What is the secret of the failure of the 7 billion mask order in Jinfa science and technology

category:Finance
 What is the secret of the failure of the 7 billion mask order in Jinfa science and technology


On the evening of the 9th, Jinfa technology announced that its subsidiary Guangdong Jinfa Technology Co., Ltd. (hereinafter referred to as Guangdong Jinfa) signed a goods sales contract with a company in the United States in May to sell kn95 masks to the latter. According to the purchase order, the order amount was 975 million US dollars, and the term was three months. At present, the three-month performance period is about to expire, and the company has not received 40% of the advance payment due from the buyer according to the order, and has not received the effective reply on whether to continue or delay the performance of the contract and order. The company believes that the contract order has not been fulfilled by the buyer and the contract order has actually been terminated.

As a matter of fact, up to now, Jinfa technology has never disclosed any details of the partners company name, address, etc. for the above-mentioned mask orders, only the order amount is known. Therefore, the market for golden hair technology mask orders for the real existence of doubt.

When the first financial reporter called Jinfa technology to inquire about the order related matters in the morning, the relevant person in charge of the company explained: as for the mask order mentioned in the announcement, the company must have signed the contract. If there is no contract, there will be no announcement.

And when the reporter asked again: is it because the customer did not pay 40% of the upfront payment that the order could not be fulfilled, the person in charge of golden hair technology said: it can be understood.. The person also revealed that the order of Party A is relatively strong, as to whether it will seek legal aid for this reason, the company is observing..

On May 17, this year, Jinfa technology released an announcement on the signing of a particularly significant contract by its subsidiary, Guangdong Jinfa Technology Co., Ltd. (hereinafter referred to as the seller) and a company in the United States (hereinafter referred to as the buyer) signed the sales contract of goods. On May 16 (Beijing time), the seller received a purchase order from the buyer, with an order amount of $975 million. As soon as the news came out, on May 18, the stock price of Jinfa technology was up and down.

According to the annual report of 2019, Jinfa technology achieved a net profit of 1.244 billion yuan. The total net profit generated by the above particularly significant mask orders accounts for more than 50% of the companys audited net profit in 2019. According to public information, Goldilocks started the business of masks during the epidemic. The companys main business is the R & D, production and sales of new chemical materials. Its main products include modified plastics, fully biodegradable plastics, high-performance carbon fiber and composite materials, special engineering plastics, light hydrocarbon and hydrogen energy, environmental protection and high-performance recycled plastics. Previously, Jinfa technology once said that the company increased the production lines of anti epidemic materials and products such as melt blown materials, melt blown cloth and masks in the first half of the year, which has played a positive role in the performance. It is estimated that the net profit attributable to the parent company in the first half of the year will reach 2.345 billion yuan - 2.446 billion yuan, an increase of 1.835 billion yuan - 1.936 billion yuan compared with the same period of last year. Source: Chen Hequn, editor in charge of Finance and Economics_ NB12679

According to the annual report of 2019, Jinfa technology achieved a net profit of 1.244 billion yuan. The total net profit generated by the above particularly significant mask orders accounts for more than 50% of the companys audited net profit in 2019.

According to public information, Goldilocks started the business of masks during the epidemic. The companys main business is the R & D, production and sales of new chemical materials. Its main products include modified plastics, fully biodegradable plastics, high-performance carbon fiber and composite materials, special engineering plastics, light hydrocarbon and hydrogen energy, environmental protection and high-performance recycled plastics.