证券代码：603515 证券简称：欧普照明 公告编号：2025-026 欧普照明股份有限公司 关于控股股东进行部分股票质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司控股股东中山市欧普投资有限公司（以下简称"中山欧普"）持有公 司股份 348,214,286 股，占公司总股本的 46.73%。本次质押后，中山欧普及其一 致行动人马秀慧女士、王耀海先生、上海峰岳企业管理合伙企业（有限合伙）（以 下简称"上海峰岳"）、南通嵩岳企业管理合伙企业（有限合伙）（以下简称"南 通嵩岳"）累计质押股份数量为 168,300,000 股，占其持有公司股份的 26.89%。 近日，欧普照明股份有限公司（以下简称"公司"）收到公司控股股东中山 欧普发来的通知，相关信息如下： 一、上市公司股份质押 1、本次股份质押基本情况 | 占公 | 是否 | 占其所 | 是否 | 是否 | 司总 | 质押融 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed improvement in profitability in Q1 2025, indicating a potential recovery in earnings despite ongoing revenue pressures [1][2]. Financial Performance - For 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 7.1 billion, 900 million, and 750 million yuan, respectively, reflecting year-on-year declines of 9%, 2%, and 12% [1] - In Q4 2024, the figures were 2 billion, 280 million, and 240 million yuan, with year-on-year changes of -11%, +6%, and -14% [1] - In Q1 2025, the revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.5 billion, 140 million, and 90 million yuan, showing year-on-year changes of -6%, +17%, and -15% [1] - Domestic and overseas sales for 2024 were 6.4 billion and 700 million yuan, both down 9% year-on-year [1] - The company plans to distribute a cash dividend of 9.0 yuan per 10 shares, totaling 670 million yuan, with a payout ratio of 73.8% [1] Profitability Metrics - Gross margins for 2024 and Q1 2025 were 39.3% and 36.3%, with year-on-year changes of +0.04% and -1.32 percentage points, respectively, primarily due to a decrease in terminal prices [2] - The expense ratios for sales, management, R&D, and financial expenses in 2024 were 18.2%, 4.7%, 4.3%, and -0.7%, with year-on-year changes of +0.8%, +0.64%, -1.09%, and +0.68 percentage points [2] - The net profit margin for 2024, Q4 2024, and Q1 2025 were 12.7%, 13.9%, and 9.5%, with year-on-year changes of +0.87%, +2.25%, and +1.83 percentage points, indicating a peak in profitability for 2024 [2] Investment Outlook - The company is a leader in the general lighting industry, with a product range covering low, mid, and high-end markets, and continues to innovate [3] - Retail channels are being upgraded, and distribution channels are expanding, enhancing single-store productivity [3] - The commercial lighting business is focusing on expanding market share in key projects, while e-commerce is transitioning towards mid-to-high-end operations [3] - The company is actively exploring new business areas and regions overseas, as well as expanding product categories like wall-mounted and bathroom heaters [3] - Projected net profits for 2025 and 2026 are 950 million and 1.03 billion yuan, with corresponding EPS of 1.28 and 1.38 yuan, leading to PE ratios of 13.7 and 12.7 times [3]

证券代码：603515 证券简称：欧普照明 公告编号：2025-025 欧普照明股份有限公司 关于参加 2025 年上海辖区上市公司年报 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络互动 预征集投资者提问：投资者可于 2025 年 5 月 8 日（星期四）至 5 月 14 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 public@opple.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 欧普照明股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公 司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划于 2025 年 5 月 15 日（星期四）15:00-16:30 ...

证券代码：603515 证券简称：欧普照明 公告编号：2025-024 欧普照明股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2025年5月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 28 日 14 点 00 分 召开地点：上海市闵行区吴中路 1799 号万象城 V2 栋公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回 ...

