Mulinsen took over the equity of Purui Optoelectronics with 256 million yuan: a microcosm of resourc

On July 5, Mulinsen disclosed an announcement that attracted the attention of the LED industry. The company's subsidiary LEDVANCE GmbH plans to acquire the 18.7722% equity of Purui Optoelectronics (Xiamen) Co., Ltd. held by Fucai Co., Ltd. for a price of approximately 256 million yuan. This transaction does not constitute a major asset reorganization, but reflects the LED industry's re-examination of resource integration and strategic focus during the market structure adjustment period. Behind the withdrawal of Fucai shares and Mulinsen's takeover are the different plans of both parties for their own development paths, which also allows Purui Optoelectronics, a company with an internationally renowned brand, to once again stand at the crossroads of industry resource reorganization.
Behind the transaction: Strategic trade-offs and business logic between both parties
Purui Optoelectronics (formerly known as Kaifa Crystal Lighting (Xiamen) Co., Ltd.) was established in 2011 with a registered capital of 300 million yuan. Its business scope covers the R & D, manufacturing and sales of LED epitaxial chips, packages (SMD, COB), phosphors, power devices, lighting modules and other products. Its two brands, Bridgelux and Intematix, have a certain reputation in the international LED market and have the ability to coordinate upstream and downstream research and development and provide solutions to customers.
普瑞光电（原名开发晶照明（厦门）有限公司）成立于 2011 年，注册资本 3 亿元，业务范围涵盖 LED 外延芯片、封装（SMD、COB）、荧光粉、功率器件、照明模组等产品的研发、制造和销售，旗下 "Bridgelux" 和 "Intematix" 两个品牌在国际 LED 市场具有一定知名度，具备上下游协同研发及为客户提供解决方案的能力。Such a company with a complete business chain and an international brand has become the focus of the divestiture of Fucai and Mulinsen's takeover.
从富采股份的角度来看，出售普瑞光电股权是其战略聚焦的必然选择。Fucai made it clear that lighting products are not the 3+1 high value-added application categories such as vehicles, advanced displays, smart sensors and AI optical communications that the group is actively deploying at this stage. The evaluation believes that they do not have integrated comprehensive effects, so they choose to dispose of assets and recover cash to lay out new areas. This decision echoes a series of actions by Fucai this year. In February, it was announced that its Crystal Optoelectronics and Lunda Electronics would merge into Fucai Optoelectronics to accelerate the promotion of new areas of optoelectronic and value-added solutions; in terms of business development, it will focus on Micro LED terminal applications, pilot mass production of transparent displays and wearable devices, as well as high value-added areas such as automotive backlights and lighting.
对于木林森而言，接手普瑞光电股权则是其拓展业务版图、强化产业链协同的一次尝试。As an important enterprise in the LED industry, Mulinsen's business covers many fields such as LED packaging and lighting. Puri Optoelectronics's resources in LED epitaxial chips, packaging and international brands may complement Mulinsen. As Mulinsen's platform with international business layout, the subsidiary LEDVANCE GmbH took over the equity of Purui Optoelectronics, which may also help Mulinsen further expand the international market with the help of the Bridgelux and Intematix brands, especially in areas such as lighting modules.
Why did Fucai sell its stake in Purui Optoelectronics, but Mulinsen was willing to take over?
为何富采股份要出售普瑞光电股权，而木林森愿意接手？Industry insiders have different interpretations. An analyst who has long followed the LED industry believes that the exit of Fucai is a typical strategy focusing on high value-added business. The lighting product market is highly competitive and profit margins are constantly shrinking, while areas such as vehicles and advanced displays have higher gross profit margins and growth potential. Fucai chose to divest non-core assets and concentrate resources in 3+1 areas, which is in line with the current trend of the industry's transformation into a high value-added direction. rdquo;
Regarding Mulinsen's takeover, the analyst said:" Puri Optoelectronics's appeal may lie in its international brand and technology accumulation. lsquo;Bridgelux and Intematix have certain visibility and customer base in the international market, which may be helpful for Mulinsen to expand overseas business. In addition, Puri Optoelectronics 'collaborative capabilities in the upstream and downstream LED industry chains may also complement Mulinsen's business, reducing procurement costs and enhancing overall competitiveness. rdquo;
However, there are also views that this transaction has potential challenges. An industry observer pointed out: Market competition in the lighting-related field where Puri Optoelectronics is located is already very fierce, and there is uncertainty whether Mulinsen can achieve profit growth after taking over. Moreover, the equity ratio of 18.7722% is not high. It remains to be seen whether Mulinsen can have an effective impact on Purui Optoelectronics and promote business collaboration.& rdquo;
Another voice mentioned that the sale of shares in Pree Optoelectronics by Fucai shares may not be entirely voluntary. ldquo; Fucai mentioned in the announcement that this disposition will reduce shareholders 'equity by about NT $610 million in 2025, but the net cash and financial structure will be improved. This may mean that there is some financial pressure on rich mining to sell assets to withdraw funds to support the layout of new areas.& R.D.: A financial analyst said.
Currently, the LED industry is in a period of transformation and adjustment, and market competition has shifted from simple scale expansion to technological innovation and high value-added fields.
当前，LED 行业正处于转型调整期，市场竞争从单纯的规模扩张转向技术创新和高附加值领域。Fucai's merger of Jingyuan Optoelectronics and Longda Electronics, focusing on 3+1 high value-added application areas, and the sale of Purui Optoelectronics's equity are all manifestations of this trend. Through asset portfolio adjustments, Fucai attempts to improve operating performance and seize opportunities in new areas.
而木林森在此时接手普瑞光电股权，反映出不同企业在行业转型期的不同策略。For Mulinsen, it may be that he hopes to acquire brand, technology or channel resources through acquisitions to consolidate his position in the fields of traditional lighting and LED packaging, and at the same time find new growth points.
从普瑞光电的业务来看，其涵盖的 LED 外延芯片、封装等业务，在行业内具有一定的基础，但也面临着技术迭代和市场竞争的压力。With Mulinsen's participation in the future, whether Puri Optoelectronics can achieve better development with the help of new resources remains to be tested by the market.
After the transaction is completed, Fucai can focus more on the layout of new fields such as automobiles and advanced displays, promote the introduction of Micro LEDs in terminal applications, and increase the volume of automotive products, etc., and is expected to achieve breakthroughs in high value-added fields.
交易完成后，富采股份可以更加专注于车用、先进显示等新领域的布局，推动 Micro LED 在终端应用的导入、车用产品的放量等，有望在高附加值领域取得突破。Mulinsen, on the other hand, needs to think about how to achieve coordinated development with Puri Optoelectronics and transform Puri Optoelectronics 'brand and technical resources into practical competitive advantages.
对于普瑞光电而言，引入木林森作为股东，可能会带来新的发展机遇。Mulinsen's resources and channels in the industrial chain may help Puri Optoelectronics expand its market and enhance its product competitiveness. But at the same time, it is also necessary to adapt to the new shareholder structure, coordinate the interests of all parties, and ensure the stable advancement of corporate strategies.
此次木林森与富采股份的股权交易，是 LED 行业转型期资源再配置的一个缩影。Against the background of the changing industry landscape, it will become the norm for companies to adjust their business structures through acquisitions and sales of assets and focus on core competitiveness. Behind every transaction, there is the company's judgment and layout for future development, and its final effect will take time to verify.
对于整个 LED 行业而言，这样的资源整合或许有助于提高行业集中度，推动技术创新和产业升级，让行业向更高效、更优质的方向发展。But in this process, companies also need to face various challenges and balance short-term interests with long-term development in order to remain invincible in the fierce market competition.