Channels are distorted, Mingli LED main business continues to languish

[Reporter/Wang Cairong] A senior person from Zhen Mingli who has left the company recently revealed to reporters that in terms of overseas channels, the relationship between Zhen Mingli and agents or dealers is relatively fragmented and not solid, and its advantages in terms of channels have been basically lost. .

The above-mentioned person said that in the domestic market, Zhen Mingli has not many dealers or agents, and sometimes one person is responsible for several provinces. The decorative lights and Christmas lights business are basically robbed by Mlinsen’s downstream customers, while overseas. The market, although it has many subsidiaries or offices, many people have left.

Once upon a time, Zhen Mingli’s vast and abundant channel resources at home and abroad have envied many domestic LED companies. Today, these shining auras have become the yellow flowers of yesterday.

In fact, the sharp shrinkage of Zhen Mingli’s main business for two consecutive years has clearly reflected this situation. In 2012, Zhen Mingli achieved operating income of HK$181 million and HK$294 million respectively in the US and other regions, a decrease of 45.9% and 16.8% year-on-year, and a small increase of 6.2% in the French region alone.

However, in 2010, Ming Mingli’s sales in France were HK$74.3 million, compared with HK$39 million in 2012, which is still more than 50%.

In addition, according to the latest interim report data released by Zhen Mingli, from April to September 2013, Zhen Mingli's turnover was approximately HK$541 million, which was basically the same as the previous period, but the gross profit and gross profit margin were from September 2012. The HK$128 million (24.1%) was reduced to a gross loss of HK$9.78 million (the gross loss ratio was 18.1%).

Specific to the four main business, from April to September 2013, the turnover of LED decorative lights and LED general lighting business still declined slightly, while the turnover of incandescent decorative lights and stage lights increased to a certain extent, but Gross profit of all sub-products is at a loss.

In response to this situation, Zhen Mingli attributed the following factors: weak global demand, conservative orders from customers, fierce competition in the LED lighting industry, global LED product retail prices continued to decline, labor costs rose sharply and inventory impairment was approximately 143 million Hong Kong dollars. . An accountant in the accounting profession told reporters that from the perspective of the gross profit loss of the 2013 interim report, it is clear that Zhen Mingli made provision for impairment of some of the products in stock.

"In recent years, LED lighting products have been updated quickly and the price of products has fallen by a large margin. According to the accounting standards, some products are required to be depreciated, and such inventory depreciation is also the easiest to use. Hands and feet, many companies manipulate profits in this way, such as selling companies, adjusting profits and planning listings, etc." The source said that the treatment of depreciation expenses, inventory and bad debts from Zhen Mingli in the 2013 interim report data In view of it, it does not rule out the idea that it had previously sold the company's equity.

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