The stock market 喧嚣 Foshan Lighting is being overtaken by Zhejiang Sunshine


In the Chinese stock market, there are not many companies that can continue to pay dividends for more than a decade. Therefore, Foshan Lighting has become an odd number and is known as a cash cow by relatives. However, with such a title, Foshan Lighting still can't get rid of the embarrassing embarrassment of the main business decline, and the dilemma that is gradually approaching by competitors.

In the past 16 years, Foshan Lighting's accumulated cash dividends reached 2.11 billion yuan, but after divesting its investment income, Foshan Lighting's total profit from the main business in 2004-2008 was 290 million yuan, 260 million yuan, 240 million yuan. 170 million yuan and 179 million yuan, showing a gradual decline. The Zhejiang company Sunshine, which is a peer company, is catching up. From several important business data, the overall growth rate of the former lamp Wang Foshan lighting has lagged behind Zhejiang Sunshine.

Osram enters the main track

On the afternoon of May 20, the taxi came out of the Zumiao Bus Station in Foshan City, and rushed to the north of the Minjiang River. The rain poured down on the window, the sky was dark and the large billboards of Osram and other lighting products could be seen from time to time. Passing over. Since the introduction of Osram in Germany, the billboards of Foshan Lighting have been relatively rare. Osram is bent on making Foshan Lighting the largest production base in the Asia-Pacific region, and the veterans who have worked hard for more than a decade have naturally been less than happy.

This probably explains the reason why Foshan Lighting slipped from a certain angle.

In 2005, Osram’s owner once brought great reverie to the market. At that time, Foshan SASAC transferred 23.93% of its Foshan Lighting State-owned shares to Osram Prosperity Holdings Co., Ltd. and Hong Kong Youchang Lighting Equipment Co., Ltd. respectively. According to the information, OSRAM is a wholly-owned subsidiary of Siemens and one of the two largest light source manufacturers in the world. Its light source products and lighting systems are more than 5,000 varieties. Its product lines include: fluorescent lamps, compact fluorescent lamps, high-intensity discharge lamps, automotive lamps, motorcycle lamps, special light sources, electronic ballasts and light-emitting diodes. However, such a wealthy background has not made any signs of improvement in the hardness of Foshan Lighting's main business, and the signal of management's contradiction with the largest shareholder Osram has been released to the outside world.

At this time, nearly four years after the 2005 merger of Foshan Lighting, according to the announcement issued by Foshan Lighting at the time, the purchaser Osram made several major commitments, but from the situation of Foshan Lighting in recent years, this Several promises have been greatly discounted.

The purchaser Osram has promised that in the four years after the completion of the share-trading reform and the sale of the shares, the profit distribution proposal will be proposed at the Foshan Lighting Annual General Meeting and voted in favor. The profit distribution ratio of the proposed distribution proposal is not lower than Foshan Lighting. 65% of the distributable profits realized in the year. In fact, from the announcement of the resolutions of the 18th meeting of the 4th Board of Directors in 2006 and the disclosure of the 2007 third quarterly report, the directors from the largest shareholder Osram have abstained from voting on the profit distribution proposal.

The second commitment is that the purchaser Osram will purchase at least $10 million in lighting products from Foshan Lighting in accordance with the terms of the lamp product purchase contract within five years after the completion of the share-trading reform and the sale of the shares. However, according to the 2006 annual report, The related transaction between OSRAM (China) Lighting Co., Ltd. and Foshan Lighting was only US$7 million. The 2007 annual report was US$7.7 million, and in 2008 it fell again to US$6.8 million.


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