证券代码：002076 证券简称：*ST 星光 公告编号：2025-067 广东星光发展股份有限公司 第七届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 《第七届董事会第十一次会议决议》 特此公告。 广东星光发展股份有限公司董事会 2025 年 8 月 29 日 1 以 5 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年半年度报告》 及其摘要。 本议案已经公司第七届董事会审计委员会 2025 年第四次会议审议通过。 具体内容详见刊登于巨潮资讯网（www.cninfo.com.cn）的《公司 2025 年半 年度报告》及其摘要。 三、备查文件 一、董事会会议召开情况 广东星光发展股份有限公司（以下简称"公司"）第七届董事会第十一次会 议于 2025 年 8 月 29 日以现场结合通讯表决方式在公司会议室召开，本次会议的 通知于 2025 年 8 月 18 日以邮件形式发出。本次会议由董事长戴俊威主持，应当 参加会议的董事 5 人，实际参加会议的董事 5 人（其中：独立董事倪振年以通讯 表决方式 ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=Important%20Notices) The company's stock is under a delisting risk warning due to its 2024 performance, and no dividends will be distributed for this period - The company's stock has been subject to a delisting risk warning since April 29, 2025, due to **negative total profit, net profit, and net profit excluding non-recurring items for the fiscal year 2024**, with operating revenue after deductions falling below 300 million Yuan[4](index=4&type=chunk) - The Board of Directors will actively urge management to take effective measures to improve the company's operating and financial conditions to remove the delisting risk warning[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report includes key sections such as important notices, company profile, management discussion, and other submitted data [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) Documents available for inspection include signed financial statements, the full semi-annual report, and all public announcements from the reporting period - The documents for inspection include financial statements signed by the company's responsible person, the head of accounting, and the head of the accounting department[9](index=9&type=chunk) - The documents also include the full text and summary of the 2025 semi-annual report signed by the legal representative[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, company names, and the reporting period used throughout the report - "The Company," "Starlight Shares," or "Starlight Shares Co" refers to Guangdong Starlight Development Co, Ltd, formerly known as "Guangdong Cnlight Co, Ltd"[12](index=12&type=chunk) - The "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, *ST Starlight, is listed on the Shenzhen Stock Exchange under stock code 002076, with Li Zhenjiang as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | *ST Starlight | | Stock Code | 002076 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 广东星光发展股份有限公司 | | Legal Representative | Li Zhenjiang | [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact information for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Taohua | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zth@cnlight.com | | Securities Affairs Representative | Pan Xiaomei | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zjb@cnlight.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact details, information disclosure locations, or other related information during the reporting period - The company's contact methods, including registered address, office address, website, and email, remained unchanged during the reporting period[16](index=16&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue increased by 32.62% year-on-year, but net profit attributable to shareholders declined by 367.06%, shifting from profit to loss Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | | Net Profit Attributable to Shareholders | -2,660,947.93 | 996,370.47 | -367.06% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -8,445,844.80 | -5,248,343.31 | -60.92% | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | | Basic Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Diluted Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Weighted Average Return on Equity | -0.92% | 0.31% | -1.23% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 609,138,505.10 | 611,990,887.92 | -0.47% | | Net Assets Attributable to Shareholders | 289,588,635.24 | 289,900,272.39 | -0.11% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) No discrepancies exist in net profit or net assets between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring gains totaled 5.78 million Yuan, primarily from asset disposals, debt restructuring, and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 700,402.25 | | Government Grants Recognized in Current Profit or Loss | 221,751.73 | | Fair Value Gains/Losses and Gains/Losses from Disposal of Financial Assets and Liabilities | 104,548.87 | | Gains/Losses from Entrusted Investments or Asset Management | 9,900.69 | | Gains/Losses from Debt Restructuring | 4,914,592.41 | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | -1,545,347.27 | | Other Non-operating Income and Expenses | 1,192,987.65 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 25,141.30 | | Less: Income Tax Impact | 68,181.72 | | Minority Interest Impact (After Tax) | -229,100.96 | | Total | 5,784,896.87 | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company's business covers lighting, new energy, information security, and property management, operating on an order-driven production model - The new "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)" encourages the semiconductor lighting industry, and the State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" targets **50% penetration of high-efficiency lighting products by 2025**, accelerating the demand for LED replacement[27](index=27&type=chunk)[28](index=28&type=chunk) - The "2025 China Home Appliance Health Trends White Paper" shows that **83% of consumers are willing to pay a premium for health-related technologies**, with search volume for healthy appliances being 4.9 times the average on JD.com[29](index=29&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales reached **6.97 million and 6.94 million units**, growing by 41.4% and 40.3% year-on-year, respectively, accounting for **44.3% of total new car sales**[31](index=31&type=chunk)[34](index=34&type=chunk) - The penetration rate of LED headlights in vehicles has **exceeded 60%**, reaching as high as 90% in new energy vehicles, with the Chinese automotive lighting market expected to reach approximately 22.66 million units by 2027[32](index=32&type=chunk) - In the first half of 2025, China's newly installed renewable energy capacity reached **268 million kW, a 99.3% year-on-year increase**, with solar power accounting for 212 million kW[35](index=35&type=chunk) - As of the end of June 2025, China's total installed renewable energy capacity reached **2.16 billion kW, a 30.6% year-on-year increase**, accounting for approximately 59.2% of the country's total installed capacity[36](index=36&type=chunk) - The company's main business segments include lighting and environmental appliances, new energy, information security and system integration, and property rental management[38](index=38&type=chunk) - With **over 20 years of technical expertise**, the company is a key domestic A-share listed manufacturer of UV sterilization lamps, offering a range of environmental purification products for various settings[40](index=40&type=chunk) - The lithium battery equipment business provides mid-to-late