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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
☐
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
CXDC | NASDAQ Global Market |
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
|
26
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
39
|
|
Item 4. Controls and Procedures
|
39
|
|
PART II. OTHER INFORMATION
|
|
|
Item 1. Legal Proceedings
|
40
|
|
Item 1A. Risk Factors
|
40
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
40
|
|
Item 3. Defaults Upon Senior Securities
|
40
|
|
Item 4. Mine Safety Disclosures
|
40
|
|
Item 5. Exhibits
|
40
|
|
Signatures
|
41
|
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Revenues
|
301,466,007
|
310,453,033
|
||||||
Cost of revenues
|
(251,136,339
|
)
|
(256,585,577
|
)
|
||||
Gross profit
|
50,329,668
|
53,867,456
|
||||||
Selling expenses
|
(277,820
|
)
|
(1,051,009
|
)
|
||||
General and administrative expenses
|
(8,775,385
|
)
|
(8,875,009
|
)
|
||||
Research and development expenses
|
(10,062,186
|
)
|
(5,049,898
|
)
|
||||
Total operating expenses
|
(19,115,391
|
)
|
(14,975,916
|
)
|
||||
Operating income
|
31,214,277
|
38,891,540
|
||||||
Interest income
|
435,779
|
2,312,623
|
||||||
Interest expense
|
(17,500,277
|
)
|
(12,894,205
|
)
|
||||
Foreign currency exchange losses
|
(2,140,865
|
)
|
(3,955,808
|
)
|
||||
Losses on foreign currency option contracts
|
-
|
(520,981
|
)
|
|||||
Gains on disposal of a subsidiary
|
518,491
|
-
|
||||||
Government grant
|
2,094,937
|
1,477,559
|
||||||
Total non-operating expense, net
|
(16,591,935
|
)
|
(13,580,812
|
)
|
||||
Income before income taxes
|
14,622,342
|
25,310,728
|
||||||
Income tax expense
|
(3,641,627
|
)
|
(6,210,827
|
)
|
||||
Net income
|
10,980,715
|
19,099,901
|
||||||
Earnings per common share:
|
||||||||
Basic and diluted
|
0.16
|
0.29
|
||||||
Net income
|
10,980,715
|
19,099,901
|
||||||
Other comprehensive income
|
||||||||
Foreign currency translation adjustment, net of nil income taxes
|
14,670,801
|
29,661,410
|
||||||
Comprehensive income
|
25,651,516
|
48,761,311
|
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by operating activities
|
66,949,790
|
28,429,789
|
||||||
Cash flows from investing activities:
|
||||||||
Purchase of time deposits
|
-
|
(163,426,937
|
)
|
|||||
Proceeds from maturity of time deposits
|
-
|
119,741,660
|
||||||
Purchase of and deposits for property, plant and equipment
|
(11,471,899
|
)
|
(64,469,960
|
)
|
||||
Refund of deposit from an equipment supplier
|
-
|
60,054,417
|
||||||
Government grant related to the industrial project for 300,000 metric tons biological composite materials
|
-
|
6,953,816
|
||||||
Cash disposed for sales of a subsidiary
|
(3,217
|
)
|
-
|
|||||
Net cash used in investing activities
|
(11,475,116
|
)
|
(41,147,004
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
357,291,327
|
251,134,403
|
||||||
Repayment of bank borrowings
|
(281,123,795
|
)
|
(347,339,779
|
)
|
||||
Proceeds from interest-free advances from related parties
|
289,298
|
-
|
||||||
Net cash provided by (used in) financing activities
|
76,456,830
|
(96,205,376
|
)
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash
|
7,289,967
|
10,101,313
|
||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
139,221,471
|
(98,821,278
|
)
|
|||||
Cash, cash equivalents, and restricted cash at beginning of period
|
366,991,840
|
320,091,665
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
506,213,311
|
221,270,387
