic Alloy
|
158.0
|
25.1
|
%
|
164.6
|
29.9
|
%
|
(6.6
|
)
|
(4.0
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
97.4
|
15.5
|
%
|
87.8
|
15.9
|
%
|
9.6
|
10.9
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
16.8
|
2.7
|
%
|
14.5
|
2.6
|
%
|
2.3
|
15.9
|
%
|
|||||||||||||||
Modified Polylactic Acid (PLA)
|
43.7
|
7.0
|
%
|
12.1
|
2.2
|
%
|
31.6
|
261.2
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
10.8
|
1.7
|
%
|
10.6
|
1.9
|
%
|
0.2
|
1.9
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
4.9
|
0.8
|
%
|
4.7
|
0.9
|
%
|
0.2
|
4.3
|
%
|
|||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.0
|
0.0
|
%
|
0.0
|
N/A
|
||||||||||||||||
Total Revenues
|
627.8
|
100
|
%
|
551.4
|
100
|
%
|
76.4
|
13.9
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Six-Month Period Ended June 30,
|
|||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
MT
|
%
|
MT
|
%
|
Change in
MT
|
Change in
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
40,757
|
19.4
|
%
|
32,590
|
17.2
|
%
|
8,167
|
25.1
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
40,146
|
19.1
|
%
|
36,825
|
19.4
|
%
|
3,321
|
9.0
|
%
|
|||||||||||||||
Plastic Alloy
|
52,695
|
25.1
|
%
|
55,003
|
28.9
|
%
|
(2,308
|
)
|
(4.2
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
61,060
|
29.1
|
%
|
54,321
|
28.6
|
%
|
6,739
|
12.4
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
7,707
|
3.7
|
%
|
6,600
|
3.5
|
%
|
1,107
|
16.8
|
%
|
|||||||||||||||
Modified Polylactic Acid (PLA)
|
4,459
|
2.1
|
%
|
1,194
|
0.6
|
%
|
3,265
|
273.5
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
1,725
|
0.8
|
%
|
1,670
|
0.9
|
%
|
55
|
3.3
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
1,365
|
0.7
|
%
|
1,614
|
0.8
|
%
|
(249
|
)
|
(15.4
|
)%
|
||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
216
|
0.1
|
%
|
(216
|
)
|
(100.0
|
)%
|
||||||||||||||
Total Sales Volume
|
209,914
|
100
|
%
|
190,033
|
100
|
%
|
19,881
|
10.5
|
%
|
Six-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Gross Profit
|
$
|
110.0
|
$
|
97.9
|
$
|
12.1
|
12.4
|
%
|
||||||||
Gross Profit Margin
|
17.5
|
%
|
17.8
|
%
|
(0.3
|
)%
|
Six-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$
|
20.2
|
$
|
15.9
|
$
|
4.3
|
27.0
|
%
|
||||||||
as a percentage of revenues
|
3.2
|
%
|
2.9
|
%
|
0.3
|
%
|
Six-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$
|
10.3
|
$
|
15.4
|
$
|
(5.1
|
)
|
(33.1
|
)%
|
|||||||
as a percentage of revenues
|
1.6
|
%
|
2.8
|
%
|
(1.2
|
)%
|
Six-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
3.3
|
$
|
2.1
|
$
|
1.2
|
57.1
|
%
|
||||||||
Interest Expenses
|
(24.2
|
)
|
(22.0
|
)
|
(2.2
|
)
|
10.0
|
%
|
||||||||
Net Interest Expenses
|
$
|
(20.9
|
)
|
$
|
(19.9
|
)
|
$
|
(1.0
|
)
|
5.0
|
%
|
|||||
as a percentage of revenues
|
(3.3
|
)%
|
(3.6
|
)%
|
0.3
|
%
|
Six-Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
58.0
|
$
|
45.7
|
$
|
12.3
|
26.9
|
%
|
||||||||
Income Tax Expense
|
(11.7
|
)
|
(7.7
|
)
|
(4.0
|
)
|
51.9
|
%
|
||||||||
Effective income tax rate
|
20.2
|
%
|
16.8
|
%
|
3.4
|
%
|
June 30,
2018
|
December 31,
2017
|
Change
|
||||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
72.7
|
190.4
|
(117.7
|
)
|
(61.8
|
)%
|
||||||||||
Restricted cash
|
263.3
|
129.7
|
133.6
|
103.0
|
%
|
|||||||||||
Time deposits
|
113.4
|
288.0
|
(174.6
|
)
|
(60.6
|
)%
|
||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
308.6
|
298.9
|
9.7
|
3.2
|
%
|
|||||||||||
Inventories
|
549.8
|
421.7
|
128.1
|
30.4
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
85.2
|
144.3
|
(59.1
|
)
|
(41.0
|
)%
|
||||||||||
Property, plant and equipment, net
|
813.8
|
835.6
|
(21.8
|
)
|
(2.6
|
)%
|
||||||||||
Land use rights, net
|
31.2
|
31.9
|
(0.7
|
)
|
(2.2
|
)%
|
||||||||||
Prepayments to equipment and construction suppliers
|
507.3
|
190.6
|
316.7
|
166.2
|
%
|
|||||||||||
Other non-current assets
|
16.1
|
12.9
|
3.2
|
24.8
|
%
|
|||||||||||
Total assets
|
2,761.4
|
2,544.1
|
217.3
|
8.5
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
635.5
|
775.4
|
(139.9
|
)
|
(18.0
|
)%
|
||||||||||
Bills payable
|
519.5
|
252.8
|
266.7
|
105.5
|
%
|
|||||||||||
Accounts payable
|
166.7
|
228.0
|
(61.3
|
)
|
(26.9
|
)%
|
