Jingwei Textile Machinery released the 2020 semi-annual performance forecast: It is expected to make a profit of 166 million yuan to 176 million yuan, and a profit of 354 million yuan for the same period last year, a year-on-year decrease of 50.44% - 53.26%.

The announcement showed that the reasons for the changes in performance were explained: during the reporting period, due to the impact of the COVID-19 pandemic, the textile industry’s export orders fell sharply, the start of the work was severely insufficient, and the willingness of enterprises to invest in fixed assets was reduced; the trust industry was under economic downward pressure, and the overall business volume was relatively large fluctuation. In this environment, the company’s textile machinery business and financial business were affected by the decrease in customer demand, resulting in a year-on-year decrease in revenue, resulting in a decrease in operating profit, and a decrease in net profit attributable to shareholders of listed companies.

 

On the premise of doing a good job in the prevention and control of the pandemic, the company has taken measures such as active market expansion to accelerate the recovery of production and business activities. In the second quarter, the work on key projects in the textile machinery market was intensified, and the balanced development of trust product types and capital investment was promoted. The business situation was better than that in the first quarter, and the market share was gradually consolidated. Under the influence of the pandemic, the company’s overseas business is still limited in personnel exchanges and business expansion, which still restricts the growth of operating performance.

 

According to the data, Jingwei Textile Machinery is a technologically advanced supplier of complete sets of cotton textiles and chemical fiber, weaving, and twisting equipment. While doing a good job in the textile machinery industry, the company actively promotes the integration of industry and finance. The growth of financial trust business has promoted the development of textile machine industry.