Textile industry restructured

QINGDAO'S Textile Industry Co. Ltd. has been restructured successfully, making it become a leading player in the nation.

The total revenue of the company in the first three months this year has increased by 35 percent compared with the same period of last year and the profit has increased by at least 50 percent on last year.

"Due to intense market competition, it is very difficult for us to compete with other competitors just by upgrading our products and improving our management. In the long term, we have to focus more on product development and big markets with high-end products," said Yan Yong, president of the company.

"On our production lines, cheap products are now rarely seen. All we have is functional products with high quality and added-value," a technician said.

Cotton spinning is the core industry of the company in recent years, aiming at being the top exponent of cotton spinning in the country and even the world.

Meanwhile, the company also promotes futures trading and has built a strong relationship with global suppliers. "The production and trading integration has helped the company take a leading place in purchasing raw material and adjusting production structure, which can not only lower the risk but can also help increase profit," Yan said.

(Wang Yuanyuan, Lin Gang)