Investment Rating - The report maintains a "Positive" outlook on the home appliance industry for the mid-2025 performance forecast [3] Core Insights - The home appliance sector is expected to benefit from domestic sales policies and the "old-for-new" program, which is driving demand for major appliances and kitchen appliances [4][5] - The air conditioning industry saw a cumulative production of 101.54 million units from January to May 2025, representing an 8% year-on-year increase, while sales reached 103.49 million units, up 9% year-on-year [4][17] - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies and the "old-for-new" program are expected to catalyze growth in the white goods sector, which is characterized by low valuations, high dividends, and stable growth [5][6] 2. **Exports**: Companies like Ousheng Electric are recommended due to stable income growth driven by large customer orders, while Dechang shares are highlighted for their expanding automotive parts business [6] 3. **Core Components**: The report suggests that the demand for core components will exceed expectations due to the strong performance of white goods, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [6] Summary by Sections 1. Air Conditioning and Major Appliances - The air conditioning sector is experiencing high growth in exports, with a 11% year-on-year increase in external sales from January to May 2025 [4][17] - The "old-for-new" policy is expected to enhance the average price of white goods, with major companies like Midea and Gree projected to see revenue growth of 8% and 5% respectively in Q2 2025 [4][29] 2. Kitchen Appliances - The kitchen appliance market is recovering due to real estate policies and the "old-for-new" program, with online sales of range hoods and gas stoves increasing by 17.5% and 16.5% respectively [40] - Companies like Boss Appliances are maintaining strong market shares in the kitchen appliance sector, with expected revenue growth of 5% in Q2 2025 [41] 3. Small Appliances - The small appliance sector is benefiting from high growth in domestic sales and exports, with companies like Supor and Joyoung expected to see revenue increases of 5% and 120% respectively in Q2 2025 [4][41] - The "old-for-new" policy is set to include small appliances, which is anticipated to significantly boost sales [5][20] 4. New Displays and Lighting - The emerging display market is at a turning point, with companies like Hisense and Jimi Technology expected to see revenue growth of 5% in Q2 2025 [4][5] 5. Investment Highlights - The report emphasizes the potential for a rebound in the home appliance sector driven by favorable policies and market conditions, recommending a combination of leading companies such as Midea, Haier, and Gree for investment [5][6]

Core Insights - Light Peak Technology received a letter of appreciation from the Tianjin Municipal Bureau of Commerce for its 3D Mapping light show at the "2025 Summer Davos Multinational Enterprise Leaders Exchange Conference" [1] - The event, held on June 24, attracted over 300 guests, including representatives from Fortune 500 companies and international business associations, focusing on innovation and development [1][2] - The 3D Mapping light show was highlighted as a key attraction, providing a unique visual experience and contributing to the event's success, receiving widespread recognition [1][2] Company Performance - Light Peak Technology showcased its expertise in high-end light and shadow creativity, demonstrating its service capabilities at an international level [1][2] - The company plans to leverage its technological and creative advantages to collaborate with more cities and institutions, aiming to inject vitality into urban economic development [2] Technical Execution - The 3D Mapping light show utilized three T Pro series projectors to transform a 40-meter wide and 9.5-meter high building facade into an immersive giant screen [4] - The T Pro series projectors, with over 30,000 lumens brightness, effectively corrected environmental interference, ensuring vibrant colors and detailed visuals despite the building's reddish hue [4] - The technical team completed the entire process from installation to optimization in just 72 hours, showcasing efficient and precise execution [11]

Key Points - The core viewpoint of the articles highlights the financial performance and operational updates of Guangfeng Technology, indicating significant challenges in profitability despite some revenue growth in specific segments [1][2][4]. Financial Performance Summary - For the year 2024, Guangfeng Technology reported a total revenue of 2.41857 billion RMB, with over 600 million RMB coming from the automotive business [1][4]. - The net profit attributable to shareholders was approximately 27.95 million RMB, reflecting a year-on-year decline of 72.91% [1][4]. - In the first quarter of 2025, the company achieved a revenue of approximately 461.38 million RMB, representing a year-on-year growth of 3.67% [2][4]. - However, the net profit attributable to shareholders for Q1 2025 was a loss of approximately 21.36 million RMB, marking a year-on-year decline of 147.95% [2][4]. Cash Flow and Shareholder Returns - The net cash flow from operating activities for 2024 was approximately 87.22 million RMB, down 76.04% year-on-year [1]. - The company announced a cash dividend of 0.25 RMB per share, totaling approximately 11.42 million RMB, which constitutes 40.86% of the net profit for 2024 [1]. - The total amount for cash dividends and share buybacks reached approximately 130.85 million RMB, exceeding the net profit for 2024 by 468.12% [1]. Research and Development - In 2024, Guangfeng Technology invested approximately 248 million RMB in R&D, accounting for 10.24% of its revenue [3]. - The R&D expenditure increased by 16.65% year-on-year, with R&D accounting for 13.66% of revenue in Q1 2025, up by 1.52 percentage points [2][3]. Environmental, Social, and Governance (ESG) Achievements - The company made significant strides in its automotive optical business, achieving over 600 million RMB in annual revenue and launching innovative products [3]. - Guangfeng Technology's ALPD® technology helped cinema clients save approximately 6.82 billion kWh of electricity and reduce CO2 emissions by 586,800 tons [3]. - The new headquarters received green building certification, emphasizing the company's commitment to sustainability [3].

