Shanghai Huayi Group released its 2018 annual report on April 23.
In 2018, the group's subsidies Double Coin Tire and Huayi (Hong Kong) are in 309.5 million yuan and 282.3 million yuan of net deficit.
There were 9,752,900 units of tires produced by Huayi Group in 2018, year-on-year decreasing 1.62%, and 9,566,300 units of tires sold in the same period, yearly down by 4.28%.
The report said that capacity utilization in Jiangsu, Chongqing, Xinjiang, Anhui and Thailand plants respectively reached 80%,78%,95%,59% and 27%.
Huayi Group not only realized 7.759 billion yuan of sales revenue in tire business, yearly declining 3.6%, but also decreased its operation cost to 6.862 billion yuan, yearly down by 4.46%, which increased its gross profit to 11.56%.
Huayi Group said tire industrial reshuffle was still undergoing, and the company still underestimated the industrial development.
Nowadays, Huayi Group's full-steel tire production was listed in the top three in China, and has realized building up large oversea production base via purchasing 51% of Huayi Group (Hong Kong) Co.,Ltd..
