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The performance of 12 listed listed companies was “bombingâ€, and the net profit of Changfang Group was only 20,000 yuan!
From the vantage point of the entire LED supply chain, it can be divided into upstream epitaxy/wafer production, midstream packaging, and downstream application segments. Packaging occupies a central position within this chain, playing an essential role in driving the entire industry forward.
Currently, the global LED packaging sector is largely dominated by China, East Asia, the U.S., and Europe. Historically, the initial phase saw Japanese, American, and European firms leveraging their first-mover advantage, along with technological and equipment superiority, establishing themselves as the world's premier LED packaging hub. The second phase witnessed Taiwan and South Korea, with their comprehensive consumer electronics supply chains and efficient division of labor, experiencing rapid ascension. Today, we're in the third phase where Mainland China, benefiting from cost efficiencies and robust downstream product demand, has emerged as a key LED packaging production base globally.
After more than a decade of growth, China's packaging industry, bolstered by government support and capital advantages, has become the world’s largest producer of LED packaging devices. In 2016, there were over 2,000 packaging companies in China, contributing 70% of the world’s LED packaging output.
According to data from the Institute of Advanced Industrial Research (GGII), China’s LED packaging market grew from 64.4 billion yuan in 2015 to 73.7 billion yuan in 2016, marking a year-on-year increase of 14%. Driven by the recovery of the LED application market, particularly in the lighting sector and niche markets, GGII predicts that China’s LED packaging market will reach 87 billion yuan in 2017, representing a 16% year-on-year increase—significantly higher than the global growth rate. Over the next few years, China’s LED packaging industry is expected to maintain a growth rate of 13%-15%.
Despite leading the world in terms of output value, the current operating conditions of many domestic packaging companies vary greatly. Many small-to-medium enterprises face uncertain futures, with numerous companies competing fiercely in the low-end market, resulting in low market concentration and inconsistent technology and processes.
Gaogong LED has analyzed the performance of various LED packaging-listed companies in the first half of 2017. According to financial reports, compared to the same period last year, most companies experienced significant increases in net profit. Only three companies—Changfang Group, Xiamen Xinda, and Dongshan Precision—reported declines in net profit.
Below is a summary of the financial reports for 12 LED packaging-listed companies in the first half of 2017:
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(Note: Net profit in the text refers to net profit after excluding non-recurring gains and losses.)
As a leading enterprise in the first echelon of the LED packaging industry, Mulinsen achieved operating income of 3.624 billion yuan in the first half of 2017, up 73.68% year-on-year; net profit attributable to listed company shareholders was 293 million yuan, up 96.89% year-on-year. The company has continued to expand its sales channels by extending into the upstream and downstream of the LED industry chain. Through industrial chain integration and cooperation with renowned international companies, it has introduced excellent managerial talent and improved talent training programs. These efforts have strengthened the company's core competitive advantages, allowing its business scale to continue growing and reinforcing its industry-leading position.
Other first-tier domestic packaging companies, such as Guoxing Optoelectronics, Hongli Zhihui, Zhaochi, and Ruifeng Optoelectronics, also achieved impressive double-digit growth in both revenue and profits in the first half of 2017.
Guoxing Optoelectronics reported revenue of 1.597 billion yuan, up 51.45% year-on-year, with net profit reaching 154 million yuan, up 102.97%. Among these, LED packaging and component product revenue amounted to 1.404 billion yuan, increasing by 50.07% compared to the same period last year. Guoxing Optoelectronics attributed its rapid growth to its comprehensive competitive edge and continued investments in product expansion, taking advantage of the favorable market environment to boost production and sales.
