After experiencing a fluctuation, Lianjian Photoelectric finally "wakes up in a flash". On June 26, Joint Construction Optoelectronics issued 15 announcements successively, which caused considerable repercussions in the industry. In these announcements, it involves the transfer of equity within the company, the test of impairment of assets in the target of merger and acquisition, and the compensation scheme of the target's unfulfilled performance commitment. For joint optoelectronics, the past 2018 has been a bad year. According to the 2018 financial report, the revenue of joint-venture photovoltaics reached 4.053 billion yuan, an increase of 2.56% over the previous year, and a net profit loss of 2.887 billion yuan, a decline of 29.79.72% over the previous year. In the main business, the revenue of digital outdoor, digital marketing and digital equipment reached 403.4 million yuan, an increase of 2.47% over the same period of last year. From the data, we can find that, in fact, the main business of joint-venture optoelectronics has been growing steadily year by year, but due to the drag of previous M&A targets, the net profit has suffered a large loss. Fortunately, after experiencing a fluctuation, Lianjian Photoelectric finally "awakened". The operation of reorganized targets is uneven The joint-venture photovoltaic industry, which mainly manufactures LED screens, spent 5.429 billion yuan between 2014 and 2017, and acquired 13 companies, forming three business sectors of digital equipment, digital marketing and digital outdoor, which also resulted in a huge goodwill of 4.637 billion yuan. Due to the industry's sluggishness and other reasons, the original "ambitious" joint-venture optoelectronics stumbled because of mergers and acquisitions. The impairment test on the target assets of mergers and acquisitions involves five enterprises, including Easy Star, Xi'an Luyi, Youtuo Public Relations, Shanghai Chengguang and Litang Marketing. Except for Easy Star and Youtuo PR, the value of 100% equity of the other three companies has been impaired to varying degrees. Data show that on January 30, 2015, Lianjian Optoelectronics paid 489 million yuan and 460 million yuan respectively to acquire 100% equity of Yishida and Youtuo Public Relations. At that time, Duan Wujie, Zhou Jike, Huaxin Brothers and Zhang Peng promised that the net profit of Yi Shida in 2014, 2015, 2016, 2017 and 2018 would not be less than 38 million yuan, 42 million yuan, 46 million yuan, 50 million yuan and 53.3 million yuan respectively, while the original shareholders of Youtuo Public Relations promised that the company would be in 2014, 2015 and 2016. The net profits of the year, 2017 and 2018 are not less than 31 million yuan, 37.2 million yuan, 44.64 million yuan, 53.57 million yuan and 64.28 million yuan, respectively. At present, the two mergers and acquisitions are in good condition. According to the report of the professional organizations, there was no impairment of Eclipse and Youtuo's PR shares before December 31, 2018. However, its next acquisitions of Litang Marketing, Xi'an Lvyi and Shanghai Chengguang were not so lucky. The announcement shows that Lianjian Optoelectronics Co., Ltd. paid 496 million yuan, 263 million yuan and 200 million yuan for Litang Marketing, Xi'an Luyi and Shanghai Chengguang on April 27, 2016 and June 8, 2016 respectively. At that time, the original shareholders of Litang Marketing promised that the company's net profit in 2015, 2016, 2017, 2018 and 2019 would be no less than RMB 320 yuan, 37.44 million yuan, 44.93 million yuan, 53.91 million yuan and 64.7 million yuan respectively, and that in 2016, 2017, 2018, 2019 and 2020, respectively. Renminbi 20 million yuan, 22.4 million yuan, 25.9 million yuan, 28.1 million yuan and 31.47 million yuan; Shanghai Chengguang Shareholder Commitment Company's net profits in 2016, 2017, 2018, 2019 and 2020 are not less than 12 million yuan, 16 million yuan, 20 million yuan, 24 million yuan and 28 million yuan, respectively. As the performance of the three companies did not meet expectations, it brought serious goodwill impairment to the joint construction of photovoltaics. According to the appraisal report of professional organizations, as of December 31, 2018, the 100% equity value of Litang Marketing, Xi'an Luyi and Shanghai Chengguang had been impaired, with the value of impairment amounting to 36,217.59 million yuan, 125,528 million yuan and 120,031.76 million yuan, respectively. Returning to Main Business after "Great Injury of Vigor and Qi" In 2018, the company lost 2.888 billion yuan in net profit due to the improvement of its reputation of 2.732 billion yuan. After the "great loss of vitality", the decision of "appropriate strategic contraction, focusing on the main business and strengthening core competence" was made. The specific plan is to shrink the regional outdoor advertising business, focus on the core business of large-screen LED manufacturing, integrate the main business of mobile terminal digital marketing, and cultivate the national innovative business of large-screen LED media. So in the past few months, we can see that JEO has sold its subsidiary shares again and again, which also means that JEO's future plan is "light loading". On March 15, Lianjian Optoelectronics transferred 64.62% of the total stock rights of Tibetan Porsche to Langsen and Songjie at the consideration of 1 yuan respectively; on March 26, Shenzhen Lianjian Optoelectronics Company, a wholly-owned subsidiary of Lianjian Optoelectronics, intends to transfer its 25.88% share rights to Xie Zhao, the actual controller of Blue Sea Purchase at the price of 102.08 million yuan; on April 17, the announcement said that Lianjian Optoelectronics Company is whol Timeshare Media transferred its 81% stake in Chengdu Dayu and Xi'an Timeshare to its legal representative and general manager Zhu Xianzhou. From the perspective of the three transfers of subsidiaries'equity, although on the one hand, it is under the pressure of its own funds to reduce liabilities and activate cash flow through equity sales, on the other hand, it can also see the new strategic layout of the company, through the stripping of related assets, in order to achieve the purpose of focusing on the main business. Further straightening out the management structure of outdoor sector, consolidating the resources integration of outdoor sector, promoting the strategic landing of the company, promoting the construction of digital media and better implementing business development, Lianjian Photoelectric announced on June 26 that the company's wholly-owned subsidiary Time Sharing Media plans to price 19% of Dayu's shares in Chengdu at 9,727,110.53 yuan and 19% of Xi'an'an's time-sharing shares. The right price is 379,844.49 yuan, which is transferred to Shenzhen Linkage, a wholly-owned subsidiary of the company. It can be seen that through the disposal of some of the pre-acquisition assets, the joint photovoltaic industry actively carries out integration and optimization, further focuses on the main industry, promotes the construction of digital media, and forms upstream and downstream integration with the company's digital equipment display business.