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iframe(src='//www.googletagmanager.com/ns.html?id=GTM-T947SH', height='0', width='0', style='display: visibility:')粤照明Ｂ：2015年年度报告（英文版）
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
The 2015 Annual Report
March 2016
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Section I Important Statements, Contents
The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior management staff of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) warrant that this Report is factual, accurate and complete without any false information, misleading statements or material omissions. And they shall be jointly and severally liable for that. He Yong, company principal, Liu Xingming, chief of the accounting work, and Tang Qionglan, chief of the accounting organ (chief of accounting), hereby confirm that the financial report carried in this Report is factual, accurate and complete. All directors attended the board meeting for reviewing this Report. GP Certified Public Accountants LLP has issued a standard auditor’s report with unqualified opinion for the Company.
The accounting data and financial report in this Report have all been audited by GP Certified Public Accountants LLP. This Report is prepared in both Chinese and English. Should there be any understanding discrepancy between the two versions, the Chinese version shall prevail. The future plans and some other forward-looking statements involved in this Report shall not be considered as virtual promises of the Company to investors. And investors are kindly reminded to pay attention to possible risks. The Company has described in detail in this Report the risk of market competition, the risk of rising operating costs and the risk of falling prices of inventories. Please refer to “Possible risks” in “Outlook of the Company’s future development” in “Section IV Discussion & Analysis by Management” of this Report.
The Company’s preliminary plan for profit distribution upon review and approval at the board meeting: Based on the total shares of 1,272,132,868, a cash dividend of RMB 0.125 yuan (tax included) will be distributed to all shareholders for every 10 shares that they hold. No bonus shares will be granted and no capital reserve will be turned into share capital.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Contents Section I Important Statements, Contents & Terms ....................................................................... 2 Section II Company Profile & Financial Highlights ....................................................................... 5 Section III Business Highlights ....................................................................................................... 10 Section IV Discussion & Analysis by the Management ................................................................ 14 Section V Significant Events ........................................................................................................... 36 Section VI Share Changes & Particulars about the Shareholders .............................................. 59 Section VII Preference Shares ........................................................................................................ 70 Section VIII Directors, Supervisors, Senior Management Staff & Employees .......................... 71 Section IX Corporate Governance ................................................................................................. 86 Section X Financial Report ............................................................................................................. 98 Section XI Documents Available for Reference ........................................................................... 207
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Terms
Specific contents
The Company, Company, FSL
Foshan Electrical and Lighting Co., Ltd. GRAM
Guangdong Rising Assets Management Co., Ltd.
Electronics Group
Guangdong Electronics Information Industry Group Ltd.
Shenzhen Rising Investment
Shenzhen Rising Investment Development Co., Ltd.
Hong Kong Rising Investment
Hong Kong Rising Investment Development Limited CSRC
China Securities Regulatory
Commission SZSE
Shenzhen Stock Exchange
Shareholders’ General Meeting
Shareholders’ General Meeting of Foshan Electrical and Lighting Co.,
Ltd. Board of Directors
Board of Directors of Foshan Electrical and Lighting Co., Ltd. Supervisory Committee
Supervisory Committee of Foshan Electrical and Lighting Co., Ltd. Annual report auditor, GP
GP Certified Public Accountants LLP
Yuan, ten thousand, million, billion
RMB Yuan, RMB
Ten Thousand, RMB million, RMB billion
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Section II Company Profile & Financial Highlights
I. Basic information of the Company Stock abbr.
FSL / FSL B
Stock code
541 Stock exchange
Shenzhen Stock Exchange Company name in Chinese
佛山电器照明股份有限公司 Abbr. of Company name in
佛山照明 Chinese Company name in English (if FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
Abbr. of Company name in
FSL English (if any) Legal representative
Registered address
No. 64, Fenjiang North Road, Chancheng District, Foshan City, Guangdong Province, P.R.China Zip code
528000 Office address
No. 64, Fenjiang North Road, Chancheng District, Foshan City, Guangdong Province, P.R.China Zip code
528000 Company website
www.chinafsl.com Email address
gzfsligh@pub.foshan.gd.cn II. Contact information
Company Secretary
Securities Affairs Representative Name
Huang Yufen
No. 64, Fenjiang North Road, Chancheng No. 64, Fenjiang North Road, Chancheng Contact address
District, Foshan City, Guangdong District, Foshan City, Guangdong
Province, P.R.China
Province, P.R.China Tel.
(28 Fax
(76 E-mail
III. About information disclosure and where this Report is placed Newspapers designated by the Company for China Securities Journal, Securities Times, Securities Daily, Ta Kung Pao information disclosure
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. Internet website designated by CSRC for disclosing
http://www.cninfo.com.cn this Report Where this Report is placed
Company Secretary Office, FSL Office Building, No. 64, Fenjiang North
Road, Chancheng District, Foshan City, Guangdong Province, P.R.China IV. Changes in the registered information Organizational code
52575W Changes
in main business since listing (if No changes
On 9 Sept. 2015, OSRAM Germany, the controlling shareholder of the Company’s
biggest shareholder—Hong Kong Wah Shing Holding Company Limited
(formerly
known as “Osram Holding Co., Ltd.”; hereinafter referred to as “Hong Kong Wah
Shing”), signed The Equity Transfer Agreement with Guangdong Electronics
Information Industry Group Ltd. (“Electronics Group”). According to the Agreement,
OSRAM Germany transferred the 100% equity interests of Hong Kong Wah Shing to
Electronics Group on 4 Dec. 2015. After the equity transfer, Electronics Group became
the sole shareholder of Hong Kong Wah Shing and the indirect biggest shareholder of
the Company, indirectly holding 171,360,391
A-shares in the C and OSRAM Changes of controlling shareholder (if any)
Germany no longer held shares in the Company directly or indirectly. Meanwhile,
Electronics Group and its acting-in-concert parties Shenzhen Rising Investment
Development Co., Ltd. (“Shenzhen Rising Investment”) and Hong Kong Rising
Investment Development Limited (“Hong Kong Rising Investment”) bought in another
99,894,475 A-shares and another
23,165,684 B-shares of the Company from the
secondary market. The said three companies combined hold 294,420,550
A-shares and
B-shares in the Company, accounting for
23.144% of the total shares of the Company.
