According to statistics, the price trend of domestic rare earth market in 2019 shows a trend of “polarization”, and the price trend of domestic heavy rare earth market rises sharply, but the price of light rare earth market falls correspondingly. The price trend of some domestic rare earth products in 2019 is as follows:

 

As can be seen from the trend chart, the market price of heavy rare earth in 2019 has increased significantly. The market price of dysprosium oxide at the beginning of the year is 1210000 yuan / ton, and the market price at the end of the year is 1750000 yuan / ton, with a price increase of 44.63%; the market price of dysprosium metal at the beginning of the year is 1655000 yuan / ton, and the market price at the end of the year is 2125000 yuan / ton, with a year-round increase of 28.40%; the market price of dysprosium ferroalloy at the beginning of the year is 1220000 yuan / ton, with a year The final market price is 1720000 yuan / ton, an increase of 40.98% in the whole year. In 2019, the import of domestic heavy rare earth market is limited, and the increase of heavy rare earth products is large.

 

The price trend of young rare earth market in 2019 is declining. According to statistics, the market price of neodymium oxide at the beginning of the year is 314000 yuan / ton, and the market price at the end of the year is 286000 yuan / ton, with a year-round decline of 8.92%; the market price of praseodymium oxide at the beginning of the year is 397500 yuan / ton, and the market price at the end of the year is 342500 yuan / ton, with a year-round decline of 13.84%; the market price of neodymium oxide at the beginning of the year is 400500 yuan / ton, and the market price at The price of metal praseodymium at the beginning of the year is 660000 yuan / ton, and the market price at the end of the year is 650000 yuan / ton, with a year-round decrease of 1.52%; the price of praseodymium neodymium oxide at the beginning of the year is 317000 yuan / ton, and the market price at the end of the year is 284000 yuan / ton, a year-round drop of 10.41%; the market price of praseodymium neodymium alloy at the beginning of the year is 408000 yuan / ton, and the market price at the end of the year is 359000 yuan / ton, with a year-round drop of, The market price of light rare earth in China has declined to some extent.

 

It can be seen from the rare earth industry index chart and the price trend chart of rare earth products that the price trend of domestic light rare earth market can be roughly divided into three stages: the first stage is from the beginning of the year to the end of April, and the light rare earth market price fluctuates and falls; the second stage is from May to the end of June, and the light rare earth market price ushers in a substantial rise; the third stage is the second half of 2019, and the light rare earth market price keeps falling. The price trend of domestic heavy rare earth market also has three stages: the first stage is from the beginning of the year to the end of May, with heavy rare earth prices surging higher; the second stage is from the beginning of June to the end of October, with heavy rare earth prices slightly lower; the third stage is from the beginning of November to the end of November, with heavy rare earth prices rebounding higher.

 

PVA 1799 (PVA BF17)

In the first stage, the domestic rare earth market saw ups and downs, and the price of heavy rare earth market was greatly increased by 63% due to the impact of Myanmar customs clearance. In addition, due to the decline of domestic production of ion-based rare earth ores, the on-site merchants were optimistic about the future market development, and the sources of goods were reluctant to sell, resulting in a sharp increase in the price of heavy rare earth market. However, in the first stage, the market price of light rare earth decreased correspondingly. The supply of light rare earth market was sufficient. In addition, the order quantity of downstream NdFeB was too small, and the start-up time was late, which led to less metal demand, so the oxide price was depressed, and the price of praseodymium and neodymium oxide fell more than once.

 

In the second stage, the market price of light rare earth in China soared, and the price of light rare earth increased by as much as 30%. Under the strict environmental protection inspection, rare earth separation enterprises in many provinces have stopped production, resulting in the general market input of rare earth oxides. Recently, the rare earth market has turned to the seller’s market, and the manufacturers have reasonably controlled the sales, and are reluctant to sell. In particular, the supply of some mainstream rare earth oxides is tight, and the price trend of rare earth market is rising. In the near future, large-scale enterprise groups in the market are reluctant to sell, and the market situation of rare earth market is improving. However, major manufacturers are also cautious in pricing products. In addition, in this stage, the import of rare earth fell, domestic enterprises were reluctant to sell, and some prices in the rare earth market rose sharply. In addition, the domestic environmental protection department recently issued the rectification requirements for the rare earth industry. Due to the increasingly obvious regulatory effect, the supply of raw ore resources in the upstream of the rare earth industry shrank, and the market price of light rare earth rose sharply. However, the market price of heavy rare earth is slightly lower. Due to the customs clearance of Myanmar in September, the domestic market supply of heavy rare earth is greatly increased, and the market price of heavy rare earth is correspondingly lower.

