Core Viewpoint - The lighting equipment sector experienced a decline of 0.87% on October 16, with Qunshang Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1]. Summary by Category Market Performance - The lighting equipment sector's overall performance was negative, with Qunshang Co., Ltd. showing a significant drop of 3.21% to close at 2.71 [2]. - Other notable declines included Lida Xin (-2.68%), Yangguang Lighting (-1.91%), and Sanxiong Aurora (-1.01%) [2]. Stock Data - The closing prices and changes for key stocks in the lighting equipment sector are as follows: - Op Lighting: 17.49, up 0.58% - Qunshang Co., Ltd.: 2.71, down 3.21% - Yangguang Lighting: 3.59, down 1.91% - Sanxiong Aurora: 11.77, down 1.01% [1][2]. Capital Flow - The lighting equipment sector saw a net inflow of 1.3881 million yuan from institutional investors, while retail investors contributed a net inflow of 6.4885 million yuan. However, speculative funds experienced a net outflow of 7.8767 million yuan [2][3]. - Specific stock capital flows indicated that: - Xiaosong Co. had a net inflow of 13.8229 million yuan from institutional investors. - Lianyu Co. had a net inflow of 8.8390 million yuan from institutional investors [3].

Group 1 - The core point of the news is that Qinsun Co., Ltd. has seen a stock price increase of 5.22%, reaching 2.82 CNY per share, with a total market capitalization of 4.051 billion CNY [1] - Qinsun Co., Ltd. specializes in semiconductor lighting, focusing on smart lighting, outdoor lighting, landscape lighting, and outdoor courtyard products, and has established itself as a leading supplier in the industry [1] - The company's revenue composition includes outdoor courtyard products at 74.25%, outdoor lighting at 18.99%, landscape lighting at 4.97%, display screens and others at 1.78%, and indoor lighting at 0.01% [1] Group 2 - Hai Fu Tong Fund has a significant holding in Qinsun Co., Ltd., with its Hai Fu Tong Quantitative Stock Mixed A Fund holding 30,100 shares, representing 0.69% of the fund's net value [2] - The Hai Fu Tong Quantitative Stock Mixed A Fund has achieved a year-to-date return of 28.33%, ranking 2800 out of 8161 in its category [2] - The fund manager, Li Ziwu, has a tenure of 2 years and 244 days, with the best fund return during this period being 75.25% [3]

Market Overview - On October 14, the lighting equipment sector experienced a slight decline of 0.01% compared to the previous trading day, with Greely leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the lighting equipment sector included: - Lianyu Co., Ltd. (001326) with a closing price of 50.74, up 1.70% on a trading volume of 22,500 shares and a turnover of 115 million yuan [1] - Lida Xin (605365) at 15.70, up 1.62% with 92,200 shares traded and a turnover of 147 million yuan [1] - Minbao Optoelectronics (301362) at 43.24, up 1.19% with a trading volume of 11,600 shares and a turnover of 49.66 million yuan [1] - Conversely, Greely (920641) saw a significant decline of 7.50%, closing at 20.72 with a trading volume of 50,200 shares and a turnover of 108 million yuan [2] - Other notable decliners included: - Xiaomatsu Co., Ltd. (002723) down 4.64% at 7.61 with a turnover of 231 million yuan [2] - Qinsong Co., Ltd. (002638) down 1.83% at 2.68 with a trading volume of 401,500 shares [2] Capital Flow - The lighting equipment sector experienced a net outflow of 57.54 million yuan from institutional investors, while retail investors saw a net inflow of 55.82 million yuan [2] - The detailed capital flow for selected stocks showed: - Lianyu Co., Ltd. had a net inflow of 18.05 million yuan from institutional investors, but a net outflow of 14.99 million yuan from retail investors [3] - *ST Xingguang (002076) had a net inflow of 2.24 million yuan from institutional investors [3] - Sunshine Lighting (600261) saw a net inflow of 1.61 million yuan from institutional investors [3]

