On August 29, NVC Lighting (02222.HK) issued an interim results announcement. According to the announcement, in the first half of 2014, NVC Lighting's revenue was 1.703 billion yuan (RMB, the same below), up 0.9% from the same period last year. Gross profit was 382 million yuan, an increase of 7.8% over the same period last year. However, net profit fell 28.5% from the same period last year to 58.043 million yuan.
With the decline in the price of LED products and the improvement in performance, the overall demand for the domestic LED lighting market has increased this year. The first half of the financial data released by Sunshine and Foshan Lighting showed that the revenue and net profit of Sunshine and Foshan Lighting in the first half of this year were 1.524 billion yuan, 135 million yuan, 1.543 billion yuan and 189 million yuan respectively. 35.05%, 23.46%.
For the decline in net profit, NVC Lighting announced that due to the impact of LED lighting products, the Group's major customer orders decreased slightly.
Data show that in the first half of the year, the total sales of NVC lighting LED products reached 446 million yuan, an increase of 69% over the same period of the previous year, accounting for 45.6% of domestic sales revenue.
From the perspective of the promotion of NVC lighting LEDs, the sales of LED products accounted for a slow increase compared with the same period of last year. This shows that the company's transformation to LED products this year is not effective.
In addition to the above factors, in the overall LED lighting market is getting better, NVC's revenue in the first half of the year is still damaged, which is not unrelated to the company's ongoing internal disputes.
From the real outbreak of the NVC in August 8th, the industry’s discussion on the extent of the impact of the guilt on NVC itself has not stopped.
Taking the shutdown of the Wanzhou plant in Chongqing as an example, it is understood that in 2013, the Wanzhou factory's revenue was 850.8 million yuan and the net profit was 100.8 million yuan, accounting for 22.8% and 41.2% of the total revenue and net profit of NVC. As one of the four production bases supporting the overall production of NVC, the Wanzhou plant in Chongqing has been closed for more than 20 days since its shutdown on August 8.
On August 28th, NVC Lighting issued an announcement to make detailed disclosures on the specific circumstances of the shutdown of the Wanzhou plant and the losses caused by it.
In response to the impact of the suspension of work in Wanzhou on NVC, NVC initially predicted that if the company had no product inventory and procurement of similar products in the early stage, the suspension of production would result in a daily loss of 712,000 yuan for NVC. Based on this, as of the 28th, due to the current shutdown The resulting cumulative profit loss was approximately $14 million.
In terms of product production, the Wanzhou plant covers all of NVC's T4/T5 brackets, light panels and downlights. This means that once the Wanzhou plant is shut down, it will affect the integrity of the product line.
In fact, as the backyard of the Wu Changjiang team, the Wanzhou factory has always been considered a strong base for Wu Changjiang to counter Wang Donglei. The absolute control of the Wanzhou factory has also become one of the cores of Wu Wang’s competition. For 20 days, the Wanzhou factory has also become a hot topic in the NVC incident. First, Wu Changjiang strictly guarded Wanzhou, and then Wang Donglei violently expelled the forces of Wanzhou Wu Changjiang. Then there was a relocation of NVC to Huizhou and Wanzhou to resume work and compare with Huizhou's production status... Various topics were inexhaustible.
Wu Changjiang and Wang Donglei were separated in Chongqing and Huizhou, and they were divided and ruled. In order to compete for a favorable voice, in the days when the final result of the incident is about to be announced, Wu Changjiang has also been interviewed by many media. And in the focus of the report, the previous related transactions, gambling debts, etc. were transferred to Wu Changjiang's difficult entrepreneurial history, the contradiction between entrepreneurs and partners.
Judging from the state of the current events, in the face of Wu Changjiang’s “sadness cardâ€, Wang Donglei, who is well prepared, is obviously better.
On August 27th, NVC Lighting announced that Wang Donglei had been appointed by the company's directors Wang Dongming, Zhu Hai and Li Gangwei as their alternate directors to attend the board meeting on August 22 and have the right to vote.
The announcement released on August 28 disclosed that NVC's board of directors said that if it is unsuccessful to negotiate with Wu Changjiang, it will consider bringing a legal action against it.
On August 29, NVC Lighting held an extraordinary general meeting in Hong Kong to vote on the removal of Wu Changjiang. At the EGM, 95.84% of the agreement was agreed to remove Wu Changjiang, which means that the Wu Wang dispute ended with Wu Changjiang being forced out.
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