- Teleconference
to be Held on Friday, April 7, 2017,
at 9:00 a.m. EDT
-
BEIJING,
April 6, 2017 /PRNewswire/ -- Fuwei
Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announced its financial results for the fourth quarter and full
year ended December 31,
2016.
Fuwei Films 2016 Highlights
- Net revenues were RMB253.9
million or US$36.6
million.
- Net cash used in operating activities was RMB23.2 million.
- Our gross margin was 7.0% for the year of
2016.
- Basic and diluted loss per share was RMB16.68 or US$2.4.
"We continue to face strong competition from emerging and
incumbent players which has created oversupply relative to demand
in the marketplace in 2016. While this has impacted the Company's
financial results, we are pleased to announce that our sales volume
for specialty films has increased. We believe that our focus on
continued innovation and R&D will enable the Company to expand
end-user applications and our high-end specialty films while
increasing the product portfolio, which we believe, will help us to
attract new clients and expand relationships with existing
customers. We are encouraged by positive trends in
sales volume and gross margins that we expect to enable us to
weather different industry and economic conditions in the periods
ahead," commented by Mr. Zengyong Wang, the CEO and Chairman of the
Company.
Fourth Quarter 2016 Results
Revenues for the fourth quarter of 2016 were RMB70.9 million or US$10.2
million, compared with RMB63.7
million in the fourth quarter of 2015, an increase of
RMB7.2 million, or 11.3%. Sales
volume accounted for an increase of RMB4.8
million while the increase of average sales price caused an
increase of RMB2.4
million.
Sales of specialty films for the fourth quarter of 2016
were RMB28.1 million or US$4.1million, or 39.7% of total revenues,
compared with RMB18.8 million or
29.5% of total revenue in the fourth quarter of 2015. The increase
was mainly attributable to increased selling volumes compared to
those in 2015.
The following is a breakdown of commodity and specialty
film sales for the three-month periods ended December 31, 2016 and 2015 (amounts in
thousands):
|
|
Three months period ended
|
|
|
December 31,
2016
|
% of Total
|
December 31,
2015
|
% of Total
|
|
|
RMB
|
US$
|
RMB
|
Stamping and transfer film
|
|
28,269
|
4,071
|
39.9%
|
31,059
|
48.7%
|
Printing film
|
|
4,135
|
596
|
5.8%
|
6,242
|
9.8%
|
Metallized film
|
|
2,111
|
304
|
3.0%
|
2,021
|
3.2%
|
Specialty film
|
|
28,141
|
4,053
|
39.7%
|
18,809
|
29.5%
|
Base film for other applications
|
|
8,247
|
1,188
|
11.6%
|
5,576
|
8.8%
|
|
|
|
|
|
|
|
Total
|
|
70,903
|
10,212
|
100%
|
63,707
|
100%
|
Overseas sales for the fourth quarter of 2016
were RMB6.7 million or US$1.0 million, or 9.5% of total revenues,
compared with RMB10.3 million or
16.2% of total revenues in the fourth quarter of 2015. Sales volume
accounted for a decrease of RMB3.1
million while the reduction of average sales price caused a
decrease of RMB0.5
million.
The following is a breakdown of domestic versus overseas
sales for the three-month periods ended December 31, 2016 and 2015 (amounts in
thousands):
|
|
Three-month period ended
|
|
|
December 31,
2016
|
% of Total
|
December 31,
2015
|
% of Total
|
|
|
RMB
|
US$
|
RMB
|
Sales in China
|
|
64,186
|
9,245
|
90.5%
|
53,373
|
83.8%
|
Sales in other countries
|
|
6,717
|
967
|
9.5%
|
10,334
|
16.2%
|
|
|
|
|
|
|
|
Total
|
|
70,903
|
10,212
|
100%
|
63,707
|
100%
|
Gross profit for the fourth quarter of 2016 was
RMB5.5 million or US$0.8 million, representing a gross margin of
7.7%, compared with a gross profit of RMB3.7
million, representing a gross margin of 5.9% in the fourth
quarter of 2015.
