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Liu Yongxing, chairman of the Oriental Hope Group, said: "We don't need government subsidies, we want fairness!" For Dehao Runda, if the policy of canceling government subsidies is implemented, it will be the beginning of a "nightmare."
According to statistics, in the first half of 2014, there were 131 companies whose net profit was positive, but the net profit after deducting non-recurring gains and losses (hereinafter referred to as deducted net profit) became negative, which turned losses into profits due to government subsidies. There are 73, and Dehao Runda is one of them.
When the "NVC in the bucket" was dark, the big shareholder Dehaorun released the 2014 semi-annual report. I wanted to show "combat strength", but the fact was a slap in the face.
According to the semi-annual report, Dehao Runda's main business income from January to June 2014 was 1.935 billion yuan. Although it increased by 42.98% year-on-year, the net profit attributable to shareholders of listed companies was 32.81 million yuan, down 35.03% year-on-year. In addition, the government subsidy income has been counted as a total of 64,430,800 yuan. If it is not relying on this part of the government subsidy, Dehao Runda's profitability in the first half of the year will be even more embarrassing, and it is still difficult to extricate itself in the quagmire of turning losses.
Since 2009, governments across China have increased their support for the LED industry and subsidized the purchase of MOCVD. In this context, Dehao Runda began to enter the LED industry. According to statistics, Dehao Runda received government subsidies of 270 million, 310 million, and 164 million in the first three quarters of 2010, 2011, and 2012, respectively, and accumulated 7.4 million yuan in three years. The subsidy has decorated most of the so-called "performance" of Dehao Runda.
According to the accounting algorithm, “net profit attributable to shareholders of listed companies = net non-recurring profit + non-recurring gains and lossesâ€, while non-recurring gains and losses include government subsidies for the sale of assets and the current profits and losses. Therefore, if the net profit after deduction is negative, and the net profit is positive, and the “deducted non-net profit + the amount of government subsidy included in the current profit and loss†is positive, then the government subsidy is the “dependency†of turning losses into profit. .
Looking back at the first half of the report of Dehao Runda, the net profit attributable to shareholders of listed companies was 32.81 million yuan, the net profit after deduction was -1,796,500 yuan, and the government subsidy income was 64,430,800 yuan. According to the above algorithm analysis, Dehao In the first half of the year, “turning losses into profitsâ€, such a serious “subsidy dependence†once again proved the operational situation of Dehao Runda.
Under various names, the subsidies issued by the government to listed companies have played a role of “increasing performanceâ€. The amount is more than 50% of net profit, and some even reach dozens of times, helping to turn losses into profits and avoid corporate stars. Wearing a hat even delisted. Through the semi-annual report of Dehao, it can be seen that the government subsidy has become its "turning magic weapon". If NVC is in the hands of Wang Donglei, it is estimated that it will inevitably be mixed into this "subsidy drowning". 
Dehao Runda's "nightmare": LED industry "subsidized drowning" can not escape
On July 14, at the economic situation symposium hosted by Premier Li Keqiang, the entrepreneurs shouted the voice of "Do not subsidize, be fair." Dong Mingzhu, chairman of Gree Electric Appliances, said: "We don't need the state's industrial policy support! As long as there is a level playing field, companies can do it themselves!"