Investment Rating - The investment rating for Foshan Lighting is maintained at "Outperform" [1] Core Views - The Q3 2025 performance of Foshan Lighting was below expectations, with a revenue of 6.532 billion yuan, a year-on-year decline of 5%, and a net profit attributable to shareholders of 141 million yuan, down 44% year-on-year [4][7] - The general lighting and LED packaging businesses are under pressure due to intensified competition, while new business segments are showing growth [7] - The gross margin for Q3 2025 decreased to 16.89%, a decline of 1.70 percentage points year-on-year, primarily due to reduced demand in the general lighting sector [7] Financial Summary - For the first three quarters of 2025, Foshan Lighting achieved a total revenue of 65.32 billion yuan, with a net profit of 1.41 billion yuan, both showing significant declines compared to the previous year [4][7] - The company expects to achieve net profits of 273 million yuan, 322 million yuan, and 349 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 38.8% in 2025, followed by growth in subsequent years [6][7] - The projected earnings per share for 2025 is 0.18 yuan, with a price-to-earnings ratio of 36 [6][7]

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 20 05 41（B 股） 公告编号：2025-053 佛山电器照明股份有限公司 关于续聘 2025 年度会计师事务所的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：本次续聘会计师事务所符合财政部、国务院国资委、证监会印 发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号） 的规定。 本公司于 2025 年 10 月 29 日召开的第十届董事会第十三次会议 审议通过了《关于续聘 2025 年度会计师事务所的议案》，董事会同 意续聘大信会计师事务所（特殊普通合伙）为公司 2025 年度财务审 计机构及内部控制审计机构，聘期为 1 年，并提交公司股东会审议。 现将相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 近三年，大信因执业行为承担民事责任的情况包括昌信农贷等三 项审计业务，投资者诉讼金额共计 426.31 万元，均已履行完毕，职 业保险能够覆盖民事赔偿责任。 5、诚信记录 大信会计师事务所 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 20 05 41（B 股） 公告编号：2025-050 佛山电器照明股份有限公司 第十届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 以上议案均已经公司第十届董事会审计、合规与风险管理委员会 第六次会议审议通过。 特此公告。 佛山电器照明股份有限公司 1、审议通过《2025 年第三季度报告》 同意 8 票，反对 0 票，弃权 0 票。 详细内容请见同日刊登于巨潮资讯网的《2025年第三季度报告》。 2、审议通过《关于续聘 2025 年度会计师事务所的议案》 同意 8 票，反对 0 票，弃权 0 票。 董事会同意续聘大信会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构及内部控制审计机构，聘期为 1 年。本次事项尚需 提交公司股东会审议。 详细内容请见同日刊登于巨潮资讯网的《关于续聘 2025 年度会 计师事务所的公告》。 本公司于 2025 年 10 月 23 日以电子邮件的方式向全体董事发出 了会议通知，并于 2025 年 ...

Core Viewpoint - Foshan Lighting reported a revenue of 2.146 billion yuan in Q3, showing a year-on-year increase of 2.08%, while the net profit attributable to shareholders decreased by 55.68% to 26.0131 million yuan [1] Financial Performance - For the first three quarters, the total revenue was 6.532 billion yuan, reflecting a year-on-year decline of 5.16% [1] - The net profit attributable to shareholders for the first three quarters was 141 million yuan, which represents a year-on-year decrease of 43.80% [1]

Core Viewpoint - Foshan Lighting reported a revenue of 2.146 billion yuan in the third quarter, reflecting a year-on-year growth of 2.08%, while net profit decreased by 55.68% to 26.0131 million yuan [1] Financial Performance - The revenue for the first three quarters amounted to 6.532 billion yuan, showing a year-on-year decline of 5.16% [1] - Net profit for the first three quarters was 141 million yuan, which represents a year-on-year decrease of 43.8% [1]

