[Text / Gaogong LED Zhao Hui] The claim of the stockholders for the false statement liability dispute of Foshan Lighting Securities is still continuing. In the first half of the year, Foshan Lighting once again made compensation of 14.1677 million yuan. This may be only a small part of it, and there are still many claims for Foshan Lighting.
On August 28th, Foshan Lighting (000541.SZ), which was deeply involved in the investor claims, issued its 2015 semi-annual report. According to the financial report, from January to June 2015, Foshan Lighting's operating income was 1.524 billion yuan, down 1.21% year-on-year; net profit attributable to shareholders of listed companies fell sharply by 46.94% year-on-year to only 100 million yuan.
Data show that in the first half of the year, Foshan Lighting's traditional lighting business revenue was 767 million yuan, down 30.65% year-on-year; LED lighting revenue was 744 million yuan, up 76.86% year-on-year, and LED business accounted for 48.82%. Compared with giants such as Sunshine Lighting and Sanxiong Aurora Lighting, the speed of Foshan Lighting's transformation of LEDs is obviously slow. Sunshine lighting LED business has accounted for more than 66%.
Lighting industry insiders believe that "Foshan Lighting is mainly based on light source, its LED lighting products have the title of 'price killer' in the industry, the positioning is low, the gross profit margin is not too high. And the traditional lighting products still have certain applications. Space, especially the product, has been very stable in terms of price and technology, and still has a lot of profit to make."
The financial report data also proves this point. Compared with LED lighting products, the gross profit margin of Foshan Lighting's traditional lighting is relatively higher. The data shows that the gross profit rate of Foshan lighting traditional lighting products in the first half of the year reached 27.86%, while the gross profit margin of LED lighting was only 18.44%.
However, with the stability of LED products and the decline in price, the living space of traditional lighting products will inevitably be further compressed, especially for general-purpose traditional lighting products such as energy-saving lamps and bulbs, with the loss of function and price advantage. The time to be replaced will be shorter.
In the composition of Foshan lighting LED products, bulbs and lamps still occupy the main position. In particular, Foshan Lighting's marketing area is mainly concentrated in the traditional circulation field. Although the low-price strategy in the circulation field can promote products to a certain extent, the gross profit margin is low, especially in the long-term damage to the brand will be immeasurable.
At the same time, the continuous stockholder claims lawsuit will continue to affect the performance of Foshan Lighting. At the end of 2014, Foshan Lighting has announced that it has accrued compensation of RMB 61,438,300. In the first half of this year, it has accrued another RMB 14.167 million for compensation and litigation expenses.
At present, there are still four cases of false complaints filed by investors in the trial against Foshan Lighting Securities, involving more than 200 million yuan in claims.
The latest news shows that Foshan Lighting may participate in the acquisition of the assets of the European lighting manufacturer Osram Lighting Division.
Since April this year, OSRAM has held informal talks with a number of potential buyers, including Chinese counterparts. Major candidates may include Foshan Lighting, NVC Lighting (Dhao Runda), Sunshine Lighting and many other listed companies.
On the evening of August 25, Foshan Lighting announced that the company is planning major mergers and acquisitions with Bain Capital (Hong Kong) Co., Ltd.
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