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
13,316,939
|
11,062,464
|
||||||
Income taxes paid
|
2,276,847
|
7,064,571
|
||||||
Non-cash investing and financing activities:
|
||||||||
Accrual for purchase of property, plant and equipment
|
1,181,670
|
196,911
|
March 31,
|
March 31,
|
|||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Cash and cash equivalents
|
78,891,580
|
50,814,789
|
||||||
Restricted cash
|
427,321,731
|
170,455,598
|
||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
506,213,311
|
221,270,387
|
||||||
For the Three-Month Period Ended March 31,
|
||||||||||||||||
2019
|
2018
|
|||||||||||||||
US$
|
%
|
US$
|
%
|
|||||||||||||
Distributor A, located in PRC
|
56,499,732
|
18.7
|
%
|
47,731,909
|
15.4
|
%
|
||||||||||
Distributor B, located in PRC
|
33,931,975
|
11.3
|
%
|
29,867,832
|
9.6
|
%
|
||||||||||
Distributor C, located in PRC
|
32,491,923
|
10.8
|
%
|
35,567,286
|
11.5
|
%
|
||||||||||
Distributor D, located in PRC
|
21,968,499
|
7.3
|
%
|
32,353,013
|
10.4
|
%
|
||||||||||
Total
|
144,892,129
|
48.1
|
%
|
145,520,040
|
46.9
|
%
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Renminbi (“RMB”) denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
505,806,079
|
366,773,172
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
8,134
|
8,134
|
||||||
Financial Institutions in Dubai, UAE
|
59
|
-
|
||||||
United States (“U.S.”) dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
6,131
|
40,390
|
||||||
Financial Institutions in the PRC
|
17,052
|
17,050
|
||||||
Financial Institution in Hong Kong SAR
|
39,299
|
131,892
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
6,095
|
6,144
|
||||||
Financial Institution in Dubai, UAE
|
581
|
14,464
|
||||||
Hong Kong dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
156
|
156
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
329,725
|
438
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
154,090,385
|
294,726,804
|
||||||
Allowance for doubtful accounts
|
(39,258
|
)
|
(38,516
|
)
|
||||
Accounts receivable, net
|
154,051,127
|
294,688,288
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
95,781,698
|
218,458,862
|
||||||
– 1-3 months past due
|
15,305,123
|
31,386,341
|
||||||
– 4-6 months past due
|
89,204
|
109,412
|
||||||
– 7-12 months past due
|
10,746,881
|
42,532,170
|
||||||
– greater than one year past due
|
32,167,479
|
2,240,019
|
||||||
Total accounts receivable
|
154,090,385
|
294,726,804
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Raw materials and work in progress
|
750,862,984
|
612,701,274
|
||||||
Finished goods
|
42,380,890
|
7,331,921
|
||||||
Total inventories
|
793,243,874
|
620,033,195
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Value added taxes receivables (i)
|
2,798,160
|
4,700,702
|
||||||
Advances to suppliers (ii)
|
46,604,400
|
104,469,023
|
||||||
Interest receivable (iii)
|
840,767
|
826,729
|
||||||
Consideration for sales of Shanghai Sales (iv)
|
7,425,559
|
7,285,231
|
||||||
Receivables from Shanghai Sales for the prepayment to a supplier (v)
|
16,081,972
|
-
|
||||||
Others (vi)
|
22,519,212
|
14,936,843
|
||||||
Total prepaid expenses and other current assets
|
96,270,070
|
132,218,528
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
587,775,600
|
580,735,482
|
||||||
Motor vehicles
|
2,810,727
|
2,658,487
|
||||||
Workshops and buildings
|
160,475,642
|
157,976,839
|
||||||
Construction in progress
|
220,310,743
|
217,194,285
|
||||||
Total property, plant and equipment
