Bull LED lamp production base project officially started and laid the foundation

In early February this year, the Bull Group was listed on the main board of the Shanghai Stock Exchange. The initial public offering plans to raise funds of 3.513 billion yuan and invest in 6 projects respectively. Among them, the total investment of the annual production of 180 million sets of LED lamp production base construction projects is 744 million yuan. The amount of funds is 444 million yuan.

On December 15, the Bull Group held a groundbreaking ceremony for the construction of an annual production base of 180 million sets of LED lights, a research and development center, and a headquarters base at the construction site of its factory in Cixi, Ningbo, Zhejiang. The two major projects have a total land area of 200.84 mu, a total construction area of 267,000 square meters, and a total investment of 1.45 billion yuan.

The annual production of 180 million sets of LED lamp production base construction project will purchase advanced production equipment, build an automated production line, and plan to achieve 180 million sets of LED lamp production capacity. The construction of the project aims to improve the LED lamp production technology and manufacturing level of the Bull Group, expand the production capacity of LED lamps, and help it increase its market share and overall competitiveness.

It is understood that the Bull Group has entered the LED lighting field since 2014, and subsequently continued to expand the LED lighting product line. In 2019, Bull Group’s LED lighting products achieved sales revenue of 984 million yuan, a year-on-year increase of 32.82%. It gradually expanded from bulbs and downlights to more types of lighting products such as light strips, light stickers, and ceiling lights. What has attracted much attention is that the company has gradually completed the layout of home-wide lighting products such as smart switches and smart lighting last year.

In the field of LED lighting, smart home is currently the focus of the Bull Group's market and is continuing to expand the relevant product line. In 2019, the company's total revenue reached 10 billion yuan, and LED lighting product revenue was 984 million yuan, a year-on-year increase of 32.82%.

With the construction and implementation of the LED lamp production base project, the lighting production capacity of the Bull Group will be upgraded simultaneously, which will help it better grasp the new business opportunities emerging from the LED lighting industry. With its brand awareness and marketing channel advantages, the market share of LED lighting products will increase rapidly in the future, and the proportion of lighting revenue is also expected to further increase.