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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
|
22
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
35
|
|
Item 4. Controls and Procedures
|
36
|
|
PART II. OTHER INFORMATION
|
37
|
|
Item 1. Legal Proceedings
|
37
|
|
Item 1A. Risk Factors
|
37
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
37
|
|
Item 3. Defaults Upon Senior Securities
|
37
|
|
Item 4. Mine Safety Disclosures
|
37
|
|
Item 5. Other Information
|
37
|
|
Item 6. Exhibits
|
37
|
|
Signatures
|
38
|
Three-Month Period Ended September 30,
|
Nine-Month Period Ended September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Revenues
|
297,224,740
|
311,418,943
|
925,007,293
|
862,814,803
|
||||||||||||
Cost of revenues
|
(249,997,804
|
)
|
(264,099,790
|
)
|
(767,759,035
|
)
|
(717,614,278
|
)
|
||||||||
Gross profit
|
47,226,936
|
47,319,153
|
157,248,258
|
145,200,525
|
||||||||||||
Selling expenses
|
(2,741,156
|
)
|
(858,739
|
)
|
(7,354,876
|
)
|
(2,082,889
|
)
|
||||||||
General and administrative expenses
|
(8,117,769
|
)
|
(10,403,187
|
)
|
(28,341,545
|
)
|
(26,301,440
|
)
|
||||||||
Research and development expenses
|
(23,342,321
|
)
|
(9,857,475
|
)
|
(33,680,855
|
)
|
(25,255,497
|
)
|
||||||||
Total operating expenses
|
(34,201,246
|
)
|
(21,119,401
|
)
|
(69,377,276
|
)
|
(53,639,826
|
)
|
||||||||
Operating income
|
13,025,690
|
26,199,752
|
87,870,982
|
91,560,699
|
||||||||||||
Interest income
|
264,838
|
1,894,747
|
3,607,136
|
4,028,299
|
||||||||||||
Interest expense
|
(13,393,886
|
)
|
(10,892,112
|
)
|
(37,562,666
|
)
|
(32,865,939
|
)
|
||||||||
Foreign currency exchange gains (losses)
|
4,387,166
|
(2,372,361
|
)
|
6,064,328
|
(4,719,423
|
)
|
||||||||||
Losses on foreign currency option contracts
|
-
|
(584,724
|
)
|
(520,981
|
)
|
(584,724
|
)
|
|||||||||
Government grant
|
1,145,703
|
2,955,045
|
4,001,746
|
5,418,498
|
||||||||||||
Total non-operating expense, net
|
(7,596,179
|
)
|
(8,999,405
|
)
|
(24,410,437
|
)
|
(28,723,289
|
)
|
||||||||
Income before income taxes
|
5,429,511
|
17,200,347
|
63,460,545
|
62,837,410
|
||||||||||||
Income tax benefit (expense)
|
3,535,430
|
(3,063,889
|
)
|
(8,171,625
|
)
|
(10,735,971
|
)
|
|||||||||
Net income
|
8,964,941
|
14,136,458
|
55,288,920
|
52,101,439
|
||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic and diluted
|
0.13
|
0.21
|
0.83
|
0.79
|
||||||||||||
Net Income
|
8,964,941
|
14,136,458
|
55,288,920
|
52,101,439
|
||||||||||||
Other comprehensive income (losses)
|
||||||||||||||||
Foreign currency translation adjustment, net of nil income taxes
|
(28,497,101
|
)
|
15,887,423
|
(38,141,701
|
)
|
33,557,087
|
||||||||||
Total Comprehensive income (losses)
|
(19,532,160
|
)
|
30,023,881
|
17,147,219
|
85,658,526
|
Nine-Month Period Ended
September 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by operating activities
|
115,513,922
|
144,871,143
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of time deposits
|
517,686,072
|
249,029,754
|
||||||
Purchase of time deposits
|
(236,428,396
|
)
|
(396,036,693
|
)
|
||||
Purchase of land use rights
|
-
|
(3,203,611
|
)
|
|||||
Purchase of and deposits for property, plant and equipment
|
(430,839,423
|
)
|
(338,711,968
|
)
|
||||
Refund of deposit from equipment suppliers
|
121,464,390
|
122,322,463
|
||||||
Deposits for acquisition of equity
|
(3,640,688
|
)
|
-
|
|||||
Refund of deposits for acquisition of equity
|
15,577,880
|
-
|
||||||
Government grant related to the construction of Sichuan plant
