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jinhe industrial co., ltd. issued a price adjustment letter this morning: from now on, the price of acesulfame potassium (ak sugar) will be increased from 34,000 yuan per ton to 39,000 yuan, an increase of 14.7%. the price of another product of the company, sucralose, will be increased by 30,000 yuan per ton to 200,000 yuan.

so far, the price of sucralose has been raised three times within a month, and the price has doubled compared to a month ago.

continuous price increases

the price adjustment letter shows that the price of acesulfame potassium will be adjusted to: 39 yuan/kg for 25 kg large package, 4.9 us dollars/kg for fob, and 40 yuan/kg for 25 kg small package, 5 us dollars/kg for fob. previously, the price of 25 kg large package of jinhe industry was 34,000 yuan per ton, which is equivalent to 39,000 yuan this time, an increase of 14.7%.

jinhe industrial said that the price increase was to ensure the continued supply of stable, high-quality raw materials. the company will continue to pay close attention to market trends and strive to reduce cost pressure through technological innovation and cost control.

the price of sucralose will be adjusted to 200 yuan/kg for a large package of 25 kg and 202 yuan/kg for a small package of 10 kg from now on. this price increase is equivalent to an increase of 30,000 yuan per ton, reaching 200,000 yuan.

prior to the announcement of the price increase, at the end of last month, four major sucralose manufacturers including jinhe industrial issued price adjustment letters on the same day. starting from august 28, 2024, the average market price of sucralose will increase from 100,000 yuan/ton to 150,000 yuan/ton.

after increasing by 50%, the price continued to increase on september 3, from 150,000 yuan/ton to 170,000 yuan/ton.

sucralose production limit and destocking

it is understood that in order to ensure the success of the price increase, the major manufacturers of sucralose shut down their factories for two months.

baichuan yingfu analyst jiang xueting analyzed that the price has increased to 200,000 yuan/ton this time, and it is likely to continue to rise to around 230,000 yuan/ton in the future. this price will make it easier for downstream companies to accept and allow manufacturers to make profits without causing the industry to expand production.

on september 3, after the price of sucralose increased from 150,000 yuan/ton to 170,000 yuan/ton, ren yuchao's team at zhejiang petrochemical believed that the current round of price increases for sucralose has not ended and there is still room for future price increases.

take methyl/ethyl maltol as an example. due to the long-term losses in the methyl/ethyl maltol industry, manufacturers adopted a production restriction and price maintenance strategy in april this year. major manufacturers took turns to suspend production for maintenance for one month and issued two rounds of price increase letters in succession. the price of methyl/ethyl maltol increased from 60,000/57,000 yuan/ton to 95,000/75,000 yuan/ton. in july, due to the sluggish downstream demand, the market price fell to 93,000/71,000 yuan/ton. on july 30, the leading manufacturers carried out the second round of production restriction and price maintenance and issued two rounds of price increase letters. at present, the prices of methyl/ethyl maltol are 100,000/80,000 yuan/ton, an increase of 40,000/23,000 yuan/ton compared with before the price increase in april.

ren yuchao's team believes that as manufacturers follow up with production cuts, there is still a possibility of further price increases. according to baichuan yingfu, from august 17 to august 23, the average cost of sucralose in the industry was 114,000 yuan/ton. the industry gross profit margin corresponding to the price of 170,000 yuan/ton after tax deduction is still relatively low. the gross profit margin of jinhe industrial's food manufacturing sector has been 33%-48% in the past four years. if it wants to reach this level, there is still much room for improvement.

ren yuchao's team believes that this round of price increases is significantly different from the past, and production restrictions will reduce inventory by 3,000 tons.

jiang xueting, an analyst at baichuan yingfu, said that the above cost of sucralose has not yet taken into account factors such as factory depreciation and three fees. if the cost is fully calculated, the cost may reach 150,000 yuan/ton, causing losses for the entire industry, prompting industry manufacturers to raise prices together.

acesulfame potassium also increased

the current round of price increase of acesulfame potassium is similar to that of sucralose. the main manufacturer of acesulfame potassium is jinhe industrial, and the current market price can still maintain a slight profit. the new production capacity of 15,000 tons of acesulfame potassium (603968) has been put into production, doubling the industry's production capacity. if the price is to rise, the two companies need to reach a consensus.

jinhe industrial has an existing acesulfame potassium production capacity of 15,000 tons/year, which is in a relatively high production load state. its current market share is in a leading position worldwide. it has achieved self-sufficiency in the core raw materials of acesulfame potassium products. the high degree of self-sufficiency in energy and resources has promoted the integration of the industrial chain, reduced transaction and transportation costs, ensured stable supply, and possessed significant cost advantages. in response to external inquiries recently, staff members stated that the company will keep up with market changes, adjust strategies in a timely manner, and further increase its market share and industry influence.

a staff member of custard chemical co., ltd. recently responded to the outside world and said that the company's 15,000-ton acesulfame potassium project is currently in the formal production stage, and the project's cost control and product quality improvement are constantly improving. in the future, the acesulfame potassium project will gradually release production capacity based on market and customer demand.

in the first half of this year, jinhe industrial achieved operating income of 2.538 billion yuan, a year-on-year decrease of 5.10%; net profit attributable to the parent company was 247 million yuan, a year-on-year decrease of 38.74%; net profit attributable to the parent company after deducting non-recurring items was 250 million yuan, a year-on-year decrease of 23.07%. according to baichuan yingfu, in the first half of 2024, the average price of sucralose was 118,000 yuan/ton, a further decrease of 24,000 yuan/ton from the previous month.