Therefore, Electronics Group and its acting-in-concert parties Shenzhen Rising
Investment and Hong Kong Rising Investment are the controlling shareholder of the
Company. V. Other information
The CPAs firm hired by the Company Name
GP Certified Public Accountants LLP
Office address
10/F, Guangdong Holdings Tower, 555 DongFeng Road East, Guangzhou, Guangdong
Province, P.R.China
Signing accountants
Wang Shaohua & Hong Wenwei Sponsor engaged by the Company to conduct sustained supervision during the reporting period
□ Applicable √ Inapplicable
Financial consultant engaged by the Company to conduct sustained supervision during the reporting period
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. □ Applicable √ Inapplicable
VI. Accounting and financial highlights
Does the Company adjust retrospectively or restate the accounting data of previous years due to changes in the accounting policy or correction of accounting errors? □ Yes √ No
Increase/decrease of
current year over last
Operating revenues (RMB Yuan)
2,876,659,100.63
3,068,641,200.17
2,526,679,810.53 Net profits attributable to shareholders of the Company
53,405,593.12
266,125,048.97
251,831,356.38 (RMB Yuan) Net profits attributable to shareholders of the Company after
150,093,497.33
306,310,907.76
247,092,182.53 extraordinary gains and losses (RMB Yuan) Net cash flows from operating
188,325,189.43
305,638,745.34
204,756,881.88 activities (RMB Yuan) Basic EPS (RMB Yuan/share)
0.1980 Diluted EPS (RMB Yuan/share)
0.1980 Weighted average ROE (%)
8.69%
Increase/decrease of
As at 31 Dec. 2015
As at 31 Dec. 2014
current year-end than
As at 31 Dec. 2013
last year-end
Total assets (RMB Yuan)
6,048,296,432.78
3,736,704,336.40
3,373,781,552.85 Net assets attributable to shareholders of the Company
5,023,546,888.12
3,044,585,720.58
2,890,581,921.74 (RMB Yuan)
VII. Differences of the accounting data under the domestic and the overseas accounting standards 1. Differences of the net profits and the net assets disclosed in the financial reports prepared under the international and the Chinese accounting standards
□ Applicable
√ Inapplicable
No such differences for the reporting period
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. 2. Differences of the net profits and the net assets disclosed in the financial reports prepared under the overseas and the Chinese accounting standards □ Applicable
√ Inapplicable
No such differences for the reporting period
VIII. Financial highlights by quarter
Unit: RMB Yuan
Q4 Operating revenues
767,330,509.62
757,032,276.87
708,115,195.93
644,181,118.21 Net profit attributable to
99,482,670.12
776,089.19
-26,823,845.62
-20,029,320.57 shareholders of the Company
Net profit attributable to shareholders of the Company after
81,758,984.51
10,053,025.94
37,030,978.71
21,250,508.17 extraordinary gains and losses
Net cash flows from operating
67,138,040.36
32,136,307.34
47,899,905.70
41,150,936.03 activities
Any material difference between the financial indicators above or their summations and those which have been disclosed in quarterly or semi-annual reports?
□ Yes √ No IX. Extraordinary gains and losses √ Applicable □ Inapplicable
Unit: RMB Yuan
Gains/losses on disposal of non-current assets (including offset part of
-8,172,702.85
-1,287,703.94
9,418,476.76
impairment provisions)
Government grants recognized in current period, except for those acquired in ordinary course of business or granted at certain
4,780,007.27
2,174,021.86
1,031,790.96
quotas or amounts according to government’s unified standards
Capital occupation charges on non-financial enterprises that are recorded into current
1,981,349.56
gains and losses Gains due to that investment costs for the Company to obtain subsidiaries, associates
-17,112.47 and joint ventures are lower than enjoyable fair value of identifiable net assets of
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. investees when making investments
Gains and losses on change in fair value from tradable financial assets and tradable financial liabilities, as well as investment income from disposal of tradable financial
19,472,654.77
2,962,781.37
-109,530.85 assets and tradable financial liabilities and financial assets available for sales except for effective hedging related with normal businesses of the Company
Compensations for the Non-operating income and expense other
false securities than above
-130,293,226.71
-51,945,691.06
-7,368,961.02 statement case
recognized
Other gain and loss items that meet
944,428.72
1,499,406.22 definition of extraordinary gain/loss Less: Income tax effects
-16,925,475.37
-6,958,646.77
901,071.70
Minority interests effects (after tax)
344,540.78
530,207.54
-687,120.14 Total
-96,687,904.21
-40,185,858.79
4,739,173.85
-- Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable No such cases in the reporting period
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Section III Business Highlights
I. Main business during the reporting period
1. Main business and products
We have been engaged in production, R&D and sale of lighting products since our listing. Our products mainly include conventional lighting products and LED lighting products. We have a wide variety of products with a complete range of specifications, including fluorescent lamps, halogen lamps, energy saving lamps, motor vehicle lamps, conventional lamps, LED light source, LED lamps, etc. With the most specifications in the lighting industry, our products are widely used for indoor and outdoor lighting, landscape lighting, motor vehicle lighting and so on. Upon years of development, we have won quite many honors such as the title of “The King of Lamps in China”, and our “FSL” and “Fenjiang” brands have been certified as “Famous China Brands”.
2. Main business model
(1) Procurement model
We mainly procure raw materials such as lamp beads, lamp holders, electronic components, aluminum substrate, plastic parts, metal materials, quartz tubes and fuel by way of bids invitation. A bids invitation supervisory committee consisting of personnel from several departments will be set up in the future. For every kind of our main raw materials, we usually have a few suppliers to choose from in procurement so that the procurement prices would be fair, the supply of raw materials in time and the good quality of the raw materials ensured.
(2) Production models
① Production of the conventional products Concerning the conventional products, we analyze sales of every month and predict future market demand so as to formulate a production plan for the coming month. And our workshops produce according to the plan to avoid extra stock and at the same time ensure that there is enough for sale.