stage production line equipment, with subsidiary Zhuoyue Automation being an early domestic player in this field[43](index=43&type=chunk) - The company's business models are order-driven, employing a mix of distribution and direct sales, with production based on customer demand[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) LED Packaging Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | Global LED Packaging Market | 12.7 billion USD | 1% | UV LED Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | UV LED Market | 2.8 billion Yuan | 23% | Lithium Battery Shipments and Equipment Market Size | Indicator | H1 2025 Shipments | YoY Growth | 2023 Global Market Size | 2023 China Market Size | 2024 Global Forecast | 2024 China Forecast | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Shipments | 776 GWh | 68% | - | - | - | - | | Lithium Battery Equipment Market | - | - | 186.9 billion Yuan | 90 billion Yuan | 233.6 billion Yuan | 75 billion Yuan | Software and Information Technology Services Industry Data | Indicator | 2024 Software Revenue | YoY Growth | 2024 Total Profit | YoY Growth | 2024 Information Security Revenue | Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software and IT Services | 13.73 trillion Yuan | 10.0% | 1.70 trillion Yuan | 8.7% | 229 billion Yuan | 5.1% | [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) Core strengths include strong R&D capabilities with over 500 patents, a diverse product portfolio, a well-known brand, and a stable, experienced team - The company has a strong R&D team and system, has received national awards, participated in drafting national standards, and holds **over 500 domestic and foreign patents** as of the reporting period[58](index=58&type=chunk) - Subsidiary Zhuoyue Automation is recognized as a national high-tech enterprise, holding **78 patents and 55 software copyrights**[59](index=59&type=chunk) - The company offers a diverse product portfolio, including LED lighting, automotive lighting, UV sterilization, and environmental appliances, and has expanded into the new energy sector with lithium battery equipment and distributed photovoltaic power stations[60](index=60&type=chunk) - Established in 1992, the company has **over 30 years of experience** in the optoelectronics industry, and its "Cnlight" brand has high recognition, having been awarded "China Famous Trademark"[61](index=61&type=chunk) - The core management team is stable, with key personnel serving for over 10 years, and the company has implemented a **2023 stock option incentive plan** to motivate the team[62](index=62&type=chunk) - The company and its subsidiaries hold numerous key qualifications, including **Level 1 contractor for urban and road lighting engineering** and **Level 2 general contractor for power engineering construction**[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 32.62% due to increased order fulfillment, while costs and expenses also rose, particularly financial expenses which grew 103.86% Key Financial Data YoY Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | Increased sales order acceptance by subsidiaries | | Operating Costs | 59,067,133.91 | 41,543,247.21 | 42.18% | Increased in line with operating revenue | | Selling Expenses | 9,146,285.87 | 8,942,651.49 | 2.28% | - | | Administrative Expenses | 26,141,783.59 | 20,094,137.57 | 30.10% | Increased stock option expenses and professional fees | | Financial Expenses | 1,397,883.25 | 685,709.41 | 103.86% | Increased bank loan interest and lease financing costs from consolidating Yuansheng Information | | Income Tax Expense | -22,184.03 | 109,783.86 | -120.21% | Decrease in deferred tax expense from deductible temporary differences | | R&D Investment | 4,042,072.72 | 4,396,232.62 | -8.06% | - | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | Increased cash payments for other operating activities | | Net Cash Flow from Investing Activities | -18,072,668.54 | 26,342,456.77 | -168.61% | Decreased cash received from investment recovery | | Net Cash Flow from Financing Activities | -5,009,386.54 | -1,748,874.30 | -186.43% | Increased cash payments for debt repayment | | Net Increase in Cash and Cash Equivalents | -26,445,775.57 | 23,060,690.57 | -214.68% | - | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | UV Sterilization Lamps | 10,894,785.58 | 11.72% | 13,137,699.99 | 18.74% | -17.07% | | Automotive Lighting Series | 14,755,219.65 | 15.87% | 16,276,429.29 | 23.22% | -9.35% | | LED Lighting Series | 15,697,657.08 | 16.89% | 11,058,492.52 | 15.78% | 41.95% | | Fluorescent Lamps | 10,054,686.71 | 10.82% | 9,028,152.55 | 12.88% | 11.37% | | Lithium Battery Production Equipment Series | 23,897,850.81 | 25.71% | 10,797,621.21 | 15.40% | 121.33% | | PV Power Station Construction & Operation | 7,460,073.15 | 8.02% | 1,761,952.71 | 2.51% | 323.40% | | Information Security & System Integration Series | 5,407,771.14 | 5.82% | 0.00 | 0.00% | 100.00% | | Other Business Revenue | 4,795,340.98 | 5.16% | 8,037,571.36 | 11.47% | -40.34% | Gross Margin Changes for Products Exceeding 10% of Revenue | Product | Current Period Gross Margin | Gross Margin Change from Prior Year Period | | :--- | :--- | :--- | | UV Sterilization Lamps | 29.74% | 2.91% | | Automotive Lighting Series | 37.24% | -9.18% | | LED Lighting Series | 24.46% | -0.12% | | Fluorescent Lamps | 33.53% | -1.93% | | Lithium Battery Production Equipment Series | 28.21% | -7.62% | Revenue Changes for Regions Exceeding 10% of Revenue | Region | Current Period Revenue Share | Prior Year Period Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | South China | 37.47% | 45.92% | 8.22% | | East China | 38.19% | 30.73% | 64.84% | | Overseas | 15.63% | 15.51% | 33.57% | [Analysis of Non-Main Business Operations](index=17&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business activities significantly impacted profit, with investment income from debt restructuring being a major contributor Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,924,315.10 | -119.22% | Gain from subsidiary's debt restructuring | No | | Fair Value Change Gains/Losses | 104,548.87 | -2.53% | Fair value change in bank wealth management products | No | | Asset Impairment | -1,261,904.38 | 30.55% | Provision for inventory write-down | No | | Non-operating Income | 1,487,000.16 | -36.00% | Received performance compensation | No | | Non-operating Expenses | 1,872,832.27 | -45.34% | Additional provision for litigation default interest by a subsidiary | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets slightly decreased, while the proportion of inventory and contract liabilities increased Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 76,693,425.58 | 12.59% | 102,342,142.76 | 16.72% | -4.13% | | Accounts Receivable | 44,586,818.45 | 7.32% | 54,262,074.94 | 8.87% | -1.55% | | Inventory | 163,993,481.31 | 26.92% | 137,462,135.66 | 22.46% | 4.46% | | Right-of-use Assets | 10,568,592.25 | 1.74% | 25,664,827.44 | 4.19% | -2.45% | | Contract Liabilities | 105,888,983.86 | 17.38% | 89,970,629.90 | 14.70% | 2.68% | | Long-term Borrowings | 10,215,000.00 | 1.68% | 13,137,560.34 | 2.15% | -0.47% | | Lease Liabilities | 8,263,109.05 | 1.36% | 21,745,398.14 | 