|
971,372,712
|
958,565,093
|
||||||
Less accumulated depreciation
|
(200,959,201
|
)
|
(182,623,813
|
)
|
||||
Property, plant and equipment, net
|
770,413,511
|
775,941,280
|
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
13,458,983
|
9,568,618
|
||||||
Selling expenses
|
1,823
|
1,430
|
||||||
General and administrative expenses
|
686,523
|
794,625
|
||||||
Research and development expenses
|
1,022,123
|
911,640
|
||||||
Total depreciation expense
|
15,169,452
|
11,276,313
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Hailezi (i)
|
511,758,267
|
502,087,116
|
||||||
Green River (ii)
|
-
|
15,778,057
|
||||||
Beijin Construction (iii)
|
7,006,972
|
6,867,269
|
||||||
Sichuan Construction (iv)
|
5,312,422
|
5,539,471
|
||||||
Others
|
220,253
|
364,406
|
||||||
Total Prepayments to equipment and construction suppliers
|
524,297,914
|
530,636,319
|
(in millions US$)
|
||||||||||||||||||
Year
|
Projects
|
Balance as of
December 31, 2018
|
Prepaid / (Utilized) in 2019
|
Effect of foreign currency exchange rate changes
|
Balance as of
March 31, 2019
|
|||||||||||||
2017
|
Storage system
|
36.8
|
-
|
0.7
|
37.5
|
|||||||||||||
2017
|
HLJ project
|
134.2
|
-
|
2.6
|
136.8
|
|||||||||||||
2018
|
HLJ project
|
43.8
|
-
|
0.8
|
44.6
|
|||||||||||||
2018
|
HLJ project
|
35.1
|
-
|
0.7
|
35.8
|
|||||||||||||
2017
|
Nanchong project
|
3.0
|
-
|
0.1
|
3.1
|
|||||||||||||
2018
|
Nanchong project
|
249.2
|
-
|
4.8
|
254.0
|
|||||||||||||
Total
|
502.1
|
-
|
9.7
|
511.8
|
March 31,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
394,064,008
|
418,198,508
|
||||||
Loans secured by accounts receivable
|
66,830,029
|
65,567,082
|
||||||
Loans secured by restricted cash
|
84,351,118
|
69,500,000
|
||||||
Current portion of long-term bank loans (note b)
|
178,057,193
|
176,401,330
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
723,302,348
|
729,666,920
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
76,433,573
|
2,177,985
|
||||||
Unsecured loans
|
199,807,529
|
196,031,589
|
||||||
Syndicate loan facility
|
90,000,000
|
90,000,000
|
||||||
Less: current portion
|
(178,057,193
|
)
|
(176,401,330
|
)
|
||||
Total long-term bank loans, excluding current portion
|
188,183,909
|
111,808,244
|
|
March 31, 2019
|
|||
|
US$
|
|||
2019
|
178,057,193
|
|||
2020
|
24,939,940
|
|||
2021
|
95,482,749
|
|||
2022
|
27,167,609
|
|||
After 2022
|
40,593,611
|
|||
Total
|
366,241,102
|
March 31,
2019
|
December 31,
2018
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
12,922,814
|
53,059,897
|
||||||
Accrued freight expenses
|
31,252,409
|
25,908,990
|
||||||
Accrued interest expenses
|
12,628,239
|
8,873,532
|
||||||
Contract liabilities (i)
|
1,775,010
|
16,105,245
|
||||||
Non income tax payables
|
4,049,713
|
6,425,236
|
||||||
Others (ii)
|
19,795,699
|
16,553,998
|
||||||
Total accrued expenses and other current liabilities
|
82,423,884
|
126,926,898
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2019
|
2018
|
||||||
|
US$
|
US$
|
||||||
Transactions with related parties:
|
||||||||
Interest-free advances from a senior management employee of HLJ Xinda Group
|
289,298
|
-
|
|
||||||||
|
March 31,
2019
|
December 31,
2018
|
||||||
|
US$
|
US$
|
||||||
Amounts due to related parties:
|
||||||||
Mr. Jie Han (i)
|
10,098,760
|
9,907,915
|
||||||
Mr. Jie Han’s wife (i)
|
3,232,606
|
3,180,965
|
||||||
Mr. Jie Han’s son (i)
|
742,556
|
728,523
|
||||||
Senior management employees in HLJ Xinda Group and Sichuan Xinda (ii)
|
