Beijing - Comens New Material, which claims to be China’s largest compound polyurethane adhesives maker, reported a 2% drop in net profit to RMB49m ($7.9m) on RMB518m revenue in 2014, up 3% compared to 2013.
Sales volume of the company's compound polyurethane adhesives rose 8% to 31kT last year, but inventory also jumped 25%, according to its annual report released in March.
The company's revenues from reflective material adhesives and solar backsheet materials had 44% and 228% rise last year. High-speed rail adhesives, its growth engine in 2013, showed a 66% revenue drop in 2014.
Currently domestic customers account for 90% of Comens' sales, but it is planning to further tap the overseas market in 2015, says the report.