Operating expenses for the fourth quarter of 2016 were
RMB17.8 million or US$2.6 million compared with RMB24.8 million or US$3.8
million in the fourth quarter of 2015. This decrease is
mainly due to accrued allowance for assets impairment in
2015.
Operating loss for the fourth quarter of 2016 was
RMB12.3 million US$1.8 million, compared with an operating loss
of RMB21.1 million or US$3.2 million in the fourth quarter of
2015.
Net loss attributable to the Company for the
fourth quarter of 2016 was RMB18.7
million or US$2.7 million,
compared with net loss attributable to the Company of RMB27.2 million in the fourth quarter of
2015.
Basic and diluted loss per share was RMB5.76 or US$0.83,
compared with basic and diluted loss per share of RMB8.32 or
US$1.28 in the fourth quarter
of 2015.
2016 Full Year Results
During the fiscal year ended December 31, 2016, net revenues were RMB253.9 million or US$36.6 million, compared to RMB248.9 million during the same period in 2015,
representing an increase of RMB5.0
million or 2.0%. While a reduction in average sales price
caused a decrease of RMB6.9 million,
this was more than offset by an increase of RMB11.9 million in sales volume.
In 2016, sales of specialty films were RMB96.1 million or US$13.8
million or 37.8% of our total revenues as compared to
RMB73.9 million or 29.7% in 2015,
which was an increase of RMB22.2
million, or 30.0%, as compared to the same period in 2015.
The increase was due to the increased sales volume.
Overseas sales were RMB41.8
million or US$6.0 million, or
16.5% of total revenues, compared with RMB54.6 million or 22.0% of total revenues in
2015. For further analysis of the factors causing overseas sales
decrease, the decrease of average sales price caused a decrease of
RMB4.1million and sales volume factor
made a decrease of RMB8.7
million.
The following is a breakdown of domestic versus overseas
sales for the periods ended December 31,
2016 and 2015 (amounts in thousands):
|
For the year ended December 31,
|
|
|
2016
|
|
2015
|
|
|
|
RMB
|
US$
|
% of Total
|
RMB
|
% of Total
|
Sales in China
|
|
212,129
|
30,553
|
83.5%
|
194,226
|
78.0%
|
Sales in other countries
|
|
41,797
|
6,020
|
16.5%
|
54,636
|
22.0%
|
|
|
253,926
|
36,573
|
100.0%
|
248,862
|
100.0%
|
Our gross margin was 7.0% for the year of 2016, as
compared to a gross margin of zero in 2015. Gross margin increased
by 7.0 percentage points compared to the same period in 2015. Our
average unit sales price decreased by 2.6% compared to last year.
The unit sales cost decreased by 9.4% due to the price reduction of
main raw materials. Consequently, the decrease in cost of goods
sold per unit exceeded that in product sales price during 2016
compared with 2015, which contributed to the increase in our gross
profit.
Our operating expenses during the year ended December 31, 2016 were RMB60.0 million, a decrease of RMB1.2 million, or 2.0%, as compared to
2015.
Total other expense is a combination result of interest
income, interest expense and others income (expense). Total other
expense during the year ended December 31,
2016 was RMB6.9 million
(US$1.0 million), compared to total
other expense of RMB0.9 million in
2015. This is mainly attributed to the previously recognized
impairment losses relating to the long-term deposit reversed as a
result of the refund of total long-term deposit received, offset by
the higher interest charges due to capital lease
obligations.
Income tax expense during the year ended December 31, 2016 was RMB5.3 million (US$0.8
million) compared to an income tax expense of RMB7.0 million during 2015, which was mainly
attributable to tax effect of changes in deferred tax during 2016.
We only recognized deferred tax assets for the loss of 2016 after
considering the possibility of realizing the benefits under the
conservatism principle.
