China-based LED Chip Supplier HC SemiTek Suffers Decrease of 61.47% in Net Profit in the First Half of 2013 Y-o-Y

In line with the Financial Results for the first half of 2013 HC SemiTek recently released, its total revenue is 112 million Yuan, decrease of 40.42 percent compared to the same period of last year. The net profit attributable to shareholders of listed companies is 14.29 million Yuan, down 61.47 percent over the same period of last year. Basic EPS (earnings per share) is about 0.05 Yuan, down 68.75 percent Y-o-Y.

HC SemiTek said that operating income in the first half of 2013 dropped 40.42% Y-o-Y, after the last year's irrational price competition in LED chip market, the price of LED chip has fallen dramatically. Affected by this, the sales volume of chip is more than that in same period last year, but sales revenue and gross profit decline. In response to fierce market competition, the company has made some adjustments in product specifications in the first half of this year, objectively resulted in a decline in sales of some products. Meanwhile, it has invested larger commissioning research and development costs for 4-inch production lines of its new subsidiary in Suzhou. The subsidiary increases recruitment scale and management expenses. In view of the above main reasons, the company's operating profit, total profits, and the net profit attributable to ordinary shareholders for the first half of 2013 suffer decrease.

In addition, HC SemiTek holds the 23rd meeting of the first session of the Board of Directors, and it intends to invest its own funds of 50 million Yuan to its wholly owned subsidiary HC SemiTek (Suzhou) Co., Ltd. as replenishment, in order to meet the construction needs of "the first session of LED chip project of HC SemiTek (Suzhou) Ltd.". After the capital increase, the registered capital of this subsidiary will rise from $ 300 million to $ 350 million Yuan.

About HC SemiTek

HC SemiTek Corporation, formerly Wuhan HC SemiTek Co., Ltd., was founded in 2005 and restructured into an incorporated company in 2011. HC SemiTek is a leading LED (Light Emitting Diode) chip supplier based in Wuhan, China. As a high-tech enterprise in the field of "New materials, and New energy", we are committed to R&D, production and sales of the high-quality LED chips, mainly in GaN-based blue and green light series. The worldwide leading R&D capabilities enable us to make continuous innovation based on customer demand. Currently, we serve clients throughout the country, and the product has been successfully applied to a number of domestic key projects.

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