|
10,324,859
|
7,207,612
|
||||||
Net cash used in investing activities
|
(5,855,306
|
)
|
(359,392,443
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
719,994,473
|
571,141,361
|
||||||
Repayments of bank borrowings
|
(757,018,030
|
)
|
(450,252,497
|
)
|
||||
Investment received in advance from a related party
|
75,567,512
|
-
|
||||||
Refund of investment received in advance from a related party
|
(75,567,512
|
)
|
-
|
|||||
Proceeds from interest-free advances from related parties
|
14,256,429
|
-
|
||||||
Net cash (used in) provided by financing activities
|
(22,767,128
|
)
|
120,888,864
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
(19,528,082
|
)
|
9,377,096
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
67,363,406
|
(84,255,340
|
)
|
|||||
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
|
387,455,071
|
187,320,507
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
35,067,228
|
28,035,022
|
||||||
Income taxes paid
|
16,866,842
|
9,098,388
|
||||||
Non-cash investing activities:
|
||||||||
Accrual for purchase of equipment and construction included in accrued expenses and other current liabilities
|
5,825,800
|
6,851,777
|
September 30, | ||||||||
2018 |
2017
|
|||||||
US$
|
US$
|
|||||||
Cash and cash equivalents
|
51,539,593
|
46,767,025
|
||||||
Restricted cash
|
335,915,478
|
140,553,482
|
||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
387,455,071
|
187,320,507
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Distributor
|
292,924,634
|
275,846,988
|
911,068,381
|
792,309,954
|
||||||||||||
Direct customers
|
4,239,812
|
35,226,898
|
13,388,514
|
70,189,136
|
||||||||||||
Others
|
60,294
|
345,057
|
550,398
|
315,713
|
||||||||||||
Total
|
297,224,740
|
311,418,943
|
925,007,293
|
862,814,803
|
Three-Month Period Ended
September 30,
|
||||||||||||||||
2018
|
2017
|
|||||||||||||||
US$
|
%
|
US$
|
%
|
|||||||||||||
Distributor A, located in PRC
|
43,675,493
|
14.8
|
%
|
45,073,914
|
14.5
|
%
|
||||||||||
Distributor B, located in PRC
|
38,087,744
|
12.8
|
%
|
34,507,661
|
11.1
|
%
|
||||||||||
Distributor C, located in PRC
|
34,620,819
|
11.6
|
%
|
23,839,509
|
7.7
|
%
|
||||||||||
Total
|
116,384,056
|
39.2
|
%
|
103,421,084
|
33.3
|
%
|
Nine-Month Period Ended
September 30,
|
||||||||||||||||
2018
|
2017
|
|||||||||||||||
US$
|
%
|
US$
|
%
|
|||||||||||||
Distributor A, located in PRC
|
136,172,680
|
14.7
|
%
|
127,833,985
|
14.8
|
%
|
||||||||||
Distributor B, located in PRC
|
114,870,175
|
12.4
|
%
|
97,457,347
|
11.3
|
%
|
||||||||||
Distributor C, located in PRC
|
105,340,424
|
11.4
|
%
|
74,776,149
|
8.7
|
%
|
||||||||||
Total
|
356,383,279
|
38.5
|
%
|
300,067,481
|
34.8
|
%
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Renminbi (“RMB”) denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
393,629,636
|
605,125,974
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
8,134
|
8,280
|
||||||
Financial Institutions in Dubai, United Arab Emirates ("UAE")
|
57
|
-
|
||||||
United States (“U.S.”) dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
18,715
|
121,756
|
||||||
Financial Institutions in the PRC
|
18,813
|
17,772
|
||||||
Financial Institution in Hong Kong SAR
|
1,043,591
|
1,895,508
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
1,807
|
55,206
|
||||||
Financial Institution in Dubai, UAE
|
1,156
|
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
|
1,293
|
11,043
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
173,317,034
|
298,909,440
|
||||||
