The result is 20 times higher than happy.

Jia Wei, who has completed its business adjustment, recently issued a mixed semi annual report, which announced seven major risk prompts while announcing a substantial increase in the first half of 2016. Affected by this, good performance failed to boost the performance of the two tier market, as of August 15th, Jia Wei shares closed at 32.35 yuan, compared with the semi annual report before the fall of 5%, against the trend of the market. Jia Wei's 2016 semi annual report shows that the company achieved 1-6 yuan in operating income of 1 billion 299 million yuan, an increase of 220.14% over the same period last year. The net profit of shareholders belonging to the listed company was 122 million yuan, an increase of 19.66 times compared with the same period last year. Since 2015, the company has completed the acquisition of Huayuan new energy and Guo Yuan Electrical 100% through extensive acquisition, and has entered the field of photovoltaic power plant production, forming a business mode of "photovoltaic, lighting, photovoltaic + lighting". In fact, before the completion of the two acquisitions, Jia Wei shares have been in a difficult position. In the first half of 2015, the company suffered the first loss since its listing. Its net profit for the current period was -655.17 million yuan, down 124.70% compared to the same period. The company originally ran LED lawn lamp, LED lighting, other LED products and special components. Among them, LED lawn lamp is the first major product of the company, but the profitability of the product is declining in recent years. In 2014, the company's LED lawn lamp product revenue reached 277 million yuan, down 13.37% compared with the same period last year. But the cost of the product reached 203 million yuan, up 14.39% over the same period last year. In 2015, the business cost of the product increased by 23.15% when its operating income increased by 24.40%. In August 2015, Jia Wei completed the acquisition of Huayuan new energy, thus entering the photovoltaic power station and EPC field, and its performance was "free from fire and water". In 2015, Jia Wei realized its operating income of 1 billion 902 million yuan, an increase of 179.68% over the same period last year. The net profit of shareholders belonging to the listed company was 137 million yuan, up by more than 15 times over the same period last year. It is worth mentioning that the EPC photovoltaic power station project has replaced LED products as the first major business of the company, which accounts for over 50% of its revenue in 2015. In June this year, Jia Wei shares completed the acquisition of Guoyuan power, the photovoltaic power plant industry chain layout can be deep tillage. The results were immediate, and the company's EPC photovoltaic power station project and photovoltaic power generation revenue increased significantly by two items. The company's semi annual report in 2016 showed that the EPC photovoltaic power station achieved 776 million yuan of revenue, accounting for 59.74% of total revenue, up 9.63 percentage points from the end of 2015. Its PV revenue is 128 million yuan, accounting for 9.85% of total revenue, up 4.96 percentage points from the end of 2015. Obviously, the two major acquisitions rescued Jiawei shares from poor performance and stood on the more popular PV outlets. However, why did the company disclose seven major risk prompts when its performance rose? The so-called "Cheng also Xiao He defeated Xiao He", Jia Wei shares are worried about their layout of photovoltaic power plant industry chain brings potential risks. According to the company's semi annual report 2016, these seven risk hints can be summarized as management risk, LED product risk, PV policy subsidy risk, goodwill impairment risk, exchange rate risk and performance commitment risk. Among them, the five risk is related to the above companies involved in photovoltaic power station business. In the announcement, the company said it faced "management risk" caused by the expansion of the company scale, "the risk of subsidies for photovoltaic power station subsidies not being released in time and the annual reduction of subsidies", "the risk of photovoltaic power station policy", "the risk of goodwill impairment" and the risk of "unfulfilled performance commitments". In fact, by querying the company's acquisition in the past two years, it is easy to see that the risks mentioned above refer directly to a series of acquisitions arising from the layout of photovoltaic power plants. The first thing to bear is that Jia Wei shares invested 1 billion 800 million yuan and 1 billion 100 million yuan respectively, successively swallowing "Huayuan new energy" and "state power". The injection of new business has made the current hot air vent at Jiawei station, but new problems are coming. First of all, Jia Wei shares are facing the risk of goodwill impairment. Before introducing the photovoltaic power station industry, the goodwill value of Jiawei shares was 135 million yuan. After completing the acquisition of Huayuan new energy, Zheng Ming banner and the state power, the total goodwill of the company increased by 1 billion 335 million yuan, up 9.89 times. Secondly, although the injection of new business has boosted the company's performance, but because of its high proportion of business, the new business will affect the overall performance of the company. Therefore, if the merger target fails to fulfill its performance commitments, it will greatly affect the performance of Jiawei shares. The trading report shows that Huayuan new energy and the shareholders of state power have made performance commitments respectively: Huayuan new energy commitments 2015-2017 years to achieve the net profit of the parent button is no less than 258 million 906 thousand and 400 yuan, 334 million 570 thousand and 900 yuan, 366 million 144 thousand and 200 yuan, while the national source power has promised 2016-2018 years to realize the net profit of the parent button is not low. It costs 78 million 954 thousand and 100 yuan, 70 million 183 thousand and 800 yuan and 81 million 394 thousand and 800 yuan. In 2015, Huayuan new energy achieved a net profit of 259 million 531 thousand and 100 yuan and a surplus of 624 thousand and 700 yuan, but its net profit in the first half of this year was 137 million 102 thousand and 100 yuan. It only finished 40.98% this year, and the pressure increased sharply in the second half of this year. In the first half of this year, the net profit of state power was only 3 million 581 thousand and 500 yuan, and only 4.54% of this year's target was achieved. In addition, at the policy level, Jia Wei shares also need to withstand pressure. In April this year, the head of the price department of the national development and Reform Commission said that China will improve the subsidy standard for photovoltaic power generation and establish a mechanism for gradual reduction of subsidies. This means that the subsidy policy for photovoltaic industry will gradually "fever". At the same time, as China's total installed capacity of photovoltaic power continues to record, the overcapacity of photovoltaic is also aggravated, which makes the regulation of policy level prominent. For example, at the end of last year, the national development and Reform Commission announced that the price of electricity in the three categories of photovoltaic will be lowered in June 30, 2016. It seems that although the performance of Chinese newspapers has risen nearly 20 times, Jia Wei shares can not rest easy. Fortunately, the company's current business symptoms have been clear, how to "suit the right medicine" to continue to maintain steady growth in performance has become a problem that Jiawei shares need to solve next.