② Production according to orders Different from the conventional lighting products which are of little variation in specifications, LED lighting products are at a fast pace of renewal and different customers often have different requirements regarding the products’ appearances and performance indexes. Therefore, we have to organize individualized production for some orders for LED lighting products, export orders in particular. For this kind of orders, we formulate our production plans based on them and then make procurement plans according to the production plans, which will help effectively control the stock and the procurement prices of raw materials, reduce capital occupation and improve our operating efficiency to the maximum.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. ③ Combination of independent production and outsourcing With a high production capacity, we produce most of our products and parts on our own. Only a small portion of parts and low-tech products is outsourced to sub-manufacturers, who will produce in strict accordance with our requirements. We will also tag along their production processes and examine carefully the quality of the products finished. In this way, our supply of products is guaranteed.
(3) Sales model
We mainly adopt a commercial agent model, selling our products to commercial agents through various channels and setting up business divisions under the sales department to follow up the use of our products by customers and provide relevant support. In terms of channels, besides consolidating wholesale, we will also focus on the development of franchised stores, illumination engineering & commercial lighting, e-commerce and retail sales to expand the space for our survival.
3. Development stage and periodicity of the lighting industry as well as our position in the market
The recent years have witnessed the rapid rise of the LED lighting technology. Due to the sharp drop in their cost and their remarkable performance in energy saving & emission reduction, LED lighting products have been generally accepted by consumers, resulting in a higher and higher penetration rate as well as a fast-shrinking market for conventional lighting products. However, after years of fast development and renewal, growth in LED lighting has slowed down. Particularly the LED downstream with a low requirement for market access is suffering from an obvious problem of structural overcapacity, leading to the disordered, cutthroat competition on the market. Under the double hits by a macro economic downturn and fierce competition, large enterprises will expand through mergers and acquisitions for stronger competitiveness, while some small and medium ones can only face the fate of being washed out of the market due to lack of competitiveness, which is bringing the entire industry into an integration phase. As a necessity for daily life, lighting products are mainly under the influence of the macro economy and the real estate sector but are little affected by seasons and regions.
Generally speaking, China’s lighting industry is insufficiently centralized with no overwhelmingly superior enterprises despite an enlarging market share of competitive brands. Upon years of development, we have become a leading lighting enterprise with strong competitiveness in brand, production scale, channel, R&D, etc.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. II. Significant changes in the main assets
1. Significant changes in the main assets
Main asset
Reason for significant changes Fixed assets
Impairment provisions were made for the idle equipment such as T5 and T8 at the
differences between their book value and the lower recoverable amounts.
Subsidiary Suzhou Mont Lighting Co., Ltd. suffered continuous loss due to its business Intangible assets
scale and market reasons. It was unable to proceed with its production or operation.
Therefore, full-amount impairment provisions were made for its patent rights.
Impairment provisions were made for the hard glass kilns in District 3 at the differences Construction in progress
between their book value and the lower recoverable amounts. And the said impairment
provisions were lost as the relevant assets were scrapped.
Our stake in Hefei Guoxuan High-tech Power Energy Co., Ltd.
was shifted to restrictedly Available-for-sale financial assets
tradable shares in Guoxuan High-tech Co., Ltd.
And the changes in the available-for-sale
financial assets were mainly due to the fluctuations in its stock price.
2. Main assets overseas
□ Applicable √ Inapplicable III. Core competitiveness analysis The core competitiveness of the Company mainly reflects on fours aspects listed below:
Channel advantage The Company has been sticking to the marketing strategy of deeply focusing and refining channels. Through years of development and experience accumulation, the Company currently has four major sales channels, which contains the circulation and wholesales channel, the exclusive shop channel, the E-business retail channel, and the engineering commercial lighting channel, forming a marketing network covering the whole country. Replying on strong and perfect sales channels, products of the Company can rapidly enter the market, which has significantly improved the Company’s market development capability and competitiveness.
Brand advantage The Company keeps focusing on the positioning, core value, and features of FSL brand, and continually improved the brand recognition and reputation of FSL brand by product design, end sales, advertisement, special lighting exhibition, and so on. At present, FSL and Fen Jiang among the three brands of the Company are both famous trademarks in China. The FSL brand has become one of the most influential and popular brands in China, and the powerful brand influence has become the main driver for continuous sales growth of the Company.
Technology advantage
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. The Company has always been attaching importance to R&D of new products and technologies, increasing the input on independent innovation on technologies and products, and perfecting the improvement process for R&D and technique of all products. The Company absorbs and trains technical talents, set up innovative incentive mechanism and performance mechanism, and fully provides with supports in fund, talents, and mechanisms.