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The report suggests that the darkest period for the civil electrical engineering sector may have passed, with a focus on dividend value [2][3] - The domestic real estate market is stabilizing, leading to a narrowing decline in sector revenue [2][7] - Leading companies are demonstrating stronger resilience and are exploring new product and channel opportunities [2][9] Summary by Sections Civil Electrical Engineering Overview - In 2024, the sector faced a decline in revenue due to weakened real estate demand, particularly in Q2 and Q3, but began to stabilize in Q4 following the introduction of stimulus policies [2][7] - Bull Group's revenue grew by 7.3% in 2024 and 3.3% in Q1 2025, while its net profit increased by 10.4% and 4.9% respectively [2][9] - Opple Lighting experienced a revenue decline of 9.0% in 2024 and 5.9% in Q1 2025, but its net profit rose by 16.8% in Q1 2025 [2][10] Financial Performance - Gross margins are under pressure, with Bull Group and Opple Lighting's gross margins at 42.8% and 38.8% respectively in 2024, showing slight year-on-year changes [2][12] - The average payout ratio for key companies in the sector has been increasing, with Bull Group and Opple Lighting's payout ratios reaching 72.6% and 73.8% in 2024 [2][17] Investment Recommendations - The report recommends focusing on resilient core assets like Bull Group and high dividend yield companies like Opple Lighting [2][19]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The report suggests that the darkest period for the civil electrical engineering sector may have passed, with a focus on dividend value [7] - The income decline in the sector has narrowed as the real estate market stabilizes, particularly after the introduction of stimulus policies in late 2024 [7][9] - Leading companies in the sector exhibit stronger resilience and are exploring new product and channel opportunities [9][10] - Bull Group and Op Lighting have shown varying performance, with Bull Group achieving revenue growth of 7.3% and 3.3% year-on-year in 2024 and Q1 2025, respectively, while Op Lighting experienced a decline of 9.0% and 5.9% [9][10] - The gross profit margins of major companies are under pressure, with Bull Group and Op Lighting reporting margins of 41.0% and 36.3% in Q1 2025, respectively [12][13] - The dividend payout ratio is increasing, highlighting the sector's dividend value, with Bull Group and Op Lighting achieving payout ratios of 72.6% and 73.8% in 2024 [17] Summary by Sections Civil Electrical Engineering Overview - The civil electrical engineering sector is experiencing a stabilization in income as the real estate market shows signs of recovery following government stimulus measures [7][9] - Leading companies are leveraging their product and channel advantages to maintain performance above the industry average [9] Company Performance - Bull Group's revenue and net profit have shown positive growth despite market pressures, with a focus on innovation and new business areas [9][10] - Op Lighting is focusing on technological innovation and expanding its market presence, particularly in smart lighting solutions [10] Profitability and Margins - The overall profitability of the sector is under pressure, with many companies experiencing a decline in gross profit margins due to weakened demand and increased inventory costs [12][13] - The report highlights the need for companies to manage costs effectively while pursuing growth opportunities [12] Dividend Trends - The report emphasizes the increasing dividend payout ratios among leading companies, indicating a focus on returning value to shareholders [17]

Group 1: ESG Reports - Jiuziyuan (603369.SH) reported a total greenhouse gas emissions of 30,423.21 tons of CO2 equivalent for 2024, with plans to optimize energy structure and enhance green production processes by 2025 [4] - ShuiJingFang (600779.SH) disclosed 194,405.83 tons of CO2 equivalent emissions for 2024, aiming to reduce emissions by at least 60,000 tons from 2024 to 2030 [5] - Opple Lighting (603515.SH) reported 11,487.74 tons of CO2 equivalent emissions for 2024 and is exploring the construction of a zero-carbon park in Wujiang [6] - TCL Technology released its 2024 ESG report, highlighting the establishment of a comprehensive ESG governance structure and the launch of a digital carbon management platform [8] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) issued new regulations on the management of information disclosure exemptions for listed companies, effective from July 1, 2025 [10] - The Shenzhen Stock Exchange revised the ChiNext Index compilation plan to include an ESG negative exclusion mechanism, effective June 16 [11] - The European Securities and Markets Authority (ESMA) published a draft regulatory technical standard for ESG rating agencies, aiming to enhance the reliability and transparency of ESG ratings [12] Group 3: Corporate Actions and Penalties - ST Jinguang (600190.SH) faces delisting risk due to financial misstatements over four consecutive years, with a negative net asset value reported for 2024 [15] - Xianju Pharmaceutical (002332.SZ) was fined 195 million yuan for price-fixing agreements that restricted competition in the market for a specific raw material [16] - Ningbo Fangzheng (300998.SZ) was penalized 800,000 yuan for failing to disclose non-operating fund occupation, which constituted a significant portion of its net assets [17] - ST Jinglan (000711.SZ) plans to sign a strategic cooperation agreement and donate 10 million yuan for renewable resource utilization projects [18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 7.096 billion yuan for 2024, a year-on-year decrease of 8.96%, with a net profit attributable to shareholders of 903 million yuan, down 2.28% year-on-year [2][4]. - In Q4 2024, the company achieved revenue of 2.029 billion yuan, a year-on-year decline of 11.08%, but a quarter-on-quarter increase of 19.20% [10]. - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders, which accounts for 73.80% of the net profit attributable to shareholders for 2024 [4]. Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 39.29%, a slight increase of 0.04 percentage points year-on-year [10]. - The total operating expenses for 2024 were 2.096 billion yuan, with a period expense ratio of 26.50%, an increase of 1.03 percentage points year-on-year [10]. - The company’s operating profit for 2024 was 765 million yuan, a decrease of 10.40% year-on-year [10]. Future Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 976 million yuan, 1.030 billion yuan, and 1.113 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.88, 12.20, and 11.29 [10].