 

In the third stage, the domestic market price of light rare earth continued to fall. The price fluctuation of rare earth market was related to the environmental protection supervision nationwide. The production of rare earth had particularity, especially some products had radiation hazards, which made the environmental protection supervision more strict. Metal enterprises and downstream magnetic material enterprises are weak in buying. In addition, the price of rare earth has declined compared with the previous period, and the wait-and-see mood is strong. Under the strict environmental protection inspection, rare earth separation enterprises in many provinces have stopped production, resulting in the general market supply of rare earth oxides, especially some mainstream rare earth oxides, the supply is normal, and the market price trend of rare earth is declining. But in November, due to Myanmar’s unilateral customs suspension, the price of domestic heavy rare earth market rebounded. In addition, China has been adhering to the principle of openness, coordination and sharing to promote the development of domestic rare earth industry. It is willing to use rare earth resources and products to meet the legitimate needs of the development of all countries in the world, play a positive role in promoting the development of China’s economy and the world economy, and make good use of rare earth products Exports, domestic heavy rare earth return to the upward trend.

PVA 1788 (PVA BP17)

The Ministry of industry and information technology and the Ministry of natural resources jointly issued a notice to release the total amount control indicators of rare earth mining and smelting separation and tungsten mining in 2019. The Ministry of industry and information technology of China announced that the total amount of rare earth mining and smelting separation in 2019 was 132000 tons and 127000 tons respectively, while the quota of rare earth mining in 2018 was 120000 tons, an increase of 12000 tons. Moreover, the data in 2019 is from The highest year since 2014. In addition, the Ministry of industry and information technology, together with relevant departments, drafted the development plan of new energy vehicle industry (2021-2035). After 15 years of continuous efforts, China’s core technology of new energy vehicles will reach the international leading level. By 2025, the proportion of new energy vehicle sales will reach about 25%. Driven by national policies, the supply and demand pattern of rare earth industry is expected to further improve, and China’s domestic demand is expected to further improve The situation of domestic rare earth industry will be improved.

 

In 2019, the price trend of domestic rare earth market presents “polarization”, and the price of domestic heavy rare earth market rises sharply, but the price trend of light rare earth market goes down. In addition, the country is more and more serious in rectifying the rare earth industry, and the rare earth mining volume is also increased in 2019. In addition, the development of new energy vehicles is faster and faster. Chen Ling, rare earth analyst of business society, expects the development of rare earth industry in 2020 There will be some improvement. The domestic market price of heavy rare earth may maintain a high price, and the market price of light rare earth will also be affected by this.

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In 2019, the pattern of large-scale environmental protection has formed and entered the era of intensive cultivation, and in 2020, environmental supervision will be more normalized. In 2020, under the pressure of national supply side structural reform and environmental protection supervision, the construction of main coke enterprises, carbon black enterprises and tire enterprises in Beijing, Tianjin and Hebei, Shandong, Hebei, Shanxi and other regions will be restricted to varying degrees.

 

PVA FIBER

China is the largest producer of carbon black, but there is still a certain gap between the quality of carbon black and the international leading level. In the environment of overcapacity and vicious competition of low-quality carbon black, “win by quantity” is obviously not in line with the development law of carbon black market. In 2019, carbon black products in the domestic market fell into a loss, with an average profit of – 200 yuan / ton, the first decline in the past five years. Last year, the average profit was as high as 600-800 yuan / ton.

 

From 2020 to 2025, the market scale of special carbon black will increase at a compound annual growth rate of 8.1%.

