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]

Core Insights - Xiaosong Co., Ltd. (002723.SZ) released its Q3 2025 report on October 28, 2025, indicating a total of 36.41 million A-shares held by institutional investors, accounting for 10.96% of the total share capital [1] - The institutional holding ratio decreased by 1.77 percentage points compared to the previous quarter [1] Institutional Holdings - Two institutional investors disclosed their holdings in Xiaosong Co., Ltd., including Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. and Jiangmen Sunflower Investment Co., Ltd. [1] - The total institutional holding ratio is now 10.96% [1] Public Fund Activity - In this period, 15 public funds were not disclosed compared to the previous quarter, including Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund and others [1] Foreign Investment - The report noted that there were no new disclosures from foreign institutions compared to the previous quarter, specifically mentioning CITIC Securities Asset Management (Hong Kong) Co., Ltd. [1]

Group 1 - The core point of the article is that Xiaosong Co., Ltd. held its 24th meeting of the 6th board of directors on October 27, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, the revenue composition of Xiaosong Co., Ltd. was 79.27% from manufacturing and 20.73% from engineering construction [1] - As of the time of reporting, Xiaosong Co., Ltd. has a market capitalization of 2.6 billion yuan [1] Group 2 - The article also mentions a controversial promotion by another company that claims to tokenize real estate overseas, with individuals reportedly receiving 1,500 yuan for recruiting others [1] - There are claims that investing 100,000 yuan could lead to becoming a billionaire, which raises concerns about the legitimacy of such promotions [1]

Group 1 - Company Xiaosong reported a revenue of approximately 764 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 35.61% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 71.11 million yuan [1] - The basic earnings per share showed a loss of 0.2214 yuan [1] Group 2 - As of the report, the market capitalization of Xiaosong is 2.6 billion yuan [2]

广东小崧科技股份有限公司 关于 2025 年第三季度工程施工业务经营情况的公告 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。 广东小崧科技股份有限公司（以下简称公司或本公司）控股子公司国海建设 有限公司（以下简称国海建设）主营业务为市政公用工程、房屋建筑工程、公路 工程、水利水电工程、环保工程为主的工程施工，且国海建设营业收入占公司最 近一个会计年度经审计营业总收入 30%以上。根据《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的相关规定，现将国海建设 2025 年第三季 度经营情况公告如下： 二、特别提示 证券代码：002723 证券简称：小崧股份 公告编号：2025-085 1、上述数据仅为公司财务部门统计的阶段性数据，未经审计，与后续定期 报告披露的数据有可能存在差异，仅供投资者参考，最终以定期报告披露数据为 准，敬请注意投资风险。 2、项目施工进展可能受天气或其他自然灾害影响，造成完成工期、质量要 求不能如约达成带来不能及时验收的风险，敬请注意投资风险。 特此公告。 第三季度新中标订单 截至第三季度末累计已签约 未完工订单 截至第三 ...

二、监事会会议审议情况 证券代码：002723 证券简称：小崧股份 公告编号：2025-084 广东小崧科技股份有限公司 关于第六届监事会第二十一次会议决议的公告 本公司及监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。 一、监事会会议召开情况 广东小崧科技股份有限公司（以下简称公司或本公司）第六届监事会第二十 一次会议于 2025 年 10 月 22 日以通讯方式发出会议通知，并于 2025 年 10 月 27 日 11:00 以现场会议方式召开。会议应到监事 3 人，实到监事 3 人。会议由监事 会主席钟伟源先生主持，会议的召开符合《中华人民共和国公司法》等法律法规、 部门规章、规范性文件和《公司章程》《公司监事会议事规则》的规定，合法有 效。 1、审议通过了《关于<公司 2025 年第三季度报告>的议案》 经审核，监事会认为：董事会对 2025 年第三季度报告的编制和审核程序符 合法律、行政法规、中国证监会和深圳证券交易所的规定，报告的内容真实、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。 表决结果：3 票同意，0 票反对，0 ...