Net loss attributable to the Company for full year 2016
was RMB54.5 million or US$7.8 million, compared with a net loss of
RMB69.2 million or US$10.7 million in 2015.
Net cash used in operating activities was RMB23.2 million for the year ended December 31, 2016 as compared to net cash used in
operating activities of RMB27.0
million for the year ended December
31, 2015.
Cash and cash equivalents on December 31, 2016 was RMB13.3 million or US$1.9
million, compared with RMB14.4
million as of December 31,
2015.
Basic and diluted loss per share for the year ended
December 31, 2016 was RMB16.68 or US$2.40.
Conference Call Information
The Company will host a teleconference on Friday, April 7, 2017 at 9:00 am EDT / 9:00
p.m. Beijing time to
discuss the financial results. To participate in the call, please
dial +1-877-407-9205 in North
America, or +1-201-689-8054 internationally, approximately
10 minutes prior to the scheduled start time.
A replay of the call can also be accessed via telephone by
calling +1-877-481-4010 in North
America, or +1-919-882-2331 internationally, and entering
the following Conference ID: 10299. The replay will be available
until May 7, 2017, at 11:59 p.m. EDT.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong").
Fuwei Shandong develops, manufactures and distributes high-quality
plastic films using the biaxial oriented stretch technique,
otherwise known as BOPET film (biaxially oriented polyethylene
terephthalate). Fuwei's BOPET film is widely used to package food,
medicine, cosmetics, tobacco, and alcohol, as well as in the
imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are subject to risks. Risk factors that could contribute to
such differences include those matters more fully disclosed in the
Company's reports filed with the U.S. Securities and Exchange
Commission which, among other things, include significant
competition in the BOPET film industry, especially the significant
oversupply of BOPET films resulting from the rapid growth of the
Chinese BOPET industry capacity, changes in the international
market and trade barriers, especially the adverse impact of the
antidumping investigation and imposition of an anti-dumping duty on
imports of the BOPET films originating from the People's Republic of China
("China") conducted
by certain main importing countries; fluctuations of RMB exchange
rate, the reduce in demand for the Company's products or the loss
of main customers which may result in the decrease of sales, and
negatively influencing the Company's financial performance,
uncertainty as to the future profitability, uncertainty as to the
Company's ability to successfully obtain additional funds to meet
the working capital needs of the new BOPET production line,
uncertainty as to the Company's ability to continuously develop new
BOPET film products to be produced by the third production line and
keep up with changes in BOPET film technology, risks associated
with possible defects and errors in its products including
complaints and claims from clients, uncertainty as to its ability
to protect and enforce its intellectual property rights,
uncertainty as to its ability to attract and retain qualified
executives and personnel, and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in light of
the volatility in the prices of petroleum products in recent years,
instability of power and energy supply, and the uncertainty
regarding the future operation of the Company in connection with
the changes in the labor law in China, the measures taken by the
Chinese government to save energy and reduce emissions, and the
complaints from nearby residents and local government about the
noise caused by our production as well as the uncertainty of the
impact of major shareholder transfer that have substantial
influence over the Company and the Company's business operation
including possible overlap of our BOPET products, customers and
market orientation with an BOPET film manufacturer, which is
controlled by the same individual who has control over the shares
of our major shareholder. The forward-looking information provided
herein represents the Company's estimates as of the date of the
press release, and subsequent events and developments may cause the
Company's estimates to change. The Company specifically disclaims
any obligation to update the forward-looking information in the
future. Therefore, this forward-looking information should not be
relied upon as representing the Company's estimates of its future
financial performance as of any date subsequent to the date of this
press release. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of the risk factors.