 

One way out for the development of enterprises is to improve the ability of independent innovation, increase the R & D and investment of high-performance and special carbon black products

 

The growing demand for plastics, paints and coatings in the construction, packaging and automotive industries is a major driver of demand for specialty carbon black.

 

According to the application type, the special carbon black market is subdivided into plastic, ink, coating, etc. The plastic application field dominates the special carbon black market and is expected to remain the main application field in the forecast period. During this forecast period, the growth of special carbon black in plastic application is also expected to be the highest.

 

PVA 1788 (PVA BP17)

According to the terminal application industry, the special carbon black market is divided into transportation, industry, construction, printing and packaging, etc. The printing and packaging industry has led the demand for special carbon black, which is expected to remain dominant in the forecast period due to the large demand from household products, food and beverage and pharmaceutical industries.

 

By region, in the forecast period, the Asia Pacific region will still be the world’s largest special carbon black market. The region’s remarkable economic development and growing disposable income have led to the expansion of end use industries such as construction, automobile, food and beverage, personal care and medical care. All these factors are driving the Asia Pacific region to dominate the global carbon black market.

 

There are two aspects to improve the independent innovation ability of carbon black Enterprises: first, carbon black enterprises need to change their business philosophy, increase the R & D and investment of low lag carbon black, conductive carbon black, pigment and other special carbon black needed by green tires, and improve the added value of carbon black products to adapt to the changing market demand; second, the continuous R & D of intelligent integration of carbon black production to continuously realize the domestic market demand The high-tech and market globalization of carbon black production technology focuses on strengthening brand building and improving international popularity.

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Review of aluminum ingot spot market in 2019

 

1. Domestic spot price trend in 2019

In 2018, the aluminum price bottomed out, and throughout 2019, the overall domestic aluminum price trend is upward. According to the data of business agency, as of December 30, 2019, the average market price of domestic standard aluminum ingots is 14520 yuan / ton, 13473.33 yuan / ton compared with the market price at the beginning of the year (January 1), up 7.77% in the year.

 

2. Brief introduction of domestic spot market by stages in 2019

 

Specifically, the annual spot aluminum ingot price trend is divided into seven stages:

 

The first stage: from January to the first ten days of February (before the lunar year), the downward market started in September 2018 was continued. The low price of aluminum ingots fluctuated, with the operating range of 13250-13500, and the operation of the low-level segment of the interval was the main one. The average market price on January 15 was 13223.33 yuan / ton, which was the valley value of the year. At this stage, the domestic aluminum price has touched the industry’s average cash cost line, and the operating pressure of some enterprises is close to the limit. The domestic aluminum industry began to start independent capacity removal. It is reported that in 2018, the capacity of electrolytic aluminum shut down in China has exceeded 3.2 million tons / year, of which about 80% shut down is concentrated in the second half of the year.

 

The capacity changes of some electrolytic aluminum enterprises in 2018-2019 are as follows: (click the hyperlink below, and you can see)

 

Capacity changes of some electrolytic aluminum enterprises in 2018-2019

 

The second stage: from the middle of February to the beginning of June, after the Spring Festival, the consumption of domestic aluminum ingots has improved. The market feedback that the demand side is good and the production capacity in the high cost area is reduced and the backward production capacity is eliminated initiatively begins to appear, supplemented by the information side bonus. For example, the Sino US trade negotiation is good, the domestic financial and monetary stimulus policies are frequent, and the market atmosphere is warmer.

 

2019 aluminum industry chain policy list (domestic part): (click the hyperlink below, you can see)

 

List of aluminum industry chain policies in 2019 (domestic)

 

However, in this stage, the main factor driving the price rise of aluminum ingots is the cost factor. In May, xijiaokou Xinfa and Xiaoyi Huaqing all stopped production due to red mud problems, and alumina raw materials were in short supply in China. The price suddenly rose to 3200, and the cost factor greatly pushed up the market price of aluminum ingots.

