Zhejiang Jinggong Integration Technology Signs 1.7 Billion Contract, Saudi GIM and Sichuan Zhongyi Huixin Agreement Finalized

Recently, as a leading enterprise in the carbon fiber equipment industry, Zhejiang Jinggong Integration Technology successfully signed two major contracts totaling 1.764 billion RMB, surpassing the company’s projected annual revenue of 1.54 billion RMB for 2023. In the first three quarters of 2024, the company achieved total revenue of 1.12 billion RMB, a year-on-year increase of 5.51%. However, the net profit attributable to the parent company was 73.03 million RMB, a decline of 47.96% compared to the same period last year.

1. Contract with Saudi GIM Company
   On December 2, Zhejiang Jinggong Integration Technology announced the signing of a sales contract with Graphene Fibre Limited T/a GIM Graphene Fibre (hereinafter referred to as "Saudi GIM Company") under contract number GIMJG-CC2024, with a total value of $17,167.96 million (CIF price). Of this amount, the equipment value is $16,417.96 million, with a deposit of $7.5 million.

   
   

   According to the contract terms, Zhejiang Jinggong Integration Technology will provide six production lines to Saudi GIM Company in phases. The first production line will be executed immediately after the contract is signed, while the second and third lines will begin execution in the third and fourth quarters of 2025, respectively. The remaining three lines will start execution in 2026.

   
   

   Both parties also agreed that, after the contract is signed, the buyer will guarantee the annual purchase of three production lines, with a total of no less than 18 lines (including the aforementioned six), resulting in a total procurement amount of approximately $500 million. The specifications and prices of the new production lines will be adjusted in a separate agreement.

   
   

2. Contract with Sichuan Zhongyi Huixin New Materials
   On November 25, Zhejiang Jinggong Integration Technology announced that it signed a sales contract totaling 515.5 million RMB (tax included) with Sichuan Zhongyi Huixin New Materials Technology Co., Ltd. on November 23. According to the contract, Zhejiang Jinggong Integration Technology will deliver a complete carbon fiber production line and a precursor production line, along with supporting utilities, and will be responsible for installation, debugging, and acceptance.

   
   

   The announcement indicated that the counterparty, Zhongyi Huixin Company, was established on October 8, 2024, with a registered capital of 30 million RMB. Its main business includes research and development of new material technologies, promotion services for new material technologies, recycling technology for carbon fiber, sales of equipment for processing discarded carbon fiber composites, sales of graphite and carbon products, and high-performance fibers and composite materials.