木林森“任性”挥金为哪般

Core Viewpoint - Mulinson Co., Ltd. has announced a significant investment in acquiring a controlling stake in Pruy Optoelectronics, despite forecasting its first annual net loss since going public, indicating a strategic move to strengthen its position in the LED chip market amid industry challenges [1][2][4]. Financial Performance - Mulinson expects a net loss of 1.1 to 1.5 billion yuan in 2025, a stark contrast to a profit of 374 million yuan in the previous year [2][4]. - The company reported revenue figures of 16.517 billion yuan, 17.536 billion yuan, and 16.910 billion yuan for 2022 to 2024, with net profits of 194 million yuan, 430 million yuan, and 374 million yuan respectively, showing a declining trend in profitability [2][4]. Acquisition Details - Mulinson successfully acquired a 34.7849% stake in Pruy Optoelectronics for 900 million yuan, completing the payment and registration process [3][4]. - After this acquisition, Mulinson and its subsidiaries will hold a total of 67.894% of Pruy Optoelectronics, enhancing its upstream chip segment [3][4]. Strategic Rationale - The acquisition aims to achieve vertical integration from LED chip design to manufacturing, thereby creating a self-controlled global supply chain [3][4][5]. - Mulinson's strategy to expand upstream is seen as a necessary move to mitigate risks associated with supply chain fluctuations and to enhance competitive advantages in the LED market [4][5]. Industry Context - The LED industry is experiencing intense competition, with average product prices dropping by 30% to 40% over the past four years, leading to a significant reduction in profit margins [4][5]. - The current market conditions present an opportunity for Mulinson to acquire key assets at lower costs during a period of industry adjustment [5][6]. Challenges Ahead - While the acquisition is a strategic move, Pruy Optoelectronics' limited profitability may not immediately offset Mulinson's projected losses [6][7]. - The integration of operations and management between Mulinson and Pruy Optoelectronics will require time and effort to realize the anticipated synergies [7].