Allowance for doubtful accounts
|
(38,427
|
)
|
(40,456
|
)
|
||||
Accounts receivable, net
|
173,278,607
|
298,868,984
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
127,596,535
|
259,870,056
|
||||||
– 1-3 months past due
|
464,315
|
8,299,000
|
||||||
– 4-6 months past due
|
10,130,789
|
30,699,928
|
||||||
– 7-12 months past due
|
35,086,344
|
-
|
||||||
– greater than one year past due
|
39,051
|
40,456
|
||||||
Total accounts receivable
|
173,317,034
|
298,909,440
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Raw materials
|
528,624,723
|
405,731,330
|
||||||
Work in progress
|
17,708
|
18,876
|
||||||
Finished goods
|
38,167,735
|
15,986,476
|
||||||
Total inventories
|
566,810,166
|
421,736,682
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Receivables from Hailezi (i)
|
-
|
68,430,244
|
||||||
Value added taxes receivables (ii)
|
11,698,589
|
6,840,774
|
||||||
Advances to suppliers (iii)
|
145,355,728
|
62,376,588
|
||||||
Interest receivable (iv)
|
1,091,738
|
2,235,902
|
||||||
Others (v)
|
8,963,590
|
4,442,643
|
||||||
Total prepaid expenses and other current assets
|
167,109,645
|
144,326,151
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
423,210,198
|
413,551,963
|
||||||
Motor vehicles
|
2,707,063
|
2,838,540
|
||||||
Workshops and buildings
|
146,421,226
|
146,595,501
|
||||||
Construction in progress
|
405,365,036
|
439,116,574
|
||||||
Total property, plant and equipment
|
977,703,523
|
1,002,102,578
|
||||||
Less accumulated depreciation
|
(190,373,319
|
)
|
(166,540,839
|
)
|
||||
Property, plant and equipment, net
|
787,330,204
|
835,561,739
|
Three-Month Period Ended
September 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
9,219,288
|
9,022,402
|
||||||
General and administrative expenses
|
804,011
|
733,090
|
||||||
Research and development expenses
|
978,117
|
1,031,697
|
||||||
Selling expense
|
1,332
|
958
|
||||||
Total depreciation expense
|
11,002,748
|
10,788,147
|
Nine-Month Period Ended
September 30,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
28,098,227
|
26,657,211
|
||||||
General and administrative expenses
|
2,405,381
|
1,938,938
|
||||||
Research and development expenses
|
2,954,445
|
3,021,553
|
||||||
Selling expense
|
4,162
|
2,599
|
||||||
Total depreciation expense
|
33,462,215
|
31,620,301
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Hailezi (i)
|
501,361,843
|
157,358,774
|
||||||
Shanghai Green River (iii)
|
15,741,359
|
16,572,489
|
||||||
Beijin Construction (iv)
|
6,689,964
|
10,001,333
|
||||||
Sichuan Construction (v)
|
5,755,955
|
6,177,647
|
||||||
Others
|
423,926
|
517,271
|
||||||
Total Prepayments to equipment and construction suppliers
|
529,973,047
|
190,627,514
|
September 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
384,347,017
|
363,319,152
|
||||||
Loans secured by accounts receivable
|
65,414,583
|
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)
|
172,858,472
|
271,101,178
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
692,120,072
|
775,396,929
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
-
|
30,400,000
|
||||||
Unsecured loans
|
210,112,222
|
199,146,032
|
||||||
Syndicate loan facility
|
90,000,000
|
155,763,465
|
||||||
Less: current portion
|
(172,858,472
|
)
|
(271,101,178
|
)
|
||||
Total long-term bank loans, excluding current portion
|
127,253,750
|
114,208,319
|
September 30,
2018
|
||||
US$
|
||||
2018
|
167,043,842
|
|||
2019
|
23,258,518
|
|||
2020
|
23,985,347
|
|||
2021
|
20,351,204
|
|||
After 2021
|