3.55% | -2.19% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 100,713.25 | 11,000,000.00 | 11,104,548.87 | | Investment Property | 168,807,999.47 | 0.00 | 0.00 | 168,807,999.47 | | Total | 168,807,999.47 | 100,713.25 | 11,000,000.00 | 179,912,548.34 | Restricted Assets as of the Reporting Period End | Item | Closing Book Balance (Yuan) | Closing Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 28,863,755.04 | 28,863,755.04 | Restricted administrator account, frozen and restricted funds | | Intangible Assets | 4,940,327.50 | 2,585,438.05 | Seized in creditor lawsuit, restriction not yet lifted | | Total | 33,804,082.54 | 31,449,193.09 | - | [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period - The company had no securities investments during the reporting period[77](index=77&type=chunk) - The company had no derivatives investments during the reporting period[78](index=78&type=chunk) - The company did not use any raised funds during the reporting period[79](index=79&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major assets or equity interests were sold during the reporting period - The company did not sell any major assets during the reporting period[80](index=80&type=chunk) - The company did not sell any major equity interests during the reporting period[81](index=81&type=chunk) [Analysis of Major Subsidiaries and Investees](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section details the financial performance of major subsidiaries, including Shenzhen Zhuoyue Automation and Shenzhen Yike Optoelectronics Major Subsidiaries and Investees | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zhuoyue Automation Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of NEV power lithium battery production equipment | 35,000,000 | 174,225,005.92 | 80,051,803.27 | 24,149,807.01 | 1,371,190.77 | 1,260,638.79 | | Shenzhen Yike Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of automotive lamps and electronic accessories | 10,000,000 | 23,068,960.71 | 16,919,015.16 | 13,797,096.37 | 881,869.72 | 898,806.58 | | Foshan Cnlight Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 42,021,563.74 | 6,104,610.30 | 30,370,207.49 | -195,716.36 | -218,365.65 | | Foshan Cnlight Lighting Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 60,717,305.41 | 4,851,639.31 | 847,168.11 | 3,697,485.51 | 2,638,027.28 | | Guangdong Starlight Smart City Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of LED lighting and electronic accessories | 10,000,000.00 | 14,941,854.09 | 7,659,531.34 | 3,600,339.64 | -1,236,436.72 | -1,217,335.52 | | Guangdong Shutong Intelligent Technology Co, Ltd | Subsidiary | Sales of network information security products and services | 5,000,000.00 | 2,586,950.13 | 830,036.69 | 96,727.33 | -879,491.85 | -879,491.79 | - During the reporting period, the company disposed of Shanghai Jinhui Cnlight E-commerce Co, Ltd through an ordinary transfer, with no impact on overall operations or performance[84](index=84&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks and Countermeasures](index=20&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from a repurchase obligation, a fire incident at a leased property, and a delisting risk warning - The company faces a **potential repurchase obligation** related to a business cooperation with Pu'er Pushun, which could increase financial pressure; the company is actively responding to the lawsuit[84](index=84&type=chunk) - A **fire occurred on April 13, 2025**, at a factory building leased out by the company; the liability and financial loss are still under investigation and cannot be estimated at this time[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's stock is under a **delisting risk warning** due to its 2024 performance; the Board is actively taking measures to improve business and financial conditions to have the warning lifted[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[88](index=88&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[89](index=89&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Current Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Current%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2023 stock option plan is ongoing, but some options were canceled due to unmet performance targets - On March 20, 2023, the company initially granted **78 million stock options** to 77 incentive recipients at an exercise price of 2.88 Yuan per share[93](index=93&type=chunk) - On March 12, 2024, the company granted a reserved portion of **12 million stock options** to 28 incentive recipients at an exercise price of 2.88 Yuan per share[94](index=94&type=chunk) - Due to unmet company-level performance targets for 2023, **15.6 million stock options** from the first exercise period of the initial grant were canceled on May 13, 2024[95](index=95&type=chunk) - On April 25, 2025, the company canceled a total of **39.4 million stock options**, including 16.03 million from 11 departed employees and 23.37 million from unmet performance targets, leaving **35 million options outstanding**[96](index=96&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company is committed to social responsibility, focusing on corporate governance, employee rights, environmental protection, and community engagement - The company has established a sound corporate governance structure consisting of the shareholders' meeting, board of directors, supervisory committee, and senior management[98](index=98&type=chunk) - The company strictly adheres to the "Labor Contract Law," respects employee rights, provides training, and ensures workplace safety[98](index=98&type=chunk) - The company prioritizes environmental protection, has implemented the **ISO14001 environmental management system**, and handles wastewater and exhaust gas in compliance with regulations[99](index=99&type=chunk) - The company actively participates in charitable activities, including establishing a Hope Primary School and donating disinfection supplies for disaster relief[100](index=100&type=chunk) Significant Matters [Commitments by the Company, its Controlling Shareholder, Related Parties, and Acquirers Fulfilled or Overdue during the Reporting Period](index=24&type=section&id=I.