Cut off subsidies and cut off the road ahead
During the NVC crisis, Dehao Runda, one of the parties in the struggle, released its annual report for the first half of 2014. The report showed that the company’s main business income was 1.935 billion yuan, a year-on-year increase of 42.98%, but the net profit attributable to shareholders of the listed company was 32.81 million yuan. , a year-on-year decline of 35.03%. In the first half of the year, the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was a loss of 17.9645 million yuan, a sharp decline of 546.91% year-on-year. The decline in both net profits not only suffered for Dehao Runda itself, but also suffered for millions of investors.
In Dehao Runda’s semi-annual report, government subsidies are still the magic weapon for enterprises to “turn losses into profits”. In the first half of the year, the company’s government subsidy income included in the current profit and loss was 64.4308 million yuan. In other words, if it were not for government subsidies, Dehao Runda's net profit in the first half of the year would be a loss of 25.7283 million yuan. Dehao Runda's financial reports over the years show that since 2009, the company has received a total of nearly 1.109 billion yuan in government subsidies, which is 262 million yuan more than the total net profit achieved in the same period.
It is worth noting that Sanan Optoelectronics, one of Dehao Runda's competitors, also has government subsidies, but has delivered a satisfactory report card to investors. The semi-annual report shows that Sanan Optoelectronics achieved sales revenue of 2.177 billion yuan in the first half of the year, and the net profit belonging to shareholders of the listed company was 666 million yuan, a year-on-year increase of 43.87%. Even after deducting government subsidies, there is still a net profit of approximately 470 million yuan. In contrast, Dehao Runda, which is second only to Sanan Optoelectronics in terms of domestic LED epitaxial chip production capacity, actually handed over a failing report card, which made investors question the company, especially Wang Donglei's business capabilities.
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