"Offloading burdens"? Two lighting companies simultaneously sell loss-making assets

Recently, two listed companies, Xiaosong Shares and Feilo Acoustics, successively disclosed asset disposal announcements, both targeting the divestiture of loss-making or non-core assets in an attempt to alleviate performance pressure by optimizing asset structure and concentrating resources on their core business.

Xiaosong Shares plans to sell a 51% stake in its loss-making subsidiary; the Vice Chairman resigns to avoid suspicion

On the evening of December 12, Xiaosong Shares (002723) announced that it intends to sign a 'Share Transfer Agreement' with Nanchang Xinjuyao Technology Co., Ltd. (hereinafter referred to as Xinjuyao), selling its 51% equity stake in its wholly-owned subsidiary Guohai Construction Co., Ltd. (hereinafter referred to as Guohai Construction) to Xinjuyao for a price of 150 million yuan.

After the completion of this transaction, Xiaosong Shares will still hold a 49% equity stake in Guohai Construction, which will no longer be included in its consolidated financial statements.

It is worth noting that Jiang Bo, the actual controller of the acquiring party Xin Ju Yao, is a relative of Jiang Xu, a director and vice chairman of Xiaosong Shares. Based on the relevant provisions of the "Shenzhen Stock Exchange Stock Listing Rules" and in accordance with the principle that substance prevails over form, Xiaosong Shares has determined that Xin Ju Yao is an affiliated entity of the company; therefore, this transaction constitutes a related-party transaction.

According to the proposed "Equity Transfer Agreement", to avoid conflicts of interest in related-party voting, Jiang Xu has formally resigned from his positions as Director and Vice Chairman of the 6th Board of Directors of Xiaosong Shares, his original term was scheduled to expire on the day the 6th Board of Directors completes its term (from June 21, 2023 to June 20, 2026). After resignation, Jiang Xu will no longer hold any position at Xiaosong Shares.

Xiaosong Shares stated that the purpose of this transaction is to implement the company's operating strategy of focusing on its core business, further optimize the company's asset structure, reduce management costs, and enhance the company's overall profitability.

The announcement indicates that Guohai Construction was established in 2019, with Jiang Xu as the legal representative. Its business scope includes construction project construction, intelligent building system design , special equipment installation, modification and repair, sports venue facility construction, land consolidation services, etc.

Regarding performance, Guohai Construction's profitability is poor, with net losses of 47.169 million yuan in 2024 and 31.1615 million yuan in the first three quarters of 2025.

小崧股份表示，本次交易遵循公平、公允的原则，不存在损害公司和全体股东特别是中小股东利益的情形。截至本协议签署日，国海建设对公司尚有3342.06万元借款本金未偿还。本次交易完成后，国海建设将成为公司关联参股公司，前述资金将被动形成关联财务资助。

公开资料显示，小崧股份成立于2000年，2014年在深交所中小板挂牌上市，专注于可充电备用照明灯具以及可充电式交直流两用风扇的研发、生产和销售，其产品主要用于民用备用照明、工业备用照明、户外运动、户外生活、军用远距离照明等多个领域。

In recent years, Xiaosong Shares have experienced a continuous decline in performance . In 2023, 2024, and the first three quarters of 2025, the company reported net losses of 6.9164 million yuan, 225 million yuan, and 71.1058 million yuan, respectively.

Net profit has suffered losses for consecutive years; Feilo Acoustics lists non-core equity stake of 104 million yuan for transfer

Feilo Acoustics (600651) announced on the evening of December 10 that it has disclosed the progress of the public listing and transfer of a 20% equity stake in its wholly-owned subsidiary, Shanghai Nissei Instrument Co., Ltd.

飞乐音响此次资产出售计划早些时间已经启动。此前公告显示，飞乐音响董事会同意公司全资子公司上海仪电汽车电子系统有限公司（以下简称“汽车电子”）通过上海联合产权交易所公开挂牌方式转让所持有的联营企业上海日精仪器有限公司（以下简称“上海日精”）20%股权，首次挂牌转让底价10,363.154万元。

Data shows that Shanghai Nissei was established on February 14, 1995, with a registered capital of USD 1,000 million, fully paid-in. The company's main business includes the development and production of electronic remote controls and accessories for motorcycle and automotive instrument clusters, as well as sales and Export of related products. Prior to this equity transfer, Automotive Electronics held 20% equity in Shanghai Nissei, while Hong Kong Yichu Nissei Co., Ltd. held 80% equity in Shanghai Nissei.

According to prior disclosures by Feilo Acoustics, Shanghai Nissei achieved revenue of 311 million yuan in 2024, with a net profit of -44.4338 million yuan and a net profit after deducting non-recurring gains and losses of -53.5003 million yuan, indicating a loss-making status.

Latest announcements indicate that, based on the bidding results of Shanghai United Equity Exchange Co., Ltd., the acquirer of 20% equity in Shanghai Nikko is Nippon Seiki Co., Ltd., with a transaction price of RMB 104 million.

Automotive Electronics and Nissei Kikai Co., Ltd. signed the "Shanghai Property Rights Trading Contract" on December 2, 2025; on December 10, Shanghai United Property Exchange issued a property rights trading certificate.

据悉，本次股权转让的受让方日本精机株式会社成立于1946年12月，注册资本14,494百万日元，主营业务涵盖汽车、农业机械、船舶等相关仪表类、电装及钟表部件的制造与销售，实际控制人为本田技研工业株式会社。财务数据显示，该公司2024财年营业收入316,397百万日元，净利润6,122百万日元，具备稳定的经营实力与履约能力。

Feilo Acoustics stated that this transaction is conducive to the company focusing its main business resources, revitalizing assets, and improving profitability. It will not have a significant impact on the company's operations or business development, nor does it involve any situation detrimental to the interests of the company and minority shareholders.

Upon completion of this transaction, Automotive Electronics will no longer hold equity in Shanghai Nissei. Preliminary calculations by the finance department indicate that the transaction is expected to generate investment income of approximately 8.9 million RMB, which will have a positive impact on the company's financial position and operating results. The final specific impact shall be subject to the company's audited financial statements.

Public records show that Shanghai Feilo Acoustics Co., Ltd. was founded on November 18, 1984, and is the first joint-stock listed enterprise in New China. Feilo Acoustics' core businesses include smart hardware products, solutions, and inspection and testing services. The smart hardware segment covers automotive lighting, automotive electronics and electrical systems, module packaging, chip testing services, and precision component manufacturing.

业绩方面，飞乐音响扣非净利润已经多年为负。不过，2025年前三季度，公司实现营业总收入13.43亿元，同比下降3.74%；归母净利润3549万元，同比增长40.16%；扣非净利润863.6万元，同比扭亏为盈。