Securities code: 300910 securities abbreviation: Xinxiang Richful Lube Additive Co.Ltd(300910) Announcement No.: 2021-078
Xinxiang Richful Lube Additive Co.Ltd(300910)
Announcement on the construction of a series of lubricating oil additive products with an annual output of 150000 tons and the use of some over raised funds for construction
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Important:
According to the company's development plan, it is planned to invest in the construction of a series of lubricating oil additives with an annual output of 150000 tons. The construction site of the project is dazhaoying industrial cluster area, Xinxiang County, Xinxiang City;
The planned total investment of the proposed 150000 T / a lubricating oil additive series project is RMB 1 million (including the construction investment of RMB 556.5 million), part of the over raised funds is planned to be RMB 200 million, and the rest will be solved by the company's own funds or other financing methods;
The construction of 150000t / a lubricating oil additive series products and the use of some over raised funds have been deliberated and approved at the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors, and still need to be submitted to the general meeting of shareholders of the company for deliberation;
This investment does not constitute a connected transaction or a major asset reorganization;
Relevant risk tips: there may be management risk, sales risk and project construction risk in the process of project implementation.
Xinxiang Richful Lube Additive Co.Ltd(300910) (hereinafter referred to as "the company") held the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors on December 24, 2021. The meeting deliberated and adopted the proposal on the construction of a series of lubricating oil additive products with an annual output of 150000 tons and the use of some over raised funds for construction , it is agreed that the company will build a series of lubricating oil additives project with an annual output of 150000 tons, and use some over raised funds to invest in the construction of the project. The relevant information is hereby announced as follows:
1、 Basic information of raised funds
With the approval of China Securities Regulatory Commission on Approving the registration of Xinxiang Richful Lube Additive Co.Ltd(300910) initial public offering (zjxk [2020] No. 2396), the company publicly issued 37.5 million A-Shares to the public at an issue price of 30.26 yuan per share, raising a total of 1134.75 million yuan, deducting the issuance expenses of the Underwriters (tax excluded) RMB 72.8936 million and other issuance expenses (tax excluded) RMB 2002.28 million. The net amount of funds actually raised was RMB 104.18336 million, of which the total amount of over raised funds was RMB 7018336 million.
The above-mentioned raised funds were put in place on November 24, 2020, verified by Zhonghui Certified Public Accountants (special general partnership) and issued the capital verification report (zhhyy [2020] No. 6638). The company has deposited the raised funds in the special account for raised funds opened with the approval of the board of directors to manage the deposit and use of the raised funds.
2、 Use of raised funds
1. According to the company's prospectus on Xinxiang Richful Lube Additive Co.Ltd(300910) initial public offering and listing on GEM, the company plans to invest in the following projects after deducting the issuance expenses:
Unit: 10000 yuan
No. project name total investment planned to be raised
Capital investment
1. Annual output of 60000 tons of lubricating oil additive single agent products and 12800 tons of 342240034000.00 composite agent products
Total 34224.0034000.00
2. According to the proposal on the use of over raised funds to build scientific research center and the technical transformation project of 15200 tons of lubricating oil additives series products and the proposal on the use of some over raised funds to permanently supplement working capital, the investment projects of the company with over raised funds are as follows:
Unit: 10000 yuan
No. project name total investment planned to be raised
Capital investment
1 lubricating oil additive research center project 13500.0013000.00
2. 3500.003500.00 project for technical transformation of 15200 T / a lubricating oil additive series products
Part 3 permanent supplementary working capital of over raised funds 21000.0021000.00
Total 38000.0037500.00
Note: the company has not set a purpose for the over raised funds of 326.8336 million yuan. As of December 21, 2021, the balance of the company's over raised funds account is 336.1065 million yuan (including investment income from purchasing financial products, bank interest and deducting bank handling fees), including a fixed balance of 300 million yuan (due on December 30, 2021) and a current balance of 36.1065 million yuan.
According to the company's development plan and actual production and operation needs, the company plans to use part of the over raised funds of 200 million yuan to invest in the construction of a series of lubricating oil additives with an annual output of 150000 tons, and the rest will be solved by the company's own funds or other financing methods.
3、 The use of some over raised funds to invest in construction projects this time
(i) Project overview
Unit: 10000 yuan
The total investment of the project using the over raised funds is planned to be used during the construction period
Amount of over raised funds
Annual output of 150000 tons of lubricating oil additive series products is 100000.0020000.0024 months
project
Approval, approval or filing of the above projects
Project filing and approval of environmental protection for the use of raised funds
Annual output of 150000 tons of lubricating oil additive series 2020-410721-26-03-094616 Xinhuan Shushen [2021] No. 26 product project
（2） Project introduction of lubricating oil additive series with an annual output of 150000 tons
1. Basic information
The project will carry out environmental protection and safety technical transformation of the original facilities, intelligent transformation of public works, storage center, staff restaurant, dormitory, R & D center and other supporting facilities, and green transformation of heavy alkylbenzene sulfonate and ashless dispersant production line. The construction content of the project is: the green transformation of the production line and supporting equipment and facilities with an annual output of 100000 tons of heavy alkylbenzene sulfonate (including supporting alkylbenzene production unit) and 50000 tons of ashless dispersant.