%20Commitments%20by%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20Related%20Parties%2C%20and%20Acquirers%20Fulfilled%20or%20Overdue%20during%20the%20Reporting%20Period) Commitments related to equity incentives and share purchases were fulfilled, including the completed repurchase of the Yuansheng Information equity - The company's commitment not to provide financial assistance to equity incentive participants is being duly fulfilled[102](index=102&type=chunk) - The commitment by Mr Dai Junwei to acquire the company's entire stake in Yuansheng Information if its performance targets were not met **has been fulfilled**, with the equity transfer completed on July 16, 2025[102](index=102&type=chunk) - Guangdong Futai Holdings Co, Ltd, controlled by Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares for approximately 10.22 million Yuan**, meeting the lower limit of the plan[103](index=103&type=chunk) [Non-operating Fund Occupation by the Controlling Shareholder and Other Related Parties](index=25&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[104](index=104&type=chunk) [Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[106](index=106&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[107](index=107&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=25&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) There was no non-standard audit report for the previous year - There was no non-standard audit report for the previous year[107](index=107&type=chunk) [Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[107](index=107&type=chunk) [Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company is involved in several major lawsuits, primarily related to debt recovery from and guarantees provided for Fushun Optoelectronics Major Litigation and Arbitration Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Lawsuit against Fushun Optoelectronics for loan and interest repayment | 23,435.76 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | 2,790.14 Yuan recovered; case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Yinfu Energy Saving for loan repayment, with Fushun Optoelectronics as guarantor | 1,863.38 | No | Second instance judgment | Appeal rejected, original judgment upheld | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Fushun Optoelectronics for unpaid shareholder dividends | 9,990 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit by China Construction Bank regarding a guarantee for Fushun Optoelectronics' loan | 5,267.65 | Yes | Second instance judgment | Appeal rejected, original judgment upheld | Bank has filed a claim; company has requested a temporary suspension of repayment; awaiting collateral auction proceeds | | Subrogation claim by Shanghai Nongnongguo against Foshan Cnlight | 1,000 | Yes | First instance judgment | Foshan Cnlight to pay 6.67 million Yuan plus interest | Debt restructuring agreement signed for 3.58 million Yuan; 3.08 million Yuan has been paid | | Subrogation claim by Hubei Zhongmeng against Foshan Cnlight | 1,200 | Yes | First instance judgment | Foshan Cnlight to pay 8.01 million Yuan plus interest | Enforcement in progress | | Subrogation claim by Shanghai Hengjiu against Foshan Cnlight | 3,285 | Yes | First instance judgment | Foshan Cnlight to pay 21.92 million Yuan plus interest | Judgment has taken effect | Other Litigation Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation where the company is the plaintiff | 4,926.6 | No | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,007.1 | Yes | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,638.71 | Yes | In trial | Case is in trial stage | In trial | [Penalties and Rectification](index=28&type=section&id=IX.%20Penalties%20and%20Rectification) The company and its management received a warning letter for inaccurate performance forecasts and delayed risk disclosure, and a rectification report has been submitted - The company, its actual controller, and key directors received a **warning letter from the Guangdong CSRC** for significant discrepancies in the 2024 performance forecast and failure to promptly disclose delisting risk warnings[110](index=110&type=chunk)[111](index=111&type=chunk) - The company submitted a **rectification report** regarding the performance forecast warning letter to the Guangdong CSRC in May 2025[111](index=111&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good credit standing and are not listed as dishonest judgment debtors - As of the end of the reporting period, the company is **not listed as a dishonest judgment debtor**[112](index=112&type=chunk) - The company's controlling shareholder and actual controller have a good credit record and have no outstanding court judgments or significant overdue debts[112](index=112&type=chunk) [Major Related-Party Transactions](index=29&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in related-party transactions including sales, asset transfers, and joint investments, notably the sale of its stake in Guangzhou Yuansheng Information Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Related-Party Transactions for Asset or Equity Acquisitions and Sales | Related Party | Transaction Type | Transaction Content | Book Value of Asset (10k Yuan) | Appraised Value of Asset (10k Yuan) | Transfer Price (10k Yuan) | Transaction Gain/Loss (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Futai Holdings Co, Ltd | Equity sale | Transfer of 51% equity in subsidiary Guangzhou Yuansheng Information Technology Co, Ltd | 1,675.92 | 726.74 | 1,000 | 0 | - The company's subsidiary, Starlight Cloud Computing, plans to jointly participate with a related party in the bankruptcy reorganization of Guangdong Ruijiang Cloud Computing Co, Ltd, with a proposed investment of approximately **13.8 million Yuan for a 26.87% stake**[121](index=121&type=chunk) [Major Contracts and Their Performance](index=32&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has an outstanding external guarantee of 20.075 million Yuan and 11 million Yuan in outstanding entrusted wealth management - The company had no custody, contracting, or leasing arrangements during the reporting period[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - The company has no other major contracts during the reporting period[128](index=128&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Guarantee Amount (10k Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Fushun Optoelectronics | 4,000 | 2,007.5 | 3 years | No | Entrusted Wealth Management | Type | Source of Funds | Amount (10k Yuan) | Outstanding Balance (10k Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 2,850 | 1,100 | [Other Significant Matters](index=33&type=section&id=XIII.%20Other%20Significant%20Matters) An entity controlled by the company's actual controller completed a share purchase plan, acquiring shares worth approximately 10.22 million Yuan - Guangdong Futai Holdings Co, Ltd, controlled by the company's actual controller and Chairman Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares (0.50% of total share capital) for approximately 10.22 million Yuan**[129](index=129&type=chunk) [Significant Matters of Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) Subsidiary matters include a planned reorganization investment, a major contract win, and the resolution of performance commitments and legal disputes - Subsidiary Starlight Cloud Computing plans to participate in the reorganization of Guangdong Ruijiang Cloud, but no formal agreement has been signed yet[131](index=131&type=chunk) - Subsidiary Shenzhen Zhuoyue Automation Technology Co, Ltd won a **22.28 million Yuan equipment procurement contract** from Ruipu Lanjun Energy Co, Ltd, which is currently being executed[132](index=132&type=chunk) - The planned acquisition of the "Zaojiatong" platform through a joint venture was terminated due to a failure to reach an agreement[133](index=133&type=chunk) - The actual controller, Mr Dai Junwei, made performance commitments for subsidiaries Starlight Quantum and Yuansheng Information; the **51% stake in Yuansheng Information has since been sold for 10 million Yuan**[134](index=134&type=chunk)[135](index=135&type=chunk) - The 2024 performance commitment for Guangzhou Yuansheng Information was met, and the company received **1.36 million Yuan in performance compensation**[136](index=136&type=chunk)[137](index=137&type=chunk) - Subsidiary Foshan Cnlight Lighting is involved in several subrogation disputes, with some resolved through debt restructuring, and the parent company is not expected to bear joint liability[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Share Capital Changes and Shareholder Information [Share Capital Changes](index=36&type=section&id=I.