65,473,311
|
|||
Total
|
300,112,222
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
54,687,191
|
98,791,115
|
||||||
Accrued freight expenses
|
18,651,011
|
10,491,635
|
||||||
Accrued interest expenses
|
7,093,713
|
3,997,036
|
||||||
Contract liabilities (i)
|
14,027,020
|
8,843,649
|
||||||
Non-income tax payables
|
3,906,806
|
4,002,092
|
||||||
Others (ii)
|
18,560,840
|
12,479,982
|
||||||
Total accrued expenses and other current liabilities
|
116,926,581
|
138,605,509
|
Three-Month Period Ended
September 30,
|
Nine-Month Period Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Transactions with related parties:
|
||||||||||||||||
Investment received in advance from Changmu
|
-
|
-
|
75,567,512
|
-
|
||||||||||||
Refund of investment received in advance to Changmu
|
(75,567,512
|
)
|
-
|
(75,567,512
|
)
|
-
|
||||||||||
Proceeds of interest-free advances from Changmu
|
3,779,509
|
-
|
3,779,509
|
-
|
||||||||||||
Proceeds of interest-free advances from Mr. Jie Han
|
1,162,926
|
-
|
1,162,926
|
-
|
||||||||||||
Proceeds of interest-free advances from Mr. Tiexin Han
|
726,830
|
-
|
726,830
|
-
|
||||||||||||
Proceeds of interest-free advances from a senior management ( Mr. Rujun Dai) of HLJ Xinda Group
|
4,226,193
|
-
|
4,226,193
|
-
|
||||||||||||
Proceeds of interest-free advances from 3 senior managements ( Messers Junjie Ma, Yuchong Jia, Guangjun Jiao) of Sichuan Xinda
|
4,360,971
|
-
|
4,360,971
|
-
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Amounts due to related parties:
|
||||||||
Changmu
|
3,779,509
|
-
|
||||||
Mr. Jie Han
|
1,162,926
|
-
|
||||||
Mr. Tiexin Han
|
726,830
|
-
|
||||||
Senior managements (Messers Rujun Dai, Junjie Ma, Yuchong Jia, Guangjun Jiao)
|
8,587,164
|
September 30,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
96,374,128
|
98,630,817
|
||||||
Deferred income tax liabilities
|
7,255,549
|
9,267,501
|
||||||
Total other non-current liabilities
|
103,629,677
|
107,898,318
|
Series B
Preferred Stock
|
Common Stock
|
Additional
|
Accumulated
Other
|
|||||||||||||||||||||||||||||||||
Number
of Shares
|
Amount
|
Number
of Shares
|
Amount
|
Treasury Stock
|
Paid-in
Capital
|
Retained
Earnings
|
Comprehensive
Loss
|
Total
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
|
-
|
-
|
-
|
-
|
-
|
-
|
55,288,920
|
-
|
55,288,920
|
|||||||||||||||||||||||||||
Other comprehensive losses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(38,141,701
|
)
|
(38,141,701
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
3,270,159
|
-
|
-
|
3,270,159
|
|||||||||||||||||||||||||||
Vesting of non-vested shares
|
-
|
-
|
721,110
|
72
|
-
|
(72
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of September 30, 2018
|
1,000,000
|
100
|
50,448,841
|
5,047
|
(92,694
|
)
|
86,429,980
|
704,079,389
|
(57,226,444
|
)
|
733,195,378
|
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
|
(721,110
|
)
|
4.76
|
|||||
Outstanding as of September 30, 2018
|
-
|
-
|
Number of Options
Outstanding
|
Weighted Average
Exercise Price
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2017
|
-
|
-
|
||||||
Granted
|
500,000
|
0.24
|
||||||
Exercised
|
(500,000
|
)
|
0.24
|
|||||
Outstanding as of September 30, 2018
|
-
|
-
|
Three-Month Period Ended
September 30,
|
Nine-Month Period Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
US$
|
US$
|
US$
|
US$
|
|||||||||||||
Net income
|
8,964,941
|
14,136,458
|
55,288,920
|
52,101,439
|
||||||||||||
Less:
|
||||||||||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(2,140,971
|
)