 

The third stage: from the beginning of June to the end of July, the aluminum oxide in the early stage rose sharply, obviously exceeding the bearing capacity of the downstream aluminum ingot manufacturers. The market gradually has price and no market, and just needs a small amount of procurement. After that, foreign Hyderabad resumed production, alumina import window opened, alumina market no longer, cost support no longer, superimposed peak season is not prosperous and the off-season is reduced, aluminum price quickly spit back the previous increase. According to the data of business agency, the average market price of aluminum ingots on July 3 was 13646.. 67 yuan / ton, a decrease of 5.06% compared with the average market price of aluminum ingots on May 27 of 14373.33 yuan / ton.

 

The fourth stage: from the beginning of August to the first ten days of September, about 1.5 million tons of operating capacity of Weiqiao in Shandong Province and Xinxing Xinfa in Xinjiang were reduced due to floods and electrolytic cell leakage accidents, respectively. The operating capacity of ABA aluminum plant in Sichuan Province and Guyang electrolytic aluminum plant in Inner Mongolia was also reduced due to accidents. The domestic operating aluminum capacity was greatly reduced, the social inventory was obviously moved down, the superimposed consumption was in the peak season, and the effects of both sides of supply and demand were overlapped Plus, push aluminum prices up rapidly. According to the data of business agency, on September 13, the average market price of aluminum ingots was 14563.33 yuan / ton, and the price of domestic spot aluminum ingots rose to 14500 for the first time in 2019.

 

The fifth stage: from late September to mid October, the aluminum price trend is good, and the industry’s profit holding level continues to improve. In the early stage, the replacement capacity and new capacity are put into production, and some of the production capacity has also begun to resume production, especially in the southwest and inner Mongolia regions, where the aluminum capacity is received, with frequent news, and the aluminum ingot price under pressure.

 

The sixth stage: from late October to early December, the price of aluminum ingots continued to fluctuate in the first line of 14000, with supply and demand basically balanced, and the multi empty game intensified. On the one hand, the social inventory moved down significantly, and the supply was tight, on the other hand, the market expected more production capacity.

 

The seventh stage: in late December, since December 16, the price of aluminum ingots has ushered in the third wave of small rise in the year. According to the data of business agency, the average market price of aluminum ingots on December 26 is 14600 yuan / ton, the peak value in 2019, and the price of domestic spot aluminum ingots is 14500 for the second time in 2019.

 

POLYVINYL ALCOHOL FIBER

Analysis of electrolytic aluminum industry chain

 

1. Overview of the upstream and downstream of electrolytic aluminum industry chain

 
It is reported that alumina and coal power account for about 80% of the cost of electrolytic aluminum. According to historical data and industry experience, alumina price is about 17.8% of electrolytic aluminum price.

 

2. Price trend of electrolytic aluminum industry chain products in 2019

 

(1) Price trend of aluminum and power coal in 2019

 
(2) Price trend of aluminum and aluminum fluoride in 2019

 
(3) Price trend of aluminum and cryolite in 2019

 
(4) Price trend of aluminum and caustic soda (related to alumina production) in 2019

 
As can be seen from the figure above, the price of electrolytic aluminum in 2019 has little correlation with the price of auxiliary materials, and the factors that have a large impact on the price are mainly reflected in the price change of raw aluminum oxide and the factors of supply and demand.

 

3. Expected increase of alumina production

 

The most upstream bauxite supply, Australia, China, Guinea, Brazil and India account for 86.3% of global production. In recent years, the supply of domestic bauxite is relatively tight due to environmental protection problems, but overseas bauxite is rich in energy and has a large window for import.

 

In 2019, the annual capacity of alumina is expected to increase by about 2.5 million tons. In 2020, 6.2 million tons of new capacity is expected to be put into operation. At present, the capacity under construction in China is up to more than 10 million tons.

 

Data list of supply and demand over the years

 

1. Supply and demand data of electrolytic aluminum in recent 7 years

In the past seven years, the domestic production of electrolytic aluminum increased first and then decreased, mainly due to the supply side reform of policy (2018) and the independent capacity reduction of the industry (2019). In 2018-2019, the aluminum plant was shut down and replaced. In the second half of 2019, due to unexpected shutdown, the supply end shrank significantly. It is expected that the output in 2019 will decrease by 1.5-1.6%. At present, the social inventory of electrolytic aluminum in China continues to move down significantly, and it is expected to decrease by 580000-590000 tons in 2019.