4,921,829
|
4,548,335
|
||||||
Total amounts due to related parties
|
18,995,751
|
18,365,738
|
||||||
|
|
||||||||
March 31, | December 31 , | |||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
95,285,414
|
92,461,068
|
||||||
Deferred income tax liabilities
|
6,312,385
|
6,716,921
|
||||||
Others
|
2,395,783
|
2,395,783
|
||||||
Total other non-current liabilities
|
103,993,582
|
101,573,772
|
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$
|
|||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019
|
1,000,000
|
100
|
50,948,841
|
5097
|
(92,694
|
)
|
86,633,582
|
717,103,890
|
(54,732,547
|
)
|
748,917,428
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
10,980,715
|
-
|
10,980,715
|
|||||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
14,670,801
|
14,670,801
|
|||||||||||||||||||||||||||
Balance as of March 31, 2019
|
1,000,000
|
100
|
50,948,841
|
5097
|
(92,694
|
)
|
86,633,582
|
728,084,605
|
(40,061,746
|
)
|
774,568,944
|
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Numerator:
|
||||||||
Net income
|
10,980,715
|
19,099,901
|
||||||
Less:
|
||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(2,624,264
|
)
|
(4,638,091
|
)
|
||||
Earnings allocated to participating nonvested shares
|
-
|
(46,703
|
)
|
|||||
Net income for basic and dilutive earnings per share
|
8,356,451
|
14,415,107
|
||||||
Denominator:
|
||||||||
Denominator for basic and diluted earnings per share
|
50,948,841
|
49,727,731
|
||||||
Earnings per share:
|
||||||||
Basic and diluted
|
0.16
|
0.29
|
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2019
|
2018
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Modified Polyamide 66 (PA66)
|
83,878,245
|
81,785,392
|
||||||
Modified Polyamide 6 (PA6)
|
66,168,094
|
64,041,001
|
||||||
Plastic Alloy
|
63,136,625
|
78,566,416
|
||||||
Modified Polypropylene (PP)
|
37,057,054
|
50,215,551
|
||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
13,447,629
|
8,596,982
|
||||||
Polyoxymethylenes (POM)
|
2,596,461
|
2,123,385
|
||||||
Polyphenylene Oxide (PPO)
|
16,859,150
|
4,169,561
|
||||||
Polylactide (PLA)
|
16,511,356
|
20,881,846
|
||||||
Polyethylene (PE)
|
1,772,744
|
-
|
||||||
Raw materials
|
38,649
|
72,899
|
||||||
Total Revenue
|
301,466,007
|
310,453,033
|
|
||||||||
Three-Month Period Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
US$
|
US$
|
|||||||
Distributors
|
282,883,471
|
303,538,842
|
||||||
Direct customers
|
18,543,887
|
6,841,292
|
||||||
Others
|
38,649
|
72,899
|
||||||
Total
|
301,466,007
|
310,453,033
|
Three-Month Period Ended March 31,
|
||||
2019
|
||||
US$
|
||||
Operating lease cost
|
423,571
|
|||
Short-term lease cost
|
179,195
|
|||
Total lease cost
|
602,766
|
Three-Month Period Ended March 31,
|
||||
Supplemental disclosure of cash flow information:
|
2019
|
|||
Cash paid for amounts included in the measurement of lease liabilities:
|
US$
|
|||
Operating cash flows from operating leases
|
128,517
|
|||
Right-of-use assets obtained in exchange for new lease liabilities:
|
||||
Operating lease
|
16,075,213
|
|
US$
|
|||
Years ended December 31,
|
||||
2019
|
2,174,439
|
|||
2020
|
1,486,007
|
|||
2021
|
1,486,007
|
|||
2022
|
1,446,251
|
|||
2023
|
1,482,593
|
|||
Thereafter
|
21,176,139
|
Three-Month Period Ended March 31,
|
||||||||||||||||
(in thousands, except percentages)
|
2019
|
2018
|
||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Revenues
|
$
|
301,466
|
100
|
%
|
$
|
310,453
|
100
|
%
|
||||||||
Cost of revenues
|