证券代码：002723 证券简称：小崧股份 公告编号：2025-083 广东小崧科技股份有限公司（以下简称公司或本公司）第六届董事会第二十 四次会议于 2025 年 10 月 22 日以通讯方式发出会议通知，并于 2025 年 10 月 27 日 11:00 以现场结合线上会议方式召开。会议应到董事 9 人，实到董事 9 人，本 公司监事、高级管理人员列席会议。会议由董事长彭国宇先生主持，本次会议的 召开符合《中华人民共和国公司法》等法律法规和《公司章程》《公司董事会议 事规则》的规定，合法有效。 二、董事会会议审议情况 1、审议通过了《关于<公司 2025 年第三季度报告>的议案》 公司董事在全面了解和审核公司《2025 年第三季度报告》后认为：公司 2025 年第三季度报告的编制和审核程序符合法律、行政法规和中国证监会的规定，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。 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避；议案获得通过。 《2025 年第三季度报告》中的财务信息已经公司第六届董事会审计委员会 审议通过。 《2025 年第三季度报告》 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥200,393,598.35, a decrease of 48.91% compared to the same period last year[4] - The net profit attributable to shareholders was -¥36,179,441.77, representing a 16.50% increase in losses year-over-year[4] - The net profit after deducting non-recurring gains and losses was -¥39,907,359.04, an increase in losses of 8.79% compared to the previous year[4] - Net profit for the current period is -¥67,822,312.89, compared to -¥30,005,932.00 in the previous period, reflecting a significant increase in losses[17] - The total comprehensive income for the current period is -¥68,577,436.79, compared to -¥29,645,413.98 in the previous period[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,566,262,593.16, down 5.50% from the end of the previous year[4] - Total current assets decreased from CNY 1,575,803,411.76 to CNY 1,450,772,289.51, a reduction of approximately 7.96%[12] - Total assets decreased from CNY 2,715,640,470.36 to CNY 2,566,262,593.16, a decline of about 5.48%[14] - Total liabilities decreased from CNY 1,664,097,521.12 to CNY 1,569,595,630.13, a reduction of approximately 5.68%[14] - The company's total equity decreased from CNY 1,051,542,949.24 to CNY 996,666,963.03, a decline of about 5.21%[14] Cash Flow - The company reported a significant decrease in net cash flow from operating activities, down 136.58% to -¥17,947,084.96[4] - The net cash flow from operating activities is -¥17,947,084.96, a decline from ¥49,068,512.48 in the previous period[19] - Cash and cash equivalents decreased from CNY 161,023,806.99 to CNY 96,793,052.52, a drop of approximately 40%[12] - Cash and cash equivalents at the end of the period stand at ¥51,871,782.14, down from ¥72,780,842.29 at the end of the previous period[20] - The company experienced a net cash outflow from financing activities of -¥45,433,836.24, compared to -¥36,489,653.56 in the previous period[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 18,159[11] - The largest shareholder, Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd., holds 9.25% of shares, amounting to 30,737,862 shares, with 29,784,862 shares pledged[11] Operating Costs and Expenses - Operating income decreased by ¥42,243.74 million, a decline of 35.61% due to intensified market competition and a downturn in the engineering construction sector[8] - Total operating costs decreased to ¥833,807,185.89, down 31.2% from ¥1,213,150,838.00 in the previous period[16] - Research and development expenses for the current period are ¥25,366,630.78, a decrease of 15.7% from ¥30,084,677.57 in the previous period[16] - Sales expenses decreased by ¥3,092.85 million, a reduction of 62.49% due to decreased product promotion expenses and a reduction in sales personnel[8] - Other income decreased to ¥2,691,178.25 from ¥4,824,815.29 in the previous period, indicating a decline in additional revenue sources[16] Investments - Investment income increased by ¥249.09 million, a growth of 99.19% due to profits from the associated company Shengda Concrete[8] - The company has acquired a new subsidiary, Shanghai Songguo, which has led to a 185.55% increase in prepayments[8] Accounting and Reporting - The third quarter financial report of the company has not been audited[21] - The new accounting standards will be implemented starting from 2025[22]

Core Insights - The lighting equipment sector experienced a 1.46% increase on October 23, with Lida Xin leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Stock Performance Summary - Lida Xin (605365) closed at 16.65, up 3.93% with a trading volume of 123,100 shares and a turnover of 202 million yuan [1] - Other notable performers included: - Qinsong Co. (002638) at 2.82, up 2.17% [1] - Sanxiong Aurora (300625) at 12.35, up 2.15% [1] - OPPLE Lighting (603515) at 18.06, up 2.03% [1] - ST Xingguang (002076) at 2.02, up 2.02% [1] Capital Flow Analysis - The lighting equipment sector saw a net outflow of 9.95 million yuan from institutional investors and 22.77 million yuan from speculative funds, while retail investors contributed a net inflow of 32.72 million yuan [2] - Detailed capital flow for selected stocks included: - Sanxiong Aurora (300625) with a net outflow of 3.93 million yuan from institutional investors [3] - OPPLE Lighting (603515) had a net inflow of 260.97 million yuan from institutional investors [3] - Lida Xin (605365) experienced a net outflow of 1.35 million yuan from institutional investors [3]

证券代码：002723 证券简称：小崧股份 公告编号：2025-081 广东小崧科技股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 广东小崧科技股份有限公司（以下简称公司或小崧股份）分别于 2024 年 12 月 19 日、2025 年 1 月 8 日召开第六届董事会第十六次会议、第六届监事会第十 五次会议和 2025 年第一次临时股东大会，审议通过了《关于 2025 年度公司及子 公司提供担保额度预计的议案》，同意 2025 年度公司及合并报表范围内子公司 提供总额不超过人民币 127,000 万元的担保额度（含公司对子公司、子公司之间）。 上述担保额度期限为自股东大会审批通过之日起 12 个月，在该担保额度有效期 内，担保累计额度可循环使用，任一时点的担保余额不得超过上述担保额度。 以上事项具体内容详见公司于 2024 年 12 月 20 日、2025 年 1 月 9 日在指定 信息披露媒体及巨潮资讯网（www.cninfo.com.cn）披露的《关于 2025 年度公司 及子公司提供担保额度 ...