%20Share%20Capital%20Changes) The total share capital remained unchanged, while restricted shares decreased and unrestricted shares increased due to the lifting of sales restrictions for former executives Share Capital Changes | Share Type | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,184,437 | 7.23% | -13,334,178 | 66,850,259 | 6.03% | | II. Unrestricted Shares | 1,028,940,054 | 92.77% | 13,334,178 | 1,042,274,232 | 93.97% | | III. Total Shares | 1,109,124,491 | 100.00% | 0 | 1,109,124,491 | 100.00% | - The change in share status was primarily due to the lifting of sales restrictions on shares held by former directors Xian Shuzhong and Chai Hua, and former executive Tang Hao, following their departure[144](index=144&type=chunk)[145](index=145&type=chunk) Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Restricted Shares Released (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Dai Junwei | 60,000,000 | 0 | 60,000,000 | Executive lock-up and personal commitment | | Zhang Taohua | 1,714,703 | 0 | 1,714,703 | Executive lock-up | | Li Zhenjiang | 48,000 | 0 | 48,000 | Executive lock-up | | Xian Shuzhong | 15,531,678 | 11,531,678 | 4,000,000 | 100% lock-up for 6 months post-departure; part pending buyback | | Chai Hua | 1,103,200 | 1,103,200 | 0 | 100% lock-up for 6 months post-departure | | Tang Hao | 699,300 | 699,300 | 0 | 100% lock-up for 6 months post-departure | | Total | 80,184,437 | 13,334,178 | 66,850,259 | - | [Securities Issuance and Listing](index=38&type=section&id=II.%20Securities%20Issuance%20and%20Listing) There were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[148](index=148&type=chunk) [Number of Shareholders and Shareholdings](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, the company had 58,844 common shareholders, with some top shareholders' shares being pledged or frozen - The total number of common shareholders at the end of the reporting period was **58,844**[149](index=149&type=chunk) - The controlling shareholder is Jiadexuan, and the actual controller is Dai Junwei, who also controls Shangfan Capital and Futai Holdings, which are parties acting in concert[151](index=151&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiadexuan (Guangzhou) Capital Management Co, Ltd | Domestic Non-SOE | 7.24% | 80,263,648 | 0 | 80,263,648 | N/A: 0 | | Dai Junwei | Domestic Individual | 7.21% | 80,000,000 | 60,000,000 | 20,000,000 | N/A: 0 | | Chai Guosheng | Domestic Individual | 3.93% | 43,641,103 | 0 | 43,641,103 | Pledged: 33,348,162; Frozen: 43,641,103 | | Guangdong Shangfan Capital Investment Co, Ltd | Domestic Non-SOE | 1.89% | 21,000,000 | 0 | 21,000,000 | N/A: 0 | | Guangdong Yuejia Innovation Investment Partnership (LP) | Domestic Non-SOE | 1.36% | 15,029,700 | 0 | 15,029,700 | N/A: 0 | | Li Qing | Domestic Individual | 1.08% | 11,994,600 | 0 | 11,994,600 | N/A: 0 | | Xian Shuzhong | Domestic Individual | 0.88% | 9,765,839 | 4,000,000 | 5,765,839 | Frozen: 4,000,000 | | Guangdong Futai Holdings Co, Ltd | Domestic Non-SOE | 0.50% | 5,500,000 | 0 | 5,500,000 | N/A: 0 | | Wu Dehong | Domestic Individual | 0.39% | 4,300,000 | 0 | 4,300,000 | N/A: 0 | | Gan Yongshu | Domestic Individual | 0.37% | 4,124,332 | 0 | 4,124,332 | N/A: 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period[152](index=152&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's actual controller did not change during the reporting period[153](index=153&type=chunk) [Preferred Stock Information](index=41&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[154](index=154&type=chunk) Bond-Related Information [Bond-Related Information](index=42&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[156](index=156&type=chunk) Financial Report [Audit Report](index=43&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[158](index=158&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - The consolidated balance sheet shows **total assets of 609.14 million Yuan**, total current liabilities of 302.45 million Yuan, and total equity attributable to parent company owners of 289.59 million Yuan[162](index=162&type=chunk) - The consolidated income statement shows **total operating revenue of 92.96 million Yuan** and a net loss attributable to parent company shareholders of 2.66 million Yuan[169](index=169&type=chunk)[170](index=170&type=chunk) - The consolidated cash flow statement shows **net cash outflow from operating activities of 3.44 million Yuan**, from investing activities of 18.07 million Yuan, and from financing activities of 5.01 million Yuan[174](index=174&type=chunk) [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Guangdong Starlight Development Co, Ltd, established in 1992 and listed in 2006, operates in the electrical machinery and equipment manufacturing industry - Guangdong Starlight Development Co, Ltd was established on December 21, 1992, and was listed on the Shenzhen Stock Exchange on October 25, 2006[192](index=192&type=chunk)[193](index=193&type=chunk) - As of June 30, 2025, the company's total issued share capital is **1,109,124,491 shares**, with a registered capital of 1,109,124,491.00 Yuan, and the actual controller is Mr Dai Junwei[193](index=193&type=chunk) - The company operates in the electrical machinery and equipment manufacturing industry, with a business scope covering lighting, new energy, and information security[193](index=193&type=chunk) - The current consolidation scope includes **50 subsidiaries**, an increase of 4 and a decrease of 2 compared to the previous period[193](index=193&type=chunk) [Basis of Preparation for Financial Statements](index=61&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations[195](index=195&type=chunk) - The company has assessed its ability to continue as a going concern for the next 12 months and has found no material uncertainties[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements, covering areas such as revenue recognition and asset valuation - The company has formulated specific accounting policies and estimates for transactions and events like revenue recognition, based on its operational characteristics and relevant accounting standards[197](index=197&type=chunk) - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and fair view of the company's financial position, operating results, and cash flows[198](index=198&type=chunk) - The company uses a **12-month operating cycle** as the basis for classifying current and non-current assets and liabilities[200](index=200&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[220](index=220&type=chunk) - Inventory is accounted for using the **perpetual inventory system**, initially measured at standard cost and adjusted to actual cost at month-end[249](index=249&type=chunk) - Investment properties are subsequently measured using the **fair value model** without depreciation or amortization[266](index=266&type=chunk) - Fixed assets are initially measured at cost and depreciated using the **straight-line method** over their estimated useful lives[270](index=270&type=chunk)[272](index=272&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, in an amount that reflects the consideration to which the company expects to be entitled[302](index=302&type=chunk) [Taxes](index=90&type=section&id=VI.