Core Insights - The company, Appotronics, reported a significant decline in net profit for 2024, with a decrease of 72.91% year-on-year, while achieving a revenue of 2.41857 billion yuan, with over 600 million yuan coming from automotive business [1][3] - In Q1 2025, the company experienced a slight revenue growth of 3.67% year-on-year, totaling approximately 461.38 million yuan, but reported a net loss of approximately 21.36 million yuan, a decline of 147.95% year-on-year [2][3] - The company has been focusing on R&D, with a total investment of 248 million yuan in 2024, representing 10.24% of its revenue, and a further increase in R&D spending in Q1 2025 [4][5] Financial Performance - For 2024, the company reported a net profit of approximately 27.95 million yuan, down 72.91% year-on-year, with a basic earnings per share of 0.06 yuan, a decrease of 73.91% [1][3] - In Q1 2025, the company recorded a net loss of approximately 21.36 million yuan, with basic and diluted earnings per share both at -0.05 yuan, reflecting a 150% decline [2][3] - The operating cash flow for Q1 2025 was approximately 64.13 million yuan, showing a significant increase of 424.57% year-on-year [2][3] Business Developments - The automotive optical business has shown promising growth, achieving revenue of approximately 78.78 million yuan in Q1 2025, a year-on-year increase of 64.03% [2][3] - The company launched innovative products, including the "Lingjing" intelligent automotive optical system, which allows for various projection capabilities and AI voice control [2][4] - Appotronics has been actively participating in international exhibitions, showcasing its technology and products, including a new laser engraving machine and a compact AR light engine [4][5] ESG and Corporate Governance - In 2024, the company emphasized its commitment to environmental responsibility, reporting energy savings of approximately 6.82 billion kWh and a reduction of 586,800 tons of CO2 emissions through its ALPD® technology [5] - The company has a strong focus on employee development, providing over 16,824 hours of training and promoting diverse career paths [5] - Appotronics has established a transparent governance structure with multiple specialized committees to ensure effective decision-making [5]

Core Financial Data - Operating revenue for the first quarter of 2025 was RMB 461.38 million, representing a year-on-year increase of 3.67% compared to RMB 445.04 million in the prior period [2] - Net profit attributable to shareholders of the listed company was a loss of RMB 21.36 million, a decrease of 147.95% from a profit of RMB 44.54 million in the same period last year [2] - Basic and diluted earnings per share were both -0.05 RMB, down 150% from 0.10 RMB in the prior year [2] - Total R&D investments increased by 16.65% to RMB 63.02 million from RMB 54.02 million in the previous year [2] Business Performance - The automotive optics business achieved operating revenue of RMB 78.78 million, up 64.03% year-on-year, driven by new orders from well-known automobile manufacturers [5] - The company launched the "Lingjing" smart automotive optics system at Auto Shanghai 2025, enhancing vehicle optical features and user experience [5] - The dedicated display business showcased products at the World Expo 2025, indicating successful overseas market expansion [6] Non-Recurring Profit or Loss - Non-recurring profit or loss decreased by RMB 41.31 million compared to the first quarter of 2024, primarily due to lower investment incomes and gains from changes in fair values [8] - The company postponed shipments of certain orders for overseas cinema light sources, impacting operating revenue and profit [8] Financial Position - Total assets at the end of the reporting period were RMB 4.09 billion, down 3.86% from RMB 4.26 billion at the end of the prior year [2] - Owners' equity attributable to shareholders of the listed company decreased by 0.74% to RMB 2.72 billion from RMB 2.74 billion [2] Cash Flow - Net cash flow from operating activities was not explicitly stated, but cash receipts from the sale of goods and services totaled RMB 603.95 million, compared to RMB 458.06 million in the prior year [15]

CORPORATION LIMITED Environmental, Social and Governance (ESG) Report APPOTRONICS | APPOTRONICS CORPORATION LIMITED Environmental, Social and Governance (ESG) | Report | 2025.7 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | APPOTRONICS CORPORATION LIMITED Environmental, Social and Governance (ESG) | Report | 001 / 002 | | | | | | | | | About this Report | About This Report | Message from | the | | | | | | | | Chairman | This report is the 2024 Environmental, Social, and Gove ...