Scale advantage As one of the enterprises to first step into the industry of producing and selling lighting products, the Company possesses the manufacture culture of refining production and the large-scale manufacturing capability by years of experience accumulation. The Company has production bases in Foshan, Nanjing and Xinxiang. The large-scale and centralized production brings obvious economic benefits to the Company, which not only shows in manufacture cost of products, but also shows in aspects such as raw material procurement and product pricing.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Section IV Discussion & Analysis by the Management
I. Business review (I) Summary
In 2015, the global economy was in further adjustment after the international financial crisis, with limited motivity for growth. Concerning foreign economies, despite a slow recovery in the US economy, other main economies showed unevenness in their economic performances and the constant threat of geopolitical risks made recovery harder to achieve. China’s economy also faced problems such as the lack of momentum in investment, the emerging downturn in some industries and the operating difficulties of enterprises due to multiple factors including the structural transformation in economy, the low demand and overcapacity. For the lighting industry in 2015, conventional lighting products continued to see a rapid drop in market demand, while LED lighting slowed down in development after years of fast growth and renewal due to growing homogeneous and price competition. In face of the overall slowdown in growth of the industry as well as the complex and changeable environments at home and abroad, we continued to follow the guideline of “Adjust Our Structure, Stabilize Our Growth, Pay Attention to Management and Improve Our Business Results”, focused on our main business, improved our product quality and proactively dealt with the adverse impact of the market environment by further adjustment to our product structure, optimization of our marketing system, cost control, etc. For the reporting period, the Company achieved operating revenues of RMB
million, down 6.26% from the year earlier. To be specific, conventional lighting products generated sales revenue of RMB
million, representing a YoY decrease of 31.84%, while LED products created sales revenue of RMB
million, up 52.92% the domestic sales revenue stood at RMB
million, a 12.13% decrease from last year, while the overseas sales revenue stood at RMB 953.2755 million, up 8.37% from the year earlier. Due to the compensations to some investors and the large-amount impairment provisions, the total profits stood at RMB 45.9930 million, down 85.59% and the net profits attributable to the shareholders of the listed Company stood at RMB 53.4056 million, representing a YoY drop of 79.93%. (II) Work accomplished in 2015 1. Continued to optimize our product structure for transformation and upgrade
In 2015, the conventional lighting market continued to shrink while the LED lighting market still grew fast. According to market changes, we adjusted our product structure in a timely manner by increasing the input to LED products in links such as R&D, production and sale. In addition to our existing light source and office lighting products, we also launched new series of LED products in our weak sectors of commercial lighting and home decoration. In the reporting period, our LED products generated sales revenue of RMB 1.416 billion, a YoY growth of 52.92%, marking the successful shift of our main products from conventional lighting products to LED lighting products and securing us an important position in the LED lighting sector.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. 2. Enhanced channel building for further development
In terms of the domestic market, we continued to improve our existing marketing channels by enhancing conference marketing and promotional activities, and expand our channel network by extending the coverage of our stores and improving their effectiveness. We also improved our exclusive stores to exhibit our products at the retail end and transform our brands from “industry-brands” to “mass-market brands”. A lighting engineering & commercial lighting business division was newly set up and launched a high-end brand of “MingJiangHui” (Lighting Experts All Here for You). Meanwhile, we expanded our retail and e-commerce channels. We had stores in over 1,000 shopping places in China, continued to enhance our cooperation with major e-commerce platforms and expanded our online dealers, which effectively increased the exposure of our brands among consumers. As for the overseas market, we visited our major customers one by one to learn about their particular needs and formulate our marketing strategies with clear targets. We tried to unlock the potential of our major customers and enhanced promotion of our LED products to them so as to offset the impact of the export decrease of our conventional lighting products. A FSL branding team was established to strengthen our exploration in emerging markets such as Middle East, Southeast Asia, Asia and South Africa, try harder for access into brand new markets, attract deals in the emerging markets and introduce our FSL brand to the world step by step. In the reporting period, our export sales grew steadily, with a heavier weight of our own brands in our total export sales.
3. Controlled costs to increase our efficiency
In face of the rising operating costs, we took proactive measures to reduce our production costs. Holding the thinking of “technology for efficiency”, we conducted innovation in product technology, production technique and materials. By upgrading equipment consuming too much energy, we were able to reduce our energy cost. We also enhanced our procurement management, integrated our procurement resources and adopted a quota mechanism on material distribution to avoid waste in all links. In the meantime, strict budget control was carried out to cut down out-of-plan expense.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. II. Main business analysis
1. Overview See “I. Business review” in “Discussion & Analysis by the Management”.
2. Revenues and costs
(1) Breakdown of the operating revenues
Unit: RMB Yuan
In operating
In operating
Operating revenues
2,876,659,100.63
100% 3,068,641,200.17
-6.26% By segment
Lighting fixtures and
2,876,659,100.63
100.00% 3,068,641,200.17
-6.26% lamps By product
LED lighting
1,416,365,037.13
926,189,514.82
52.92% products
Conventional lighting products
1,460,294,063.50
50.76% 2,142,451,685.35
-31.84% By area
Domestic
1,923,383,563.07
66.86% 2,189,007,920.46
-12.13% Overseas
953,275,537.56
879,633,279.71
8.37% (2) Segments, products or areas contributing over 10% of the operating revenues or profits □ Applicable √ Inapplicable (3) Product sales revenue higher than the service revenue
√ Yes
Business segment
Sales volume
837,767,920
1,046,376,108
-19.94% Lighting fixtures and
827,174,901
993,887,262
-16.77% lamps
124,170,082
134,763,101
-7.86% Reasons for over 30% YoY movement of the data above: □ Applicable √ Inapplicable
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. (4) Execution progress of major signed sales contracts in the reporting period □ Applicable √ Inapplicable
(5) Breakdown of the operating costs
By segment and product
Unit: RMB Yuan
In operating costs
In operating costs
Lighting fixtures
2,185,558,581.31
100.00% 2,247,054,674.63
-2.74% and lamps Lighting fixtures
Raw materials
1,416,799,337.80
64.83% 1,438,316,556.44
-1.50% and lamps Lighting fixtures
Labor cost
427,667,401.28
19.57% 413,229,338.55
3.49% and lamps Lighting fixtures
Depreciation
46,002,760.43
2.10% 58,899,983.77
-21.90% and lamps
Unit: RMB Yuan
In operating costs
In operating costs
1,120,625,868.89
51.27% 702,500,445.37
59.52% products
Raw materials
713,381,463.13
32.64% 453,013,173.60
57.47% products
Labor cost
246,143,230.85
11.26% 130,150,997.18
89.12% products
Depreciation
18,638,249.45
0.85% 18,551,179.47
0.47% products
Conventional lighting products
1,064,932,712.42
48.73% 1,544,554,229.26
-31.05% Conventional
Raw materials
703,417,874.67
32.18% 985,303,382.84
-28.61% lighting products
Conventional
Labor cost
181,524,170.43
8.31% 283,078,341.37
-35.87% lighting products
Conventional lighting products
Depreciation
27,364,510.98
1.25% 40,348,804.30
-32.18%
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. (6) Changes in the consolidation scope for the reporting period
□ Yes
√ No (7) Major changes in the business, products or services in the reporting period □ Applicable √ Inapplicable
(8) Main customers and suppliers
Main customers
Total sales to top 5 customers (RMB Yuan)
294,950,255.58
Ratio of total sales to top 5 customers to annual total sales (%)
Information about the top 5 customers Serial No.
Name of customer
Sales (RMB Yuan)
Proportion in annual total sales (%)
** COMPANY
74,279,343.33
2.58% 2
***** PRODUCTS INC.
72,724,178.41
2.53% 3
**** ELECTRIC COMPANY
66,025,878.97
2.30% 4
GUANGZHOU ** TRADE CO., LTD.