%20Taxes) The company is subject to various taxes, with some subsidiaries benefiting from preferential tax policies for software products and high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable services income, etc | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 8.25% | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | | Land Use Tax | Actual occupied land area | 3 Yuan/sq.m. | | Property Tax | 70% of the original value of the property | 1.2% | | Property Tax | Rental income | 12% | - Subsidiary Shenzhen Zhuoyue benefits from a **VAT refund policy for software products**[325](index=325&type=chunk) - Subsidiaries Shenzhen Zhuoyue, Shenzhen Yike, and Yuansheng Information are qualified as high-tech enterprises and are subject to a **preferential corporate income tax rate of 15%**[325](index=325&type=chunk)[326](index=326&type=chunk) - Several subsidiaries qualify as small and micro-enterprises and are subject to a **reduced corporate income tax rate of 20%** on 25% of their taxable income until December 31, 2027[326](index=326&type=chunk)[327](index=327&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, equity, and income statement components - At period-end, cash and cash equivalents totaled **76.69 million Yuan**, of which **28.86 million Yuan was restricted**[329](index=329&type=chunk)[331](index=331&type=chunk) - At period-end, the carrying value of accounts receivable was **44.59 million Yuan**, with a provision for bad debts of 124.71 million Yuan[345](index=345&type=chunk) - At period-end, the carrying value of inventory was **163.99 million Yuan**, with a total provision for write-down and impairment of 25.46 million Yuan[402](index=402&type=chunk) - At period-end, the carrying value of long-term equity investments was **62,059.19 Yuan**, primarily in associate companies[408](index=408&type=chunk) - At period-end, investment properties measured at fair value had a carrying amount of **168.81 million Yuan**[411](index=411&type=chunk) - At period-end, the carrying value of fixed assets was **34.08 million Yuan**, with accumulated depreciation of 90.00 million Yuan and an impairment provision of 4.75 million Yuan[418](index=418&type=chunk) - At period-end, total provisions amounted to **42.26 million Yuan**, mainly for pending litigation, repurchase obligations, and guarantees related to Fushun[488](index=488&type=chunk)[489](index=489&type=chunk) - At period-end, share capital was **1,109,124,491.00 Yuan**, and capital surplus was 478.88 million Yuan, with an increase in other capital surplus mainly from share-based payments and subsidiary equity transfers[492](index=492&type=chunk)[493](index=493&type=chunk) - At period-end, retained earnings stood at **-1,417.42 million Yuan**[499](index=499&type=chunk) [R&D Expenditures](index=133&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was 4.04 million Yuan, all of which was expensed R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,343,957.16 | 3,653,993.01 | | Depreciation of Fixed Assets | 61,794.83 | 126,285.25 | | Amortization of Intangible Assets | 246,685.04 | 246,946.03 | | Direct Materials | 321,977.61 | 206,423.72 | | Others | 67,658.08 | 162,584.61 | | Total | 4,042,072.72 | 4,396,232.62 | | Of which: Expensed R&D | 4,042,072.72 | 4,396,232.62 | | Capitalized R&D | 0.00 | 0.00 | [Changes in the Scope of Consolidation](index=133&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed with the addition of four new subsidiaries and the disposal or deregistration of three others - **Four new subsidiaries were added** during the period, including Guizhou Lansheng System Technology Co, Ltd, acquired through purchase[134](index=134&type=chunk) - Three new subsidiaries were established: Starlight Shares (Hong Kong) Co, Limited, Guangdong Starlight Big Data Co, Ltd, and Starlight Pulian (Guangdong) Big Data Co, Ltd[135](index=135&type=chunk) - Two subsidiaries, Guangdong Wanxu Technology Co, Ltd and Guangdong Xingcan Shenghui Media Co, Ltd, were deregistered[135](index=135&type=chunk) - The company disposed of its **51.00% equity stake** in Shanghai Jinhui Cnlight E-commerce Co, Ltd for a consideration of 1.00 Yuan[134](index=134&type=chunk) [Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has interests in 50 subsidiaries, as well as several joint ventures and associate companies, some of which have incurred significant losses - The company's consolidation scope includes **50 subsidiaries**, such as Guangdong Starlight Development Holding Co, Ltd and Shenzhen Zhuoyue Automation Technology Co, Ltd[193](index=193&type=chunk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[553](index=553&type=chunk) Key Financial Information of Significant Non-wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Minority Interest Ratio | Net Profit/Loss Attributable to Minority Interests (Yuan) | Dividends Declared to Minority Interests (Yuan) | Closing Balance of Minority Interests (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yike | 0.92% | 8,287.00 | 0.00 | 205,892.87 | Significant Joint Ventures or Associates | Name | Principal Place of Business | Place of Incorporation | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Suining Mengshi Glass Technology Co, Ltd | Suining City | Suining City | Lighting products | 50.00% | Equity method | | Foshan Cnlight Lighting Technology Co, Ltd | Foshan City | Foshan City | Lighting products | 25.00% | Equity method | | Foshan Cnlight Automotive Electronics Sales Co, Ltd | Foshan City | Foshan City | Lighting products | 35.00% | Equity method | | Pu'er Pushun Intelligent Technology Co, Ltd | Pu'er City | Pu'er City | Charging pile operation | 35.00% | Equity method | Unrecognized Losses of Joint Ventures or Associates | Name | Accumulated Unrecognized Losses from Prior Periods (Yuan) | Unrecognized Losses for the Current Period (Yuan) | Accumulated Unrecognized Losses at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Foshan Cnlight Lighting Technology Co, Ltd | 11,694,180.36 | 3,856.74 | 11,698,037.10 | | Pu'er Pushun Intelligent Technology Co, Ltd | 13,632,183.22 | 1,108,181.81 | 14,740,365.03 | | Total | 25,326,363.58 | 1,112,038.55 | 26,438,402.13 | [Government Grants](index=139&type=section&id=XI.