Among the LED companies that got together in 2011, Li Xuliang's Diligence Optoelectronics is the most eye-catching. Not only because it is the leader in Asia focusing on high-power LED lighting applications, but also because of the 12 gambling agreements and 21 VC organizations disclosed in its prospectus (but its prospectus shows: All its shareholders have confirmed that they have terminated all gambling terms and that the gambling provisions have been cleared."
Li Xuliang is a native of Dongguan. Since he was a poor family member, he has even been admitted to college to be funded by friends and relatives. In the early 1990s, Li Xuliang resigned from a state-owned enterprise and set up Dongguan Qinshang Enterprise. By 1998, the iron frame decoration lights and Christmas lights on the ground set a record for sales in the same industry in China.
By 2004, Li Xuliang encountered the dilemma of rising costs and thinning profits in traditional industries. Since the European and American markets began to introduce many incentives for LED applications, he decided to transition to this industry. “When we stepped into the LED lighting industry, we discovered that the industry was not good, but we have no choice.†Li Xuliang chose to explore the breakthrough direction of various LED technology thresholds and sustainable business development strategies.
In 2007, guided by the policy of the Dongguan City Government, he began to find opportunities for development: He mainly focused on high-power LED outdoor lighting, and actively sought for government engineering orders, establishing brand status before moving into indoor lighting and commercial lighting. In 2008, Qinshang Optoelectronics high-power LED street lamp was listed as a “National Key New Projectâ€, and then it entered a fast-track development. At present, the main body of the company is responsible for the implementation of the demonstration project of “high-power LED street lamps†in Guangdong Province and the “10 cities and 10 thousand cities†Ministry of Science and Technology. The project has been implemented for more than 3,000 kilometers.
Outdoor lighting is the business strength of Qinqin. In 2010, the company's outdoor lighting revenue increased by 187.69% compared with 2008, accounting for 47.16% of total revenue in 2010. Gross profit also increased from 39.86467 million yuan in 2008 to 6 in the first half of 2011. , 461.81 million yuan, accounting for the Group's gross profit ratio rose from 28.38% to 60.93%.
QinShang Optoelectronics' outdoor lighting products are mainly street lamps and tunnel lights. The company adopts three different sales models for outdoor products: direct sales model, distribution model, and EMC model (contract energy management). In 2008, Qinshang Optoelectronic Co., Ltd. became the first LED company in Dongguan to present the EMC model “mortgage†to sell lights. This model is: as the client's government or business only need to submit 20% -30% of the first phase of the funds will be able to purchase LED lights on the ground, the balance of the loan from the customer to the bank, in the coming years through the annual savings Up to 60%-70% of the electricity and maintenance fees are used to repay bank loans in quarters or in different years.
In 2008, Qinshang Photoelectric Co., Ltd. relied on the EMC model to break through the devastating financial tsunami. It signed an order of 20 million yuan with Dongguan Shilong, and cooperated with Dongguan Changping with 40 million yuan. It also harvested many places inside and outside the province. Large government and corporate orders. In the end, EMC became the model for the promotion of LED popularization by the Science and Technology Department of Guangdong Province.
However, this model has its side-effects while opening up the market. The EMC model required manufacturers to invest a lot of money in the early stage and required higher financing capacity. When performance expands rapidly, on the one hand, LED technology R&D expenses must be continuously invested. On the other hand, it is necessary to grasp the fleeting market opportunities. Therefore, it is not difficult to understand why Kwong Sang Optoelectronics signed with 21 venture capital institutions during 2007-2010. With 12 gambling agreements, the frequency of financing was rare in the industry. This not only proved that the venture capital was optimistic about the LED industry, but also highlighted the dare to dare to think when Li Xuliang met the funding threshold in emerging industries. Spirit of fight.
In early 2009, the Ministry of Science and Technology launched the “Ten City Ten Thousand Miles†semiconductor lighting application demonstration city program, which subsidizes 30%-50% of the investment increase in LED lighting compared with traditional lighting. The country also subsidizes the chip production machine upstream of LED. . In order to grab the commanding heights, various LED companies set off a trend of LED streetlights and large purchases of MOV CD players and chip projects. The public lighting market, which has a large number of government subsidies, has become a hotly contested place for military strategists.