$
|
251,136
|
83
|
%
|
$
|
256,586
|
83
|
%
|
||||||||
Gross profit
|
$
|
50,330
|
17
|
%
|
$
|
53,867
|
17
|
%
|
||||||||
Total operating expenses
|
$
|
19,115
|
6
|
%
|
$
|
14,976
|
5
|
%
|
||||||||
Operating income
|
$
|
31,214
|
11
|
%
|
$
|
38,891
|
12
|
%
|
||||||||
Income before income taxes
|
$
|
14,622
|
5
|
%
|
$
|
25,311
|
8
|
%
|
||||||||
Income tax expenses
|
$
|
3,642
|
1
|
%
|
$
|
6,211
|
2
|
%
|
||||||||
Net income
|
$
|
10,981
|
4
|
%
|
$
|
19,100
|
6
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2019
|
2018
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
83.9
|
27.8
|
%
|
81.8
|
26.3
|
%
|
2.1
|
2.6
|
%
|
|||||||||||||||
Plastic Alloy
|
63.1
|
20.9
|
%
|
78.6
|
25.3
|
%
|
(15.5
|
)
|
(19.7
|
)%
|
||||||||||||||
Modified Polyamide 6 (PA6)
|
66.2
|
22.0
|
%
|
64.0
|
20.6
|
%
|
2.2
|
3.4
|
%
|
|||||||||||||||
Modified Polypropylene (PP)
|
37.1
|
12.3
|
%
|
50.2
|
16.2
|
%
|
(13.1
|
)
|
(26.1
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
13.4
|
4.4
|
%
|
8.6
|
2.8
|
%
|
4.8
|
55.8
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
2.6
|
0.9
|
%
|
2.1
|
0.7
|
%
|
0.5
|
23.8
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
16.9
|
5.6
|
%
|
4.3
|
1.4
|
%
|
12.6
|
293.0
|
%
|
|||||||||||||||
Modified Polylactic acid (PLA)
|
16.5
|
5.5
|
%
|
20.9
|
6.7
|
%
|
(4.4
|
)
|
(21.1
|
)%
|
||||||||||||||
Polyethylene (PE)
|
1.8
|
0.6
|
%
|
0.0
|
0.0
|
%
|
1.8
|
N/A
|
||||||||||||||||
Raw Materials
|
0.0
|
0.0
|
%
|
0.0
|
0.0
|
%
|
0.0
|
0.0
|
%
|
|||||||||||||||
Total Revenues
|
301.5
|
100
|
%
|
310.5
|
100
|
%
|
(9.0
|
)
|
(2.9
|
)%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2019
|
2018
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
16,985
|
18.0
|
%
|
19,591
|
18.4
|
%
|
(2,606
|
)
|
(13.3
|
)%
|
||||||||||||||
Plastic Alloy
|
21,658
|
22.9
|
%
|
26,787
|
25.2
|
%
|
(5,129
|
)
|
(19.1
|
)%
|
||||||||||||||
Modified Polyamide 6 (PA6)
|
17,344
|
18.4
|
%
|
20,896
|
19.7
|
%
|
(3,552
|
)
|
(17.0
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
24,908
|
26.4
|
%
|
31,613
|
29.8
|
%
|
(6,705
|
)
|
(21.2
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
6,633
|
7.0
|
%
|
3,923
|
3.7
|
%
|
2,710
|
69.1
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
785
|
0.8
|
%
|
610
|
0.6
|
%
|
175
|
28.7
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
3,217
|
3.4
|
%
|
690
|
0.6
|
%
|
2,527
|
366.2
|
%
|
|||||||||||||||
Modified Polylactic acid (PLA)
|
1,594
|
1.7
|
%
|
2,126
|
2.0
|
%
|
(532
|
)
|
(25.0
|
)%
|
||||||||||||||
Polyethylene (PE)
|
1,320
|
1.4
|
%
|
-
|
0.0
|
%
|
1,320
|
N/A
|
||||||||||||||||
Total Sales Volume
|
94,444
|
100
|
%
|
106,236
|
100
|
%
|
(11,792
|
)
|
(11.1
|
)%
|
Three-Month Period Ended March 31,
|
Change
|
||||||||||||||||
(in millions, except percentage)
|
2019
|
2018
|
Amount
|
%
|
|||||||||||||
Gross Profit
|
$
|
50.3
|
$
|
53.9
|
$
|
(3.6
|
)
|
(6.7
|
)%
|
||||||||
Gross Profit Margin
|
16.7
|
%
|
17.4
|
%
|
(0.7
|
)%
|
Three-Month Period Ended March 31,
|
Change
|
||||||||||||||||
(in millions, except percentage)
|
2019
|
2018
|
Amount
|
%
|
|||||||||||||
General and Administrative Expenses
|
$
|
8.8
|
$
|
8.9
|
$
|
(0.1
|
)
|
(1.1
|
)%
|
||||||||
as a percentage of revenues
|
2.9
|
%
|
2.9
|
%
|
0.0
|
%
|
Three-Month Period Ended March 31,
|
Change
|
||||||||||||||||
(in millions, except percentage)
|
2019
|
2018
|
Amount
|
%
|
|||||||||||||
Research and Development Expenses
|
$
|
10.1
|
$
|
5.0
|
$
|
5.1
|
102.0
|
%
|
|||||||||
as a percentage of revenues
