Dry Photoelectricity received 1077 million subsidies for the production of LED blue-green optical epitaxial wafers

Xiamen Ganzhao Optoelectronics recently received the fifth grant of RMB 10,777,500.00 from the Xiamen Torch High-tech Industrial Development Zone Management Committee (hereinafter referred to as “Xiamen Torch Management Committee”).

The subsidy is based on the agreement of the “Investment Agreement” signed between the company and the Xiamen Torch Management Committee to subsidize the company's purchase of MOCVD equipment for the production of LED blue and green epitaxial wafers.

The agreement has been reviewed and approved at the 18th meeting of the second board of directors of the company and the company's second extraordinary shareholders meeting in 2014. In addition, the “Proposal on Adjusting the Investment Scale of “Blue and Green LED Epitaxial Films and Chip Projects” has been reviewed and approved by the 20th meeting of the 2nd Board of Directors and the 3rd Extraordinary General Meeting of Shareholders of 2014.

According to the relevant provisions of the “Accounting Standards for Business Enterprises”, the above-mentioned subsidy funds are recognized as deferred income when they are received, and are evenly distributed to profit or loss within the useful life of the relevant assets.

As early as the evening of August 24, Ganzhao Optoelectronics disclosed the 2015 semi-annual report. According to the financial report, from January to June 2015, the company achieved operating income of 221 million yuan, an increase of 11.24% over the same period of last year; the net profit attributable to shareholders of listed companies was 24,434,900 yuan, a year-on-year decrease of 48.33%.

According to Ganzhao Optoelectronics, the increase in various cost expenses arising from the expansion and commissioning of the LED chip project has offset the company's net profit and the significant decrease in bank deposits and wealth management revenue.

The mid-year report shows that at present, Ganzhao Optoelectronics is responsible for red and yellow LED epitaxial wafers and chip production projects. The Xiamen parent company is responsible for the industrialization projects of blue and green LED epitaxial wafers and chips, making Xiamen parent company and Yangzhouzi The company each focuses on the development and production of LED epitaxial wafers and chips of different colors.

The first phase planning equipment for Xiamen Blue and Green LED epitaxial wafers and chip projects has been delivered to the company one after another and gradually released capacity after adjustment and other phases. As of the end of the reporting period, blue and green LED epitaxial wafers and chip projects have entered the stage of mass production and sales.

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