|
(3,432,680
|
)
|
(13,257,752
|
)
|
(12,651,945
|
)
|
||||||||
Earnings allocated to participating nonvested shares
|
(8,904
|
)
|
(53,723
|
)
|
(106,113
|
)
|
(263,972
|
)
|
||||||||
Net income for basic and diluted earnings per share
|
6,815,066
|
10,650,055
|
41,925,055
|
39,185,522
|
||||||||||||
Denominator
|
||||||||||||||||
Denominator for basic earnings per share
|
50,930,653
|
49,640,785
|
50,596,880
|
49,555,096
|
||||||||||||
Dilutive effect of outstanding share options
|
32,944
|
-
|
32,944
|
-
|
||||||||||||
Denominator for diluted earnings per share
|
50,963,597
|
49,640,785
|
50,629,824
|
49,555,096
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic and diluted
|
0.13
|
0.21
|
0.83
|
0.79
|
Three-Month Period Ended
September 30,
|
Nine-Month Period Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
16,000,000
|
16,000,000
|
US$
|
||||
Period from October 1, 2018 to December 31, 2018
|
783,605
|
|||
Years ending December 31,
|
||||
2019
|
1,652,987
|
|||
2020
|
1,549,612
|
|||
2021
|
1,475,774
|
|||
2022
|
1,436,262
|
|||
2023 and thereafter
|
22,545,956
|
Three-Month Period Ended
|
Nine-Month Period Ended
|
|||||||||||||||||||||||
September 30,
|
Change
|
September 30,
|
Change
|
|||||||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
%
|
2018
|
2017
|
%
|
||||||||||||||||||
Revenues
|
297.2
|
311.4
|
(4.6
|
)%
|
925.0
|
862.8
|
7.2
|
%
|
||||||||||||||||
Cost of revenues
|
(250.0
|
)
|
(264.1
|
)
|
(5.3
|
)%
|
(767.8
|
)
|
(717.6
|
)
|
7.0
|
%
|
||||||||||||
Gross profit
|
47.2
|
47.3
|
(0.2
|
)%
|
157.2
|
145.2
|
8.3
|
%
|
||||||||||||||||
Total operating expenses
|
(34.2
|
)
|
(21.1
|
)
|
62.1
|
%
|
(69.3
|
)
|
(53.6
|
)
|
29.3
|
%
|
||||||||||||
Operating income
|
13.0
|
26.2
|
(50.4
|
)%
|
87.9
|
91.6
|
(4.0
|
)%
|
||||||||||||||||
Income before income taxes
|
5.5
|
17.2
|
(68.0
|
)%
|
63.5
|
62.8
|
1.1
|
%
|
||||||||||||||||
Income tax benefit (expense)
|
3.5
|
(3.1
|
)
|
(212.9
|
)%
|
(8.2
|
)
|
(10.7
|
)
|
(23.4
|
)%
|
|||||||||||||
Net income
|
9.0
|
14.1
|
(36.2
|
)%
|
55.3
|
52.1
|
6.1
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended September 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Plastic Alloy
|
77.0
|
25.8
|
%
|
83.3
|
26.7
|
%
|
(6.3
|
)
|
(7.7
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
60.9
|
20.6
|
%
|
65.6
|
21.1
|
%
|
(4.7
|
)
|
(7.2
|
)%
|
||||||||||||||
Modified Polyamide 66 (PA66)
|
72.8
|
24.5
|
%
|
60.0
|
19.3
|
%
|
12.8
|
21.3
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
54.0
|
18.2
|
%
|
47.1
|
15.1
|
%
|
6.9
|
14.6
|
%
|
|||||||||||||||
Modified Polylactic acid (PLA)
|
20.9
|
7.0
|
%
|
35.0
|
11.2
|
%
|
(14.1
|
)
|
(40.6
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
6.3
|
2.1
|
%
|
12.4
|
4.0
|
%
|
(6.1
|
)
|
(49.2
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
2.4
|
0.8
|
%
|
4.0
|
1.3
|
%
|
(1.6
|
)
|
(40.0
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
2.9
|
1.0
|
%
|
3.7
|
1.2
|
%
|
(0.8
|
)
|
(24.3
|
)%
|
||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.3
|
0.1
|
%
|
(0.3
|
)
|
(100.0
|
)%
|
||||||||||||||
Total Revenues
|
297.2
|
100
|
%
|
311.4
|
100
|
%
|
(14.2
|
)
|
(4.6
|
)%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended September 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polypropylene (PP)
|
38,316
|
35.3
|
%
|
43,530
|
24.2
|
%
|
(5,215
|
)
|
(12.0
|
)%
|
||||||||||||||
Plastic Alloy
|
27,529
|
25.3
|
%
|
25,968
|
30.8
|
%
|
1,560
|
6.0
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
17,677
|
16.2
