Qinshang Optoelectronics (002638) disclosed the announcement on the evening of July 11. The company recently received an inquiry letter from the management department of the SME Board of the Shenzhen Stock Exchange for the company's 2015 annual report. The company responded to the questions raised in this inquiry letter.
The Shenzhen Stock Exchange first noticed that the company disclosed in the reply to the 2014 annual report letter that “the company's joint ventures are in a state of loss in 2014â€, but “all joint ventures are in normal operation period, and they are in the industry technology and products. There is a certain amount of turmoil in the local area and there is no significant risk of impairment. Therefore, no provision for impairment of long-term equity investment has been made in the 2014 financial statements. However, the company's 2015 annual report showed that the provision for impairment of long-term equity investment was RMB 17.54 million. The Shenzhen Stock Exchange requires the company to specify the main reasons for the significant difference between the 2015 long-term equity investment provision for asset impairment and the 2014 annual.
In this regard, Qinshang Optoelectronics said that in 2015, the entire LED lighting industry continued to be sluggish, the industry entry threshold was low, and the number of enterprises was numerous. The situation of “more porridge and less porridge†created an overly fierce competitive environment in the LED industry. The total scale of China's LED industry in 2015 It has fallen sharply from 2014. The overall environment of the company's subsidiaries, Anhui Bangda and Jiangxi Qinshang, the overall environment (government projects, corporate investment, etc.), the growth rate of fixed asset investment fell sharply, the economic growth slowed down, the developer investment in the central region was greatly reduced, and the land market began to turn cold. Both in terms of supply and volume, both are falling. The government's investment in urban lighting projects has decreased, the construction of large industrial areas has slowed down, the external environment has undergone great changes, and the demand for products of the company has decreased.
On the other hand, the company adjusted its business objectives and ideas, actively explored the international market, consolidated the local market, and prudently invested in foreign projects. Although it has developed markets with Anhui Bangda and Jiangxi Qinshang Company in various ways, it has not been able to change the status quo of Anhui Bangda and Jiangxi Qinqin due to the impact of the overall economic environment. Therefore, in 2015, the company's investment in Anhui Bangda and Jiangxi Qinshang has basically been determined to be unrecoverable. Due to careful consideration, the company decided to make full depreciation of the book value of long-term equity investment formed by Anhui Bangda and Jiangxi Qinshang.
In addition, Raffles in the company's joint ventures achieved profitability in 2015. The Fujian National Policy was in normal operation and caused a slight loss due to the increase in labor costs. In 2015, the company transferred the full shares of Deqin. Based on the analysis of the above-mentioned joint ventures' production and operation in 2015, the company believes that Raffles and Fujian National Strategy are in normal business activities in 2015, and are not subject to the above-mentioned provision for impairment. Therefore, the company did not have the above two joint ventures in 2015. The company makes provision for impairment of long-term equity investment.
On the other hand, the Shenzhen Stock Exchange also noted that the company's revenue in 2015 was 850 million yuan, down 6.20% year-on-year. The gross profit margin was 29.14%, up 8.22% year-on-year. The Shenzhen Stock Exchange required the company to combine industry conditions, technology development, market situation and products. Structure, indicating the main reason for the decline in operating income and gross profit margin in 2015.
Qinshang Optoelectronics said that the decline in operating income in 2015 was mainly due to the weak external economic environment and the intense competition in LED products. The increase in gross profit margin in 2015 was mainly due to the company's sales strategy adjustment in 2015. The company targeted the projects and customers, focused on projects with higher gross profit margins, and increased outdoor lighting, landscape lighting, display screens, etc. Promotion and channel development of products with high gross profit margins, and strengthening cost management and control.
However, Qinshang Optoelectronics stressed that the company is better to give back to shareholders, so that the company will move toward a benign development track as soon as possible, and actively seek restructuring and other company transformation (such as dual main business) development, since June 2015, the company intends to acquire Other ways to achieve asset restructuring, and seek the company's second venture and development.
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