 

PVA 1799 (PVA BF17)

2. The growth of production and consumption of electrolytic aluminum in the past 7 years

 
The data shows that the supply and demand of electrolytic aluminum are weak in recent two years, the domestic market is basically balanced, and the spot pressure is not big.

 

3. Trend of net export volume of electrolytic aluminum in recent 7 years

 
Expectation of electrolytic aluminum in 2020

 

1. Policy: favorable tariff

 

Since January 1, 2020, 107 items of goods, such as ferrochrome, will continue to be subject to export duties. The export tax rate or provisional export tax rate will be applied. The scope and tax rate of the goods will remain unchanged (see the official website of the Ministry of Finance for details). According to table 4, the tax rate of electrolytic aluminum and its downstream products has been greatly reduced.

 

2. Demand side may pick up

 

The recovery of domestic automobile industry and real estate industry will drive downstream aluminum consumption, and the overall supply pattern is expected to be better in China. In addition, aluminum for consumer goods industry and ultra-high pressure aluminum will become the growth point in 2020.

 

To sum up, electrolytic aluminum market will continue to recover in the near future in 2020, and the price operation range is expected to be 14000-15000 yuan / ton in the year.

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1、 Price trend

 

According to the data of the business club’s large list, the domestic dry process aluminum fluoride Market Price held steady this week, with the average market price at the beginning of the week of 9100 yuan / ton and at the end of the week of 9033 yuan / ton, down 0.73% from last week.

 

PVA 1799 (PVA BF17)

2、 Market analysis

 

This week, the price of aluminum fluoride is stable: the factory price of aluminum fluoride of Zhengzhou Tianrui Grain Technology Co., Ltd. is 9000 yuan / ton, that of Shandong LUZHENG Chemical Co., Ltd. is 9600 yuan / ton, and that of Zhengzhou Zerun Energy Chemical Co., Ltd. is 8600 yuan / ton.

 

PVA FIBER

Market analysis: up to now, the market price of hydrofluoric acid in China is 10240 yuan / ton, and the operation rate of hydrofluoric acid in China is less than 60%. The enterprises report that the spot supply of hydrofluoric acid in the field is currently available. In the near future, the market of hydrofluoric acid in the field has improved. Because the downstream demand is not small, the price trend of hydrofluoric acid manufacturers is stable, and the market price of hydrofluoric acid is temporarily stable. At present, the downstream aluminum fluoride price is mainly stable, and only a few manufacturers slightly reduce the factory price.

 

3、 Future forecast

 

Analysts of aluminum fluoride industry in the chemical branch of business society think that: in the near future, the pressure on the price of hydrofluoric acid is relatively large, and the downstream market price of aluminum fluoride has not yet increased, and it is expected that the market price of aluminum fluoride will continue to maintain stability in a short period of time.

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In 2019, the PV industry is changing. Externally, the PV products have experienced the “double anti” in the United States, and the export is facing great challenges. Domestically, the PV policy is changing, the subsidy policy is declining, and the PV industry is facing great challenges. As for the polysilicon upstream products, it is naturally not optimistic. With the continuous expansion and production of enterprises, the domestic production capacity is released intensively, and the production pressure is released Double, but the demand stalls, the domestic operating rate also drops again and again, the price also shows a one-sided trend of concussion and downward, the enterprise profits are seriously compressed, it can be said that 2019 is the winter. Now our business club makes an inventory of some major events in polysilicon and photovoltaic industry in 2019:

 

1. One successful trial run of the world’s largest single set polysilicon project

 

On December 8, it was learned that the annual output of 120000 tons of polysilicon project (30000t in the first phase) of Xinjiang Dongfang hope new energy Co., Ltd., the world’s largest single polysilicon project contracted by China Chemical Engineering Co., Ltd., has successfully produced qualified trichlorosilane products on December 1 after comprehensive commissioning and combined transportation. Among them, the trichlorosilane conversion rate of the cold hydrogenation device is more than 20%, and the rectification rate is more than 20% The purity of trichlorosilane after distillation and purification of the unit has reached 99.9999%, which indicates that Xinjiang Dongfang hopes to achieve the full process connection of 120000 T / a polycrystalline silicon project (30000 T / A in the first phase), and the project is successfully put into operation once and enters the stage of full production and operation.