APPOTRONICS CORPORATION LIMITED Environmental, Social and Governance (ESG) Report 2025.7 APPOTRONICS CORPORATION LIMITED Environmental, Social and Governance (ESG) Report Special Topic 2 2024 APPOTRONICS CORPORATION LIMITED Environmental, Social and Governance (ESG) Report Message from the Chairman Precision Management for Sustainable Prosperity Strategic Leadership with Good Governance Approaching Appotronics Special Topic 1 Green Development for Ecological Co-prosperity New Quality Empowerment for World C ...

Group 1 - Increasing number of families are replacing fuel vehicles with smart cars, which provide new interactive features for entertainment and online meetings, transforming travel into a new leisure experience [2] - The flagship SUV of the AITO brand, the Wenjie M9, has achieved impressive results, featuring the industry's first automotive-grade projection giant screen, a core technology provided by Shenzhen company, Appotronics [2] - Appotronics' full-domain cockpit projection system supports multiple display scenarios and personalized content customization, redefining the interaction between people and cars [2] Group 2 - The automotive-grade projection giant screen system developed by Appotronics is adjustable in size and has anti-shock performance, enhancing the functionality of high-end luxury smart cabins [3] - The system has served over 160,000 users, showcasing its wide application in various settings beyond vehicles [3] - The Shenzhen Science Museum, the largest in Shenzhen and the world's first digital civilization science museum, utilizes this technology extensively, featuring 24 themed exhibition areas and 950 exhibits [3] Group 3 - Appotronics has made significant breakthroughs in the "laser + culture integration" field, with laser displays gaining attention in the cultural tourism sector [4] - The company has created impressive outdoor projection shows, such as a 2,000 square meter display for the CCTV Spring Festival Gala and a 3,000 square meter projection for the Palace Museum [4] - The technology allows for precise positioning of modern digital animations on ancient architecture, creating unique artistic effects [4] Group 4 - The integration of Appotronics' ALPD laser display module in the "Xiao Wei" robot by Midea enhances the robot's capabilities, allowing it to project high-definition images and guide user interactions [6] - The robot can transform spaces into cinemas, game rooms, or interactive classrooms, showcasing the practical value of emotional engagement [6] - Appotronics is also innovating in the field of bionic projection, with robots featuring a "machine face" capable of displaying realistic expressions, enhancing user interaction [6]

Core Viewpoint - The legal opinion letter from Beijing Zhonglun (Shenzhen) Law Firm confirms that Shenzhen Guangfeng Technology Co., Ltd.'s differentiated dividend distribution plan for the fiscal year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [11]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's total share capital minus the shares held in the repurchase account, with a proposed cash dividend of 0.25 RMB per 10 shares, totaling approximately 11.42 million RMB [8][9]. - The actual number of shares participating in the profit distribution is 455,692,656 shares after accounting for repurchased shares, leading to an adjustment in the cash dividend per share from 0.025 RMB to approximately 0.02486 RMB [8][9]. - The company will not conduct capital reserve transfers or issue bonus shares in this dividend distribution [8]. Group 2: Share Repurchase Plans - The company has implemented multiple share repurchase plans, with the first plan in 2022 allowing for a repurchase of shares at a price not exceeding 27 RMB per share, with a total repurchase amount between 10 million and 20 million RMB [5]. - The second repurchase plan in 2024 also set a maximum repurchase price of 27 RMB per share, with a total amount not exceeding 60 million RMB [5]. - The third plan in 2024 allowed for a repurchase at a maximum price of 22 RMB per share, with a total amount between 20 million and 30 million RMB [6]. Group 3: Legal Compliance and Verification - The law firm conducted a thorough review of the documents and facts provided by the company, confirming their completeness and accuracy [3][4]. - The legal opinion emphasizes that the differentiated dividend distribution adheres to the Company Law, Securities Law, and relevant regulatory guidelines, ensuring the protection of shareholder interests [11].

Core Viewpoint - The company has approved a differentiated cash dividend distribution plan for the fiscal year 2024, with a total cash dividend of 11,420,998.83 yuan, accounting for 40.86% of the net profit attributable to shareholders [2][3]. Dividend Distribution Plan - The company will distribute a cash dividend of 0.25 yuan per 10 shares (including tax) to all shareholders, with the total amount being 11,420,998.83 yuan [2]. - The cash dividend per share has been adjusted from 0.025 yuan to 0.02506 yuan due to an increase in the number of shares repurchased [3]. - The distribution will not include any capital reserve conversion to share capital or bonus shares [2][4]. Share Capital Changes - The total share capital as of the announcement date is 459,291,145 shares, with 3,598,489 shares in the repurchase account excluded from the distribution, resulting in 455,692,656 shares eligible for profit distribution [3][4]. - The adjusted cash dividend per share is calculated based on the actual participating shares [4]. Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.02506 yuan per share [5][6]. - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated and withheld upon the sale of shares [5][6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.02255 yuan per share [7]. Implementation Dates - The key dates for the dividend distribution are the record date, ex-dividend date, and cash dividend payment date, which are specified in the announcement [4][8].