Kingfa Technology also released its first-quarter report for 2023

With the exception of home appliance materials affected by the overall downturn in the home appliance industry in 2022 resulting in a year-on-year decline in sales, sales of other major products of modified plastics have maintained a good momentum of growth. Of this total, sales of electronic and electrical materials were about 181000 tons, up 7.1% over the same period of last year; sales of new energy materials were 56900 tons, up 84.86% year on year; and sales of consumer electronic materials were 61200 tons, up 27.08% on annual basis.

In terms of new materials business, the company's sales of finished products in the new materials sector in 2022 were about 122800 tons, an increase of 20.47% y-o-y. Of these, sales of completely biodegradable plastics were about 98500 tons, an increase of 23.53% year on year and the operating income of the main products of high-performance carbon fiber and composite materials reached 158 million yuan, an increase of 23.44% on the year.

That night, Kingfa Technology also released its first-quarter report for 2023. During the reporting period, the company realized operating income of 9.683 billion yuan, an increase of 2.39% over the same period last year, and realized a net profit of about 299 million yuan belonging to shareholders of listed companies.