Shanghai, China – Huide Science and Technology posted CNY115m ($18m) 2018 annual net profit, up 5% from 2017. Revenue increased by 12% to CNY1.6bn.
Its 2018 net profit less non-recurring items jumped 18% to CNY108m, said the company’s annual report released in April. Huide went public on the Shanghai Stock Exchange in 2018.
Huide is a leading Chinese maker of PU leather materials such as polyurethane resins, TPU elastomers and polyols.
The U.S.-China trade war has arrested downstream exports, but domestic consumption has become the main drive for the sector’s growth and the company was not under serious impact, said the annual report.
Huide currently has 126kT/year total capacity in Shanghai with an 180kT/year project in the pipeline in Ningde, Fujian province. Last year the company had 6% of the market in China, claimed the firm. It added that 85% of its products were sold to the Yangtze Delta area and Fujian.
In 2018 Huide broadened its portfolio for solvent-free resins used in seating, apparel and footwear, and started mass production of solvent-free split leather resin. Its waterborne PU resin line also began its pilot run.