42,422,604.94
1.47%
GUANGZHOU ** LIGHTING ELECTRIC 5
39,498,249.93
1.37%
294,950,255.58
10.25% Other information about the main customers √ Applicable □ Inapplicable
None of the top 5 customers are related parties of the Company.
Main suppliers Total purchases from top 5 suppliers
（RMB Yuan）
273,554,640.24
Ratio of total purchases from top 5 suppliers to annual
total purchases（%） Information about the top 5 suppliers Serial No.
Name of supplier
Purchase amount (RMB Yuan)
Proportion in annual total purchases (%) 1
Foshan ** Opto-Electronics Co., Ltd.
76,444,384.33
4.59% 2
Shenzhen ** Energy-Saving Lighting Co.,
71,188,813.56
4.27%
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. 3
Shenzhen *** Electronics Co., Ltd.
53,256,383.60
3.20% 4
Zhongshan Guzhen ** Lighting Co., Ltd.
42,142,590.80
2.53% 5
Foshan ** Lighting Electric Co., Ltd.
30,522,467.95
1.83% Total
273,554,640.24
16.41% Other information about the main suppliers √ Applicable □ Inapplicable
Among the top 5 suppliers, the 1st supplier is a related party of the Company while the other 4 are not.
3. Expense
Unit: RMB Yuan
Significant change Selling expenses
203,112,498.50
207,880,504.54
-2.29% Administrative expenses
241,585,514.09
236,233,239.29
Financial expenses
-28,871,124.02
-9,565,959.04
-201.81% Increase in exchange gains and term
deposit interest
4. R&D input
√ Applicable □ Inapplicable
LED products are renewed fast in technology and appearance. If we cannot keep developing new technology, production procedures and products as well as updating them, it may have an adverse impact on our market competitiveness. In order to adapt to market changes and increase the market competitiveness of our products, we proactively develop high-efficient lighting products featuring energy saving and environmental protection, increase the R&D input to our LED products, continuously develop new products, and increase the technological contents of our products through continuously improving our technology and production procedures so as to provide a firm guarantee for our sustained development. In the reporting period, we spent RMB 92,891,920.00 yuan
in R&D, accounting for 3.23% of our current operating revenues. Particulars about the R&D input
+/-% Number of R&D personnel
-1.28% R&D personnel in total
0.28% employees
R&D input (RMB Yuan)
92,891,920.00
98,810,000.00
-5.99% R&D input in operating
0.01% revenues
Capitalized R&D input (RMB
0.00% Yuan)
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. Capitalized R&D input in total
0.00% R&D input
Reasons for any marked YoY change of the proportion of the R&D input in the operating revenues
□ Applicable √ Inapplicable Reasons for any sharp variation of the capitalization rate on the R&D input and rationale
□ Applicable √ Inapplicable
Number of patents for the recent 2 years
√ Applicable □ Inapplicable
Applied for
Cumulatively obtained at
period-end
Invention patent
5 Utility model patent
106 Design patent
210 Changes in core technical personnel in
No major changes
reporting period
“Hi-tech Enterprise” certified by Ministry
of Science and Technology
5. Cash flows
Unit: RMB Yuan
+/- Subtotal of cash inflows from operating activities
2,904,539,258.69
2,975,103,040.68
-2.37% Subtotal of cash outflows from operating activities
2,716,214,069.26
2,669,464,295.34
1.75% Net cash flows from operating
188,325,189.43
305,638,745.34
-38.38% activities
Subtotal of cash inflows from investing activities
30,861,512.16
46,553,241.51
-33.71% Subtotal of cash outflows from investing activities
68,596,503.73
98,620,391.12
-30.44% Net cash flows from investing
-37,734,991.57
-52,067,149.61
-27.53% activities
Subtotal of cash outflows from financing activities
215,284,023.90
160,694,772.73
33.97% Net cash flows from financing
-215,284,023.90
-160,694,772.73
-33.97% activities
Net increase in cash and cash
-56,155,127.23
92,025,411.38
-161.02%
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. equivalents
Main influence factors for any significant YoY changes in the items above
√ Applicable □ Inapplicable
1. The net cash flows from operating activities decreased 38.38% from last year mainly because the compensations for false stock statements were paid as required by the judgment of the court.
2. The net cash flows from financing activities decreased 33.97% from last year mainly because more dividends were distributed.
3. The net increase in cash and cash equivalents decreased 161.02% from last year mainly because the compensations for false stock statements were paid as required by the judgment of the court and more dividends were distributed. Reasons for any big difference between the net operating cash flows and the net profits in the reporting period √ Applicable □ Inapplicable
For the reporting period, the net operating cash flows stood at RMB 188,325,189.43 yuan while the net profits stood at RMB 37,684,725.39 yuan, representing a 399.74% difference of RMB 150,640,464.04 yuan, mainly because the compensations for false stock statements were paid.
III. Non-core business analysis √ Applicable □ Inapplicable
Unit: RMB Yuan
In total profits (%)
Source/reason
Continuity
Sale of tradable shares in Investment gains
19,523,757.86
42.45% some investees & receipt of No
bonuses from investees
Price fluctuations of stocks Gain/loss on fair value changes
0.08% held for purpose of No
short-term investment Asset impairment
89,473,893.19
194.54% Asset impairment provisions
Non-business
Government subsidies
7,627,967.24
revenue
Non-business
Non-business expenses on
141,313,889.53
307.25% fines from false stock
expense
statements recognized
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. IV. Asset and
liability analysis
1. Significant changes in the asset composition
Unit: RMB Yuan
As at 31 Dec. 2015
As at 31 Dec. 2014
Proportio
In total assets
In total assets
Reason for significant change
（%）
Compensations for false stock Monetary funds
935,241,205.20
15.46% 989,718,395.60
26.49% -11.03%
statements paid in current period as
required by court judgment
Accounts
366,401,130.72
6.06% 322,951,674.45
8.64% -2.58% Customer payments uncollected in receivable
current period
Inventory falling price provisions made Inventories
559,651,928.21
9.25% 625,794,972.48
16.75% -7.50%
in current period according to prudence
Investing real
0.00% 0.00% estate
Long-term
Loss recognized in current period on equity
382,637.52
0.01% 3,689,724.39
0.10% -0.09%
joint stock company according to investment
equity measurement method
Fixed assets
484,436,218.17
8.01% 463,267,701.29
12.40% -4.39%
Impairment provisions were made for
the hard glass kilns in District 3 at the
differences between their book value Construction in
32,488,518.68
0.54% 90,862,098.21
2.43% -1.89%
and the lower recoverable amounts. progress
And the said impairment provisions
were lost as the relevant assets were
2. Assets and liabilities measured at fair value √ Applicable □ Inapplicable
Unit: RMB Yuan
Gain/loss on Cumulative fair
fair value value changes
Impairment
Sold amount in Closing
changes in recorded into
provisions in amount in
current period
amount
current period
current period
current period Financial assets
1. Financial
39,361.35 51,600.00 assets measured
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. at fair value of which changes are recorded into current gains/losses (excluding derivative financial assets)
3. Available-for-sa
2,603,516,654.