The total investment of the project is 1 billion yuan, including 556.5 million yuan. The construction period is 24 months. It is planned to be completed by the end of 2023.
2. Necessity and feasibility of project implementation
(1) Necessity of project implementation
1. Adapt to the needs of changes in the lubricating oil additive market
Since the 1930s, the global lubricant additive industry has developed to a relatively mature stage, with a large market scale and basically stable growth.
As one of the world's largest consumers of lubricating oil additives, China's demand for lubricating oil additives increased from 750000 tons in 2013 to 919000 tons in 2018, with an average annual growth rate of 4.2%, higher than the global average level in the same period.
In recent years, with the rise of anti globalization trend and the intensification of Sino US trade friction, especially the epidemic has had a significant impact on global production and supply, which has brought major challenges to the supply security of international lubricating oil companies. Downstream customers have an urgent need to optimize supply channels and reconstruct supply chain, which has brought a once-in-a-lifetime development opportunity for the company. At the same time, under the strategic layout that the world is facing great changes that have not been seen in a century, Sino US trade frictions continue, and the country speeds up the formation of a new development pattern with China's big cycle as the main body and China's international double cycle promoting each other, it is more important to realize domestic substitution and there is a large market space. The company needs to rapidly increase its scale, improve its competitiveness and ability to serve customers, and fully participate in the supply chain reconstruction process of international and Chinese lubricant companies.
2. The need to break through the company's existing capacity bottleneck
The products to be built in the project are sulfonate detergent and dispersant, which are one of the most demanding agents in lubricating oil additives and are the main components of composite agent products. With the continuous improvement of the company's production and marketing scale, the production capacity of the above two types of products will be in short supply, forming a production capacity bottleneck, and expansion is urgently needed to meet the company's development needs and market demand.
3. The need to form synergy and further enhance the competitiveness of the company
In addition to the production capacity of sulfonate detergent and dispersant products, Xinxiang plant also covers other mainstream single agent products, with complete varieties and various production auxiliary facilities. After the production capacity of sulfonate detergent and dispersant products in Xinxiang plant area is increased, compound agents can be prepared in Xinxiang plant area in a one-stop way to support the company's strategic transformation from single agent to compound agent, so as to form synergy and intensive production.
At the same time, the project is built in Xinxiang plant and managed by the company's existing management team. After the project is completed and put into operation, collaborative management can be realized, management efficiency can be improved and management cost can be saved.
(2) Feasibility of project implementation
1. Comply with national industrial policies
The 150000t / a lubricating oil additive series product project is a fine chemical product. The fine chemical industry is an indispensable and important part of the sustainable development of the national economy and an industry supported and encouraged by the national industrial policy. In recent years, relevant ministries and commissions have issued a series of support policies related to the industry, For example, the outline of the national medium and long term science and technology development plan (2006-2020), the petrochemical and chemical industry development plan (2016-2020), the 13th five year plan for energy development, the 14th five year development guide for petroleum and chemical industry, and the three-year action plan to win the blue sky have a positive impact on the development of the lubricating oil additive industry.
2. The broad market prospect provides a strong guarantee for the project construction
According to global consulting and research firm Klein According to relevant data from Kline & Co and Shanghai lubricating oil industry association, by 2023, the demand for lubricating oil additives in China is expected to increase to 1.12 million tons, the global demand for lubricating oil additives will increase to 5.34 million tons, and the market scale is about 18.5 billion US dollars. As the first tier manufacturer of lubricating oil additives in China, the company pays equal attention to both domestic and export marketing strategies and global lubricating oil additives Under the background of the gradual transfer of oil additive industry to developing countries, the broad market prospect provides a strong macro guarantee for the implementation of fund-raising projects and capacity digestion of the company.
3. The company has perfect R & D system and technical reserves
The company has established an organizational structure conducive to product R & D, an R & D mode combining industry, University and research, an advanced R & D management mode, and a sound intellectual property reward and protection mechanism. The company's R & D personnel have reasonable knowledge structure, strong complementarity and strong development ability. In recent years, with the maturity of the continuously introduced high-quality technical force, the company has formed a high-quality and efficient technical team with the old leading the new in terms of product development, process technology application and production equipment transformation. The scientific setting of the company's R & D system can not only give full play to the talents of R & D personnel, but also actively promote the innovation of all staff. The perfect R & D system and solid technical reserves provide a strong technical guarantee for the implementation of the project.
(3) According to the requirements of the Shenzhen Stock Exchange GEM Listing Rules (revised in 2020) and the articles of association, the investment and construction of the "150000 ton annual lubricating oil additive series product project" does not belong to related party transactions, nor does it constitute a major asset reorganization as stipulated in the administrative measures for major asset reorganization of listed companies.
3. Economic benefit analysis
According to the company's calculation, the relevant financial indicators after the project is completed are as follows:
S / N indicator name unit indicator value remarks
1. The total investment is 100000 yuan-
Including: construction investment of RMB 556.5 million
2. The annual income after the project reaches 10000 yuan 178615-
3-year net profit: 10000 yuan