 

2. Phase I of Yongxiang new energy Sichuan Leshan high purity crystalline silicon project with an annual output of 50000 tons under Tongwei

 

At the end of 2018, Tongwei announced that the first phase of Yongxiang new energy Sichuan Leshan high purity crystalline silicon project with an annual output of 50000 tons was put into operation successfully. After the completion of the project, and after the completion of Baotou high-purity crystalline silicon project, the annual output of 60000 tons of high-purity polysilicon can be provided, which can meet the demand of more than 70% high-quality p-type and n-type single crystals, and alleviate the current situation of China’s high-purity polysilicon dependence on imports.

 

3. The United States will continue to impose double anti tax on China’s photovoltaic cells and modules

 

On February 8, the United States International Trade Commission (USITC) decided that the existing anti-dumping and countervailing duty orders on crystal silicon and photovoltaic module products imported from China would continue to exist. The U.S. International Trade Commission believes that once the existing anti-dumping and countervailing duty orders are revoked, significant material damage will continue to be caused in the foreseeable future. David S. Johanson, chairman of the committee, and Irving A. Williamson, Meredith M. Broadbent, Rhonda K. schtlein and Jason E. Kearns, members of the committee, affirmed this.

 

4. Daquan and Jingke signed a 10000 ton polysilicon supply agreement and obtained a loan of 450 million yuan for the polysilicon expansion project

 

On February 21, Daquan New Energy announced that it has signed a one-year polysilicon supply agreement with the photovoltaic module manufacturer, Jingke energy. According to the terms of the supply agreement, Daquan new energy will supply 10350 tons of polysilicon to Jingke energy in 2019, and the price will be determined on a monthly basis according to the market price.

 

PVA 1788 (PVA BP17)

In addition, Daquan new energy has recently been approved by the Bank of China and will receive a loan of about 450 million yuan (about 66.5 million US dollars). Bank of China will provide a five-year fixed asset loan worth 400 million yuan, which Daquan new energy plans to use to further expand the capacity of its polysilicon production base in Xinjiang. The Bank of China will also provide a working capital loan of RMB 50 million to support Daquan’s daily operation. Last December, Daquan completed its 3B project ahead of schedule, which increased Daquan’s capacity to 30000 tons. At present, the company is working on its 4A project, which can further increase the production capacity to 70000 tons.

 

5. U.S. postpones tariff on Chinese products on March 1. Photovoltaic inverter will maintain 10% tariff

 

On the afternoon of February 24 local time, the seventh round of China US high level economic and trade consultation ended in Washington, D.C. U.S. President trump said substantive progress has been made in the negotiations, and the United States will postpone the measures originally scheduled to impose tariffs on Chinese products on March 1.

 

6. Wacker: falling polysilicon prices will reduce profits by 10-20%

 

Wacker chemical AG said it expects revenue to grow in the middle single digits, with sales of 4.98 billion euros last year due to increased polysilicon and chemicals sales this year. However, wacker’s board yesterday released its 2019 forecast, saying it expects EBITDA to fall 10-20% this year, mainly because the average price of polysilicon is lower than expected.

 

7. Another polycrystalline enterprise shut down

 

In March, Danone, Taiwan’s polysilicon manufacturer, announced that due to the downturn in the photovoltaic market in 2018, the price of the company’s main product polysilicon chips fell by 60%, and the market price is far lower than the production and manufacturing cash cost. Even though the price has stabilized slightly since 2019, the company has been committed to reducing various costs, and still can’t avoid the dilemma of more profits and more losses. As a result, the board of directors decided to shut down factories that were not economically efficient.

 

8. GCL poly and four customers signed a 6-gwa single crystal supply cooperation agreement

 

On the afternoon of June 4, during the SNEC exhibition in Shanghai, GCL poly signed a 6-gw single crystal supply cooperation agreement with atlas, Chint solar, daycare photovoltaic, Aikang photoelectric and other four customers.

