On October 14, Changfang Group (300301) issued a performance forecast. The company expects net profit attributable to shareholders of listed companies from January to September 2016 to be 52 million to 60 million yuan, down 17.65% to 4.98% year-on-year. Profits fell by 37.24% to 2.45% from the previous quarter.
The company stated that 1. During the reporting period, due to macroeconomic impact and intensified market competition, product prices fell and gross profit margin decreased. The company actively strengthened cost management, cost control, and actively explored new markets. 2. Among them, the range of impact of non-recurring gains and losses on net profit is: 6 million yuan - 7 million yuan.
Compared with several other LED packaging and lighting listed companies that have announced the three quarterly reports, the Group’s third-quarter performance has shown signs of decline.
The Changfang Group's interim results table shows that the total operating income for the first half of 2016 was 727 million yuan, an increase of 19.27% ​​year-on-year; the net profit was 61.656 million yuan, a year-on-year increase of 33.45%. According to the management, the growth in performance was mainly due to the consolidated performance of Kang Mingsheng, the target of the merger.
Last year, the Changfang Group proposed to raise funds to promote the lighting energy-saving service project based on the PPP model and supplement the working capital. The program was approved in February this year and successfully raised net capital of 753 million yuan. The management stated that the smooth progress of the fundraising project can further expand the scale of business, enhance the financial strength and bring about growth in performance.
It is worth noting that in March 2016, Changfang Lighting was renamed “Changfang Group†and it is planned to diversify. In June, Changfang Group and Yide Capital 6 jointly invested in the establishment of a M&A fund of no more than 2 billion yuan, mainly investing in pre-school education industries such as international education and early childhood education; and established a wholly-owned subsidiary Shenzhen with its own capital of 100 million yuan. Qianhai Changfang Education Management Co., Ltd. is mainly engaged in the investment and construction of early childhood education institutions.
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