Shanghai Belling's subsidies accounted for more than half of its net profit in the first half of the year, and its deputy general manager left

At the end of last month, Shanghai Belling released its 2019 semi-annual performance forecast, predicting that the net profit attributable to shareholders of the listed company in the first half of 2019 would be around RMB 143.8308 million, a year-on-year increase of around 122.27%. However, there is a significant difference in actual revenue.

Shanghai Belling recently officially disclosed its 2019 semi-annual report. The company's revenue in the first half of the year was 393 million yuan, a year-on-year increase of 1.79%; its net profit was 144 million yuan, a year-on-year increase of 96%. However, in the first half of the year, Shanghai Belling's non-recurring gains and losses were 80.2 million yuan, accounting for more than half of its 2019 semi-annual net profit.

In terms of products, among the smart metering and SoC products of Shanghai Belling (including Ruinengwei), single-phase multi-function metering chips cover the current State Grid unified recruitment market, China Southern Power Grid unified recruitment market, and part of the export smart meter market. The company's ordinary single-phase and ordinary three-phase metering products occupy a major share in the non-bidding market.

Shanghai Belling has developed single-phase and three-phase smart metering chips for the next generation of electric meters that meet the requirements of OIMLR46 standards, and upgraded multi-function metering chips to smart metering chips, which are currently in the promotion stage. In addition to the smart meter market, the company is actively developing metering chips for smart sockets, electric bicycle charging piles, DC charging piles, energy monitoring and other fields based on existing products.

During the reporting period, single-phase SoC chips in the electricity meter export market achieved a significant sales growth. At the same time, metering chips and SoC chips for new application areas such as smart sockets, DC charging piles, and energy monitoring also achieved sales growth. In response to the requirements of OIML R46 and the inherent needs of the power grid to improve operational quality and efficiency, the State Grid and the Southern Power Grid have put forward new requirements for electricity meters and metering chips. The next generation of smart meter metering chips has entered the promotion stage, and major domestic customers have begun to use Shanghai Belling chips for design.

However, at the same time as the semi-annual report was released, Shanghai Belling also disclosed the resignation of the company's senior executives. According to the announcement, the board of directors of Shanghai Belling received a written resignation report submitted by Deputy General Manager Lu Ning, who requested to resign from his position as deputy general manager of the company due to job changes. According to regulations, Lu Ning's resignation report will take effect when it is delivered to the board of directors of Shanghai Belling.

Attached is Lu Ning’s resume:

Lu Ning, male, born in December 1962, Master of Engineering, professor-level senior engineer. He served successively as technician of the new product room of the chief engineer office of the 742 factory of the Ministry of Electronics Industry, design engineer of the Bipolar General Factory Research Institute of China Huajing Electronics Group Corporation, product engineer of the Technical Application Department of the MOS General Factory, project supervisor of the Introduction Department of the Introduction Headquarters, project leader of the 908 project of the Production Preparation Department of the Construction Headquarters, director of the Beijing Office, director of the company office and party branch secretary, assistant to the general manager, deputy director of the MOS General Factory and concurrently director of the MOS Assembly Factory, secretary and deputy director of the Packaging General Factory, secretary of the Party Committee and general manager of Huayue Microelectronics Co., Ltd., chairman of Zhejiang Huayue Xinzhuang Electronics Co., Ltd., general manager of Ningbo Riyin IMP Microelectronics Co., Ltd., deputy general manager of marketing, deputy general manager and manager of the operations department, and deputy general manager of Shanghai Belling Co., Ltd.