Fuwei Films Holdings Inc. (NASDAQ: FFHL) stock gained by 0.56% at last close while the FFHL stock price surged by 82.71% in the pre-market trading session. Fuwei Films (Shandong), a wholly owned subsidiary of Fuwei Films, currently operates (“Fuwei Shandong”). Fuwei Shandong uses the biaxial oriented stretch technology, often known as BOPET film, to design, produce, and sell high-quality plastic films.
Fuwei Films Holdings announced its unaudited first quarter 2021 financial results. Given below is the summary:
- For the first quarter 2021, total sales were RMB101.6 million, up from RMB83.2 million forthe same period in 2020 which is a 22.1 percent rise.
- Specialty film sales accounted for RMB65.0 million, or 63.9 percent of total revenues, compared to RMB39.9 million, or 47.9%, in the same quarter of 2020.
- The gross profit was RMB42.5 million, with a net margin of 41.8 percent, relative to RMB29.8 million and a gross margin of 35.8 percent in the same period in 2020.
- FFHL’s net profit attributable to shareholders was RMB31.4 million, up from RMB13.0 million a year before.
Mr. Lei Yan, Chairman and CEO of Fuwei Films, stated:
Despite market overstock and the current coronavirus epidemic, FFHL saw favorable improvements in overall sales, particularly specialty films, such as base film for dry film, which accounted for 63.9 percent of total revenues. Base film is a distinctive and high-value-added product that is used to make dry film for printed circuit boards. The clients acknowledge the quality of their goods, as seen by the growth in base film sales for dry film. They feel that the increase in orders is also beneficial to FFHL’s financial performance.In the future, they will continue to focus on innovation and a unique marketing approach, as well as extending the range of end-user applications for their films. They will keep working on these initiatives in the hopes of allowing FFHL to take advantage of new possibilities despite the industry’s and economy’s challenges.