In the morning of this morning, Feile Audio announced the announcement. The company held a board meeting on July 10, 2017, and reviewed and approved three proposals.
According to the announcement, the meeting reviewed and approved the proposal of the subsidiary Shanghai Feile Investment Co., Ltd. to invest in the establishment of wholly-owned subsidiaries and joint ventures in the United States.
Shanghai Feile Investment Co., Ltd., a wholly-owned subsidiary of the company, plans to invest US$1 million (equivalent to RMB6.825 million) to invest in the US to establish a wholly-owned subsidiary, Inesa International Corp. (tentative name), and the company's wholly-owned subsidiary Inesa International Corp. (tentative name) and All-in Energy Group LLC. will jointly invest in the establishment of the joint venture Evolv Integrated Technologies Group Inc. (tentative name) with a registered capital of 1 million US dollars, of which Inesa International Corp. holds 70% of the shares;
Secondly, the review and approval of the proposal to establish a wholly-owned subsidiary in Russia and Poland by the subsidiary Inesa EuropaKft. Inesa EuropaKft., a wholly-owned subsidiary of the company, plans to invest a total of 812,000 euros (equivalent to RMB 6,289,400) to establish a wholly-owned subsidiary in Russia, and the company's wholly-owned subsidiary Inesa EuropaKft. has invested 10,000 euros to establish a wholly-owned subsidiary in Poland;
In addition, the proposal to invest in the establishment of a wholly-owned subsidiary of the subsidiary Flowil International Lighting (Holding) BV in the Philippines was passed. The company's controlling subsidiary, Flowil International Lighting (Holding) BV, plans to invest US$200,000 (equivalent to RMB 1,360,500) or equivalent foreign currency to establish a wholly-owned subsidiary in the Philippines.
In recent years, Feile Audio's offshore business has accelerated its layout. Since the acquisition of 80% of the international lighting giant Xiwannian Group in December 2015, Feile Audio will achieve 100% holding of Xiwannian Group this year.
However, although the integration of Xiwannian Group in 2016 caused the foreign market revenue of Feile Audio to increase by 445.63%, the total revenue increased by 41.53% year-on-year, but the integration effect did not appear, and the net profit attributable to shareholders of listed companies was not deducted. It fell 15.38% year-on-year.
According to the latest financial report of Feile Audio, the company expects the company's operating income from January to May 2017 to be RMB 2.2-2.4 billion, achieving a net profit attributable to shareholders of the listed company of RMB 2-220 million.
There are two main reasons. First, the net profit attributable to shareholders of listed companies in the first quarter of 2017 was -58.148 million yuan. In May 2017, the company's engineering revenue achieved a large increase. In May, the main business profit was 131 million yuan. Secondly, the company confirmed in May that 24% of Huaxin Securities subscribed for the investment income of Huaxin Co., Ltd. for non-public offering of 424 million yuan, and the deferred income tax for the investment income was 225 million yuan.
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