%20Government%20Grants) The company recognized government grants totaling 0.94 million Yuan in the current period, primarily from software tax refunds and employment subsidies Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income - Software Tax Refund | 726,327.74 | 806,179.27 | | Other Income - Additional Tax Deduction | 141,471.18 | 68,333.84 | | Other Income - Employment Subsidy for Underprivileged Population | 38,186.84 | 9,590.69 | | Other Income - Tax Relief for Key Disadvantaged Groups | 24,700.00 | 42,900.00 | | Other Income - Insurance Subsidy for Small and Micro Enterprises | 10,878.84 | 0.00 | | Other Income - Exhibition Subsidy | 0.00 | 21,170.00 | | Other Income - Others | 0.00 | 15,541.40 | | Total | 941,564.60 | 963,715.20 | [Risks Related to Financial Instruments](index=140&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through established policies, with a 10% change in the RMB exchange rate potentially impacting pre-tax profit by 2.43 million Yuan - The company's main financial instruments expose it to **credit risk, liquidity risk, and market risk (foreign exchange risk)**[561](index=561&type=chunk) - Credit risk is managed by assessing counterparty creditworthiness and monitoring customer credit records[562](index=562&type=chunk)[563](index=563&type=chunk) - Liquidity risk is managed by continuously monitoring cash flow needs to ensure sufficient cash reserves[565](index=565&type=chunk) - The company faces foreign exchange risk from assets and liabilities denominated in foreign currencies; a **10% appreciation or depreciation of the RMB** would impact pre-tax profit by approximately 2.43 million Yuan[566](index=566&type=chunk) Book Balance and Expected Credit Loss of Relevant Assets (as of June 30, 2025) | Aging | Book Balance (Yuan) | Provision for Impairment (Yuan) | | :--- | :--- | :--- | | Notes Receivable | 7,866,353.74 | 59,140.71 | | Accounts Receivable | 169,293,106.77 | 124,706,288.32 | | Other Receivables | 341,158,324.74 | 329,042,904.60 | | Total | 518,317,785.25 | 453,808,333.63 | Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Contractual Maturity (as of June 30, 2025) | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | Over 2 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 86,166,355.77 | - | - | 86,166,355.77 | | Other Current Liabilities | 66,250,852.72 | - | - | 66,250,852.72 | | Lease Liabilities | - | 1,902,104.55 | 6,361,004.50 | 8,263,109.05 | | Non-current Liabilities Due within One Year | 10,978,690.64 | - | - | 10,978,690.64 | | Other Payables | 25,742,983.19 | - | - | 25,742,983.19 | | Long-term Borrowings | - | 4,335,000.00 | 5,880,000.00 | 10,215,000.00 | | Total Financial Liabilities | 189,138,882.32 | 6,237,104.55 | 12,241,004.50 | 207,616,991.37 | [Fair Value Disclosure](index=142&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value, including receivables financing and investment properties, totaled 170.74 million Yuan at period-end Fair Value of Assets and Liabilities at Period End | Item | Level 2 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 1,933,350.92 | 1,933,350.92 | | Investment Property | 168,807,999.47 | 168,807,999.47 | | Total Assets at Fair Value | 170,741,350.39 | 170,741,350.39 | - The fair value of trading financial assets with active market prices is determined by the closing price on the balance sheet date[569](index=569&type=chunk) - The fair value of real estate with active market prices is determined by adjusting market prices of comparable properties for differences in transaction date, location, and specific attributes[570](index=570&type=chunk) - The book value of financial assets and liabilities not measured at fair value approximates their fair value[571](index=571&type=chunk) [Related Parties and Related-Party Transactions](index=143&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's ultimate controller is Mr Dai Junwei, and it engages in routine transactions with related parties, including subsidiaries and key management - The company's controlling shareholder is Jiadexuan (Guangzhou) Capital Management Co, Ltd and its concerted parties, with the ultimate controller being Mr Dai Junwei[572](index=572&type=chunk) - Details of the company's subsidiaries, joint ventures, and associates are provided in other notes[573](index=573&type=chunk) Other Related Parties | Name | Relationship | | :--- | :--- | | Yongchun Fengyuan Investment Co, Ltd | Company controlled by the actual controller | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | Company controlled by the actual controller | | Dai Junwei | Chairman | | Zhang Taohua | Director, Board Secretary | | Li Zhenjiang | Director, General Manager, CFO | | Chen Wenji | Deputy General Manager | | Liu Youcai | Deputy General Manager | | Dai Wen | Chairman of the Supervisory Committee | | Xiao Fang | Supervisor | | Li Wenhui | Employee Representative Supervisor | | Wang Jun | Minority shareholder of a subsidiary | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Minority shareholder of a subsidiary | Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,278,814.50 | 2,289,699.47 | Related-Party Receivables | Item | Related Party | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Opening Book Balance (Yuan) | Opening Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | Foshan Cnlight Lighting Technology Co, Ltd | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | | Accounts Receivable | Foshan Cnlight Automotive Electronics Sales Co, Ltd | 325,291.88 | 325,291.88 | 325,291.88 | 243,968.91 | | Accounts Receivable | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 500,000.00 | 50,000.00 | 0.00 | 0.00 | | Prepayments | Zhongshan Yuangu Intelligent Technology Co, Ltd | 781,974.35 | 0.00 | 732,951.70 | 0.00 | Related-Party Payables | Item | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Suining Mengshi Glass Technology Co, Ltd | 3,833,480.37 | 3,833,480.37 | | Other Payables | Foshan Cnlight Lighting Technology Co, Ltd | 159,772.81 | 179,772.81 | | Other Current Liabilities | Wang Jun | 4,500,000.00 | 4,500,000.00 | | Contract Liabilities | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 0.00 | 1,150,442.48 | [Share-based Payments](index=146&type=section&id=XV.%20Share-based%20Payments) The company recognized 2.09 million Yuan in expenses related to its 2023 stock option incentive plan during the period Share-based Payment Overview | Grantee Category | Granted this Period | Grant Amount (Yuan) | Exercised this Period | Exercise Amount (Yuan) | Vested this Period | Vesting Amount (Yuan) | Lapsed this Period | Lapse Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock Option Grantees | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | | Total | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | - T

Market Performance - The lighting equipment sector increased by 1.23% on August 28, with Debang Lighting leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Debang Lighting (603303) closed at 15.90, up 6.07% with a trading volume of 174,200 shares and a turnover of 272 million yuan [1] - Lida Xin (605365) closed at 16.07, up 4.01% with a trading volume of 60,900 shares [1] - Ocean King (002724) closed at 8.22, up 2.37% with a trading volume of 191,200 shares [1] - Min Explosive Optoelectronics (301362) closed at 50.75, up 2.34% with a trading volume of 49,300 shares [1] - Other notable stocks include Qingshang Co. (002638) up 1.26% and Foshan Lighting (000541) up 1.03% [1] Capital Flow Analysis - The lighting equipment sector experienced a net outflow of 66.52 million yuan from institutional investors, while retail investors saw a net inflow of 43.62 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Min Explosive Optoelectronics (301362) had a net inflow of 13.18 million yuan from institutional investors, but a net outflow of 22.15 million yuan from retail investors [3] - Lida Xin (605365) saw a net inflow of 1.83 million yuan from institutional investors, while retail investors had a net outflow of 5.72 million yuan [3] - Ocean King (002724) experienced a net outflow of 9.54 million yuan from institutional investors, with retail investors contributing a net inflow of 16.69 million yuan [3]