|
%
|
16,680
|
21.7
|
%
|
997
|
6.0
|
%
|
|||||||||||||||
Modified Polyamide 66 (PA66)
|
18,624
|
17.1
|
%
|
14,128
|
16.1
|
%
|
4,496
|
31.8
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
3,093
|
2.8
|
%
|
6,051
|
4.0
|
%
|
(2,958
|
)
|
(48.9
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
2,284
|
2.1
|
%
|
3,750
|
0.2
|
%
|
(1,466
|
)
|
(39.1
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
440
|
0.4
|
%
|
690
|
0.7
|
%
|
(250
|
)
|
(36.2
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
869
|
0.8
|
%
|
1,055
|
1.6
|
%
|
(186
|
)
|
(17.6
|
)%
|
||||||||||||||
Total Sales Volume
|
108,832
|
100
|
%
|
111,852
|
100
|
%
|
(3,022
|
)
|
(2.7
|
)%
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
Gross Profit
|
$
|
47.2
|
$
|
47.3
|
$
|
(0.1
|
)
|
(0.2
|
)%
|
||||
Gross Profit Margin
|
15.9
|
%
|
15.2
|
%
|
0.7
|
%
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
General and Administrative Expenses
|
$
|
8.1
|
$
|
10.4
|
$
|
(2.3
|
)
|
(22.1
|
)%
|
||||
as a percentage of revenues
|
2.7
|
%
|
3.3
|
%
|
(0.6
|
)%
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
Research and Development Expenses
|
$
|
23.3
|
$
|
9.8
|
$
|
13.5
|
137.8
|
%
|
|||||
as a percentage of revenues
|
7.8
|
%
|
3.2
|
%
|
4.6
|
%
|
Three-Month Period Ended September 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
0.3
|
$
|
1.9
|
$
|
(1.6
|
)
|
(84.2
|
)%
|
|||||||
Interest Expenses
|
(13.4
|
)
|
(10.9
|
)
|
(2.5
|
)
|
22.9
|
%
|
||||||||
Net Interest Expenses
|
$
|
(13.1
|
)
|
$
|
(9.0
|
)
|
$
|
(4.1
|
)
|
45.6
|
%
|
|||||
as a percentage of revenues
|
4.4
|
%
|
2.9
|
%
|
1.5
|
%
|
Three-Month Period Ended September 30,
|
Change
|
|||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||
Income before Income Taxes
|
$
|
5.4
|
$
|
17.2
|
$
|
(11.8
|
)
|
(68.6
|
)%
|
|||||
Income tax benefit (expense)
|
3.5
|
(3.1
|
)
|
6.6
|
(212.9
|
)%
|
||||||||
Effective income tax rate
|
(65.1
|
)%
|
17.8
|
%
|
(82.9
|
)%
|
(in millions, except percentage)
|
Revenues
For the Nine-month Period Ended September 30,
|
|||||||||||||||||||||||
2018
|
2017
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Plastic Alloy
|
235.0
|
25.5
|
%
|
247.8
|
28.8
|
%
|
(12.8
|
)
|
(5.2
|
)%
|
||||||||||||||
Modified Polyamide 66 (PA66)
|
242.7
|
26.2
|
%
|
200.2
|
23.2
|
%
|
42.5
|
21.2
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
180.3
|
19.5
|
%
|
164.1
|
19.0
|
%
|
16.2
|
9.9
|
%
|
|||||||||||||||
Modified Polypropylene (PP)
|
158.3
|
17.1
|
%
|
153.4
|
17.8
|
%
|
4.9
|
3.2
|
%
|
|||||||||||||||
Modified Polylactic acid (PLA)
|
64.6
|
7.0
|
%
|
47.0
|
5.4
|
%
|
17.6
|
37.4
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
23.1
|
2.5
|
%
|
26.9
|
3.1
|
%
|
(3.8
|
)
|
(14.1
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
13.2
|
1.4
|
%
|
14.7
|
1.7
|
%
|
(1.5
|
)
|
(10.2
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
7.8
|
0.8
|
%
|
8.4
|
1.0
|
%
|
(0.6
|
)
|
(7.1
|
)%
|
||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.3
|
0.0
|
%
|
(0.3
|
)
|
(100.0
|
)%
|
||||||||||||||
Total Revenues
|
925.0
|
100
|
%
|
862.8
|
100
|
%
|
62.2
|
7.2
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Nine-month Period Ended September 30,
|
|||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
MT
|
%
|
MT
|
%
|
Change in
MT
|
Change in
%
|
|||||||||||||||||||
Modified Polypropylene (PP)
|
99,376
|
31.2
|
%
|
97,850
|
32.4
|
%
|
1,526
|
1.6
|
%
|
|||||||||||||||
Plastic Alloy
|
80,224
|
25.2
|
%
|
80,971
|
26.9
|
%
|
(747
|
)
|
(0.9
|
)%
|
||||||||||||||