For more information, please contact:
In China:
Ms. Xiaoli
Yu
Investor Relations Manager
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Vivian
Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@grayling.com
Financial Tables Follow
FUWEI FILMS (HOLDINGS) CO., LTD and
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
As of December 31, 2016 and
2015 (amounts in thousands,
except share and per share data)
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
RMB
|
US$
|
|
RMB
|
ASSETS
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
13,343
|
1,922
|
|
14,355
|
Restricted cash
|
|
73,421
|
10,575
|
|
43,215
|
Accounts and bills receivable, net
|
|
29,453
|
4,242
|
|
10,046
|
Inventories
|
|
25,153
|
3,623
|
|
29,574
|
Advance to suppliers
|
|
6,043
|
870
|
|
5,640
|
Prepayments and other receivables
|
|
6,489
|
935
|
|
20,334
|
Deferred tax assets – current
|
|
1,199
|
173
|
|
1,438
|
Total current assets
|
|
155,101
|
22,340
|
|
124,602
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
410,654
|
59,146
|
|
431,021
|
Construction in progress
|
|
431
|
62
|
|
1,700
|
Lease prepayments, net
|
|
17,358
|
2,500
|
|
17,882
|
Advance to suppliers - long term,
net
|
|
1,861
|
268
|
|
1,440
|
Long-term deposit
|
|
-
|
-
|
|
-
|
Other Assets
|
|
-
|
-
|
|
11,607
|
Deferred tax assets - non current
|
|
8,032
|
1,157
|
|
15,519
|
|
|
|
|
|
|
Total assets
|
|
593,437
|
85,473
|
|
603,771
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
Current liabilities
|
|
|
|
|
|
Short-term borrowings
|
|
60,000
|
8,642
|
|
-
|
Long-term loan, current portion
|
|
3,300
|
475
|
|
3,350
|
Due to related parties
|
|
131,747
|
18,976
|
|
156,040
|
Accounts payables
|
|
20,581
|
2,964
|
|
19,800
|
Notes payable
|
|
100,888
|
14,531
|
|
85,780
|
Advance from customers
|
|
3,509
|
505
|
|
2,247
|
Accrued expenses and other payables
|
|
5,204
|
750
|
|
8,682
|
Obligations under capital
leases-current
|
|
-
|
-
|
|
302
|
Total current liabilities
|
|
325,229
|
46,843
|
|
276,201
|
|
|
|
|
|
|
Obligations under capital leases
|
|
-
|
-
|
|
-
|
Long-term loan
|
|
-
|
-
|
|
3,300
|
Deferred tax liabilities
|
|
2,997
|
432
|
|
5,406
|
|
|
|
|
|
|
Total liabilities
|
|
328,226
|
47,275
|
|
284,907
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Registered capital(of US$0.519008 par value;
5,000,000 shares authorized; 3,265,837 issued and
outstanding)
|
|
13,323
|
1,919
|
|
13,323
|
|
|
|
|
|
|
Additional paid-in capital
|
|
311,907
|
44,924
|
|
311,907
|
Statutory reserve
|
|
37,441
|
5,393
|
|
37,441
|
Retained earnings
|
|
(98,505)
|
(14,188)
|
|
(44,022)
|
Cumulative translation adjustment
|
|
1,045
|
150
|
|
1,049
|
Total shareholders' equity
|
|
265,211
|
38,198
|
|
319,698
|
Non-controlling interest
|
|
-
|
-
|
|
(834)
|
Total equity
|
|
265,211
|
38,198
|
|
318,864
|
Total liabilities and equity
|
|
593,437
|
85,473
|
|
603,771
|
|
|
|
|
|
|
|
FUWEI FILMS (HOLDINGS) CO., LTD and
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2016, 2015 and