2,787,166,40 le financial
114,908,227.84
160,000,000.00
23,438,995.18
1.96 assets
Subtotal of
2,603,516,654.
2,787,218,00 financial assets
114,928,547.84
160,007,005.00
23,478,356.53
1.96 Total of above
114,928,547.84
2,603,516,654.
160,007,005.00
23,478,356.53 2,787,218,00
1.96 Financial
0.00 liabilities
Significant changes in the measurement attributes of the main assets in the reporting period
□ Yes
V. Investment analysis 1. Total investments
√ Applicable □ Inapplicable
Investments in reporting period (RMB
Investments in last year (RMB Yuan)
2. Significant equity investments made in the reporting period
□ Applicable √ Inapplicable 3. Significant non-equity investments ongoing in the reporting period
□ Applicable √ Inapplicable 4. Financial investments
(1) Securities investments
√ Applicable □ Inapplicable
Unit: RMB Yuan
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Gain/losCumulat Variety
Code of Name of
s on fair ive fair
Gain/los
ing Opening
value value
AccountSource
securitiesecuritie
measurebook
changes changes
book securitie
of funds
ment value
current d into
equity
Availabl Domesti
e-for-sal c/overse601818
30,828, value
23,438,20,512, 78,638,
995.18 962.80
funds as stock
financia
l asset
Availabl Domesti
e-for-sal c/overse/
Xiamen 292,574 Cost 292,574
,133.00 method
funds as stock
financia
l asset
Foshan
branch
Availabl
of Domesti
e-for-sal c/overse/
Guangd500,000 Cost 500,000
.00 method
funds as stock
financia
l asset
Availabl
Guoxua Domesti
160,000 Fair
2,548,5 160,000
2,708,5e-for-sal Own
n c/overse002074
28,165. e as stock
High-tec,000.00 method
00 financia funds
l asset
Held-for Domesti
Fair c/overse002736
Securitie 11,660.0 value
20,320.-8,660.0
0.00 39,361.28,101.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300413
4,530.0 value
4,530.016,488. 11,958.6
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300418
10,150. value
10,150.33,276. 23,126.
financiafunds as stock
method
l asset Domesti 601021
Spring 18,160. Fair
18,160.68,707. 50,547.
Held-for Own c/overse
funds
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. as stock
financia
l asset
Held-for Domesti
Fair c/overse000601
Shaonen1,005,1 value
1,005,12,184,3
99.54 64.31
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300421
4,565.0 value
4,565.011,172.0 6,607.0
financiafunds as stock
method
l asset Domesti
Held-for c/overse601198
18,360. value
18,360.58,934.1 40,894.1
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse603118
11,950.0 value
11,950.025,655.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse603618 Hangzh11,650.0 value
11,650.025,934.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse603939
19,470. value
19,470.41,924. 22,454.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300420
4,135.0 value
4,135.013,211.8 9,076.8
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300433
Technol 11,495.0 value
11,495.043,764. 32,269.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300432
6,985.0 value
6,985.038,678. 31,843.
financiafunds as stock
method
l asset Domesti
Held-for c/overse601689 Tuopu 11,370.0 value
11,370.026,682.
funds as stock
financia
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
l asset
Held-for Domesti
Fair c/overse600958
50,150. value
50,150.103,238 53,088.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse002752
2,870.0 value
2,870.018,685.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse603808 ELLAS19,160. value
19,160.54,691. 35,781.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse600959
10,940. value
10,940.41,096. 30,476.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300438 Great 7,435.0 value
7,435.066,383. 58,948.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300455
3,440.0 value
3,440.026,787. 23,347.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300456
7,005.0 value
44,595.51,600. -trading
00 financia funds as stock
method
l asset
Held-for Domesti
Fair c/overse603227 Xuefeng 4,980.0 value
4,980.032,517. 27,537.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse603198
Distiller 11,800.0 value
11,800.030,822.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300478
7,420.0 value
7,420.034,610. 27,190.
financiafunds as stock
method
l asset
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
Held-for Domesti
Fair c/overse601985
61,020. value
61,020.171,825 110,805.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse601211
Guotai 118,260. value
118,260.144,115. 26,455.
financiafunds as stock
method
l asset
Held-for Domesti
Fair c/overse300482 Wondfo 8,000.0 value
8,000.068,328. 60,478.
financia funds as stock
method
l asset
Held-for
Fair Other
135,814 value
,000.00 ,640.94
financiafunds
method
l asset
Held-for
Fair Other
69,226, value
69,226,69,277, 51,559.
000.00 559.18
financiafunds
method
l asset
Held-for
Fair Other
52,264, value
52,264,52,322, 58,157.
000.00 157.96
financiafunds
method
l asset
Held-for
2,628,1Fair
2,628,12,628,3 262,025
Own Bond
26,281. value
88,306.
financiafunds
l asset
Held-for
Fair Bond
219,704 value
219, 22,974.
,394.00 ,368.10
financiafunds
method
l asset
Held-for
Fair Bond
149,304 value
149, 45,613.
,479.00 ,092.40
financiafunds
method
l asset
Held-for
Fair Bond
627,225 value
627, 195,254
,088.00 ,342.69
financiafunds
method
l asset Bond
204007 GC007
649,732Fair
649, 221,794
Held-forOwn
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd.
