NVC Lighting announced this morning that the company's founder, Wu Changjiang, has resigned as chairman, executive director and chief executive officer, and all committees of the board of directors for personal reasons, and resigned from all positions in the company's subsidiaries. The successor was the company's non-executive director, the founding partner of SAIF Asia Fund. In addition, the announcement also announced that Zhang Kaipeng was appointed as the CEO.
The NVC Lighting Announcement did not provide more information, and there are many questions behind this major personnel change.
LED business transformation is weak
It is reported that the current NVC Lighting Headquarters has been moved from Huizhou to Chongqing, mainly responsible for research and development and sales functions. Wu Changjiang, the head of the core functions of R&D and sales, moved from Huizhou to Chongqing, and expressed its talent and cost considerations. However, according to relevant sources, the decision caused a lot of controversy within the company.
At present, Chongqing has laid out a new energy source for LED raw material enterprises with an output value of 10 billion yuan, and a quadruple group of LED sapphire substrate manufacturing enterprises with an annual output value of 10 billion yuan. NVC has two large production bases in Chongqing, of which Chongqing Wanzhou production base has surpassed Huizhou last year, becoming its largest production base in China. After the headquarters, Chongqing will form an LED industry chain with an annual output value of more than 30 billion yuan.
According to informed sources, the production costs in coastal areas have increased significantly in recent years, and NVC Lighting, which has the largest market share in the domestic lighting industry, has entered Chongqing to obtain strong support from local governments in terms of land use and taxation. The high production and labor costs are important considerations for the relocation of NVC.
The domestic LED lighting market has always relied on government projects and subsidies to promote. The State Council executive meeting recently held a decision to allocate 36.3 billion yuan in financial subsidies to promote sales of energy-efficient home appliances, including 2.2 billion yuan to support the promotion of energy-saving lamps and LED lights.
At present, NVC is also establishing the Rongchang Road Lighting Production Base in Chongqing to create the “largest street lighting production base in the central and western regions of Chinaâ€. “Headquarters migration to Chongqing may also be related to the local government’s LED order subsidies.†A person close to NVC Lighting said.
At the same time, the export situation of LED products is not optimistic. Statistics show that 80% of domestic LED companies are still export-oriented. Under the influence of unclear economic recovery in Europe and the United States, corporate orders have been decreasing since the second half of last year. This year, the number of orders in Europe and the United States has dropped by 30% to 50%, which is quite common in the industry.
NVC Lighting announced its 2011 financial report. During the reporting year, the Group's sales revenue increased by 24.9% to US$590 million compared with the same period. The gross profit of sales increased by 10.1% to US$150 million compared with the same period. The profit before tax increased by 19.8% to US$96.65 million. Earnings per share of $ 0.03.
During the reporting period, the gross profit margin of the company's lighting electrical products decreased by 14.7% to US$9.66 million, and its gross profit margin decreased by 3.9% to 16.4% compared with the same period, mainly due to the increase of metal materials, the increase of labor costs and the impact of RMB appreciation. .
Introducing Schneider’s fear of “leading the wolf into the roomâ€
On July 21, 2011, Schneider became a shareholder of NVC. Six shareholders of NVC sold 9.2% of the shares to Schneider Electric at a price 11% higher than the market. The total price is close to 1.275 billion Hong Kong dollars. At the same time, Schneider also spent about 300 million yuan to acquire part of the assets of Chongqing Enlin Electric Co., Ltd., a company of NVC Lighting in Wanzhou.
Schneider thus became the third largest shareholder of NVC, only in Softbank Asia and Wu Changjiang.
According to industry insiders, Schneider has been involved in NVC, mainly in the channel of NVC in the Chinese market. Some second- and third-line dealers reported that after NVC was invested by Schneider, the products in its channel were slowly being replaced by Schneider products.
In this personnel change, Zhang Kaipeng from Schneider Electric was appointed as the company's CEO.
The announcement also revealed that Mu Yu, one of the only two executive directors of NVC, still retains the position of executive director and becomes the sole executive director of the company. Previously, Mu Yu was the company's vice president, mainly responsible for the company's research and development and production management.
The statement released today announced that Wu Changjiang will resign from all positions in NVC Lighting. This is the second time that Wu Changjiang will leave this company he founded and has grown up. At the same time, "resign from all positions" also said that this time Wu Changjiang will either leave completely.
What happened behind it, the company has not revealed any details at the moment.
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