2014 (amounts in thousands,
except share and per share data)
|
|
|
|
The Year Ended December
31,
|
|
Notes
|
2016
|
2015
|
2014
|
|
RMB
|
US$
|
RMB
|
RMB
|
Net sales
|
|
253,926
|
36,573
|
248,862
|
284,464
|
Cost of sales
|
|
236,190
|
34,018
|
248,866
|
301,617
|
|
|
|
|
|
|
Gross profit (loss)
|
|
17,736
|
2,555
|
(4)
|
(17,153)
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Selling expenses
|
|
13,764
|
1,982
|
14,404
|
15,202
|
Administrative expenses
|
|
46,211
|
6,656
|
39,559
|
28,337
|
Loss on impairment of assets
|
|
-
|
-
|
7,219
|
-
|
Total operating expenses
|
|
59,975
|
8,638
|
61,182
|
43,539
|
|
|
|
|
|
|
Operating loss
|
|
(42,239)
|
(6,083)
|
(61,186)
|
(60,692)
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
- Interest income
|
|
735
|
106
|
1,236
|
1,297
|
- Interest expense
|
|
(7,865)
|
(1,133)
|
(8,333)
|
(12,486)
|
- Others income (expense), net
|
|
203
|
29
|
6,215
|
(203)
|
Total other income (expense)
|
|
(6,927)
|
(998)
|
(882)
|
(11,392)
|
|
|
|
|
|
|
Loss before provision for income
taxes
|
|
(49,166)
|
(7,081)
|
(62,068)
|
(72,084)
|
|
|
|
|
|
|
Income tax (expense) benefit
|
|
(5,317)
|
(766)
|
(7,000)
|
740
|
|
|
|
|
|
|
Net loss
|
|
(54,483)
|
(7,847)
|
(69,068)
|
(71,344)
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling
interests
|
|
-
|
-
|
(3)
|
(17)
|
Net loss attributable to the
Company
|
|
(54,483)
|
(7,847)
|
(69,065)
|
(71,327)
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
- Foreign currency translation adjustments
attributable to
noncontrolling interest
|
|
-
|
-
|
(37)
|
(18)
|
- Foreign currency translation adjustments
attributable to the
Company
|
|
(4)
|
(1)
|
(150)
|
(67)
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to
non-controlling
interest
|
|
-
|
-
|
(40)
|
(35)
|
Comprehensive loss attribute to the
Company
|
|
(54,487)
|
(7,848)
|
(69,215)
|
(71,394)
|
|
|
|
|
|
|
Net loss per share,
Basic and diluted
|
|
(16.68)
|
(2.40)
|
(21.15)
|
(21.84)
|
Weighted average number ordinary shares,
Basic and diluted
|
|
3,265,837
|
3,265,837
|
3,265,837
|
3,265,837
|
FUWEI FILMS (HOLDINGS) CO., LTD and
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2016,
2015 and 2014 (Amounts in
thousands)
|
|
|
|
The Years Ended December
31,
|
|
|
2016
|
|
2015
|
2014
|
|
|
RMB
|
US$
|
|
RMB
|
RMB
|
Cash flow from operating
activities
|
|
|
|
|
|
|
Net loss
|
|
(54,483)
|
(7,847)
|
|
(69,068)
|
(71,344)
|
Adjustments to reconcile net loss to net
cash
|
|
|
|
|
|
|
provided by (used in) operating
activities
|
|
|
|
|
|
|
- Loss on disposal of property, plant and
equipment
|
|
-
|
-
|
|
-
|
101
|
- Loss on Long-term assets
impairment
|
|
-
|
-
|
|
7,219
|
-
|
- Depreciation of property, plant and
equipment
|
|
43,193
|
6,221
|
|
44,515
|
47,701
|
- Amortization of intangible assets
|
|
524
|
75
|
|
524
|
524
|
- Deferred income taxes (benefit)
|
|
5,317
|
766
|
|
7,000
|
303
|
- Bad debt (recovery) expense
|
|
2,466
|
355
|
|
(4,484)
|
30
