The Chinese company, which acquired Xiwannian, saw its net profit decline by 15% in the first half of the year.

In January 2016, Feile Audio (600651) completed the entire delivery of the 80% equity acquisition of Xiwannian Group with an equity consideration of 149 million euros.

Has this cross-border M&A costing more than 1 billion yuan brought substantial benefits to Feilo Audio in the first half of the year?

In 2016, the company's strategic goal is to generate a total operating income of 7 billion yuan. In the first half of the year, Feile Audio achieved a total operating income of 3.027 billion yuan, a year-on-year increase of 105%, and a net profit of 63.84 million yuan, a decrease of 15% over the same period last year.

Among them, Havells Malta, which was acquired in the first half of the year, achieved a revenue of 1.396 billion yuan and 435 million yuan in the first half of the year. The net profit was 17.82.34 million yuan and 4,622,800 yuan respectively, and the total contribution revenue was 1.465 billion yuan, contributing net profit of about 17.957 million yuan.

Where is the net profit of 63.84 million yuan?

During the period from January 1, 2016 to June 30, 2016, the company and its holding subsidiaries received a total of 18.76 million yuan of subsidy income from government development special funds, financial support funds and various incentive funds.

Huaxin Securities Co., Ltd., which has a 24% shareholding in the company, achieved a net profit of 129 million yuan in the first half of 2016, contributing investment income of 31.02 million yuan to the company, down 55% from the same period last year.

The above two main business external income contributed a total net profit of about 49.788 million yuan in the first half of the year, accounting for 77.99% of the company's first half of the net profit.

What is the performance of the subsidiary?

Shanghai Yaming Lighting Co., Ltd., a wholly-owned subsidiary , achieved a total operating income of RMB 525.04 million, a decrease of 24% compared with the same period of last year. The net profit was 18.26 million yuan, an increase of 451% over the same period last year.

Shanghai Yaming Lighting Co., Ltd. is mainly engaged in traditional lighting and LED general lighting products. The gross profit margin is about 24%, which is in the industry average, but the expense ratio is high. In particular, since Yaming is currently in the stage of traditional lighting transformation LED lighting, a large amount of research and development expenses have occurred, and at the same time, the conversion rate of research and development results is not high.

Traditional lighting products have been hit hard by LED lighting, resulting in a decline in sales of traditional products of Yaming, and sales revenue decreased more than the same period last year.

Beijing Shenan Investment Group Co., Ltd. realized a total operating income of 782.27 million yuan, an increase of 56% over the same period of last year, and a net profit of 72.07 million yuan, an increase of 287% over the same period last year.

As of June 30, 2016, Beijing Shenan Group had total assets of RMB 518.76 million and net assets of RMB 943.4 million. From January to June 2016, the total operating income was 782.27 million yuan, a year-on-year increase of 56%, operating profit was 84.46 million yuan, and net profit was 72.07 million yuan, an increase of 287%.

From January to June 2016, Beijing Shenan Group completed sales income of RMB 782.27 million and net profit of 7,207. The 2016 net profit promised during the major asset restructuring was 271,206,900. The reason for the failure to achieve the planned revenue is that the main business of Beijing Shenan Group is the lighting project, which has cyclical characteristics. The project revenue and profit in the second half of the year are higher than the first half.

Shanghai Shengyi Industrial Co., Ltd. realized a total operating income of RMB 374.6 million, an increase of 29% over the same period of last year, and a net profit of RMB 31.86 million, an increase of 52% year-on-year.

During the reporting period, Changzhou Da Mao Wei Rui Ke Auto Lamp Co., Ltd. filed a claim for product quality of approximately 14.93 million yuan (excluding tax) to Shanghai Chenhao Optoelectronic Devices Co., Ltd., a subsidiary of the company. As the parties have not finalized the final compensation amount and have not reached any written agreement on the compensation, there is significant uncertainty and the estimated liabilities are not recognized.

Shanghai Shengyi Industrial Co., Ltd. and its wholly-owned subsidiary Shanghai Chenxi Optoelectronic Devices Co., Ltd. were established in 2004, mainly engaged in the design, production and manufacture of OSRAM light source for automotive and LED circuit board modules for automotive and automotive electronic modules. .

Rectifier Transformer

Scope of supply

Rating: Up to 200MVA

Voltage:Valve side voltage up to 1000VDC, Grid side voltage up to 220KV

Double star and double bridge

Applications:

The rectifier transformers are mainly used in the electrolysis processes for production of different kind of metals, such as aluminum electrolyzing, magnesium electrolyzing, copper electrolyzing, zinc electrolyzing and other more applications. The largest installed rectifier transformers are always for aluminum electrolysis with some transformer/rectifier combined units in parallel operation to get the required DC current.

Design:

The rectification method is normally known as double star or double bridge. Double star systems use an interphase transformer (IPT) and are usually applied as 6 or 12pulse units where high currents are required with very low nominal voltages. Double bridge system is applied as 6, 12, 24, 48 or 60pulse systems, as required to suit the harmonic mitigation and process stability requirements.

Duty

Electrolysis is normally a continuous process, but with a constant high loading and current harmonics.

Why SCOTECH

Long history- Focus on transformer manufacturing since 1934.

Technical support – 134 engineers stand by for you 24/7.

Manufacturing-advanced production and testing equipment, strict QA system.

Perfect service-The complete customer service package (from quotation to energization)


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