Investment Rating - The investment rating for Opple Lighting (603515) is not explicitly stated in the provided documents, but the report emphasizes a positive outlook on shareholder returns and innovation in smart lighting [1]. Core Viewpoints - The report highlights that despite the challenges posed by the real estate downturn, Opple Lighting is committed to innovation in smart lighting products and multi-channel development to maintain its leading position in the market [1][2]. - The company is focusing on building a smart lighting ecosystem and enhancing user experience through diversified product offerings and solutions [2]. - The financial performance shows a slight decline in revenue for 2024, but a positive growth in net profit for Q1 2025, indicating resilience in profitability [1][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 7.096 billion yuan, a year-on-year decrease of 9.0%, and a net profit of 903 million yuan, down 2.3% year-on-year [1]. - For Q1 2025, revenue was 1.491 billion yuan, a decrease of 5.8% year-on-year, while net profit increased by 16.8% to 141 million yuan [1]. - The gross margin for 2024 was 39.29%, with a net profit margin of 12.72%, showing relative stability in profitability metrics [4]. Product and Market Strategy - The company is leading the industry transformation towards smart and healthy lighting, with a focus on technological innovation and diverse product matrices [2]. - Opple Lighting has upgraded its SDL smart spectrum technology and launched the "Opple Tianjing Ceiling Light" as a benchmark product in smart health lighting [2]. - The company is enhancing its retail channels by optimizing the user experience and expanding its market coverage through various strategies, including e-commerce and international markets [3]. Operational Efficiency - The company is leveraging AI to enhance operational efficiency across the supply chain, integrating data from product development to end-user services [3]. - The cash flow remains robust, with operating cash flow of 819 million yuan in 2024 and a dividend payout of 667 million yuan, reflecting a payout ratio of 73.8% [5]. Future Outlook - The forecast for net profit from 2025 to 2027 is projected to be 952 million yuan, 1.031 billion yuan, and 1.138 billion yuan, respectively, indicating a growth rate of 5.4%, 8.3%, and 10.4% [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report emphasizes a positive outlook on shareholder returns and innovation in smart lighting solutions [1]. Core Viewpoints - The company is focusing on exploring smart lighting ecosystems and enhancing shareholder returns through product innovation and multi-channel development despite industry challenges [1][2]. - The company has introduced advanced technologies such as SDL smart spectrum technology, which simulates natural light and has been applied in various fields, establishing a benchmark product in smart health lighting [2]. - The company is enhancing its operational quality and market coverage through a multi-channel strategy, optimizing retail channels, and expanding its presence in e-commerce and overseas markets [3]. - The company is leveraging AI to improve supply chain efficiency and is committed to digital transformation across its operations [3]. - The company's profitability remains stable, with a gross margin of 39.29% and a net profit margin of 12.72% in 2024, indicating robust operational performance [4]. - The company has maintained a strong cash flow, with operating cash flow of 819 million and a dividend payout of 667 million, reflecting a commitment to returning value to shareholders [5]. Financial Summary - In 2024, the company achieved a revenue of 7.096 billion (down 9.0% YoY) and a net profit of 903 million (down 2.3% YoY) [1]. - The projected net profits for 2025-2027 are 952 million, 1.031 billion, and 1.138 billion, respectively, with expected growth rates of 5.4%, 8.3%, and 10.4% [5]. - The company's gross margin is expected to improve slightly to 39.6% in 2025 and further to 40.1% by 2027 [7].