Modified Polyamide 6 (PA6)
|
57,823
|
18.1
|
%
|
53,504
|
17.7
|
%
|
4,319
|
8.1
|
%
|
|||||||||||||||
Modified Polyamide 66 (PA66)
|
59,381
|
18.6
|
%
|
46,718
|
15.5
|
%
|
12,663
|
27.1
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
10,800
|
3.4
|
%
|
12,653
|
4.2
|
%
|
(1,853
|
)
|
(14.6
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
6,743
|
2.1
|
%
|
4,944
|
1.6
|
%
|
1,799
|
36.4
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
2,234
|
0.7
|
%
|
2,669
|
0.9
|
%
|
(435
|
)
|
(16.3
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
2,165
|
0.7
|
%
|
2,360
|
0.8
|
%
|
(195
|
)
|
(8.3
|
)%
|
||||||||||||||
Total Sales Volume
|
318,746
|
100
|
%
|
301,669
|
100
|
%
|
17,077
|
5.7
|
%
|
Nine-month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
Gross Profit
|
$
|
157.2
|
$
|
145.2
|
$
|
12.0
|
8.3
|
%
|
|||||
Gross Profit Margin
|
17.0
|
%
|
16.8
|
%
|
0.2
|
%
|
Nine-month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
General and Administrative Expenses
|
$
|
28.3
|
$
|
26.3
|
$
|
2.0
|
7.6
|
%
|
|||||
as a percentage of revenues
|
3.1
|
%
|
3.0
|
%
|
0.1
|
%
|
Nine-month Period Ended September 30,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
|||||||||
Research and Development Expenses
|
$
|
33.7
|
$
|
25.2
|
$
|
8.5
|
33.7
|
%
|
|||||
as a percentage of revenues
|
3.6
|
%
|
2.9
|
%
|
0.7
|
%
|
Nine-Month Period Ended
September 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
3.6
|
$
|
4.0
|
$
|
(0.4
|
)
|
(10.0
|
)%
|
|||||||
Interest Expenses
|
(37.6
|
)
|
(32.9
|
)
|
(4.7
|
)
|
14.3
|
%
|
||||||||
Net Interest Expenses
|
$
|
(34.0
|
)
|
$
|
(28.9
|
)
|
$
|
(5.1
|
)
|
17.6
|
%
|
|||||
as a percentage of revenues
|
3.7
|
%
|
3.3
|
%
|
0.4
|
%
|
Nine-Month Period Ended
September 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
63.5
|
$
|
62.8
|
$
|
0.7
|
1.1
|
%
|
||||||||
Income tax expense
|
(8.2
|
)
|
(10.7
|
)
|
2.5
|
(23.4
|
)%
|
|||||||||
Effective income tax rate
|
12.9
|
%
|
17.1
|
%
|
(4.2
|
)%
|
September 30,
2018
|
December 31,
2017
|
Change
|
||||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
51.5
|
190.4
|
(138.9
|
)
|
(73.0
|
)%
|
||||||||||
Restricted cash
|
335.9
|
129.7
|
206.2
|
159.0
|
%
|
|||||||||||
Time deposits
|
7.3
|
288.0
|
(280.7
|
)
|
(97.5
|
)%
|
||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
173.3
|
298.9
|
(125.6
|
)
|
(42.0
|
)%
|
||||||||||
Inventories
|
566.8
|
421.7
|
145.1
|
34.4
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
167.1
|
144.3
|
22.8
|
15.8
|
%
|
|||||||||||
Property, plant and equipment, net
|
787.3
|
835.6
|
(48.3
|
)
|
(5.8
|
)%
|
||||||||||
Land use rights, net
|
29.9
|
31.9
|
(2.0
|
)
|
(6.3
|
)%
|
||||||||||
Prepayments to equipment and construction suppliers
|
530.0
|
190.6
|
339.4
|
178.1
|
%
|
|||||||||||
Other non-current assets
|
0.8
|
12.9
|
(12.1
|
)
|
(93.8
|
)%
|
||||||||||
Total assets
|
2,649.9
|
2,544.1
|
105.8
|
4.2
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
692.1
|
775.4
|
(83.3
|
)
|
(10.7
|
)%
|
||||||||||
Bills payable
|
626.3
|
252.8
|
373.5
|
147.7
|
%
|
|||||||||||
Accounts payable
|
26.5
|
228.0
|
(201.5
|
)
|
(88.4
|
)%
|
||||||||||
Amounts due to a related party
|
14.3
|
-
|
14.3
|
N/A
|
||||||||||||
Income taxes payable, including noncurrent portion
|
99.8
|
108.4
|
(8.6
|
)
|
(7.9
|
)%
|
||||||||||
Accrued expenses and other current liabilities
|
116.9
|
138.6
|
(21.7
|
)
|
(15.7
|
)%
|
||||||||||
Long-term bank loans, excluding current portion
|
127.3
|
114.2
|
13.1
|
11.5
|
%
|
|||||||||||
Deferred income
