Xingshuaier announced on December 6 that Mr. Lou Yuegen, the controlling shareholder, one of the actual controllers and chairman of the company, died of illness on December 5, 2023, at the age of 74.
In fact, Hangzhou Xingshuaier Electrical Appliances Co., Ltd. has just crossed the border into the photovoltaic field in 2021, and its 2G W photovoltaic module project will soon be put into operation.
Xingshuaier said in the announcement that Lou Yuegen cherished the ideal of serving the country through industry and actively assumed social responsibility to help domestic compressor thermal protectors and starters gradually replace imports and benefit the society.
As the founder of the company, Lou Yuegen led the company from a private enterprise to the capital market, successfully listed on the Shenzhen Stock Exchange, and then led the company from the home appliance parts industry to the optical storage field with a forward-looking strategic vision, laying a solid foundation for the company's leapfrog development. After the death of
Lou Yuegen, the company elects Lou Yongwei, the director and general manager, to act as the chairman of the board of directors until the board of directors elects the chairman. According to public information, Lou Yongwei, the 48-year-old son of Lou Yuegen, has been the director and general manager of the company since December 2010, and has been the executive director and general manager of Xingshuaier Photovoltaic Company since July last year.
At present, Lou Yuegen holds 27.91% of Xingshuaier's equity, Lou Yongwei holds 2.34% of its equity, and with 12.69% of Hangzhou Fuyang Xingshuaier Equity Investment Co., Ltd., the legal person shareholder jointly controlled by Lou's father and son, Lou's father and son hold 42.94% of the company's equity. According to the
data, Xingshuaier, founded in May 2002, is a company focusing on thermal protectors, starters, sealed terminals for refrigeration compressors, temperature controllers and motors for small household appliances. It was listed on the Shenzhen Stock Exchange in April 2017.
Since listing, the company's performance has risen six times in a row. From 2017 to 2022, the company achieved revenue of 355.48 million, 409.2 million, 708.2 million, 927 million, 1.369 billion and 1.949 billion, with a compound annual growth rate of 40.54%. In March
2021, the company acquired 51% of the shares of Huangshan Fule New Energy Company (hereinafter referred to as Fule New Energy) for 36 million yuan to enter the field of photovoltaic manufacturing. In the same year, another 300 million funds were used to help the latter build 3GW photovoltaic module projects. In January
2022, the Fule New Energy Component Project was put into operation, and the performance of Star Shuaier began to rise to a higher level. In the first half of 2022, the company's photovoltaic module business achieved revenue of 232.7 million, almost equaling the performance of the sector last year. In the whole year of 2022, the photovoltaic business alone achieved a revenue of 1.12 billion yuan, accounting for 57.46% of the company's total revenue, surpassing the company's previous main white household appliances business. Encouraged
by the performance, in April 2022, Star Shuaier invested an additional 240 million yuan to complete the 39.2% equity acquisition of Fule Xinneng. Since then, the company has accumulated 90.2% of the latter's equity. In July of
the same year, the company established Hangzhou Xingshuaier Photovoltaic Technology Co., Ltd., a wholly-owned subsidiary, and announced that it would build a 2G W high-efficiency component project in Hangzhou to continue to tilt resources to the photovoltaic business sector. In the first half of
2023, the company's photovoltaic business realized revenue of 1.107 billion yuan, accounting for 71.26% of the total revenue in the current period. At the end of October
this year, Star Shuaier said on the interactive platform for investors that the company's 2GW component project is continuing to progress smoothly, and the main plant has been completed.
In the foreseeable future, Xingshuaier's development strategy of "taking the household appliances sector as the basis and the new energy sector as the guide" will continue to open up new imagination for the company's performance.
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