|
3.3
|
%
|
1.6
|
%
|
1.7
|
%
|
Three-Month Period Ended March 31,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2019
|
2018
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
0.4
|
$
|
2.3
|
$
|
(1.9
|
)
|
(82.6
|
)%
|
|||||||
Interest Expenses
|
(17.5
|
)
|
(12.9
|
)
|
(4.6
|
)
|
35.7
|
%
|
||||||||
Net Interest Expenses
|
(17.1
|
)
|
(10.6
|
)
|
(6.5
|
)
|
61.3
|
%
|
||||||||
as a percentage of revenues
|
(5.7
|
)%
|
(3.3
|
)%
|
(2.4
|
)%
|
Three-Month Period Ended March 31,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2019
|
2018
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
14.6
|
$
|
25.3
|
$
|
(10.7
|
)
|
(42.3
|
)%
|
|||||||
Income Tax Expense
|
(3.6
|
)
|
(6.2
|
)
|
2.6
|
(41.9
|
)%
|
|||||||||
Effective income tax rate
|
24.9
|
%
|
24.5
|
%
|
0.4
|
%
|
|
||||||||||||||||
|
March 31, 2019
|
December 31, 2018
|
Change
|
|||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash
|
78.9
|
41.3
|
37.6
|
91.0
|
%
|
|||||||||||
Restricted cash
|
427.3
|
325.7
|
101.6
|
31.2
|
%
|
|||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
154.1
|
294.7
|
(140.6
|
)
|
(47.7
|
)%
|
||||||||||
Inventories
|
793.2
|
620.0
|
173.2
|
27.9
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
96.3
|
132.2
|
(35.9
|
)
|
(27.2
|
)%
|
||||||||||
Property, plant and equipment, net
|
770.4
|
775.9
|
(5.5
|
)
|
(0.7
|
)%
|
||||||||||
Land use rights, net
|
30.2
|
29.8
|
0.4
|
1.3
|
%
|
|||||||||||
Long-term prepayments to equipment and construction suppliers
|
524.3
|
530.6
|
(6.3
|
)
|
(1.2
|
)%
|
||||||||||
Operating right of use assets, net
|
15.9
|
-
|
15.9
|
N/A
|
||||||||||||
Other non-current assets
|
3.2
|
3.2
|
-
|
0.0
|
%
|
|||||||||||
Total assets
|
2,893.8
|
2,753.5
|
140.3
|
5.1
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
723.3
|
729.7
|
(6.4
|
)
|
(0.9
|
)%
|
||||||||||
Bills payable
|
730.3
|
618.2
|
112.1
|
18.1
|
%
|
|||||||||||
Accounts payable
|
40.9
|
85.0
|
(44.1
|
)
|
(51.9
|
)%
|
||||||||||
Amounts due to related parties
|
19.0
|
18.4
|
0.6
|
3.3
|
%
|
|||||||||||
Income taxes payable, including noncurrent portion
|
101.1
|
99.2
|
1.9
|
1.9
|
%
|
|||||||||||
Accrued expenses and other current liabilities
|
82.4
|
126.9
|
(44.5
|
)
|
(35.1
|
)%
|
||||||||||
Long-term bank loans, excluding current portion
|
188.2
|
111.8
|
76.4
|
68.3
|
%
|
|||||||||||
Deferred income
|
100.3
|
99.6
|
0.7
|
0.7
|
%
|
|||||||||||
Operating lease liabilities, non-current
|
14.7
|
-
|
14.7
|
N/A
|
||||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
||||||||||||
Stockholders' equity
|
774.6
|
748.9
|
25.7
|
3.4
|
%
|
(in millions)
|
March 31, 2019
|
|||||||||||||
Lines of Credit, Obtained
|
Remaining
Available
|
|||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
||||||||||
Bank of Communication
|
August 6, 2018
|
120.0
|
17.8
|
-
|
||||||||||
China Everbright Bank
|
July 17, 2018
|
100.0
|
14.9
|
10.4
|
||||||||||
Bank of China
|
July 28, 2017
|
390.0
|
57.9
|
-
|
||||||||||
Bank of Longjiang, Heilongjiang
|
September 12, 2017
|
924.8
|
137.3
|
-
|
||||||||||
Industrial & Commercial Bank of China (ICBC)
|
September 5, 2018
|
1,300.0
|
193.1
|
90.0
|
||||||||||
Agricultural Bank of China
|
September 3, 2018
|
200.0
|
29.7
|
-
|
||||||||||
Export-Import Bank of China
|
August 22, 2018
|
200.0
|
29.7
|
-
|
||||||||||
Postal Savings Bank of China
|
April 19, 2018
|
400.0
|
59.4
|
44.6
|
||||||||||
Sichuan Tianfu Bank
|
February 12, 2018
|
50.0
|
7.4
|
-
|
||||||||||
Nanchong Shuntou Development Group Ltc.