|
- Inventory provision
|
|
(226)
|
(33)
|
|
(1,106)
|
-
|
Changes in operating assets and
liabilities
|
|
|
|
|
|
|
- Investment income recorded on Fuwei Holdings'
book
|
|
(1,722)
|
(248)
|
|
-
|
-
|
- Accounts and bills receivable
|
|
(21,873)
|
(3,150)
|
|
(103)
|
(1,524)
|
- Inventories
|
|
4,647
|
669
|
|
(4,434)
|
14,421
|
- Advance to suppliers
|
|
(403)
|
(58)
|
|
2,038
|
(535)
|
- Prepaid expenses and other current
assets
|
|
18
|
3
|
|
1,347
|
1,417
|
- Accounts payable
|
|
(12,179)
|
(1,755)
|
|
(9,683)
|
(9,116)
|
- Accrued expenses and other
payables
|
|
(3,597)
|
(518)
|
|
2,446
|
(744)
|
- Advance from customers
|
|
1,263
|
182
|
|
(1,145)
|
(11,273)
|
- Tax payable
|
|
13,827
|
1,992
|
|
(2,016)
|
6,732
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities
|
|
(23,228)
|
(3,346)
|
|
(26,950)
|
(23,307)
|
|
|
|
|
|
|
|
Cash flow from investing
activities
|
|
|
|
|
|
|
Purchases of property, plant and
equipment
|
|
(11,218)
|
(1,616)
|
|
(222)
|
(5,559)
|
Restricted cash related to trade
finance
|
|
(30,198)
|
(4,349)
|
|
4,884
|
(6,656)
|
Advanced to suppliers - non current
|
|
(421)
|
(61)
|
|
(718)
|
1,412
|
Amount change in construction in
progress
|
|
1,269
|
183
|
|
(1,334)
|
265
|
Interest capitalization related to
CIP
|
|
-
|
-
|
|
-
|
-
|
Deposit for purchase
|
|
-
|
-
|
|
21,000
|
-
|
|
|
|
|
|
|
|
Net cash used in (provided by) investing
activities
|
|
(40,568)
|
(5,843)
|
|
23,610
|
(10,538)
|
|
|
|
|
|
|
|
Cash flow from financing
activities
|
|
|
|
|
|
|
Principal payments of bank loans
|
|
(3,350)
|
(483)
|
|
(3,350)
|
(105,000)
|
Proceeds from short-term bank loans
|
|
60,000
|
8,642
|
|
-
|
-
|
Proceeds from related party
|
|
(11,333)
|
(1,632)
|
|
30,102
|
131,084
|
Payment of capital lease obligation
|
|
(302)
|
(43)
|
|
(8,260)
|
(8,315)
|
Change in notes payable
|
|
15,108
|
2,176
|
|
(9,759)
|
13,549
|
Proceeds from sale-leaseback
equipment
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities
|
|
60,123
|
8,660
|
|
8,733
|
31,318
|
|
|
|
|
|
|
|
Effect of foreign exchange rate
changes
|
|
2,661
|
235
|
|
(58)
|
(31)
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash
equivalent
|
|
(1,012)
|
(294)
|
|
5,335
|
(2,558)
|
|
|
|
|
|
|
|
Cash and cash equivalent
|
|
|
|
|
|
|
At beginning of period/year
|
|
14,355
|
2,216
|
|
9,020
|
11,578
|
At end of period/year
|
|
13,343
|
1,922
|
|
14,355
|
9,020
|
|
|
|
|
|
|
|
SUPPLEMENTARY DISCLOSURE:
|
|
|
|
|
|
|
Interest paid
|
|
7,865
|
1,133
|
|
8,333
|
12,486
|
Income tax paid
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND
FINANCIAL ACTIVITIES:
|
|
|
|
|
|
|
Account payable for plant and
equipment:
|
|
1,597
|
230
|
|
2,075
|
3,070
|
Obligations for acquired equipment under capital
lease:
|
|
-
|
-
|
|
302
|
8,562
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fuwei-films-announces-fourth-quarter-and-full-year-2016-financial-results-300436238.html
SOURCE Fuwei Films (Holdings) Co., Ltd.
Copyright r. 6 PR Newswire