Global New Material International Announces Unaudited 2024 Interim Results
HONG KONG, Aug. 29, 2024 /PRNewswire/ -- Global New Material International Holdings Limited (Stock Code: 6616.HK)("GNMI" or the "Company", together with its subsidiaries, the "Group"), today announced its unaudited interim results for the six months ended 30 June 2024 (the "1H2024").
In the first half of the year, GNMI achieved a revenue of RMB 774.6 million, representing a year-on-year increase of 66.8%. Gross profit amounted to approximately RMB 388.0 million, up 72.8% YOY, with a gross profit margin of 50.1%. Net Profit reached RMB 144.5 million, marking a year-on-year growth of 52.7%. The revenue increase in 1H2024 was primarily driven by higher sales volume and a higher average price due to the increased proportion of high-end products.
- Revenues generated from Pearlescent pigments products were RMB 701.1 million, accounting for 90.5% of total revenue and representing a year-on-year growth of 66.2%.
- Revenues generated from Functional mica filler and related products were RMB 44.1 million.
- Revenues generated from Trading of Industrial products were RMB 29.4 million (1H2023: nil).
Following the acquisition of CQV in August 2023, the Group has identified two reportable segments, namely the PRC Business Operation and the Korea Business Operation. The revenue generated from the Korea Business Operation, recorded by way of the consolidation of CQV into the account of the Group as a non-wholly owned subsidiary of the Company since August 2023, amounted to approximately RMB 164.2 million for the 1H2024, accounting for approximately 21.2% (1H2023: nil) of the total revenue of the Group for the 1H2024.
The Company and CQV have achieved stage-by-stage results in the synergistic development of products, sales channels, supply chain, R&D technology and manufacturing. As at 30 June 2024, the total number of pearlescent pigment products offered by Chesir Pearl of the Group had reached 1,138, while CQV offered 985 products. GNMI and CQV complement each other's strengths in the product matrix of application fields and consolidating both's advantages in the high-end market.
Mr. Su, Founder, Chairman of GNMI, commented, "We have actively implemented the strategy of "Endogenous Development and Outward Expansion", and have been deeply engaged in the development of our core business of surface performance materials, while at the same time, we have made full preparations for the acquisition of the global Surface Solutions business of Merck KGaA, thus laying a solid foundation for our outward expansion. Our enterprise has also grown from a catch-up player to an industry leader, driving stable growth in the industry."
For further information please also visit http://www.chesir.com
About Global New Material International
Global New Material International Holdings Limited (GNMI, Hong Kong stock code: 06616) is the largest pearlescent pigment producer in China. Spearheaded by its brand Chesir and in Korea by CQV, has deep expertise in research and development, production, and sales of pearlescent materials, synthetic mica, and new energy materials. With approximately 800 employees and main production capacity in China and Korea, GNMI holds a leading position in the mid-to-high market, supplying functional materials to multinational customers worldwide in sectors such as industrial, automobiles, cosmetics, foods, personal cares, electronic goods, printings and more.
About CQV Co., Ltd.
CQV is a company incorporated in the Republic of Korea with limited liability on 20 October 2000 with its common shares listed on KOSDAQ (KOSDAQ: 101240). CQV is principally engaged in the production and sales of pearlescent pigments in the Republic of Korea. CQV has developed world-leading synthetic mica product offers and mature technology to produce high-end pearlescent materials applied in industrial, automotive and cosmetic sectors.
SOURCE Global New Material International
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