This makes it necessary to continuously rely on policy subsidies while strengthening business. From January to September 2010, Qinshang Optoelectronic’s total profit was approximately RMB 59.15 million. In the year, it received a government grant of RMB 22.46 million; from January to September 2011, the company received a government grant of RMB 10.9 million; In February, Qinshang Optoelectronics received a government subsidy of 17.768 million yuan.
But Xu Zhensen, chairman of Dongguan Yinghui Group, chose a different path. This Taiwanese started working in the lighting industry in the 1980s. At the age of 25, he was inspired by the oil crisis and designed the first energy-saving garden lamp in Taiwan to export to the Middle East. The local did not take a look at his energy-saving design, but he took a look at his lighting design concept. From then on, he began to rely on foreign trade to enter the lighting manufacturing industry, and in 2003 began to intervene in the domestic and commercial LED industry.
In the 1990s, Taiwan’s labor force and land costs rose. Xu Zhensen moved the factory to Dongguan Humen, and passed ISO-9002 and ISO-9001 quality system certifications in 1996. It became the first lighting factory in China to have this certificate, 1999. Yinghui Group is listed on the Hong Kong Stock Exchange (currently its shell resource has been renamed Djinn Resources, focusing on its mineral business).
However, due to the special growth background of Yinghui Group, it not only focuses on the policy orientation of the Mainland, but also pays attention to the trend of lighting technology in the world. In the exhibition hall of Dongguan Yinghui Headquarters, Xu Zhensen compared the world economic trends, domestic policies, and economic backgrounds encountered at each turning point of Yinghui, and Ying Hui's response and development trends at the time were compared with large screens one by one. This reminds you to wake up.
Xu Zhensen is extremely sensitive to changes in market demand, and he began to layout sales terminals early. At present, Yinghui Group has 277 specialty stores in China. From 2003 to 2005, it also purchased lighting product sales companies in Seattle and Canada, and opened stores in the area. This has enabled Yinghui to quickly capture The ability of the market to change.
Xu Zhensen recalled that at the beginning of the financial tsunami, he inspected overseas stores and found that North American luxury lighting for villa users began to be unsalable, combined with the judgment of the economic situation at that time, he immediately increased the R&D and production of apartment products. After the outbreak of the subprime mortgage crisis, sales of apartment-type products increased, offsetting the sharp drop in the sales of mid-to-high-end villa products. Yinghui Group still achieved an average annual growth of 10%-15% in 2008-2009.
At the beginning of the European debt crisis this year, Xu Zhensen aimed at Japan's post-earthquake reconstruction opportunities and promoted its LED lighting products in the region. It is expected that the sales volume of Japanese products will increase from 5% of the group's total sales to more than 20% this year, offsetting sales in Europe and the United States. The impact of the decline.
Due to the high degree of personalization of commercial lighting and home lighting, Xu Zhensen paid special attention to product details. For example, for the European and American markets, local families pay more attention to the use of kitchens, and their products are mainly kitchen and bathroom lighting. In mainland China, they pay attention to style and attach importance to the display function of living rooms. Their products are mainly lighting applications in the living room.
In terms of product design, Yinghui's LED products also consciously replace the traditional lighting products. For example, ordinary LED courtyard lamps are often flat-panel simple shapes, while Yinghui's garden lights can be gas lamps and wall lamps. Such as, etc., because it is designed for the current LED product light is not uniform enough to design a 360-degree light traditional lamp shape patented product, in order to better integrate with the application of decorative lamps. And this kind of LED bulb can also be embedded in the interface of traditional halogen lamps, reducing the trouble of customers replacing traditional lamps.
Xu Zhensen is not willing to get involved in the field of municipal lighting. He said that although the shipment of municipal projects is very large, the application technology of LED products at this stage is not yet mature. Due to the constraints of voltage and weather, there may be a high rate of repairs. , leading to capital turnover risk.
The thinking of Li Xuliang and Xu Zhensen can be said to be the opposite. One is to rely on policy assistance and capital assistance to expand the scale and occupy the market as quickly as possible, sharing the fruits of the LED industry in outdoor lighting; the other is tradition. Lighting companies from the traditional lighting design and LED technology from the point of view, relying on the market to help, through the advantages of their own channels to the gradual transformation of LED lighting solutions provider.