,485.00 value
,485.00 ,279.96
funds
financia
l asset
Held-for
Fair Bond
81,408, value
81,408,81,484, 76,407.
140.00 547.56
financiafunds
method
l asset
408,. 2,603,54,774,2 4,640,6 23,487, 3,080,2 Total
16,654.55,366. 09,549.
96 Disclosure date of board announcement on approval
of securities investment
Disclosure date of general meeting announcement on approval of securities investment (if any)
Note: The funds for the “pledged repo” and “reverse repo of government bonds” (“other” and “bond” in the table above) were strictly controlled within the line approved by the board, without use out of line. In order to better use the funds, we carried out repeated investment in the mature investment products above in multiple transactions. As such, the single investment costs for the “other” and “bond” were their accumulative amounts which were repeatedly invested with 2015.
(2) Investment in financial derivatives □ Applicable √ Inapplicable
No such cases in the reporting period
5. Utilization of raised funds □ Applicable √ Inapplicable No such cases in the reporting period
VI. Sale of major assets and equity interests
1. Sale of major assets □ Applicable √ Inapplicable No such cases in the reporting period
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. 2. Sale of major equity interests □ Applicable √ Inapplicable VII. Main controlled and joint stock companies √ Applicable □ Inapplicable Main subsidiaries and joint stock companies with an over 10% influence on the Company’s net profits
Unit: RMB Yuan
Relationship
Registered
Operating Operating
Total assets
Net assets
Net profits
Foshan Chansheng
1,000,000.00
34,691,313.018,852,631.5 161,438,362. Electronic Subsidiary
Manufacture
7,501,971.11 5,551,076.84 Ballast Co., Ltd. Foshan Chanchang Electric
72,782,944.. 99,970,615.047,168,759.7 Appliances
Subsidiary
Manufacture
3,543,277.76 2,443,678.04 (Gaoming) Co., Ltd. Foshan Taimei Times
59,261,275.531,971,425.4 128,813,369. Lamps Co.,
Subsidiary
Manufacture
500,000.00
7,910,754.35 5,903,925.36 Ltd. FSL New Light Source
Subsidiary
Manufacture
50,000,000.055,711,171.4 53,630,335.610,576,508.8 1,602,158.84 1,198,961.43 Technology
0 Co., Ltd.
FSL (Xinxiang)
Subsidiary
Manufacture
35,418,439.755,399,253.5 40,550,849.235,107,726.2 4,274,339.03 2,712,514.18 Lighting Co.,
0 Ltd. Guangdong Fozhao Financing Subsidiary
200,000,000.219,879,005. 219,806,804.
5,875,233.25
4,406,409.93
62 Lease Co., Ltd.
FSL Lighting Subsidiary
manufacture
15,000,000.059,551,710.4 37,142,020.8 162,630,898.12,744,861.9 9,466,893.91
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. Equipment
3 Co., Ltd.
Nanjing Fozhao Lighting
Subsidiary
Manufacture
41,683,200.068,025,762.4 62,607,789.065,802,294.6 -6,531,442.2 -4,743,195.6 Components
7 Manufacturin g Co., Ltd. Suzhou Mont Lighting Co., Subsidiary
Manufacture
23,634,900.0 9,155,813.46
-18,671,153. 26,198,849.9-26,010,314. -28,830,585.
17 Ltd.
Subsidiaries obtained or disposed in the reporting period
□ Applicable √ Inapplicable Particulars about the main controlled and joint stock companies
—Foshan Chansheng Electronic Ballast Co., Ltd. was invested and established by the Company and Mr. Ma Henglai and had set up and obtained license for business corporation on 26 Aug. 2003. The Company holds 75% equities therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation.
On 24 Dec. 2013, the Company and Mr. Ma Henglai signed the equity transfer agreement. The Company purchased 25% equity of Foshan Chansheng Electronic Ballast Co., Ltd. held by Mr. Ma Henglai. After the purchasing, the Company held 100% equity of Foshan Chansheng Electronic Ballast Co., Ltd. —Foshan Chanchang Electric Appliances (Gaoming) Co., Ltd., which
is a Sino-foreign joint venture invested and established by the Company and Prosperity Lamps and Components Ltd, had obtained license for business corporation on 23 Aug. 2005 through approval by Foreign Trade and Economic Cooperation Bureau of Gaoming District, Foshan with document “MWJMY Zi [2005] No. 79”. The Company holds 70% equities of the said therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation.
—Foshan Taimei Times Lamps Co., Ltd., which is a Sino-foreign joint venture invested and established by the Company and Reback North America Investment Limited, had obtained license for Business Corporation on 5 Dec. 2005 through approval by Foreign Trade and Economic Cooperation Bureau of Gaoming District, Foshan with document “MWJMY Zi [2005] No. 97”. The Company holds 70% equities therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation. —FSL New Light Source Technology Co., Ltd.
(its predecessor was “Foshan Lighting Lamps and Lanterns Co., Ltd.” and it changed its name to “FSL New Light Source Technology Co., Ltd.” on 17 Dec. 2014), which is invested and established by the Company together with Foshan Haozhiyuan Trading Co., Ltd., Shanghai Liangqi Electric Co., Ltd, Changzhou Sanfeng Electrical & Lighting Co., Ltd., Henan Xingchen Electrical & Lighting Co., Ltd., Foshan Hongbang Electrical & Lighting Co., Ltd., Hebei Jinfen Trading Co., Ltd., obtaining its license for Business Corporation on 27 Mar. 2009. The Company holds 60% equities of this company. Therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation.
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. On 25 Sep. 2009 and 19 Nov. 2010, the equity transfer agreement was signed between the Company and the minority shareholders, in which the minority shareholders respectively transferred their equities of Foshan Lighting Lamps and Lanterns Co., Ltd. to the Company. After transfer, the Company holds 100% equities of Foshan Lighting Lamps and Lanterns Co., Ltd. —FSL (Xinxiang) Lighting Co., Ltd. is a limited liability company which is invested and established by the Company, obtaining its license for Business Corporation on 17 Apr. 2009. The Company holds 100% equities of the said company, therefore the said subsidiary was included into the scope of the consolidated financial statements since date of foundation. On 27 Aug. 2013, the 3 Session of the 7rd
th Board of Directors reviewed and approved to invest another RMB 2 million (land in an industrial park in Xinxiang, Henan Province and monetary funds) in FSL (Xinxiang) Lighting, increasing the registered capital of FSL (Xinxiang) Lighting to RMB 35,418,439.76.
