2022-10-03 18:42:01

An enterprise in Shandong announced that it was su

Shandong Fiberglass, an A-share listed company, announced in the evening of September 29 that it planned to sell 100kg rhodium powder at the right time. Some netizens read the announcement and said: Is it worth making a special announcement?

The upstream news noted that rhodium, as a precious metal widely used in industry, is rare in output and expensive. According to the latest market price, the 100kg rhodium powder to be sold by Shandong Fiberglass is worth about 340 million yuan. After learning the truth, many netizens said: I was careless.

Screenshot of netizens' comments

On September 29, Shandong Fiberglass released an announcement that the company planned to sell precious metal rhodium powder in the second half of 2022 in order to revitalize the stock assets and further improve the quality of asset operation. At the same time, the general manager of the company and his designated authorized agent are authorized to sell 100kg rhodium powder at the right time according to the company's development strategy and precious metal market conditions under the conditions of compliance with relevant laws and regulations. The

announcement explained that part of the assets to be sold this time were precious metal rhodium powder owned by the company and its subsidiaries, which were processed and used in glass fiber tank kiln production line equipment. In recent years, through continuous rhodium reducing bushing test and production site realism, the rhodium reducing bushing technology has gradually matured, and the rhodium powder consumption has gradually decreased. In order to revitalize the stock assets, optimize the asset structure and further improve the quality of asset operation, the Company plans to dispose the rhodium powder replaced for the daily production and operation of the Company.

The upstream news inquired about the authoritative precious metal trading platform Jintuo.com, and learned that according to the latest market quotation on October 2, the spot buying price of rhodium metal was about 3000 yuan/g, and the selling price was about 3400 yuan/g.

Based on this calculation, the 100kg rhodium powder to be sold by Shandong Fiberglass is worth about 340 million yuan.

Jintuo.com Price Quotation of Precious Metals on October 2

According to the Shanghai Stock Exchange Listing Rules, the Articles of Association and other relevant provisions, when the profit generated from the transaction accounts for more than 10% of the company's audited net profit in the latest accounting year, and the absolute amount exceeds 1 million yuan, it shall be submitted to the Board of Directors for deliberation and disclosure.

According to the 2021 annual report of Shandong Fiberglass, the company's net profit in 2021 will be 546 million yuan. As of press release, the market value of Shandong fiberglass is 5.1 billion yuan.

The upstream news noted that this is not the first time that A-share listed companies have announced the sale of rhodium.

On September 29, 2021, China Jushi announced that it planned to continue to sell rhodium powder or platinum rhodium alloy for glass fiber tank furnace wire drawing production line. As of the announcement date, the accumulated transaction amount was 426 million yuan. Up to now, the Company and its subsidiaries have sold 131.66kg of rhodium powder and platinum rhodium alloy accumulatively, achieving a profit of 335 million yuan (up to 10% of the Company's audited net profit in the previous year).

In July this year, China Jushi released a semi annual performance forecast announcement for 2022, saying that according to the median calculation of the company's performance forecast interval, the company achieved non recurring profit and loss of about 870 million yuan in the second quarter of 2022, a substantial increase compared with the same month, mainly because the company sold rhodium powder at the high price of rhodium metal, realized large asset disposal income, and increased the company's profits and cash flow.

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Rhodium: industrial vitamin

Rhodium (Rhodium) is a silvery white, hard metal, element symbol Rh, rhodium is a platinum element. In 1803, British chemist and physicist Wollaston separated two new elements rhodium and palladium from crude platinum.

Among 3E platinum group metals (platinum, palladium and rhodium), rhodium is the most scarce. The supply of rhodium minerals is highly concentrated in South Africa, which accounted for 82% of the total global rhodium production in 2019.

The automobile manufacturing industry is a big user of rhodium. As rhodium is particularly efficient in reducing automobile NOx emissions, the main source of rhodium demand growth comes from the automobile industry, which is used to manufacture automobile exhaust catalysts. In addition, rhodium can also be used as an anti-wear coating for high-quality scientific instruments. Rhodium is used in glass manufacturing, dental alloy manufacturing, jewelry products, etc.

In the industrial market, 80% of rhodium is used in automobile exhaust catalytic converters, 8% is used in chemicals, 3% is used in high-tech glass reinforced fibers, 0.5% is used in the electrical industry, and other industries account for about 9%. Although its use in these industries is small, it plays a key role, known as "industrial vitamin", and is also considered the most expensive precious metal in the world.

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