In 2019, with the rapid development of photovoltaic industry, more cost-effective products have become the common goal of the whole industry chain, among which the related technologies and products based on ingot single crystal silicon wafer have attracted wide attention. In the theme report before the signing ceremony, Dr. Wan yuepeng said that the mass production efficiency and component output power of poly-gcl ingot single crystal “Xin single crystal G3″ perc battery are basically the same as that of Czochralski single crystal, such as considering the advantages of light attenuation, realizing the same watt output with Czochralski single crystal module; Xin single crystal has a narrower resistivity distribution, which is conducive to the improvement of perc battery efficiency and n-type silicon chip; all square Silicon wafer has no chamfering, which is suitable for laminating and patching components, with better appearance; the carbon footprint is lower, which is a more green product, with obvious advantages in some overseas markets.

 

9. Poly GCL transfers 31.5% equity of Xinjiang polysilicon project

 

In September, recently, poly GCL (03800. HK) announced that its shareholders voted 99.99% to approve the transfer of 31.5% of its subsidiary, Jiangsu Zhongneng Silicon Technology Development Co., Ltd. (hereinafter referred to as “Jiangsu Zhongneng”), to Xuzhou Zhongping GCL industrial upgrading equity investment fund (hereinafter referred to as “Xuzhou Industrial Fund”) Equity. The transaction consideration is RMB 2.49 billion (the same below), and the funds will be used to repay the company’s debts and general operation.

 

10. Daquan new energy Q3 turned loss into profit on a year-on-year basis, with adjusted net profit increasing by 313% month on month

 

DQ. Us, a maker of high-purity polysilicon for the solar photovoltaic industry, released its financial report after trading in US stocks on Tuesday, with earnings from continuing operations of US $83.9 million, up 27% on a month on month basis. Gross profit was $18.1 million, up 110% month on month, and $8.6 million in the second quarter. The gross margin was 21.5%, 13% in the second quarter, up 65% month on month. Non GAAP EBITDA was $19.7 million, up 93% month on month; EBITDA margin was 23.5%, compared with 15.5% in the previous quarter.

 

PVA FIBER

The net profit from continuing operations was $4.9 million, with a net loss of $2.7 million in the previous quarter and a net profit of $4.2 million in the same period of the previous year. The net profit attributable to shareholders is 5 million US dollars, and the net loss of the same period of last year is 18.3 million US dollars. After adjustment, the net profit attributable to shareholders was US $9.5 million, compared with us $2.3 million in the previous quarter, and US $4.3 million in the same period of the previous year, with an increase of 313% on a month on month basis and 120% on a year-on-year basis. Earnings per share was $0.37, compared with a loss of $0.16 in the previous quarter and $1.39 in the same period last year. According to the non GAAP, the adjusted earnings per share was US $0.69, compared with us $0.17 in the previous quarter and US $0.33 in the same period of last year, an increase of 305% on a month on month basis and 109% on a year-on-year basis. Polysilicon production was 9437 tons, compared with 7151 tons in the second quarter of 2019, an increase of 31%. The sales volume of polysilicon was 9238 tons, 7130 tons in the second quarter, an increase of nearly 30% on a month on month basis.

 

11. Longji subsidiary’s further production expansion will invest in the construction of 10GW / a monocrystalline silicon wafer project

 

On November 25, Yunnan Provincial Development and Reform Commission issued the review opinions on the energy saving report of the construction project of Chuxiong Longji silicon material Co., Ltd. with an annual output of 10GW in phase II, indicating that the energy saving report of the construction project of the company with an annual output of 10GW in phase II has been approved.

 

The construction content and scale of the second phase of the 10GW / a monocrystalline silicon chip construction project of Chuxiong Longji silicon material Co., Ltd.: Leasing customized workshops and supporting production and living building facilities (to be constructed by the government), purchasing production equipment, testing instruments, tools and instruments such as diamond wire slicer, degumming machine, inserting and cleaning machine, sorting machine, etc. after the project is completed and put into operation, the annual output of 10GW will be realized, about 20 Production capacity of 100 million monocrystalline silicon wafers. The project is a new project in Longji, Chuxiong. The plant, production equipment and auxiliary production equipment used in the project are not shared with phase I project.

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