Zhejiang Xinhua Chemical (603867.SH) plans to invest 153 million yuan to build the second phase project of Ningxia Xinhua Chemical Co., Ltd., a synthetic fragrance products base.

Zhejiang Xinhua Chemical (603867.SH) announced that in order to fully utilize the production and management experience, marketing network, infrastructure, public utilities, and service engineering of Ningxia Xinhua Chemical Co., Ltd., the company plans to build a new F workshop and upgrade the existing production lines in the C workshop at Ningxia Xinhua Chemical Co., Ltd. to increase the variety of fragrance products, extend the company's industry chain, reduce overall production costs, enhance the company's market competitiveness, and increase the company's economic benefits. The fixed asset investment for the project is 153 million yuan. This project is the second phase project (fragrance) of Ningxia Xinhua Chemical Co., Ltd.'s synthetic fragrance product base, with good market prospects. It complements the company's existing products well. After completion, the project will increase the variety of company products, extend the company's product industry chain, reduce overall production costs, enhance the company's market competitiveness. The project construction is in line with national and local industrial policies, as well as the development plans of the park and the company. The project's products can meet market demand, bring good economic benefits to the enterprise after completion, and meet the sustainable development needs of the company. The project also has certain social benefits.