Core Viewpoint - *ST Xingguang (002076.SZ) is actively engaged in the production, research, and sales of various mosquito trap products, including adhesive and electric mosquito lamps, aimed at both indoor and outdoor applications [1] Group 1: Product Offerings - The company produces different specifications of mosquito lamps, including those designed for restaurants, hotels, and homes, as well as solar-powered outdoor models suitable for parks, playgrounds, and community areas [1] - The mosquito lamps utilize specific wavelengths of light to attract mosquitoes and employ methods such as electric grids, adhesives, or airflow to eliminate them [1] Group 2: Social Responsibility - As a local manufacturer in Foshan, the company has donated approximately 2,500 mosquito lamps to various local units, including the Red Cross and welfare centers, demonstrating its commitment to social responsibility [1] - The company plans to continue its efforts in production supply and product promotion to provide high-quality mosquito lamps to help mitigate mosquito-related hazards [1]

Core Insights - The company, Starlight Co., has successfully achieved mass production of its LED semiconductor packaging production line, marking a strategic shift from focusing solely on lighting products to expanding into the upstream semiconductor packaging sector [1] - This production line specializes in the research and production of various types of LED semiconductor light sources, including SMD and LAMP, aiming for breakthroughs in core technologies such as high lumen output, high light efficiency, high color rendering index, and low light decay [1] - The company's new layout is expected to reduce costs and enhance efficiency, strengthen quality control across the entire process, and improve product iteration capabilities, significantly boosting its competitiveness and brand influence in emerging markets like smart lighting and healthy lighting [1] - The move will also facilitate deeper integration of the industry chain and allow the company to seize new opportunities arising from technological upgrades and market expansion in the LED industry [1]

Market Overview - The lighting equipment sector increased by 0.11% on August 26, with Lianyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down by 0.39%, while the Shenzhen Component Index closed at 12473.17, up by 0.26% [1] Stock Performance - Lianyu Co., Ltd. (001326) closed at 39.36, up by 5.58% with a trading volume of 41,400 shares and a transaction value of 160 million yuan [1] - Other notable performers include *ST Xingguang (002076) with a 2.56% increase, and Qingshang Co., Ltd. (002638) with a 1.23% increase [1] - Stocks such as Sanxiong Aurora (300625) and OPPLE Lighting (603515) experienced slight declines of 0.16% and 0.21% respectively [1] Capital Flow - The lighting equipment sector saw a net outflow of 19.07 million yuan from institutional investors, while retail investors contributed a net inflow of 24.83 million yuan [2] - The detailed capital flow indicates that retail investors were net buyers, contrasting with the outflows from institutional and speculative funds [2] Individual Stock Capital Flow - For DeBang Lighting (603303), the main capital inflow was 12.93 million yuan, while retail investors had a net outflow of 14.42 million yuan [3] - *ST Xingguang (002076) saw a net inflow of 10.47 million yuan from main capital but experienced outflows from both speculative and retail investors [3] - Lianyu Co., Ltd. (001326) had a minor net inflow of 2.97 million yuan from main capital, with retail investors also showing a net outflow [3]

Core Viewpoint - The lighting equipment sector experienced a 0.95% increase on August 21, with Debang Lighting leading the gains, while the Shanghai Composite Index rose by 0.13% and the Shenzhen Component Index fell by 0.06% [1] Group 1: Market Performance - The closing price of Debang Lighting was 15.52, with a rise of 2.24% and a trading volume of 44,200 shares, amounting to 68.42 million yuan [1] - Foshan Lighting closed at 7.19, up by 1.99%, with a trading volume of 603,300 shares and a transaction value of 433 million yuan [1] - The overall performance of the lighting equipment sector showed mixed results, with some stocks experiencing gains while others faced declines [1][2] Group 2: Capital Flow - The lighting equipment sector saw a net inflow of 30.04 million yuan from institutional investors, while retail investors experienced a net outflow of 23.53 million yuan [2] - The capital flow data indicates that Foshan Lighting had a net inflow of 43.61 million yuan from institutional investors, while retail investors had a significant outflow of 39.23 million yuan [3] - Debang Lighting recorded a net inflow of 3.75 million yuan from institutional investors, but retail investors withdrew 9.42 million yuan [3]

Group 1 - The lighting equipment sector increased by 0.92% on August 20, with Opple Lighting leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Key stocks in the lighting equipment sector showed various performance metrics, with Opple Lighting closing at 18.74, up 1.96% [1] Group 2 - The main capital flow in the lighting equipment sector showed a net outflow of 93.03 million yuan from institutional investors, while retail investors had a net inflow of 102 million yuan [2] - The individual stock capital flow indicated that several stocks experienced significant net inflows from retail investors, despite overall sector outflows [2][3] - Specific stocks like Sunshine Lighting and Minexplosion Optoelectronics had varying levels of net inflow and outflow, reflecting diverse investor sentiment [3]

证券之星消息，8月18日照明设备板块较上一交易日上涨0.73%，格利尔领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。照明设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 831641 | 格利尔 | 18.82 | 6.93% | 4.08万 | 7542.43万 | | 873339 | 恒太照明 | 10.52 | 2.94% | 3.28万 | 3424.55万 | | 002724 | 沖 | 8.59 | 2.87% | 41.83万 | 3.54亿 | | 002723 | 小崧股份 | 8.94 | 2.17% | 22.96万 1 | 2.05亿 | | 002638 | 勒上股份 | 2.29 | 1.78% | 30.69万 | 7027.11万 | | 605365 | 立达信 | 15.93 | 1.14% | 6.62万 | 1.05亿 | | 001326 | 联域股份 | 35.72 ...

星光股份刚刚发布2024年年报，警示函就随之而来。 同时，由于星光股份2024年度经审计的利润总额、净利润、扣除非经常性损益后的净利润三者均为 负值，且扣除后的营业收入低于3亿元，星光股份股票于4月28日停牌一天，自2025年4月29日起被实 施"退市风险警示"处理，股票简称由"星光股份"变更为"*ST星光"，证券代码仍为"002076"。 收购资产业绩不达标 在4月21日晚的业绩预告修正公告中，星光股份表示，净利润由盈转亏主要是因为2024年收购的两 家子公司商誉计提。 星光股份4月27日公告，公司及董事长戴俊威、总经理兼财务总监李振江、董事会秘书张桃华于近 日收到广东证监局警示函，因公司2024年度业绩预告的业绩金额与实际差异较大，盈亏性质发生变化， 且未及时披露公司股票交易可能被实施退市风险警示的风险提示公告，广东证监局决定对公司及戴俊 威、李振江、张桃华采取出具警示函的行政监管措施。 上海证券报记者留意到，该公告的发布时间距离星光股份2024年年报发布时间不到一个小时。 由于2024年收购的两家子公司营收表现远远低于预期，星光股份业绩预告"变脸"，公司股票自2025 年4月29日起将被实施"退市风险警 ...