Core Viewpoint - Foshan Lighting reported a third-quarter revenue of 2.146 billion yuan, representing a year-on-year increase of 2.08%, while net profit decreased by 55.68% to 26.0131 million yuan [1] Financial Performance - For the first three quarters, the company's revenue totaled 6.532 billion yuan, showing a year-on-year decline of 5.16% [1] - The net profit for the first three quarters was 141 million yuan, reflecting a year-on-year decrease of 43.80% [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥2,146,468,712.59, representing a year-on-year increase of 2.08%[5] - Net profit attributable to shareholders decreased by 55.68% to ¥26,013,078.35, while the net profit after deducting non-recurring gains and losses fell by 59.10% to ¥15,947,121.16[5] - Total operating revenue for the current period is ¥6,532,199,832.37, a decrease of 5.16% from ¥6,887,273,560.82 in the previous period[20] - Net profit for the current period is ¥182,686,129.00, a decline of 45.40% compared to ¥336,157,294.11 in the previous period[21] - Earnings per share (basic) for the current period is ¥0.0918, down from ¥0.1634 in the previous period[22] - The total comprehensive income for the current period is ¥362,722,248.91, slightly down from ¥375,413,117.27 in the previous period[22] Cash Flow - The net cash flow from operating activities plummeted by 92.80% to ¥41,134,245.61 compared to the same period last year[11] - Operating cash inflow totaled approximately $6.41 billion, a decrease from $6.71 billion in the previous period[25] - Net cash flow from operating activities was $41.13 million, significantly down from $571.13 million year-over-year[25] - Net cash flow from investing activities improved by 86.17% to -¥138,945,796.94, compared to a much larger outflow in the previous year[11] - Net cash flow from investing activities was -$138.95 million, an improvement from -$1.01 billion in the previous period[25] - Cash flow from financing activities showed a net outflow of -$355.81 million, compared to -$80.48 million last year[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥17,057,984,441.19, a decrease of 0.59% from the end of the previous year[5] - Total current assets amount to 9,263,042,609.93 RMB, an increase from 9,128,986,031.23 RMB at the beginning of the period[17] - Total liabilities amount to ¥6,714,421,722.79, a decrease from ¥6,993,263,362.80 in the previous period[18] - The company has a total of 2,006,532,427.77 RMB in accounts payable, up from 1,930,784,817.62 RMB[17] - Total non-current assets are 7,794,941,831.26 RMB, a decrease from 8,030,777,425.41 RMB[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 82,691[13] - The largest shareholder, Hong Kong Huasheng Holdings, holds 12.85% of shares, totaling 197,338,980 shares[14] - The company’s total equity attributable to shareholders increased by 2.06% to ¥6,709,844,021.01 compared to the end of the previous year[5] - Total equity attributable to shareholders of the parent company is ¥6,709,844,021.01, an increase from ¥6,574,304,305.27 in the previous period[18] Other Financial Metrics - The weighted average return on net assets was 0.41%, down by 0.51% year-on-year[5] - The company reported a financial expense of -¥17,863,301.69, an improvement from -¥30,819,141.97 in the previous period[21] - Other comprehensive income after tax for the current period is ¥180,036,119.91, compared to ¥39,255,823.16 in the previous period[22] - The company reported a significant decrease of 92.62% in trading financial assets, totaling ¥3,223,320.89, primarily due to the maturity of financial products[10] - Other current assets surged by 188.79% to ¥754,574,507.13, mainly due to the purchase of time deposits[10] - The company experienced an 86.10% decline in asset disposal income, amounting to ¥2,985,690.65, attributed to fewer asset disposals during the period[11] Audit Status - The financial report for the third quarter was not audited[26]

1、审议通过《2025 年第三季度报告》。 同意 5 票，反对 0 票，弃权 0 票 经审核，监事会认为董事会编制和审议公司 2025 年第三季度报 告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 详细内容请见公司同日刊登于巨潮资讯网的《2025 年第三季度 报告》。 股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 20 05 41（B 股） 公告编号：2025-051 佛山电器照明股份有限公司 第十届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2025 年 10 月 23 日以电子邮件的方式向全体监事发出 了会议通知，并于 2025 年 10 月 29 日召开第十届监事会第七次会议， 会议通过书面传真方式审议会议议案，应会 5 名监事均对会议议案作 出表决，符合《公司法》和《公司章程》的有关规定。会议审议通过 如下议案： 特此公告。 佛山电器照明股份有限公司 监 事 会 2025 ...

