Not less than 456 million yuan! This lighting company plans to sell its wholly-owned subsidiary! Losses in 2025 performance
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Plans to list and sell 100% equity of wholly-owned subsidiary, with a reserve price of not less than 456 million yuan
On April 27, Hubei Jiuliang Co., Ltd. (hereinafter referred to as "Jiuliang Shares") announced that, in order to optimize the asset structure, improve asset operation efficiency, and promote the company's high-quality development, the company intends to transfer 100% equity of its wholly-owned subsidiary Guangzhou Jiuliang Small Home Appliances Co., Ltd. (hereinafter referred to as "Small Home Appliances Company") through public listing, with an initial listing reserve price of not less than 455.6876 million yuan, and the transaction will be conducted at Wuhan Optics Valley United Property Rights Exchange.
It is reported that the transaction has been reviewed and approved at the 35th meeting of the third Board of Directors of the Company. According to relevant regulations, since the transaction adopts the form of public bidding, auction, and listing, it may be exempted from the shareholders' meeting review procedure, but it still needs to obtain approval from the State-owned Assets Supervision and Administration Commission of Shiyan Municipal People's Government before execution, and there is still uncertainty regarding the final success of the transfer.
According to available information, the Small Home Appliance Company was established in January 2021, with its business scope covering: sales of daily necessities; manufacturing of metal daily necessities; sales of household appliances; manufacturing of household appliances; manufacturing of electronic (gas) physical equipment and other electronic equipment; battery sales; sales of lighting fixtures; R&D of household appliances; internet sales (excluding goods requiring licenses). Jiuliang Shares increased its capital contribution to the Small Home Appliance Company with fixed assets in October 2025, increasing the registered capital from 500,000 yuan to 422,599,100 yuan after the capital increase.
Financial data shows that the performance of the Small Home Appliance Company has fluctuated significantly in recent years, achieving a net profit of 110,800 yuan in 2024, turning to a net loss of 2,631,000 yuan in 2025, and continuing to incur a loss of 2,331,400 yuan from January to February 2026, with revenue of only 406,900 yuan during the same period.
The announcement shows that Jiuliang Shares has engaged professional institutions to audit and evaluate the transaction target. Among them, Zhongshen Zhonghuan Certified Public Accountants issued a standard unqualified audit report. As of February 28, 2026, the total audited owners' equity of the Small Home Appliance Company was approximately 455 million yuan; the appraisal report issued by Zhejiang Zhonglian Asset Appraisal Co., Ltd. shows that as of the same base date, the assessed value of 100% equity of the Small Home Appliance Company was 455,687,600 yuan.
According to the announcement, the main assets in the scope of this assessment include monetary funds, accounts receivable, prepayments, other receivables, inventory, other current assets, fixed assets, intangible assets, right-of-use assets, and other non-current assets. Monetary funds mainly consist of bank deposits. Accounts receivable mainly consist of receivables for goods. Prepayments mainly consist of prepayments for purchased goods. Other receivables mainly consist of employee loans and deposits. Inventory consists of finished goods and goods shipped, mainly electric kettles, hair dryers, etc. Other current assets consist of input VAT to be deducted. Fixed assets include buildings and electronic equipment; buildings include factories and dormitories, and electronic equipment mainly includes office computers. Intangible assets consist of one land use right located at No. 13 Xingshan Middle Road, Baiyun District. Right-of-use assets mainly consist of office leases.
作为深耕LED照明领域的企业，久量股份围绕“DP久量”核心品牌，主营业务聚焦LED移动照明与LED家居照明，同时拓展便携式储能产品。
The sale of assets related to the small home appliance business is interpreted by the market as a significant move for the company to focus on its core business and divest non-core assets, aligning with the current industry trend among listed companies of "slimming down" for transformation, quality improvement, and efficiency enhancement.
(Image source: DP Annual Report)
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DP Co., Ltd.: Loss of 61.1939 million yuan in 2025
On April 27, DP Corp. released its 2025 annual report. The data shows that the company's Revenue in 2025 was RMB 301 million, a Year-on-year (YoY) decrease of 30.18%; Net profit attributable to shareholders was -RMB 61.1939 million, a Year-on-year (YoY) decrease of 215.89%; Net profit after deducting non-recurring gains and losses was -RMB 55.0851 million, a Year-on-year (YoY) decrease of 180.57%.
