Expand international business Zhejiang Huilong New Materials (301057.SZ) plans to invest no more than 500 million yuan to establish a production base in Indonesia.

Announcement from Zhejiang Huilong New Materials (301057.SZ): The company plans to use its own funds or raise funds through its wholly-owned subsidiary, GWILL International Investment Co., Ltd. (referred to as "BVI company"), and its subsidiaries in Indonesia to implement the investment and construction of a project with an annual production capacity of 30,000 tons of recycled colored fibers and 70,000 tons of dyed liquid fibers (referred to as "Indonesian production base"), with a total investment not exceeding 500 million yuan (including the principal), including but not limited to the purchase of land, purchase and construction of fixed assets, and other related matters. The project is located in Kendal Industrial Park (referred to as "KIP") in Indonesia. By unifying the planning and layout of the KIP plot, constructing new factories, public facilities, purchasing fully enclosed waste textile granulation production lines, spinning production lines, texturing machines and other production equipment and auxiliary equipment, power equipment, etc., the project will establish a production capacity of 30,000 tons of recycled colored fibers and 70,000 tons of dyed liquid fibers annually. It is estimated that the project will achieve sales revenue of 1.2 billion yuan and a net profit of 180 million yuan after reaching full production capacity. The announcement states that the company's implementation of foreign investment this time can better explore international markets and meet the demands of overseas customers, improve customer service levels, further perfect the company's global layout, and expand the company's international business.