Core Viewpoint - The lighting equipment sector experienced a decline of 0.74% on October 13, with Hengtai Lighting leading the drop. The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1]. Summary by Category Market Performance - The lighting equipment sector's stocks showed mixed performance, with notable declines in several companies, including Hengtai Lighting, which fell by 2.37% to a closing price of 9.90 [2]. - The overall market saw a net outflow of 10.48 million yuan from the lighting equipment sector, with retail investors contributing a net inflow of 16.63 million yuan [2][3]. Individual Stock Performance - Grier (格利尔) saw the highest increase, closing at 22.40 with a rise of 4.19%, while Hengtai Lighting led the decline [1]. - Other notable declines included Sunshine Lighting (阳光照明) down 1.64% to 3.60, and Foshan Lighting (佛山照明) down 1.09% to 6.33 [2]. Capital Flow Analysis - Major funds experienced a net outflow in several stocks, including Sunshine Lighting and Kinsun (勤上股份), while retail investors showed positive net inflows in stocks like Grier and Kinsun [3]. - The capital flow data indicates that retail investors are more active in the sector, with significant net inflows in certain stocks despite the overall negative trend in major funds [3].

Core Viewpoint - The company, Qinsun Co., Ltd. (勤上股份), has completed a share reduction plan as notified by Ruizhong Life Insurance, which involved a total reduction of 14.2009 million shares, accounting for 1% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Details** - Ruizhong Life Insurance executed the share reduction plan between September 8, 2025, and September 30, 2025, through centralized bidding transactions [1] - The total shares reduced amounted to 14.2009 million, representing 1% of the company's total share capital after excluding shares held in the company's repurchase special securities account [1]

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 东莞勤上光电股份有限公司（以下简称"公司"）于 2025 年 8 月 16 日披露了 《关于持股 5%以上股东减持股份的预披露公告》（公告编号：2025-043），瑞众 人寿保险有限责任公司（以下简称"瑞众人寿"）计划在自减持计划公告之日起十 五个交易日后的三个月内以集中竞价方式减持公司股份不超过 14,200,956 股（不 超过公司剔除回购专用证券账户中股份数量后总股本的 1%）。 公司于近日收到瑞众人寿出具的《关于减持股份计划实施完成的告知函》。瑞 众人寿于 2025 年 9 月 8 日至 2025 年 9 月 30 日期间以集中竞价交易方式累计减持 1,420.09 万股，占公司总股本（已剔除公司回购专用证券账户的股份数，下同）的 1%，本次股份减持计划已实施完毕。具体情况如下： 二、本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（万股） | 占总股本比 | 占总股本比 股数（万股 ...

Core Viewpoint - In 2025, Dongguan Qunshang Optoelectronics Co., Ltd. disclosed a share reduction plan by Ruizhong Life Insurance Co., Ltd., which planned to reduce its holdings by up to 14,200,956 shares within three months after the announcement, accounting for 1% of the total share capital after excluding shares in the repurchase account [1] Summary by Sections - The reduction occurred between September 8 and September 30, 2025, with a total of 14,200,900 shares sold at an average price of 2.54 yuan per share, representing 1% of the total share capital [1] - Following the reduction, Ruizhong Life's holdings decreased to 67,181,062 shares, which is 4.73% of the total [1] - The share reduction was compliant with regulations and did not result in a change of control for the company, nor did it affect its ongoing operations [1]

Core Insights - The lighting equipment sector experienced a slight increase of 0.16% on October 9, with Lianyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Lianyu Co., Ltd. saw a significant rise of 10.01%, closing at 52.22, with a trading volume of 33,000 shares and a transaction value of 168 million [1] - Other notable performers included: - Chufangyu: up 3.11% to 7.63 with a trading volume of 146,300 shares [1] - Lidaxin: up 1.39% to 15.35 with a trading volume of 30,400 shares [1] - Foshanzhaoming: up 0.95% to 6.39 with a trading volume of 112,500 shares [1] Capital Flow - The lighting equipment sector saw a net outflow of 21.34 million from institutional investors, while retail investors experienced a net outflow of 24.96 million [2] - Conversely, speculative funds recorded a net inflow of 46.30 million [2] Individual Stock Capital Flow - Qinsong Co., Ltd. had a net inflow of 22.87 million from institutional investors, but a net outflow of 1.02 million from speculative funds [3] - Lianyu Co., Ltd. experienced a net inflow of 6.25 million from institutional investors, with a net outflow of 646,880 from speculative funds [3] - Sunshine Lighting had a net inflow of 6.11 million from speculative funds, but a net outflow of 641,040 from retail investors [3]

