Subsidiary Yifeng Electronics is named in the "3.15" Gala, and Multifluor responds

(Source: Beijing Business Daily)

Beijing Business Daily News (Reporter Wang Manlei) — After the holding subsidiary Henan Yifeng Electronic New Materials Co., Ltd. (hereinafter referred to as “Yifeng Electronics”) was mentioned on CCTV’s “3.15” evening program, Multifoil (002407) issued a media report clarification announcement on the morning of March 16, stating that Yifeng Electronics has not established any form of business cooperation, brand authorization, or product production relationship with Sichuan Shufuxiang Food Co., Ltd. (hereinafter “Shufu Xiang”), Chongqing Zengqiao Food Co., Ltd. (hereinafter “Zengqiao Food”), or other entities mentioned in the media reports. Its production and sales activities are unrelated to the company and its subsidiaries.

The announcement shows that on March 15, Multifoil noted that CCTV’s “3.15” program team reported that their investigation found Shufu Xiang, Zengqiao Food, and others used hydrogen peroxide to bleach and swell chicken feet during production, involving Yifeng Electronics’ hydrogen peroxide sales business. After verification, the company confirmed that Yifeng Electronics has not established any form of business cooperation, brand authorization, or product production relationship with the entities mentioned in the media reports. Its production and sales activities are completely unrelated to the company and its subsidiaries.

Multifoil states that Yifeng Electronics is a subsidiary of the company, with an operating income of 31.152 million yuan in 2025 and a net profit of -3.3872 million yuan, accounting for a small proportion of the company’s consolidated revenue and net profit, with revenue share less than 1% (2025 data unverified). Yifeng Electronics has legally obtained all necessary business licenses, including the “Business License,” “Food Production License,” “Hazardous Chemicals Business License,” and “Disinfection Product Manufacturing Enterprise Hygiene License.” These licenses are genuine and valid, and the company conducts hydrogen peroxide (double oxygen water) production and operation activities strictly within the scope of its permits.

Shareholding information shows that Multifoil owns 54% of Yifeng Electronics. In January 2025, it acquired over 28 million yuan, with the transaction counterpart being Multifoil Group, a company under the control of Multifoil’s major shareholder Li Shijiang.