China's LED industry is in a chaotic competitive landscape. It is currently impossible to say which business model will be more successful. However, in the case where not all manufacturers can enter the core field and chip patents with foreign giants, they will continue to work. Hui's story has universal reference for thousands of Chinese companies that are already in a small scale but still confused in the direction of breakthrough.
Li Xuliang is a native of Dongguan. Since he was a poor family member, he has even been admitted to college to be funded by friends and relatives. In the early 1990s, Li Xuliang resigned from a state-owned enterprise and set up Dongguan Qinshang Enterprise. By 1998, the iron frame decoration lights and Christmas lights on the ground set a record for sales in the same industry in China.
By 2004, Li Xuliang encountered the dilemma of rising costs and thinning profits in traditional industries. Since the European and American markets began to introduce many incentives for LED applications, he decided to transition to this industry. “When we stepped into the LED lighting industry, we discovered that the industry was not good, but we have no choice.†Li Xuliang chose to explore the breakthrough direction of various LED technology thresholds and sustainable business development strategies.
In 2007, guided by the policy of the Dongguan City Government, he began to find opportunities for development: He mainly focused on high-power LED outdoor lighting, and actively sought for government engineering orders, establishing brand status before moving into indoor lighting and commercial lighting. In 2008, Qinshang Optoelectronics high-power LED street lamp was listed as a “National Key New Projectâ€, and then it entered a fast-track development. At present, the main body of the company is responsible for the implementation of the demonstration project of “high-power LED street lamps†in Guangdong Province and the “10 cities and 10 thousand cities†Ministry of Science and Technology. The project has been implemented for more than 3,000 kilometers.
Outdoor lighting is the business strength of Qinqin. In 2010, the company's outdoor lighting revenue increased by 187.69% compared with 2008, accounting for 47.16% of total revenue in 2010. Gross profit also increased from 39.86467 million yuan in 2008 to 6 in the first half of 2011. , 461.81 million yuan, accounting for the Group's gross profit ratio rose from 28.38% to 60.93%.
QinShang Optoelectronics' outdoor lighting products are mainly street lamps and tunnel lights. The company adopts three different sales models for outdoor products: direct sales model, distribution model, and EMC model (contract energy management). In 2008, Qinshang Optoelectronic Co., Ltd. became the first LED company in Dongguan to present the EMC model “mortgage†to sell lights. This model is: as the client's government or business only need to submit 20% -30% of the first phase of the funds will be able to purchase LED lights on the ground, the balance of the loan from the customer to the bank, in the coming years through the annual savings Up to 60%-70% of the electricity and maintenance fees are used to repay bank loans in quarters or in different years.
In 2008, Qinshang Photoelectric Co., Ltd. relied on the EMC model to break through the devastating financial tsunami. It signed an order of 20 million yuan with Dongguan Shilong, and cooperated with Dongguan Changping with 40 million yuan. It also harvested many places inside and outside the province. Large government and corporate orders. In the end, EMC became the model for the promotion of LED popularization by the Science and Technology Department of Guangdong Province.
However, this model has its side-effects while opening up the market. The EMC model required manufacturers to invest a lot of money in the early stage and required higher financing capacity. When performance expands rapidly, on the one hand, LED technology R&D expenses must be continuously invested. On the other hand, it is necessary to grasp the fleeting market opportunities. Therefore, it is not difficult to understand why Kwong Sang Optoelectronics signed with 21 venture capital institutions during 2007-2010. With 12 gambling agreements, the frequency of financing was rare in the industry. This not only proved that the venture capital was optimistic about the LED industry, but also highlighted the dare to dare to think when Li Xuliang met the funding threshold in emerging industries. Spirit of fight.
In early 2009, the Ministry of Science and Technology launched the “Ten City Ten Thousand Miles†semiconductor lighting application demonstration city program, which subsidizes 30%-50% of the investment increase in LED lighting compared with traditional lighting. The country also subsidizes the chip production machine upstream of LED. . In order to grab the commanding heights, various LED companies set off a trend of LED streetlights and large purchases of MOV CD players and chip projects. The public lighting market, which has a large number of government subsidies, has become a hotly contested place for military strategists.
This makes it necessary to continuously rely on policy subsidies while strengthening business. From January to September 2010, Qinshang Optoelectronic’s total profit was approximately RMB 59.15 million. In the year, it received a government grant of RMB 22.46 million; from January to September 2011, the company received a government grant of RMB 10.9 million; In February, Qinshang Optoelectronics received a government subsidy of 17.768 million yuan.