|
January 30,2018
|
430.0
|
63.9
|
-
|
||||||||||
Standard Chartered Bank
|
August 22, 2016
|
913.1
|
135.6
|
0.6
|
||||||||||
Daqing State owned assets management company
|
December 1, 2017
|
24.7
|
3.7
|
-
|
||||||||||
Nanchong Rural Commercial Bank
|
January 30, 2018
|
250.0
|
37.1
|
-
|
||||||||||
Bank of Inner Mongolia
|
August 16, 2018
|
40.0
|
5.9
|
-
|
||||||||||
Harbin Rural Commercial Bank
|
July 31, 2018
|
350.0
|
52.0
|
-
|
||||||||||
Jianxin Financial Asset Investment Co,. Ltd.
|
March 29, 2019
|
110.0
|
16.3
|
-
|
||||||||||
Subtotal (credit term<=1 year)
|
5,802.6
|
861.7
|
145.6
|
|||||||||||
Bank of China
|
July 28, 2016
|
275.0
|
40.8
|
26.7
|
||||||||||
Bank of Longjiang, Heilongjiang
|
November 28, 2017
|
665.0
|
98.8
|
0.7
|
||||||||||
National Bank of Umm Al Qaiwain
|
September 26, 2018
|
14.7
|
2.2
|
-
|
||||||||||
China Construction Bank
|
March 31, 2019
|
500.0
|
74.2
|
-
|
||||||||||
Subtotal (credit term>1 year)
|
1,454.7
|
216.0
|
27.4
|
|||||||||||
Total
|
7,257.3
|
1,077.7
|
173.0
|
Three-Month Period Ended March 31,
|
||||||||
(in millions US$)
|
2019
|
2018
|
||||||
Net cash provided by operating activities
|
66.9
|
28.4
|
||||||
Net cash used in investing activities
|
(11.5
|
)
|
(41.1
|
)
|
||||
Net cash provided by (used in) financing activities
|
76.5
|
(96.2
|
)
|
|||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
7.3
|
10.1
|
||||||
Net decrease in cash, cash equivalents, and restricted cash
|
139.2
|
(98.8
|
)
|
|||||
Cash, cash equivalents, and restricted cash at the beginning of period
|
367.0
|
320.1
|
||||||
Cash, cash equivalents, and restricted cash at the end of period
|
506.2
|
221.3
|
Three-month period ended March 31, 2019
|
Year ended December 31, 2018
|
|
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
|
|
|||||
Purchase of plant equipment and construction in progress (2) (3) (4) (5)
|
|
|
278,992,435
|
|
|
|
278,639,578
|
|
|
|
352,857
|
|
|
|
-
|
|
|
|
-
|
|
Long-term bank loans (1)
|
|
|
386,231,157
|
|
|
|
184,237,501
|
|
|
|
129,270,133
|
|
|
|
46,783,170
|
|
|
|
25,940,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
665,223,592
|
|
|
|
462,877,079
|
|
|
|
129,622,990
|
|
|
|
46,783,170
|
|
|
|
25,940,353
|
|
Exhibit
No.
|
|
Document Description
|
3.1
|
|
|
3.2
|
||
3.3
|
||
3.4
|
||
3.5
|
||
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
China XD Plastics Company Limited
|
||
Date: May 15, 2019
|
By:
|
/s/ Jie Han
|
Name: Jie Han
|
||
Title: Chief Executive Officer
(Principal Executive Officer)
|
Date: May 15, 2019
|
By:
|
/s/ Taylor Zhang
|
Name: Taylor Zhang
|
||
Title: Chief Financial Officer
|
Exhibit
No.
|
|
Document Description
|
3.1
|
|
|
3.2
|
||
3.3
|
||
3.4
|
||
3.5
|
||
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
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