Chenfeng Technology plans to sell idle assets to stabilize its LED lighting structural component business

On June 23, Chenfeng Technology issued an announcement that it planned to sell 6 idle vehicles to Haining Qiujing Investment Co., Ltd. and 53 idle machinery and equipment to Haining Jinmao Hardware Co., Ltd. The estimated total sales price of this transaction is 8.1461 million yuan (including tax), and the total expected disposal income is approximately 3.6238 million yuan.

Chenfeng Technology stated that the asset sale is an important measure taken by Chenfeng Technology to revitalize existing assets in the lighting sector, reduce maintenance costs, avoid asset impairment losses, and release capital liquidity.

Information shows that Chenfeng Technology is mainly engaged in the two major businesses of LED lighting product structural components and new energy. Among them, the specific products of the LED lighting product structural components business include LED bulb radiators, lamp base products, printed circuit boards, lamp metal and other products. The new energy business mainly includes the operation of incremental distribution networks and the development and operation of wind power plants and photovoltaic power plants.

In 2024, Chenfeng Technology's operating income will be 1.27 billion yuan, a year-on-year increase of 1.8%; the net profit attributable to shareholders of the listed company will be 11.09 million yuan, a year-on-year decrease of 86.8%. During the reporting period, Chenfeng Technology's new energy sources grew rapidly, achieving operating income of 165 million yuan, a year-on-year increase of 333.58%.

On the other hand, Chenfeng Technology’s lighting business revenue declined, with revenue during the reporting period reaching 1.026 billion yuan, a year-on-year decrease of 9.32%. Chenfeng Technology stated that although lighting The industry is facing competitive pressure, but in the future the company will continue to work on innovation and cost control to ensure the healthy development of traditional business. (Compiled by LEDinside)

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