原文：http://shenzhen.chinacompositesexpo.com/en/news-detail-92-15206.htmlNovember 22, Shanghai -- China Jushi announced the reception of a notice from its shareholder, Zhenshi Holdings Group Co., Ltd., which holds more than 5% of the company's shares, , stating the intention to increase its holdings in the company.

The implementation period of the holding increase is 12 months since the date of disclosure of this announcement. There is no price range set for the increase, but the total amount shall not be less than 500 million RMB and no more than 1 billion RMB. The announcement stated that this increase in holdings is due to firm confidence in the company's future development prospects and its medium-to-long term value.

At present, Zhenshi Group directly holds 15.59% of China Jush’s shares, being the second largest shareholder. The largest one, China National Building Materials Co., Ltd., holds 26.97% of the shares. Based on the current stock price, even if Zhenshi Group increases its holdings by 1 billion RMB, it will not shake its position of the largest shareholder.

China Jushi is mainly engaged in the production and sales of fiberglass and related products. The product is widely used in renewable energy (wind power, photovoltaics), electronic communication (PCB applications), energy conservation and environmental protection, transportation (lightweight automobiles and vehicles), building materials and other fields.

China Jushi achieved a revenue of 11.632 billion yuan in the first three quarters of this year, a year-on-year increase of 1.81%; The net profit attributable to shareholders was 1.533 billion yuan, a year-on-year decrease of 42.66%.

It is reported that since March this year, the price of fiberglass products has been raised, which has significantly improved the company's profits. According to the financial report, China Jushi's non recurring net profit in the third quarter reached 528 million yuan, a year-on-year increase of 49.18%.

It is worth noting that at the third quarter’s press briefing, Ding Chengche, Secretary of the Board of Directors of China Jushi, stated that structural re-pricing will continue in the fourth quarter and next year, especially for those long-term agreements which are not covered yet.

Galaxy Securities stated that with the recovery of demand and the implementation of fiberglass re pricing, the company's performance is gradually recovering. In the third quarter, market demand gradually rebounded, with domestic demand for wind-power-used yarn and thermoplastic yarn maintaining a fast growth rate, and overseas sales achieving significant year-on-year growth.

According to the latest data released by the China Glass Fiber Industry Association, from January to October 2024, the cumulative export volume of glass fiber and its products in China was 1.7091 million tons, an increase of 13.63% year-on-year; The cumulative export amount was 2.327 billion US dollars, an increase of 4.16% year-on-year.

In October, the monthly export volume of glass fiber and products reached 160,800 tons, stopping the downward trend lasting two consecutive months. The monthly export volume increased by 16.0% month-on-month and 16.3% year-on-year. The monthly export value in October was 230 million US dollars, an increase of 16.2% compared to the previous month and 10.6% up year-on-year.
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