Core Insights - The lighting equipment sector experienced a decline of 0.99% on October 29, with Ocean King leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - The following companies in the lighting equipment sector showed notable price movements: - Greer (20.35, +5.50%, 32,000 shares, 62.82 million CNY) [1] - *ST Xingguang (2.08, +5.05%, 822,700 shares, 16.7 million CNY) [1] - Hengtai Lighting (10.94, +1.86%, 20,600 shares, 22.24 million CNY) [1] - Minexplosion Optoelectronics (43.19, +0.91%, 53,219 shares, 22.89 million CNY) [1] - Sanxiong Aurora (12.44, +0.40%, 45,900 shares, 57.04 million CNY) [1] - Foshan Lighting (6.38, 0.00%, 111,300 shares, 70.63 million CNY) [1] - Sunshine Lighting (3.63, -0.27%, 197,000 shares, 71.15 million CNY) [1] - Lida Xin (17.39, -1.14%, 60,300 shares, 105 million CNY) [1] - Komatsu Co. (7.86, -1.26%, 148,900 shares, 117 million CNY) [1] - Debang Lighting (13.73, -1.29%, 16,700 shares, 23.08 million CNY) [1] Capital Flow - The lighting equipment sector saw a net outflow of 32.03 million CNY from institutional investors, while retail investors contributed a net inflow of 23.99 million CNY [2] - The following companies had significant capital flow: - Lida Xin: Net inflow of 9.05 million CNY from institutional investors, but net outflows from retail and speculative investors [3] - *ST Xingguang: Net inflow of 8.19 million CNY from institutional investors, with outflows from speculative and retail investors [3] - Sunshine Lighting: Net inflow of 3.65 million CNY from institutional investors, with outflows from speculative investors [3] - Shihong History: Net inflow of 2.54 million CNY from institutional investors, but significant outflows from speculative investors [3] - Foshan Lighting: Net inflow of 2.53 million CNY from institutional investors, with outflows from speculative investors [3]

Market Overview - The lighting equipment sector experienced a decline of 0.74% on October 28, with Ocean King leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Lida Xin (605365) closed at 17.59, up 2.33% with a trading volume of 76,100 shares and a turnover of 134 million yuan [1] - Sanxiong Aurora (300625) closed at 12.39, up 0.32% with a trading volume of 18,100 shares [1] - Xiaomatsu Co. (002723) closed at 7.96, up 0.13% with a trading volume of 117,200 shares [1] - Debang Lighting (603303) closed at 13.91, up 0.07% with a trading volume of 15,300 shares [1] - Minexplosion Optoelectronics (301362) closed at 42.80, up 0.05% with a trading volume of 5,302 shares [1] - Hengtai Lighting (920339) closed at 10.74, down 0.09% with a trading volume of 10,300 shares [1] - Foshan Lighting (000541) closed at 6.38, down 0.31% with a trading volume of 93,500 shares [1] - Sunshine Lighting (600261) closed at 3.64, down 0.55% with a trading volume of 127,900 shares [1] - OPPLE Lighting (603515) closed at 17.66, down 1.06% with a trading volume of 10,500 shares [1] - Qinsun Co. (002638) closed at 2.71, down 1.45% with a trading volume of 344,300 shares [1] Capital Flow Analysis - The lighting equipment sector saw a net outflow of 100 million yuan from institutional investors, while retail investors had a net inflow of 70.45 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Debang Lighting (603303) had a net inflow of 285,600 yuan from institutional investors, but a net outflow of 105,900 yuan from retail investors [3] - Sanxiong Aurora (300625) experienced a net outflow of 269,000 yuan from institutional investors, while retail investors contributed a net inflow of 889,600 yuan [3] - Lida Xin (605365) saw a net outflow of 1,022,200 yuan from institutional investors, with retail investors providing a net inflow of 3,340,400 yuan [3] - Minexplosion Optoelectronics (301362) had a net outflow of 1,589,600 yuan from institutional investors, while retail investors had a net inflow of 1,623,180 yuan [3] - Foshan Lighting (000541) faced a net outflow of 927,410 yuan from institutional investors, with retail investors contributing a net inflow of 814,670 yuan [3]