In the first half of 2017, Hongli Zhihui actively developed a dual-business model centered on LED and car networking. Its LED business focused on the lighting application field and extended across the middle and lower reaches of the LED industry. During the reporting period, the company’s LED product sales revenue was 1.51 billion yuan, accounting for 92.91% of total operating income. The performance of LED products primarily came from LED packaging products, which contributed sales revenue of 1.172 billion yuan, representing 72.07% of total operating revenue. The production capacity was 28,808.65 KK, with an output of 22,670.28 KK, a capacity utilization rate of 78.69%, and a comprehensive product yield of 98.38%.
Zhaochi specializes in R&D, production, and sales of LED devices and components, focusing on the midstream packaging segment of the LED industry chain. It operates in two core application areas: LED lighting and LED backlights. In the first half of 2017, the company achieved revenue of 3.746 billion yuan, up 20.85% year-on-year, with a net profit of 279 million yuan, up 28.27%. Among these, LED products and accessories generated operating income of 634 million yuan, increasing by 33.96% compared to the same period last year. Zhaochi holds strong market competitiveness and has become a leading LED enterprise in China.
Ruifeng Optoelectronics Co., Ltd., a national high-tech enterprise specializing in LED packaging and offering related solutions, is also a leading player in the domestic packaging field. In the first half of the year, the company achieved revenue of 787 million yuan, up 51.66% year-on-year, with a net profit of 22.06 million yuan, up 36.90%.
Wanrun Technology has deep expertise in the midstream LED light source device packaging, creating synergies across the middle and downstream sectors of the industry chain. During the reporting period, the company deepened its focus on LED packaging and lighting segments to reinforce its core competitiveness in the LED industry. In the first half of the year, revenue was 1.281 billion yuan, up 119.55% year-on-year; net profit was 70.56 million yuan, up 16.82%.
Jufei Optoelectronics and Lianchuang Optoelectronics, two major packaging companies, also maintained steady revenue and profit growth in the first half of the year. Jufei Optoelectronics’ main business revolves around LED packaging, with its primary products divided into backlight LED devices and lighting LED devices based on application. During the reporting period, the backlight LED business developed steadily, accounting for 69.58% of operating income, an increase of 16.66% compared to the same period last year.
Notably, as a newly listed LED company, Guanghao delivered a commendable performance in the first half of 2017. Revenue reached 211 million yuan, up 57.70% year-on-year, with net profit at 24.78 million yuan, an increase of 102.34%. Relatively speaking, it is a fast-growing company.
Besides the aforementioned nine packaging companies achieving double-digit growth in both revenue and profit, Changfang Group, Xiamen Xinda, and Dongshan Precision saw declines in net profit in the first half of the year.
According to the financial report, the net profit of Changfang Group, after excluding non-recurring gains and losses, was only 20,000 yuan. In the first half of 2017, the Changfang Group achieved revenue of 855,556,774.71 yuan, up 17.60% year-on-year. The net profit attributable to listed company shareholders was 123,200, down 67.20% year-on-year. However, the net profit attributable to listed company shareholders after excluding non-recurring gains and losses was only 20,000 yuan. Gaogong LED noted that in the first half of 2016, the Group’s net profit after excluding non-recurring gains and losses was 32.29 million. What caused such a sharp decline this year?
According to the semi-annual report of the Changfang Group, the main reasons for the decline in the company’s performance during the reporting period were the relocation of the company’s Pingshan production base, which impacted capacity in the first half of the year; the completion and conversion of the Huizhou Industrial Park plant into fixed assets, leading to depreciation expenses; and the adjustment and optimization of the product structure in the first half of 2017, which increased the development of new customers but whose effects have yet to fully materialize. Despite these challenges, most packaging companies continued to see rising profitability, making the Changfang Group's situation somewhat concerning.
Looking at the performance of 12 LED packaging companies, nearly 80% of enterprises experienced varying degrees of growth. The market share of large enterprises has steadily increased, and the leading effect has become more pronounced.
Related Reports & Data:
- 2017 China LED Monthly Export Data Report
- "2017 China LED Packaging Industry Research Report"
- 2017 China LED Industry Analysis Report
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