On July 25th, 2025, Lukang biochemical released a major asset restructuring progress announcement, and planned to transfer 100% equity of its three photovoltaic film related subsidiaries, Lukang Yushan, Lukang Haining and Lukang Xinneng, to Jiangxi raoxin Xinneng Materials Co., Ltd. in the form of cash transaction of 0 yuan. This move means that the layout of Lukang biochemical in the photovoltaic field has entered the adjustment stage.
The three subsidiaries involved in this transaction were acquired or established by Lukang biochemical when it expanded its photovoltaic business in 2023. From the operating data, lvkang Yushan had a net loss of 203million yuan and a net asset of -34.53 million yuan in 2024; Lvkang Haining has a net loss of 151million yuan and a net asset of 71.59 million yuan. Both companies are insolvent, which makes the transaction priced at 0 yuan. Rao Xinneng, the transferee, was jointly established by KANGYI investment, the controlling shareholder of Lukang biochemical, and other shareholders holding more than 5% of the shares, which belongs to the category of connected transactions.
As an enterprise with veterinary medicine as its main business, Lukang biochemical made a cross-border development decision in 2022 when the prosperity of the photovoltaic industry was high. In 2023, the company completed the acquisition of lvkang Yushan and set up lvkang Haining, and started the construction of photovoltaic adhesive film project, hoping to build a dual main business model of "dynamic insurance products+photovoltaic adhesive film products" and find new growth space outside the main business.
However, with the price reduction of the whole PV industry chain, the industry environment has changed. In 2024, the revenue of lvkang biochemical photovoltaic adhesive film business was 231million yuan, a year-on-year increase of 60.89%, accounting for 35.62% of the operating revenue, but the gross profit margin of this business was -38.63%, which had a certain impact on the company's performance. Affected by this and other factors, the company's losses increased in 2024, and its shares have been subject to "delisting risk warning and other risk warning" since April 30, 2025.
On July 15, 2025, the semi annual performance forecast released by Lukang biochemical showed that the company expected a net profit loss of 50million yuan to 65million yuan attributable to shareholders of Listed Companies in the first half of the year, 25.35% -42.58% lower than the same period of the previous year; The net profit loss after deducting non recurring profit and loss was 68million yuan to 80million yuan, a decrease of 23.35% -34.84% compared with the same period last year, showing a certain trend of loss reduction.
The transfer of photovoltaic assets is a measure taken by Lukang biochemical to cope with the current operating conditions. For the company, how to adjust its business structure and improve its business performance in the changes of the industry will still be a subject to be faced in the future.
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