Core Viewpoint - The domestic lighting product export value decreased by 6.3% year-on-year in the first half of 2025, with LED lighting products experiencing negative growth for two consecutive years. Exports to the U.S. fell by 10.5%, with the overall share dropping below 20% [1] Group 1: Company Performance - A total of 14 listed companies in the general lighting equipment sector reported a combined revenue of 18.78 billion yuan in the first half of 2025, a decline of 5.7% compared to the same period in 2024. The total net profit attributable to shareholders was 937 million yuan, down from 1.267 billion yuan in 2024 [1] - Foshan Lighting led the revenue rankings with 4.386 billion yuan, 1.36 times that of the second-ranked Opple Lighting, which reported 3.216 billion yuan [3] - Six companies, including Foshan Lighting and Opple Lighting, experienced declines in both revenue and net profit, accounting for over 40% of the total [1] Group 2: Revenue and Profit Analysis - The revenue growth of *ST Xingguang reached 32.6%, but its scale was the smallest among the 14 companies, with total revenue not exceeding 100 million yuan. The growth was driven by significant increases in new business areas such as lithium battery production and photovoltaic power station operations [3] - The operating costs of about half of the general lighting equipment companies decreased alongside the decline in main business revenue, with Foshan Lighting having the highest operating cost at 3.565 billion yuan [3][4] - The gross profit margin for most companies declined, with over 85% of them experiencing a downward trend in gross profit margins [4] Group 3: Cost Control and Efficiency - The operating cost ratio for general lighting equipment companies remained between 60% and 80%, while *ST Xingguang's operating cost ratio reached 89.8%, leading to a significant drop in its gross profit margin [4] - Haiyang Wang maintained a stable revenue proportion from its core lighting equipment business, with a gross profit margin of 58.8%, the highest among peers [4] - In terms of expense efficiency, only Lianyu Co. saw an increase in sales, management, and R&D expenses, while others like Haiyang Wang and Opple Lighting reported declines [7] Group 4: Profitability and Cash Flow - Opple Lighting reported a net profit of approximately 369 million yuan, a slight decrease of 4.1%, outperforming the combined net profits of other major competitors [10] - Companies like Hengtai Lighting and Gelir turned their operating cash flow from negative to positive, while over 70% of companies saw a decrease in cash flow from operating activities [13] - The accounts receivable turnover days for companies like Qingshang Co. and Haiyang Wang exceeded 200 days, indicating slower operational efficiency [16]

Market Overview - On September 30, the lighting equipment sector rose by 0.34% compared to the previous trading day, with Qunshang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Qunshang Co., Ltd. (002638) closed at 2.78, with a significant increase of 9.88% and a trading volume of 656,900 shares, amounting to 180 million yuan [1] - Other notable performers included: - Xiaosong Co., Ltd. (002723) with a closing price of 9.86, up 4.01% [1] - *ST Xingguang (002076) at 1.90, up 2.15% [1] - Debang Lighting (603303) at 13.51, up 1.58% [1] - Lianyu Co., Ltd. (001326) at 47.47, up 0.83% [1] Capital Flow - The lighting equipment sector saw a net inflow of 53.3 million yuan from institutional investors, while retail investors experienced a net outflow of 11.9 million yuan [2] - The main capital flow details indicate: - Qunshang Co., Ltd. had a net inflow of 73.2 million yuan from institutional investors, accounting for 40.67% of its total trading [3] - Xiaosong Co., Ltd. had a net inflow of 16.2 million yuan, representing 6.84% [3] - Ocean King (002724) saw a net inflow of 7.0 million yuan, making up 13.98% [3]