—Guangdong Fozhao Financing Lease Co., Ltd. is a limited liability company invested and established by the Company, which had obtained its license for Business Corporation on 31 May 2011. And the Company holds 100% equities of this company. Therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation. —FSL Lighting Equipment Co., Ltd. is a limited liability company invested and established by the Company with the registered capital of RMB 15 million, which had obtained its license for Business Corporation on 8 May 2013. And the Company holds 100% equities of this company. Therefore the said subsidiary was included into the scope of the consolidated financial statements since the date of foundation. —In accordance with the equity transfer agreement signed between the Company and Prosperity Lamps and Components Ltd. on 27 Aug. 2008, Prosperity Lamps and Components Ltd. transferred 100% equities of Nanjing Fozhao Lighting Components Manufacturing Co., Ltd. (formerly known as “Prosperity (Nanjing) Lighting Components Co., Ltd.”, and changed name to “Nanjing Fozhao Lighting Components Manufacturing Co., Ltd.” on 15 Nov. 2010.) to the Company. Therefore, Nanjing Fozhao Lighting Components Manufacturing Co., Ltd. became a wholly-owned subsidiary of the Company. The said subsidiary was included into the scope of the consolidated financial statements since the merger date. —In accordance with the equity transfer agreement signed between the Company and Mr. Zhang Yingchun on 25 Apr. 2014, Mr. Zhang Yingchun transferred 34.09296% equities of Suzhou Mont Lighting Co., Ltd. to the Company. At the same time, the Company increased another RMB 12.01 million to Suzhou Mont Lighting Co., Ltd., of which RMB 5.8849 million went to the registered capital and the other RMB 6.1251 million went to the capital reserves. As such, the registered capital of Suzhou Mont Lighting Co., Ltd. went up to RMB 23.6349 million and the Company held 50.50% equities in it. The said subsidiary was included into the scope of the consolidated financial statements since the completion date of the investment increase.
VIII. Structured bodies controlled by the Company □ Applicable √ Inapplicable IX. Outlook of the Company’s future development (I) Development trends in the industry
In 2016, in view of macro-economic situation, in China, the economic downturn still exists, which shows in aspects of weak growth of investment, the relaxed real estate industry policies but still accompanying with slow
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. recovery, especially reflecting in the depressed real estate market in the 3 and 4rd
th tier cities, and insufficient growth power and in the overseas, the growth of economic entities differentiates, currency rate fluctuates, political situation is turbulent, and the export business is also not cheerful.
As for illuminating industry, the market demand for traditional illuminants keeps decline, the LED lighting will gradually take place of traditional illuminants and lamps in market. At the same time, the urbanization in China keeps speeding up, creating expansive market space, and as a result it’s estimated that LED lighting will still keep fast growth in the next 3-5 years. However, due to the support from local markets, the LED lighting companies have gone through a savage development period. As for LED industry, especially for the downstream application fields, due to low entrance permit level. there’s structural over-capacity problem, which is obvious and causes unordered and cutthroat competitions. Together with the pressure from micro-economy downturn, large companies face dual attacks, and will make expansion through acquisition and reorganization, so as to strengthen market competitiveness. As for medium and small size companies, they’ll exit the market due to lack of competitiveness. The whole industry will step into the integration period, and the “shuffle” power will be increasing, and a pattern of co-existing demand growth and intense competitions will show in LED lighting industry in future. (II) Development strategy in future The Company will stick to professional development path, center on the main industry of lighting products, be oriented to market demand, take technology innovation as the motive, manage brand as the core, and improve efficiency, establish domestic and overseas market net with effective coverage rate, thoroughly improve the operation quality and sustainable development capability of the Company by making competitive products, so as to devote its efforts to become the top brand in lighting companies in China. (III) Operation plan in 2016 1. To improve R&D innovation and strengthen company competitiveness
The Company will continue to increase R&D input, be oriented to market demand, research and develop new products, and improve the product compe intensify the standardization and systematization of R&D to raise efficiency, closely follow technology trend in LED industry, and enhance R&D of core technolog pay attention to diversified R&D for products, and increase profit growth factors for the Company by offering more series of new products for different market, channels, make technology innovation on current products of the Company from the aspects of structure and technique, organically combine the optimization of product design, the manufacturability, and the optimization of cost, so as to improve the cost
The 2015 Annual Report of Foshan Electrical and Lighting Co., Ltd. performance and competitiveness of the Company’s current leading products. 2. To improve marketing, and expand development space As for domestic sales, the Company will launch positive and rational marketing strategies, consolidate the advantage of the current circulating wholesales channels, sustainably bring priority to the construction of exclusive shop channel, the engineering commercial lighting channel, the E-commerce and retail channel, as well as other new channels, improve channel efficiency, continue to carry forward channel construction in the 3 and rd 4 tier cities, enlarge sales space, improve the quality of network and clients, reinforce the adjustment on agencies thin substandard cities and provinces, and aim at synchronous growth in quantity and quality of channels. As for overseas sales, the Company will continue to do well in management and service for key clients, develop the potential value of key clients, and improve the performa continue to develop key clients, and expand client groups and market share of the C enhance overseas sales power, and innovate on overseas sales pattern, sustainably expand mature markets, improve the ratio in emerging markets, accelerate the layout on blank market, continue to optimize product sales structure, strengthen the self-own brand expansion in the market, and improve the popularity and reputation of FSL in overseas.
3. To improve production automation, and promote industry upgrade The Company will strengthen the efforts, input more, and attempt to improve production automation by means of self transformation and upgrade, joint transformation with external companies, import and purchase, and so on. Further more, the Company will improve the consistency between production efficiency and manufacturing process, gradually reduce its dependence on manual work, so as to effectively relieve the pressure from “difficult recruitment and rare employment” and the gradually increasing labor cost, and at the same time, improve company image.
4. To enhance management and improve e