|
100.6
|
99.2
|
1.4
|
1.4
|
%
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
||||||||||||
Stockholders' equity
|
733.2
|
712.8
|
20.4
|
2.9
|
%
|
(in millions)
|
September 30, 2018
|
|||||||||||||
Lines of Credit, Obtained
|
Remaining
Available
|
|||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
||||||||||
Bank of Communication
|
August 6, 2018
|
120.0
|
17.4
|
-
|
||||||||||
China Everbright Bank
|
September 17, 2018
|
30.0
|
4.4
|
-
|
||||||||||
China CITIC Bank
|
February 26 , 2017
|
-
|
-
|
-
|
||||||||||
Bank of China
|
July 28, 2017
|
1,403.5
|
204.0
|
146.8
|
||||||||||
China Construction Bank
|
December 27, 2017
|
150.0
|
21.8
|
-
|
||||||||||
Bank of Longjiang, Heilongjiang
|
September 12, 2017
|
1,015.0
|
147.5
|
-
|
||||||||||
Industrial & Commercial Bank of China (ICBC)
|
September 5, 2018
|
1,300.0
|
189.0
|
88.1
|
||||||||||
Agriculture Bank of China
|
September 3, 2018
|
200.0
|
29.1
|
-
|
||||||||||
Export-Import Bank of China
|
August 22, 2018
|
500.0
|
72.7
|
72.7
|
||||||||||
Postal Savings Bank of China
|
April 19, 2018
|
400.0
|
58.1
|
17.4
|
||||||||||
Sichuan Tianfu Bank
|
February 12, 2018
|
50.0
|
7.3
|
-
|
||||||||||
Nanchong Shuntou Development Group Ltc.
|
January 30,2018
|
530.0
|
77.0
|
-
|
||||||||||
Standard Chartered Bank
|
August 22, 2016
|
932.9
|
135.6
|
0.6
|
||||||||||
Daqing State owned assets management company
|
December 1, 2017
|
200.0
|
29.1
|
24.7
|
||||||||||
Nanchong Rural Commercial Bank
|
January 30, 2018
|
250.0
|
36.3
|
-
|
||||||||||
Bank of Inner Mongolia
|
August 16, 2018
|
40.0
|
5.8
|
-
|
||||||||||
Haerbin Rural Commercial Bank
|
July 31, 2018
|
50.0
|
7.3
|
-
|
||||||||||
Subtotal (credit term<=1 year)
|
7,171.4
|
1,042.4
|
350.3
|
|||||||||||
Bank of China
|
July 28, 2016
|
275.0
|
40.0
|
11.6
|
||||||||||
Bank of Longjiang, Heilongjiang
|
November 28, 2017
|
685.0
|
99.6
|
0.7
|
||||||||||
National Bank of Umm Al Qaiwain
|
September 26, 2018
|
15.0
|
2.2
|
2.2
|
||||||||||
Subtotal (credit term>1 year)
|
975.0
|
141.8
|
14.5
|
|||||||||||
Total
|
8,146.4
|
1,184.2
|
364.8
|
Nine-month Period Ended
September 30,
|
||||||||
(in millions US$)
|
2018
|
2017
|
||||||
Net cash provided by operating activities
|
115.5
|
144.9
|
||||||
Net cash used in investing activities
|
(5.9
|
)
|
(359.4
|
)
|
||||
Net cash (used in) provided by financing activities
|
(22.8
|
)
|
120.9
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
(19.4
|
)
|
9.3
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
67.4
|
(84.3
|
)
|
|||||
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
|
387.5
|
187.3
|
Nine-month period ended September 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
|
29,444,196
|
2,023,345
|
2,051,760
|
3,927,939
|
21,441,152
|
|||||||||||||||
Purchase of plant, equipment and construction in progress (2)
|
289,152,149
|
288,806,766
|
345,383
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
325,261,658
|
181,964,124
|
61,124,327
|
54,522,996
|
27,650,211
|
|||||||||||||||
Total
|
643,858,003
|
472,794,235
|
63,521,470
|
58,450,935
|
49,091,363
|
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.
|
China XD Plastics Company Limited
|
||
Date: November 9, 2018
|
By:
|
/s/ Jie Han
|
Name: Jie Han
|
||
Title: Chief Executive Officer
(Principal Executive Officer)
|
Date: November 9, 2018
|
By:
|
/s/ Taylor Zhang
|
Name: Taylor Zhang
|
||
Title: Chief Financial Officer
|
1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
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