Guoxing Optoelectronics (002449) announced that the company expects net profit for 2012 to be 30.127 million to 48.203 million yuan, down 60% to 75% year-on-year. Previously, the company had predicted in the third quarterly report that the net profit for 2012 was a year-on-year change of -10% to -30%.
Guoxing Optoelectronics said that in view of the fact that Xurui Optoelectronics is currently in a state of suspension of production and restructuring, and the foreign shareholder SemiLEDs of Xurui Optoelectronics has made full provision for impairment of its long-term equity investment in its 2012 annual report. According to the relevant regulations of the China Securities Regulatory Commission, the company plans to make provision for the long-term equity investment impairment of Xurui Optoelectronics this year. As the book value of the company's long-term equity investment in Xurui Optoelectronics is 64,829,800 yuan, the company's accrual will affect the 2012 profit reduction of 37 million to 41 million yuan.
In 2010, Xuming Optoelectronics, Guoxing Optoelectronics, Zhejiang Shenghui, Beijing Langboer, Aieridi Investment, and Nanhai High-tech Industry Investment jointly established Xurui Optoelectronics, with a shareholding ratio of 15%. Xurui Optoelectronics is primarily responsible for operations with a total investment of more than $350 million.
In March 2011, Xurui Optoelectronics officially entered the production stage of film production. However, in 2011, domestic LED upstream chips suffered from brutal overcapacity pressure and the vicious competition in the market for long-term low-cost destocking. In this situation, Xu Rui Optoelectronics achieved operating income of only 3.94 million yuan in 2011 and a net profit loss of 65.22 million yuan. In the first half of this year, the Xurui Optoelectronics executive team was disbanded and the factory was in a state of suspension.
Guoxing Optoelectronics said that in view of the fact that Xurui Optoelectronics is currently in a state of suspension of production and restructuring, and the foreign shareholder SemiLEDs of Xurui Optoelectronics has made full provision for impairment of its long-term equity investment in its 2012 annual report. According to the relevant regulations of the China Securities Regulatory Commission, the company plans to make provision for the long-term equity investment impairment of Xurui Optoelectronics this year. As the book value of the company's long-term equity investment in Xurui Optoelectronics is 64,829,800 yuan, the company's accrual will affect the 2012 profit reduction of 37 million to 41 million yuan.
In 2010, Xuming Optoelectronics, Guoxing Optoelectronics, Zhejiang Shenghui, Beijing Langboer, Aieridi Investment, and Nanhai High-tech Industry Investment jointly established Xurui Optoelectronics, with a shareholding ratio of 15%. Xurui Optoelectronics is primarily responsible for operations with a total investment of more than $350 million.
In March 2011, Xurui Optoelectronics officially entered the production stage of film production. However, in 2011, domestic LED upstream chips suffered from brutal overcapacity pressure and the vicious competition in the market for long-term low-cost destocking. In this situation, Xu Rui Optoelectronics achieved operating income of only 3.94 million yuan in 2011 and a net profit loss of 65.22 million yuan. In the first half of this year, the Xurui Optoelectronics executive team was disbanded and the factory was in a state of suspension.
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