But Xu Zhensen, chairman of Dongguan Yinghui Group, chose a different path. This Taiwanese started working in the lighting industry in the 1980s. At the age of 25, he was inspired by the oil crisis and designed the first energy-saving garden lamp in Taiwan to export to the Middle East. The local did not take a look at his energy-saving design, but he took a look at his lighting design concept. From then on, he began to rely on foreign trade to enter the lighting manufacturing industry, and in 2003 began to intervene in the domestic and commercial LED industry.
In the 1990s, Taiwan’s labor force and land costs rose. Xu Zhensen moved the factory to Dongguan Humen, and passed ISO-9002 and ISO-9001 quality system certifications in 1996. It became the first lighting factory in China to have this certificate, 1999. Yinghui Group is listed on the Hong Kong Stock Exchange (currently its shell resource has been renamed Djinn Resources, focusing on its mineral business).
However, due to the special growth background of Yinghui Group, it not only focuses on the policy orientation of the Mainland, but also pays attention to the trend of lighting technology in the world. In the exhibition hall of Dongguan Yinghui Headquarters, Xu Zhensen compared the world economic trends, domestic policies, and economic backgrounds encountered at each turning point of Yinghui, and Ying Hui's response and development trends at the time were compared with large screens one by one. This reminds you to wake up.
Xu Zhensen is extremely sensitive to changes in market demand, and he began to layout sales terminals early. At present, Yinghui Group has 277 specialty stores in China. From 2003 to 2005, it also purchased lighting product sales companies in Seattle and Canada, and opened stores in the area. This has enabled Yinghui to quickly capture The ability of the market to change.
Xu Zhensen recalled that at the beginning of the financial tsunami, he inspected overseas stores and found that North American luxury lighting for villa users began to be unsalable, combined with the judgment of the economic situation at that time, he immediately increased the R&D and production of apartment products. After the outbreak of the subprime mortgage crisis, sales of apartment-type products increased, offsetting the sharp drop in the sales of mid-to-high-end villa products. Yinghui Group still achieved an average annual growth of 10%-15% in 2008-2009.
At the beginning of the European debt crisis this year, Xu Zhensen aimed at Japan's post-earthquake reconstruction opportunities and promoted its LED lighting products in the region. It is expected that the sales volume of Japanese products will increase from 5% of the group's total sales to more than 20% this year, offsetting sales in Europe and the United States. The impact of the decline.
Due to the high degree of personalization of commercial lighting and home lighting, Xu Zhensen paid special attention to product details. For example, for the European and American markets, local families pay more attention to the use of kitchens, and their products are mainly kitchen and bathroom lighting. In mainland China, they pay attention to style and attach importance to the display function of living rooms. Their products are mainly lighting applications in the living room.
In terms of product design, Yinghui's LED products also consciously replace the traditional lighting products. For example, ordinary LED courtyard lamps are often flat-panel simple shapes, while Yinghui's garden lights can be gas lamps and wall lamps. Such as, etc., because it is designed for the current LED product light is not uniform enough to design a 360-degree light traditional lamp shape patented product, in order to better integrate with the application of decorative lamps. And this kind of LED bulb can also be embedded in the interface of traditional halogen lamps, reducing the trouble of customers replacing traditional lamps.
Xu Zhensen is not willing to get involved in the field of municipal lighting. He said that although the shipment of municipal projects is very large, the application technology of LED products at this stage is not yet mature. Due to the constraints of voltage and weather, there may be a high rate of repairs. , leading to capital turnover risk.
The thinking of Li Xuliang and Xu Zhensen can be said to be the opposite. One is to rely on policy assistance and capital assistance to expand the scale and occupy the market as quickly as possible, sharing the fruits of the LED industry in outdoor lighting; the other is tradition. Lighting companies from the traditional lighting design and LED technology from the point of view, relying on the market to help, through the advantages of their own channels to the gradual transformation of LED lighting solutions provider.
China's LED industry is in a chaotic competitive landscape. It is currently impossible to say which business model will be more successful. However, in the case where not all manufacturers can enter the core field and chip patents with foreign giants, they will continue to work. Hui's story has universal reference for thousands of Chinese companies that are already in a small scale but still confused in the direction of breakthrough.
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