Previously, when announcing the performance forecast, DP Corp. stated that the reasons for the company's loss during the reporting period and the further widening of the loss compared to the same period last year were as follows:
(1) The decline in sales scale and the reduction in gross profit during the reporting period, thereby affecting the company's Net profit amount;
(2) During the reporting period, in order to meet the requirements of the company's regional strategy upgrade, the matter of changing the company's registered address required the return of government subsidies , which had an impact on the company's current profit and loss;
(3) The land plot AB1006071 on the east side of Xin Guangcong Road in Baiyun District held by the company (hereinafter referred to as "Baisha Industrial Park") has been temporarily idle but requires depreciation accrual since it was transferred to fixed assets in the middle of 2024. During the reporting period, to further optimize the asset structure and improve asset operational efficiency, the company increased capital in its subsidiary Guangzhou DP Small Home Appliances Co., Ltd. using Baisha Industrial Park. The increase in annual fixed asset depreciation and tax burden resulting from the above matters also comprehensively affected the company's Net profit amount;
(4) During the reporting period, the Company's related administrative expenses increased due to strategic layout requirements such as talent acquisition and Industry upgrade, thereby affecting the Company's Net profit amount.
From a product perspective, in 2025, the Revenue from LED mobile lighting products was RMB 186 million, accounting for 61.59% of total Revenue, remaining the largest source of income; Revenue from mobile home small appliances was RMB 86.7704 million, accounting for 28.81%, with the two combined contributing 90.40% of the Revenue.
From a regional perspective, the proportion of export Revenue reached 53.21%, exceeding domestic sales for the first time, which was 6.42 percentage points higher than domestic sales, indicating a shift in market layout from being dominated by domestic sales to being dominated by exports. According to the announcement, Jiuliang Shares' overseas markets mainly cover countries and regions under China's "Belt and Road" initiative. By deeply cultivating major target overseas markets with its own brand, the Company has completed the sales network layout of more than fifty overseas Dealers/Distributors in West Asia, South Asia, Southeast Asia, Africa and other regions, and maintained long-term and stable cooperative relationships with major local Dealers/Distributors.
In fact, looking at its Revenue from 2021 to 2025, it has experienced consecutive years of decline, and the net profit attributable to shareholders of the Listed company has recorded losses for three consecutive years. The latest announcement also shows that Jiuliang Shares achieved Revenue of RMB 70.2637 million in the first quarter of 2026, a Year-on-year (YoY) increase of 6.94%; the net loss attributable to shareholders of the Listed company was RMB 17.0806 million, a Year-on-year (YoY) decrease of 41.15%.
Previously, the small home appliance business layout did not form a new profit growth point, but instead continued to incur losses, becoming a performance burden for the Listed company, which may be the background for this sale of the subsidiary.
In the face of declining performance, DP Lighting is actively adjusting its business strategies, striving to explore new profit growth points, and comprehensively enhancing the company's core competitiveness.
DP Lighting's capital structure and governance have undergone significant changes. The controlling shareholder has changed to Shiyan Zhongda Huixiang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Zhongda Huixiang"), and the actual controller has changed to the State-owned Assets Supervision and Administration Commission of Shiyan Municipal People's Government; the concerted action relationship among the former controlling shareholders, including Zhuo Chuguang and Guo Shaoyan, was terminated on March 16, 2026.
In February, DP Lighting also disclosed that there had been changes in the upper-level equity structure of its controlling shareholder, Zhongda Huixiang.Hanjiang Zhilian (associated with capital magnate Gong Hongjia) acquired part of the equity, indirectly holding shares in the listed company. Hanjiang Zhilian stated that this transaction aims to further improve the operational efficiency of state-owned capital, empower the development of DP Lighting, enhance the operational and management efficiency of the listed company, and promote its stable development.
DP Lighting stated that the company adheres to independent core brand building, shaping its own brand image through strong brand marketing and continuous improvement of product quality and service, making the "DP Jiuliang" brand deeply rooted in domestic and international lighting markets. In its future development journey, it will closely revolve around the major opportunities brought by China's "Belt and Road" Initiative, deeply focusing on core markets such as West Asia, South Asia, Southeast Asia, and Africa, carefully planning and deeply constructing a robust and forward-looking export layout.