BEIJING, Oct. 16, 2018 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announced that the Company has received higher orders for the
fourth quarter of 2018 from its major customer, Eternal Electronic
Material (Guangzhou) Co., Ltd.
("Eternal Electronic"). Based on the expanded demand, Fuwei Films
expects that fourth quarter sales to Eternal Electronic will be
approximately 30% higher as compared to the same period of 2017. As
a result, the Company expects 2018 annual sales to Eternal
Electronic to be approximately 27% higher than 2017.
Eternal Electronic is a global manufacturer of dry films and one
of the Company's top customers for polyester film, which serves as
base film for producing dry film used in Printed Circuit Boards
("PCB"). Polyester film for PCBs is one of the Company's high
value-added and differentiated products. Fuwei Films has been
supplying Eternal Electronic with high-quality specialty film
products and sound services for a number of years.
"The order increase from Eternal Electronic demonstrates that
the product quality of our PCB-purpose polyester film is recognized
by our major customers. Meanwhile, we believe that the order growth
also helps improve the Company's financial performance," commented
Mr. Zengyong Wang, Chairman of Fuwei Films, "Going forward, we plan
to continue developing our
portfolio of new and high-quality film products and maintain
excellent customer service for competitive positioning."
About Fuwei Films
Fuwei Films develops, manufactures and distributes high-quality
plastic films using the biaxial oriented stretch technique, also
known as BOPET film (biaxially oriented polyethylene
terephthalate). Fuwei's BOPET film is widely used to package food,
medicine, cosmetics, tobacco, and alcohol, as well as used in the
imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are subject to risks. Risk factors that could contribute to
such differences include those matters more fully disclosed in the
Company's reports filed with the U.S. Securities and Exchange
Commission which, among other things, include both the possible
delisting of the Company's ordinary shares from the NASDAQ Global
Market; significant competition in the BOPET film industry,
especially the significant oversupply of BOPET films resulting from
the rapid growth of the Chinese BOPET industry capacity, changes in
the international market and trade barriers, especially the adverse
impact of the antidumping investigation and imposition of an
anti-dumping duty on imports of the BOPET films originating from
the People's Republic of China
("China") conducted by certain
main importing countries; fluctuations of RMB exchange rate, the
reduce in demand for the Company's products or the loss of main
customers which may result in the decrease of sales, and negatively
influencing the Company's financial performance, uncertainty as to
the future profitability, uncertainty as to the Company's ability
to successfully obtain additional funds to meet the working capital
needs of the new BOPET production line, uncertainty as to the
Company's ability to continuously develop new BOPET film products
to be produced by the third production line and keep up with
changes in BOPET film technology, risks associated with possible
defects and errors in its products including complaints and claims
from clients, uncertainty as to its ability to protect and enforce
its intellectual property rights, uncertainty as to its ability to
attract and retain qualified executives and personnel, and
uncertainty in acquiring raw materials on time and on acceptable
terms, particularly in light of the volatility in the prices of
petroleum products in recent years, instability of power and energy
supply, and the uncertainty regarding the future operation of the
Company in connection with the changes in the labor law in
China, the measures taken by the
Chinese government to save energy and reduce emissions, and the
complaints from nearby residents and local government about the
noise caused by our production as well as the uncertainty of the
impact of major shareholder transfer that have substantial
influence over the Company and the Company's business operation
including possible overlap of our BOPET products, customers and
market orientation with an BOPET film manufacturer, which is
controlled by the same individual who has control over the shares
of our major shareholder. The forward-looking information provided
herein represents the Company's estimates as of the date of the
press release, and subsequent events and developments may cause the
Company's estimates to change. The Company specifically disclaims
any obligation to update the forward-looking information in the
future. Therefore, this forward-looking information should not be
relied upon as representing the Company's estimates of its future
financial performance as of any date subsequent to the date of this
press release. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of the risk factors.
For more information, please contact:
In China:
Ms. Xiaoli Yu
Investor Relations Manager
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Mr. Shiwei Yin
Investor Relations
Grayling
Phone: +1-646-284-9474
Email: shiwei.yin@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.