||||||||||
Amounts due to a related party
|
75.6
|
-
|
75.6
|
N/A
|
|
|||||||||||
Income taxes payable, including noncurrent portion
|
107.7
|
108.4
|
(0.7
|
)
|
(0.6
|
)%
|
||||||||||
Accrued expenses and other current liabilities
|
153.4
|
138.6
|
14.8
|
10.7
|
%
|
|||||||||||
Long-term bank loans, excluding current portion
|
132.3
|
114.2
|
18.1
|
15.8
|
%
|
|||||||||||
Deferred income
|
105.7
|
99.2
|
6.5
|
6.6
|
%
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
%
|
|||||||||||
Stockholders' equity
|
752.1
|
712.8
|
39.3
|
5.5
|
%
|
(in millions)
|
June 30, 2018
|
|||||||||||||
Lines of Credit, Obtained
|
Remaining
Available
|
|||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
||||||||||
Bank of Communication
|
August 13, 2017
|
300.0
|
45.3
|
45.3
|
||||||||||
China Everbright Bank
|
July 19, 2017
|
100.0
|
15.1
|
15.1
|
||||||||||
China CITIC Bank
|
February 26 , 2017
|
100.0
|
15.1
|
15.1
|
||||||||||
Bank of China
|
July 28, 2017
|
1,397.1
|
211.2
|
136.1
|
||||||||||
China Construction Bank
|
December 27, 2017
|
150.0
|
22.7
|
-
|
||||||||||
Bank of Longjiang, Heilongjiang
|
September 12, 2017
|
515.0
|
77.8
|
-
|
||||||||||
Industrial & Commercial Bank of China (ICBC)
|
September 18, 2017
|
1,300.0
|
196.5
|
91.6
|
||||||||||
Agriculture Bank of China
|
March 15, 2018
|
200.0
|
30.2
|
-
|
||||||||||
Export-Import Bank of China
|
September 2, 2017
|
200.0
|
30.2
|
30.2
|
||||||||||
Postal Savings Bank of China
|
April 19, 2018
|
400.0
|
60.5
|
30.2
|
||||||||||
Kunlun Bank
|
August 23, 2017
|
20.0
|
3.0
|
-
|
||||||||||
Sichuan Tianfu Bank
|
February 12, 2018
|
50.0
|
7.6
|
-
|
||||||||||
Nanchong Shuntou Development Group Ltc.
|
January 30,2018
|
530.0
|
80.1
|
-
|
||||||||||
Standard Chartered Bank
|
August 22, 2016
|
895.3
|
135.3
|
0.6
|
||||||||||
Daqing State owned assets management company
|
December 1, 2017
|
200.0
|
30.2
|
14.0
|
||||||||||
Nanchong Rural Commercial Bank
|
January 30, 2018
|
250.0
|
37.8
|
-
|
||||||||||
Harbin Aviation Automobile Industry Development Co., Ltd.
|
June 8, 2018
|
100.0
|
15.1
|
-
|
||||||||||
Subtotal (credit term<=1 year)
|
6,707.4
|
1013.7
|
378.2
|
|||||||||||
Bank of China
|
July 28, 2016
|
275.0
|
41.6
|
12.1
|
||||||||||
Bank of Longjiang, Heilongjiang
|
November 28, 2017
|
685.0
|
103.5
|
0.7
|
||||||||||
Subtotal (credit term>1 year)
|
960.0
|
145.1
|
12.8
|
|||||||||||
Total
|
7,667.4
|
1,158.8
|
391.0
|
Six-Month Period Ended June 30,
|
||||||||
(in millions US$)
|
2018
|
2017
|
||||||
Net cash provided by operating activities
|
152.6
|
166.6
|
||||||
Net cash used in investing activities
|
(90.0
|
)
|
(176.3
|
)
|
||||
Net cash (used in) provided by financing activities
|
(41.2
|
)
|
130.1
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
(5.5
|
)
|
8.0
|
|||||
Net increase in cash, cash equivalents, and restricted cash
|
15.9
|
128.4
|
||||||
Cash, cash equivalents, and restricted cash at the beginning of period
|
320.1
|
271.6
|
||||||
Cash, cash equivalents, and restricted cash at the end of period
|
336.0
|
400.0
|
Six-month period ended June 30, 2018
|
Year ended December 31, 2017
|
|
Customer Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
Supplier Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
29,955,626
|
1,615,671
|
3,149,807
|
2,869,977
|
22,320,171
|
|||||||||||||||
Purchase of plant, equipment and construction in progress (2)
|
344,628,236
|
344,269,145
|
359,091
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
335,899,862
|
179,089,554
|
59,832,877
|
54,293,684
|
42,683,747
|
|||||||||||||||
Total
|
710,483,724
|
524,974,370
|
63,341,775
|
57,163,661
|
65,003,918
|
Exhibit
No.
|
|
Document Description
|
|
|
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
|
China XD Plastics Company Limited
|
|
|
|
|
Date: August 9, 2018
|
By:
|
/s/ Jie Han
|
|
Name: Jie Han
|
|
|
Title: Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: August 9, 2018
|
By:
|
/s/ Taylor Zhang
|
|
Name: Taylor Zhang
|
|
|
Title: Chief Financial Officer
|
Exhibit
No.
|
|
Document Description
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
1 Year China XD Plastics Chart |
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